MONETARY HISTORY CALENDAR July 16 – 22

JULY 16 

1979 -  FEDERAL RESERVE BANK OF SAN FRANCISCO AD FOR COMPUTER PROGRAMMERS IN "COMPUTER WORLD MAGAZINE"

"Some people still think we're a branch of the Government. We're not."

[Note: You can’t get any clearer or succinct than this!]

JULY 17

1780 – BANK OF PENNSYLVANIA ESTABLISHED

Quakers or Friends (short names for members of the Religious Society of Friends) first introduced public banking in America with the creation of this state-owned bank, which issued its own paper scrip that it lent to farmers. Resident paid no income taxes. There was no government debt and no inflation. The state prospered.

1862 – PASSAGE OF POSTAGE CURRENCY ACT

The act authorized the issuance of 5, 10, 25, and 50 cent notes – which were needed to substitute for gold, silver and copper coins which were hoarded. These fractional currency US debt-free notes, sold in perforated sheets like stamps, were redeemable by the US Post Offices at face value in postage stamps until 1876.  

JULY 18

BIRTH OF STEPHEN ZARLENGA, DIRECTOR, AMERICAN MONETARY INSTITUTE

"We propose that ultimately the monetary power should be constituted as a fourth branch of government, like the executive, judicial and legislative branches.  We have concluded that the nature of man and society requires four, not three, branches of government."     "True monetary reform must take a better path. AMI’s research indicates that money, properly defined, is a legal institution of society and government; not a commodity or economic good of the markets; that if money is a legal institution, then the control of monetary systems can be rightfully viewed as a proper function of government; much as the law courts are.”  "When society loses control over its money system, it loses any control it might have had over its destiny."

JULY 22

1950 – DEATH OF WILLIAM LYON MACKENZIE KING, 10^TH PRIME MINISTER OF CANADA, 1935-48.

"Once a nation parts with the control of its currency and credit, it matters not who makes the nations laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognised as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile....The Liberal Party believes that credit is a public matter, not of interest to bankers only, but of direct concern to every citizen. The Liberal Party declares itself in favour of the immediate establishment of a duly constituted national bank for the control of the issue of money in terms of public needs. The flow of money must be in relation with the domestic, social, and industrial needs of the Canadian people...If my party is returned to power, we shall make good our monetary policy in the greatest battle between the money power and the people Canada has ever seen." Mackenzie King won re-election. The private Bank of Canada, which had been a private corporation, was converted to a "Crown Corporation," belonging to the people of Canada.

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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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