MONETARY HISTORY CALENDAR - July 4-10

 JULY 4

1826 – DEATH OF JOHN ADAMS, SECOND PRESIDENT OF THE UNITED STATES

“ All of the perplexities, confusion, and distress in America arises, not from the deflects of the Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.”

1826 – DEATH OF THOMAS JEFFERSON, THIRD PRESIDENT OF THE UNITED STATES

“I believe that banking institutions are more dangerous to our liberties than standing armies. . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

1892 – ADOPTION OF THE “OMAHA PLATFORM,” FOUNDING DOCUMENT OF THE POPULIST PARTY

“The national power to create money is appropriated to enrich bondholders; a vast public debt payable in legal tender currency has been funded into gold-bearing bonds, thereby adding millions to the burdens of the people…[The two political parties] propose to drown the outcries of a plundered people with the uproar of a sham battle over the tariff, so that capitalists, corporations, national banks, rings, trusts, watered stock, the demonetization of silver and the oppressions of the usurers may all be lost sight of.

PLATFORM

We demand a national currency, safe, sound, and flexible, issued by the general government only, a full legal tender for all debts, public and private, and that without the use of banking corporations, a just, equitable, and efficient means of distribution direct to the people, at a tax not to exceed 2 per cent. per annum, to be provided as set forth in the sub-treasury plan of the Farmers' Alliance, or a better system; also by payments in discharge of its obligations for public improvements….We demand that postal savings banks be established by the government for the safe deposit of the earnings of the people and to facilitate exchange."

JULY 6

1863 – BIRTH OF RICHARD MCKENNA, FORMER PRESIDENT OF THE MIDLANDS BANK OF ENGLAND

"I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money.  And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people."

 

JULY 7

1947 – DEATH OF HENRY FORD, INDUSTRIALIST, FOUNDER, FORD MOTOR COMPANY

"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

 

JULY 9

1778 – FIRST STATES RATIFY THE ARTICLES OF CONFEDERATION.

Eight states sign the Articles on this day. Other states followed shortly thereafter. The Articles granted the Federal Government the authority to issue money and determine its value if 9 states agreed.

2007 – CITIGROUP CEO CHARLES PRINCE INTERVIEW WITH THE FINANCIAL TIMES

Explaining his bank’s excessive money creation through the creation of risky sub-prime loans,

“When the music stops, in terms of liquidity, things will get complicated. But as long as the music is playing, you’ve got to get up and dance.”

JULY 10

1509 – BIRTH OF JOHN CALVIN, FRENCH THEOLOGIAN AND PASTOR

“For we altogether condemn usuries, we shall impose severer restrictions upon the consciences that the Lord himself desired”           

1832 – ANDREW JACKSON VETOES LEGISLATION TO RENEW THE CHARTER OF THE PRIVATE SECOND BANK OF THE UNITED STATES

“Is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country?... Should its influence become concentrated, as it may under the operation of such an act as this, in the hands of a self-elected directory whose interests are identified with those of the foreign stockholders, will there not be cause to tremble for the purity of our elections in peace and for the independence of our country in war? Their power would be great whenever they might choose to exert it; but if this monopoly were regularly renewed every fifteen or twenty years on terms proposed by themselves, they might seldom in peace put forth their strength to influence elections or control the affairs of the nation. But if any private citizen or public functionary should interpose to curtail its powers or prevent a renewal of its privileges, it can not be doubted that he would be made to feel its influence.

 

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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