MONETARY HISTORY CALENDAR July 9 – 15

JULY 9

1778 – FIRST STATES RATIFY THE ARTICLES OF CONFEDERATION.

Eight states sign the Articles on this day. Other states followed shortly thereafter. The Articles granted the Federal Government the authority to issue money and determine its value if nine states agreed.

2007 – CITIGROUP CEO CHARLES PRINCE INTERVIEW WITH THE FINANCIAL TIMES

Explaining his bank’s excessive money creation through the creation of risky sub-prime loans,

“When the music stops, in terms of liquidity, things will get complicated. But as long as the music is playing, you’ve got to get up and dance.”

JULY 10

1509 – BIRTH OF JOHN CALVIN, FRENCH THEOLOGIAN AND PASTOR

“For we altogether condemn usuries, we shall impose severer restrictions upon the consciences that the Lord himself desired”     

1832 – ANDREW JACKSON VETOES LEGISLATION TO RENEW THE CHARTER OF THE PRIVATE SECOND BANK OF THE UNITED STATES

“Is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country?... Should its influence become concentrated, as it may under the operation of such an act as this, in the hands of a self-elected directory whose interests are identified with those of the foreign stockholders, will there not be cause to tremble for the purity of our elections in peace and for the independence of our country in war? Their power would be great whenever they might choose to exert it; but if this monopoly were regularly renewed every fifteen or twenty years on terms proposed by themselves, they might seldom in peace put forth their strength to influence elections or control the affairs of the nation. But if any private citizen or public functionary should interpose to curtail its powers or prevent a renewal of its privileges, it can not be doubted that he would be made to feel its influence. 

JULY 11

1862 – LEGISLATIVE ACT AUTHORITIZING US GOVERNMENT TO ISSUE MONEY

Congress passes legislation to issue and circulate $150 million in non-interest bearing, debt-free notes – Greenbacks. This is authorized in the U.S. Constitution, Article 1, Section 8.

JULY 12

1804 – DEATH OF ALEXANDER HAMILTON, FIRST SECRETARY OF THE TREASURY

He was a major proponent of First Bank of the United States - a privately owned national bank. The name was to deceive people into thinking that money creation was done by the government instead of corporate banks. The nation's money was created out of thin air and loaned to the government - at interest - and to private individuals. Eighty percent of the stock was privately held. Hamilton called the public debt "a public blessing" because of his belief that it would tie the wealthy (who would own the government bonds) of the country to the government, and they would in turn proved political support for higher taxes, to make sure that there was enough money in the treasury to pay off their principal and interest.

JULY 13

1832 – CONGRESS FAILS TO OVERRIDE PRESIDENT JACKSON VETO TO RENEW THE CHARTER OF THE SECOND NATIONAL BANK OF THE UNITED STATES

In his veto message to renew the misnamed “national bank” (it was actually a private bank controlled/owned by stockholders, a majority of whom were foreigners), Jackson stated: “Controlling our currency, receiving our public monies, and holding thousands of our citizens in dependence…would be more formidable and dangerous than a naval and military power of the enemy.”

1956 – QUOTE OF J.R.R TOLKIEN, AUTHOR (THE HOBBIT AND LORD OF THE RINGS) AND UNIVERSITY OF OXFORD PROFESSOR IN CONTOUR MAGAZINE

“The main mark of modern governments is that we do not know who governs, de facto any more than de jure. We see the politician and not his backer; still less the backer of the backer; or, what is most important of all, the banker of the backer.

Throned above all, in a manner without parallel in all past, is the veiled prophet of finance, swaying all men living by a sort of magic, and delivering oracles in a language not understood of the people…

There should only be one source of money: one fountainhead from which flows the nation’s blood to vitalize commerce and industry, ensure economic equity and justice and safeguard the welfare of the people…In other words, it has always been and still is our contention that the prerogative of creating and issuing the money of the nation should be restored to the State. “

JULY 14

1833 – DEATH OF WILLIAM GOUGE, ADVISOR TO PRESIDENT ANDREW JACKSON; AUTHOR, A SHORT HISTORY OF MONEY AND BANKING

"The large extent of bank influence is not easily seen. We seldom see an identified bank or a money corporation candidate running for office; but when questions arise which affect them, the banks have agents at work, whose operations are the more effective because they are unseen."

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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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