Earlier quoted context omitted.
Statutory damages were written into the first federal copyright law in 1790, and earlier in state law (specified in Pounds because the dollar hadn't been invented yet).
The first federal copyright law in 1790: https://copyright.gov/about/1790-copyright-act.html Specified in dollars because dollars had been invented (in 1789), but in the amount of one half of one dollar, i.e. $0.50. That's 1790 dollars, of course, so a little under $20 today. (There was basically no inflation for the first 100+ years of that because the US dollar was still backed by precious metals then; a dollar was…
Statutory damages were added to reduce the burden on plaintiffs. Which encourages people to stay in line. How well this worked out and what it means when some company nobody heard of 4 years ago downloads a billion copyrighted pages and raises $3.5 billion against a $60 billion valuation...
Well suddenly $20/page still sounds about right.