MONETARY HISTORY CALENDAR May 28 – June 3

MAY 29

1998 – DEATH OF BARRY GOLDWATER, REPUBLICAN SENATOR FROM ARIZONA

“The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money."

MAY 30

1908 – ALDRICH-VREELAND ACT SIGNED BY PRESIDENT THEODORE ROOSEVELT

The Act established the National Monetary Commission recommending the Federal Reserve Act of 1913, creating the Federal Reserve System, the current private central bank (actually 12 banks to give the appearance of decentralization of economic power and control) of the US. The Aldrich-Vreeland Act was passed in response to the economic Panic of 1907 of bank failures. JP Morgan and other bankers who had been the target of Roosevelt’s trust busting efforts through more aggressive enforcement of the Sherman Anti-Trust Act manufactured the Panic. Through manipulating the stock market, calling in loans and not granting new ones, Morgan severely contracted the nation’s money supply. Thousands of banks were overextended. An economic crash followed. The Panic of ’07 was the pretext used to end the nation’s system of decentralized private banking by creating a system of centralized private banking – the Federal Reserve System.

JUNE 3

1864 – PASSAGE OF NATIONAL BANK ACT

This Act superseded the National Bank Act of 1863. Both Acts were pushed by bankers and their supporters to undercut Greenbacks. A system of nationally chartered, private/corporate banks was established and expanded. These new national banks were provided with virtually tax-free status and subsidized through purchasing of government bonds with discounted Greenbacks. These banks were permitted to then create “US Bank Notes” (debt-based money) which entered the money supply – to be used in payment of taxes and duties only. This system enriched banks and worked to wean the US away from Greenbacks (debt free money). The Act limited the issuance of Greenbacks to $300 million.

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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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