MONETARY HISTORY CALENDAR - January 30 - February 5

JANUARY 30

1835 — ASSASSINATION ATTEMPT AGAINST US PRESIDENT ANDREW JACKSON
Three years earlier, Jackson called for an end to the Second National Bank of the United States by calling on Congress not to renew its charter. He vetoed a bill to renew the bank’s charter, saying the bank was guilty of fraud, corruption, controlling the money supply (expanding and contracting the supply of money to economically and politically benefit the bank) and because “beyond question...this great and powerful institution had been actively engaged in attempting to influence the elections of the public officers by means of its money.” Jackson ordered the US government to move its money out of the Second Bank. In response, the bank called in all its loans and ceased issuing new loans. An economic panic followed. In 1835, Richard Lawrence fired 2 guns at Jackson but both misfired. He claimed his assassination attempt was because, in part, "money would be more plenty.”

1882 — BIRTH OF PRESIDENT FRANKLIN D. ROOSEVELT
"[T]he real truth is…that a financial element in the large centers has owned the government ever since the days of Andrew Jackson."

1934 – PASSAGE OF GOLD RESERVE ACT
The US government ended minting and circulation gold coins. The bill required all holders of gold coins and certificates to surrender them to the US Treasury – at the price of $20.67 per ounce. Collectors and a few others were exempted. Federal Reserve Notes were no longer convertible (or backed) by gold coins.

2009 – US TREASURY DEPARTMENT PURCHASES STOCK FROM US BANKS
The U.S. Treasury Department purchases a total of $1.15 billion in preferred stock from 42 U.S. banks under the Capital Purchase Program.

JANUARY 31

1934 - PRESIDENT ROOSEVELT INCREASES VALUE OF GOLD
A day after the Gold Reserve Act is passed, President Roosevelt issued an executive proclamation which resulted in the value of gold increasing to $35 per ounce. This yielded a windfall profit for the US government and those who retained possession of gold.

FEBRUARY 2

2010- DEATH OF EUSTACE MULLINS, AUTHOR, SECRETS OF THE FEDERAL RESERVE
"The Nation magazine was the only public organ so far as I can find out which printed out that the issue of the money of the U.S. was being turned over to a body of men who were neither elected nor answerable to elections."

FEBRUARY 3

1913 – RATIFICATION OF THE 16TH AMENDMENT, ESTABLISHMENT OF THE US FEDERAL INCOME TAX
The income tax provides a guaranteed and consistent source of income for the payment of any federal government function, including payment of interest on national debt. It was ratified earlier in the same year as passage of the Federal Reserve Act which turned over the nation’s money power to a private central bank. Many economists believe the dollar holds its value better than the Euro in times of economic
crisis since US interest payments from debt can be covered by US income taxes. There is no equivalent European income tax to cover Euro debts. This provides investors greater confidence in the dollar over the Euro.

1924 – DEATH OF WOODROW WILSON, 28TH PRESIDENT OF THE UNITED STATESAND SIGNER OF THE FEDERAL RESERVE ACT
"Some of the biggest men in the United States in the field of commerce and manufacture are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so passive, that they had better not speak above their breath when they speak in condemnation of it."
“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)
[Note: Despite such misgivings, Wilson signed the Federal Reserve Act two years later]

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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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