MONETARY HISTORY CALENDAR March 19-25

MARCH 19

1860 – BIRTH OF WILLIAM JENNINGS BRYAN, SENATOR, SECRETARY OF STATE, PRESIDENTIAL CANDIDATE (DEMOCRAT/POPULIST)
Bryan had originally supported the 1913 Federal Reserve Act as Secretary of State under the Wilson administration. His position was crucial in gaining the support of many Congressional Democrats and Progressives. He later regretted his decision. "In my long career, the only thing I genuinely regret is my part in getting the banking and currency legislation enacted into law.”

MARCH 21 -

1821 – GREEK INDEPENDENCE DAY
Solon was an Athenian statesman and lawmaker (presumable the city in Cuyahoga County is named after him). He became the first effective advocate for democracy in roughly 594 BC when he decentralized power politically in the judiciary and, most importantly, in the Athenian money system. Many in Greece today are advocating exiting the Eurozone, claiming that returning to the Drachma (their original currency) and democratizing its issuance and circulation by the government as opposed to private Greek banks is the path to economic prosperity and political sovereignty. In the name of “austerity,” Greeks are being asked by international bankers, among other things, to privatize national assets and treasures, including Greek islands. Massive popular resistance has followed. Seeing what’s happening in Greece, many in Europe are now calling for the creation of “sovereign money” systems at the nation-state level, compared to the current top-down system where monetary matters are determined by the European Central Bank controlled by the largest and wealthiest banks on the continent.

1975 – DEATH OF RALPH HAWTREY, BRITISH ECONOMIST, FRIEND OF JOHN MAYNARD KEYNES
“Banks lend by creating credit. They create the means of payment out of nothing.”

MARCH 22

1832 – DEATH OF JOHANN WOLFGANG VON GOETHE, GERMAN WRITER
“None are more enslaved than those who falsely believe they are free.”

MARCH 25

1894 – COXEY’S ARMY BEGINS MARCH
Jacob Coxey, a businessman from Massillon, Ohio organized a 500-strong “Coxey’s Army” march from Massillon (beginning on March 25, 1894) to Washington, D.C. (ending April 30) to promote federal intervention for job creation. The primary demand of this "petition in boots" was unique -- the direct printing and issuance of $500 million by the Federal Treasury to employ 4 million people. Coxey's Army proposed two bills. The first, a "Good Roads Bill," would help farmers through $500 million issued by the federal government in legal tender notes, or greenbacks, to construct rural roads. The second, a noninterest-bearing bonds bill, would empower state and local governments to issue noninterest-bearing bonds to be used to borrow legal tender notes from the federal treasury. This money would be used to build urban libraries, schools, utility plants and marketplaces. Millions of jobs would have been created -- debt-free.

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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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