MONETARY HISTORY CALENDAR February 10-16

 

FEBRUARY 10

1808 – STATE OF OHIO GRANTS CHARTER TO BANK OF MARIETTA
This was the first bank chartered by the State of Ohio – and one of the earliest of any kind in the state. Once the charter or license was granted, the bank’s directors and stockholders (as with all banks) were provided the incredible privilege not available to farmers, artisans, or workers of any kind – the license to print money. Their paper bills were deemed legitimate by the state government by agreeing to accept them in payment of certain fees, etc.
The legal contradictions between bankers and farmers of that time (as well as today?) is summarized by author Jason Goodwin: “There seemed to be one set of laws for bankers, and another set for everyone else. For subsistence farmers working dawn till dusk the sums involved seemed obscene, and the principles of banking defied common sense. Armed with a charter, a banker could print money on demand to manufacture, out of thin air, a substance other people would pay him to possess. Yet he didn’t own it to begin with: it wasn’t anything but a promise, written on paper, to pay gold on demand—and he didn’t have the gold.”

FEBRUARY 11

1847 – BIRTH OF THOMAS EDISON, US INVENTOR
“If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good… If the Government issues bonds, the brokers will sell them. The bonds will be negotiable; they will be considered as gilt edged paper. Why? Because the government is behind them, but who is behind the Government? The people. Therefore it is the people who constitute the basis of Government credit. Why then cannot the people have the benefit of their own gilt-edged credit by receiving non-interest bearing currency… instead of the bankers receiving the benefit of the people’s credit in interest-bearing bonds?”

2004 – RON PAUL, US CONGRESSMAN, SPEAKING TO THE HOUSE FINANCIAL SERVICES COMMITTEE
He referred to the Federal Reserve by stating, “maybe there’s too much power in the hands of those who control monetary policy?  The power to create the financial bubbles.  The power to maybe bring the bubble about. The power to change the value of the stock market within minutes.  That to me is just an ominous power and challenges the whole concept of freedom and liberty and sound money.”

2005 – PUBLICATION OF “DEATH BY BANKING” BY FINANCIAL COMMENTATOR
HANS SCHICHT
“Year after year the Banker’s slice of the world’s asset baskets has been growing and growing. The Banker has become almighty. Through a network of anonymous financial spider webbing only a handful of global King Bankers own and control it all. Big Brother has come to us in the striped suit of the Banker.
“Everybody, people, enterprise, State and foreign countries, all have become slaves chained to the Banker’s credit ropes. And on top of being robbed, all slaves are “dutifully” paying their “legal” tribute in the form of interest to the same Banker, who is continuing stealing their assets. If prime ministers and presidents would only be blessed with the most basic knowledge of the perversity of banking, they would not go onto their knees to the Central Banker and ask His Highness for loans, loan extensions or plead not to increase interest rates!”

FEBRUARY 12

1791 – BIRTH OF PETER COOPER, US INDUSTRIALIST, PHILANTHROPIST (FOUNDED COOPER UNION) AND GREENBACK CANDIDATE FOR PRESIDENT
“The substitution of greenbacks for National bank notes would have the bounty now paid to banks, which, being invested as a sinking fund, would in less than thirty years pay off the whole debt of the country.”

1809 – BIRTH OF ABRAHAM LINCOLN, PRESIDENT OF THE UNITED STATES
“The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy.”
Under Lincoln’s administration, the US Government issued 450 million “Greenbacks” – interest and inflation free money. They weren’t government bill, bonds or any other debt-bearing note. They were actual US money.
“The privilege of creating and issuing money is not only the supreme prerogative of government, but it is the government’s greatest creative opportunity. The financing of all public enterprise, and the conduct of the treasury will become matters of practical administration. Money will cease to be master and will then become servant of humanity.”

1873 – COINAGE ACT PASSED BY CONGRESS (THE “CRIME OF ‘73”)
The Coinage Act removed silver as a form of currency (“demonetized) – leaving gold as the major form of US currency. The public didn’t realize at first what happened. With silver no longer a form of money, the overall amount of currency dramatically declined, causing the prices farmers received for their produce to drop (deflation) but the cost of their debts rise. Thousand of famers lost their land. Those who held silver also suffered. This was one of the sparks of the rise of the farmer-led US Populist movement.

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