An objective view of “How Paper Money Saved the Union” (March 5-6 Journal) sees things in a different light than Roger Lowenstein.
Other costs of saving the union were the 600,000 lives and widespread destruction enabled by the fake money. Then down through subsequent years foreign and domestic spending brought us Vietnam, Korea, and the wars on poverty and drugs that all turned out to deliver negative returns. All this extravagant government spending could have been reined in by a monetary system based on real assets.
To presume that we would not be better off as two nations and that slavery would still exist today if not for fiat money, justifies further government overreach and progress toward a society like the ones we have fought against in all recent wars.
There is plenty of evidence that Rep. Justin Morrill was correct in labeling legal tender as immoral. Look around.