Lincoln started monkeying with the money in 1862. Ten years later when the bonds expired was the depression of 1872. Why a depression? Because money was pulled from the economy to pay the bond debt.
The dislocation was temporary, as the money did not disappear but only changed hands.
Paper money created by fiat has never lasted more than 50 years. I disappears just as easily as it is created.
You description of Lincoln and his money has little to do with the historical reality. But Bill S has cherry-picked history to "prove" his point.
Mostly he prayed on the fear that the RedSheild controls the gold, so just use paper.
Constitutionally, the States must only use gold and silver Coin as tender for all debts. So Lincoln's Greenbacks weren't constitutional enough for the State's to use.
Free includes debt-free!
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