MONETARY HISTORY CALENDAR February 28-March5

FEBRUARY 28

1856 – BIRTH OF WOODROW WILSON, 28TH PRESIDENT OF THE UNITED STATES
“A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom.” (1911)

MARCH 3

1863 - LEGAL TENDER ACT PASSED
Congress authorizes the Government to print no more than $400,000 million Greenbacks to pay for the Civil War. This was interest-free and debt-free money. The Lincoln Administration didn’t want to borrow money from corporate banks to pay for the war.

1865 – NATIONAL CURRENCY ACT AMENDED BY CONGRESS
The act amended the National Currency Act of 1864. State banks were no longer permitted to issue bank notes (currency).

1884 – JULLIARD V. GREENMAN ( 110 U.S. 421 ) SUPREME COURT DECISION
US Supreme Court ruling upholding the legality of US Government issued money (Greenbacks) created following the Legal Tender Acts of 1862 and 1863. The Court ruled that the government possessed the authority under the Constitution to issue a national currency and that that currency could be used to pay debts.

2003 - WARREN BUFFET, SECOND RICHEST PERSON ON EARTH, IN HIS ANNUAL LETTER TO BERKSHIRE HATHWAY SHAREHOLDERS
“Derivatives are financial weapons of mass destruction."

MARCH 4

1789 – US GOVERNMENT UNDER NEW CONSTITUTION BEGINS OPERATION
The Constitution replaced the Articles of Confederation as the overarching legal document of the nation. The new Constitution provides the federal legislature the power “[t]o coin money [and] regulate the value thereof.”

MARCH 6

1926 – BIRTH OF ALAN GREENSPAN, CHAIRMAN OF THE US FEDERAL RESERVE SYSTEM
"I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said." In a speech to the Economic Club of New York, 1988

1933 – PRESIDENT FRANKLIN ROOSEVELT ISSUES EXECUTIVE PROCLAMATION 2039 DECLARING A BANK “HOLIDAY”
The “holiday” meant that all banks would be closed from March 6-9 to prevent further runs. Bank failures were a result in earlier speculative investments and banks loaning out more money than they actually possessed (fractural reserve). When too many people came to a bank at the same time wanting their deposits, the banks collapsed since they lacked sufficient assets. The bank “holiday” was meant to restore confidence in the banking system.

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Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt?
Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice.
This calendar is a project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini and Greg Coleridge helped in its development.
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