MONETARY HISTORY CALENDAR June 4 - 10

JUNE 4 

1910 – BIRTH OF ROBERT B. ANDERSON, SECRETARY OF THE TREASURY UNDER PRESIDENT DWIGHT D. EISENHOWER

"When a bank makes a loan it simply adds to the borrowers deposit account in the bank by the amount of the loan.  The money is not taken from anyone else's deposit; it was not previously paid in to the bank by anyone.  It's new money, created by the bank for the use of the borrower."

JUNE 6

1934 – CHICAGO PLAN INTRODUCED IN THE US CONGRESS

The “Chicago Plan” was a proposal developed by several prominent economists directed at President Roosevelt to end the Great Depression. The Plan was signed by 157 academic economists, another 40 approved it with reservations. Main features: 1. Only the government would create money. 2. The Plain separated the loan-making function, which can belong in private banks, from the money-creation function, which belongs in government. 3. The proposal recognized the distinction between money and credit. The Plan was introduced in Congress (S. 3744) by Senator Bronson Cutting (R, NM). In several respects, the Chicago Plan was the precussor to the National Emergency Employment Act (HR 6550) introduced by Rep. Dennis Kucinich in 2010, and reintroduced as HR 2990 in 2011.

JUNE 8

1042 – REIGN OF KING EDWARD OF ENGLAND BEGINS

Taking any interest on loaned money was considered a sin in early England. Under King Edward’s reign, those who charged interest (usurers) were declared outlaws and banished from the country. 

1809 – DEATH OF THOMAS PAINE, COLONIAL REVOLUTIONARY

Commenting on the value of colonial-issued money, the “Continental”...
"Every stone in the Bridge, that has carried us over seems to have a claim upon our esteem. But this was a corner stone, and its usefulness cannot be forgotten."

1845 – DEATH OF ANDREW JACKSON, PRESIDENT OF THE UNITED STATES

"The bold effort the present (central) bank had made to control the government ... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it."

"If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations."

JUNE 10

1816 -- DELEGATES CONVENE CONSTITUTIONAL CONVENTION IN INDIANA

Private banking corporations were banned altogether by the Indiana Convention in 1816 and the Illinois Constitution in 1818. Voters in Wisconsin plus four other states rewrote existing consititutions requiring popular votes on every bank charter recommended by their legislatures as a result of corrupt banking practices associated with issuing bank notes. Only private banks that didn’t issue money (bank notes) operated in these states.  

1932 – QUOTE OF LOUIS MCFADDEN (R- PA), CHAIRMAN OF THE US HOUSE BANKING AND CURRENCY COMMITTEE

"We have in this country one of the most corrupt institutions the world has ever known.  I refer to the Federal Reserve Board and the Federal Reserve Banks.  Some people think the Federal Reserve Banks are U.S. government institutions.  They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the poeple the United States for the benefit of themselves and their foreign customers.  The Federal Reserve banks are the agents of the foreign central banks.  The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board."

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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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