JANUARY 16
1911 - ISSUANCE OF PAMPHLET SUGGESTING PLAN FOR NATIONAL PRIVATE CENTAL BANK
US Senator Nelson Aldrich introduced a plan for creation of a national private central bank based on the conclusions developed by bankers who met secretly on Jekyll Island. GA. The Citizens League, later the National Citizens League, was formed to promote the plan. The establishment of the Federal Reserve System was the result of the plan. [Source: Nathaniel Wright Stephenson, Nelson W. Aldrich, A Leader in American Politics, Scribners, N.Y. 1930]
JANUARY 17
1706 – BIRTH OF BENJAMIN FRANKLIN
"The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the prime reason for the revolutionary war."
“This effect of paper currency is not understood in England. And indeed the whole is a mystery to the politicians how we have been able to continue a war for four years without money and how we could pay with paper that had no previously fixed fund appropriated specifically to redeem it. This currency...is a wonderful machine.”
1863 – BIRTH OF LLOYD GEORGE, BRITISH PRIME MINISTER, 1916-1922
“The international bankers swept statesmen, politicians, journalists and jurists all to one side and issued their order with the imperiousness of absolute monarchs.”
JANUARY 18
1910 – BIRTH OF KENNETH BOULDING, ECONOMIST, PROFESSOR, PEACE ACTIVIST, QUAKER
"Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist."
[editor: the same goes for debt]
JANUARY 20
1859 – BIRTH OF CHARLES LINDBURGH, SR., US REPRESENTATIVE AND FATHER OF THE FAMOUS AVIATOR
"The Federal Reserve Act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized. The people may not know it immediately, but the day of reckoning is only a few years removed."
__________________________________
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.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com
For more information, visit http://www.afsc.net/economiccrisis.html
Sunday, January 15, 2012
Monday, January 9, 2012
MONETARY HISTORY CALENDAR - January 9-15
JANUARY 10
1843 – BIRTH OF LORD ACTON, ENGLISH HISTORIAN, POLITICIAN, AND WRITER
“The issue which has swept down the centuries and which will have to be fought sooner or later, is the people versus the banks.“
JANUARY 11
1757 – BIRTH OF ALEXANDER HAMILTON, FIRST SECRETARY OF THE TREASURY OF THE UNITED STATES
Major proponent of First Bank of the United States. The bank’s name gave the impression that the bank was public when it was actually privately owned. The nation's money was created out of thin air by the private bank and loaned to the government - at interest - and to private individuals. Eighty percent of the stock was privately held. Hamilton considered public debt "a public blessing" because it would tie the wealthy (who would own the government bonds) of the country to the government, and they would in turn provide political support for higher taxes to pay off the government bonds.
1893 – DEATH OF BENJAMIN F. BUTLER, US GENERAL, US REPRESENTATIVE (MASSACHUSETTS) AND GOVERNOR OF MASSACHUSETTS
“The government shall issue an amount equal to its taxes…which shall be lawful money and legal tender for all debts, public and private, which by law are not made payable in coin.”
JANUARY 13
1808 – BIRTH OF SALMON P. CHASE, US SENATOR (OHIO), GOVERNOR OF OHIO, US TREASURY SECRETARY UNDER ABRAHAM LINCOLN, CHIEF JUSTICE OF THE US SUPREME COURT
"My agency in procuring the passage of the National Bank Act was the greatest financial mistake of my life. It has built up a monopoly that affects every interest in the country. It should be repealed. But before this can be accomplished, the people will be arrayed on one side and the banks on the other in a contest such as we have never seen in this country." 1863
2007 – ARTICLE PUBLISHED BY JAMES PETRAS, PROFESSOR (EMERITUS), BINGHAMTON UNIVERSITY, NEW YORK
"Within the financial ruling class,…political leaders come from the public and private equity banks, namely Wall Street - especially Goldman Sachs, Blackstone, the Carlyle Group and others. They organize and fund both major parties and their electoral campaigns. They pressure, negotiate and draw up the most comprehensive and favorable legislation on global strategies and sectoral policies...They pressure the government to "bailout" bankrupt and failed speculative firms and to balance the budget by lowering social expenditures instead of raising taxes on speculative "windfall" profits...These private equity banks are involved in every sector of the economy, in every region of the world economy and increasingly speculate in the conglomerates which are aquired. Much of the investment funds now in the hands of the US investment banks, hedge funds and other sectors of the financial ruling class originated in the profits extracted from workers in the manufacturing and service sector." Global Research - January 13, 2007
----------------------------------------------------------------------------------
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 and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com
For more information, visit http://www.afsc.net/economiccrisis.html
1843 – BIRTH OF LORD ACTON, ENGLISH HISTORIAN, POLITICIAN, AND WRITER
“The issue which has swept down the centuries and which will have to be fought sooner or later, is the people versus the banks.“
JANUARY 11
1757 – BIRTH OF ALEXANDER HAMILTON, FIRST SECRETARY OF THE TREASURY OF THE UNITED STATES
Major proponent of First Bank of the United States. The bank’s name gave the impression that the bank was public when it was actually privately owned. The nation's money was created out of thin air by the private bank and loaned to the government - at interest - and to private individuals. Eighty percent of the stock was privately held. Hamilton considered public debt "a public blessing" because it would tie the wealthy (who would own the government bonds) of the country to the government, and they would in turn provide political support for higher taxes to pay off the government bonds.
1893 – DEATH OF BENJAMIN F. BUTLER, US GENERAL, US REPRESENTATIVE (MASSACHUSETTS) AND GOVERNOR OF MASSACHUSETTS
“The government shall issue an amount equal to its taxes…which shall be lawful money and legal tender for all debts, public and private, which by law are not made payable in coin.”
JANUARY 13
1808 – BIRTH OF SALMON P. CHASE, US SENATOR (OHIO), GOVERNOR OF OHIO, US TREASURY SECRETARY UNDER ABRAHAM LINCOLN, CHIEF JUSTICE OF THE US SUPREME COURT
"My agency in procuring the passage of the National Bank Act was the greatest financial mistake of my life. It has built up a monopoly that affects every interest in the country. It should be repealed. But before this can be accomplished, the people will be arrayed on one side and the banks on the other in a contest such as we have never seen in this country." 1863
2007 – ARTICLE PUBLISHED BY JAMES PETRAS, PROFESSOR (EMERITUS), BINGHAMTON UNIVERSITY, NEW YORK
"Within the financial ruling class,…political leaders come from the public and private equity banks, namely Wall Street - especially Goldman Sachs, Blackstone, the Carlyle Group and others. They organize and fund both major parties and their electoral campaigns. They pressure, negotiate and draw up the most comprehensive and favorable legislation on global strategies and sectoral policies...They pressure the government to "bailout" bankrupt and failed speculative firms and to balance the budget by lowering social expenditures instead of raising taxes on speculative "windfall" profits...These private equity banks are involved in every sector of the economy, in every region of the world economy and increasingly speculate in the conglomerates which are aquired. Much of the investment funds now in the hands of the US investment banks, hedge funds and other sectors of the financial ruling class originated in the profits extracted from workers in the manufacturing and service sector." Global Research - January 13, 2007
----------------------------------------------------------------------------------
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 and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com
For more information, visit http://www.afsc.net/economiccrisis.html
Friday, January 6, 2012
Evolution of Supreme Court decisions on corporate personhood?
A friend of mine, Joe Mosyjowski, mused about the direction of the Supreme Court in their decisions regarding granting corporations the same constitutional rights as persons. He said, "Maybe someday the Supremes will rule that people AREN'T people. Just Corpses are."
Given the bizarre "logic" of the Court, it makes perfect sense.
Given the bizarre "logic" of the Court, it makes perfect sense.
Thursday, January 5, 2012
Growing Resistance to Corporate Personhood and Money as Speech
Montana Supreme Court Upholds State's Ban on Corporate Campaign Cash
http://www.alternet.org/newsandviews/article/756452/montana_supreme_court_upholds_state's_ban_on_corporate_campaign_cash/
NY City Council Passes Resolution Declaring that Corporations Are Not People
http://nycprogressives.com/2012/01/04/ny-city-council-passes-resolution-declaring-that-corporations-are-not-people/
L.A. and Bernie Sanders Challenge “Corporate Personhood”
http://www.progressive.org/bernie_sanders_challenges_corporate_personhood.html
Please read the important letter to the editor at the end of the article from attorney Steve Justino, Move to Amend, National Action Coordinator, OCCUPY THE COURTS – 1.20.2012! He explains the difference between the Move to Amend proposed constitutional amendment and the half-measures currently proposed.
January 20, 2012 – Move to Amend Occupies the Courts!
A one-day occupation of federal courthouses in more than 75 locations across the country on Friday, January 20 to commemorate the second anniversary of the undemocratic and bizarre Citizens United decision
http://movetoamend.org/occupythecourts
Occupy the Court actions in Ohio:
Cincinnati: Kate Gallion, kategallion@gmail.com
Columbus: Sally Jo Wiley & Michael Greenman, sjwiley@frognet.net, mgreenman@wowway.com
Cleveland: Susan Gaydos and Greg Coleridge, onasandybeach@yahoo.com, gcoleridge@afsc.org
NEXT MOVE TO AMEND STATEWIDE CONFERENCE CALL
Saturday, January 28 / 10:00 AM – 11:00 AM
Toll free #: 866-256-1242 / Access Code: 10534078
http://www.alternet.org/newsandviews/article/756452/montana_supreme_court_upholds_state's_ban_on_corporate_campaign_cash/
NY City Council Passes Resolution Declaring that Corporations Are Not People
http://nycprogressives.com/2012/01/04/ny-city-council-passes-resolution-declaring-that-corporations-are-not-people/
L.A. and Bernie Sanders Challenge “Corporate Personhood”
http://www.progressive.org/bernie_sanders_challenges_corporate_personhood.html
Please read the important letter to the editor at the end of the article from attorney Steve Justino, Move to Amend, National Action Coordinator, OCCUPY THE COURTS – 1.20.2012! He explains the difference between the Move to Amend proposed constitutional amendment and the half-measures currently proposed.
January 20, 2012 – Move to Amend Occupies the Courts!
A one-day occupation of federal courthouses in more than 75 locations across the country on Friday, January 20 to commemorate the second anniversary of the undemocratic and bizarre Citizens United decision
http://movetoamend.org/occupythecourts
Occupy the Court actions in Ohio:
Cincinnati: Kate Gallion, kategallion@gmail.com
Columbus: Sally Jo Wiley & Michael Greenman, sjwiley@frognet.net, mgreenman@wowway.com
Cleveland: Susan Gaydos and Greg Coleridge, onasandybeach@yahoo.com, gcoleridge@afsc.org
NEXT MOVE TO AMEND STATEWIDE CONFERENCE CALL
Saturday, January 28 / 10:00 AM – 11:00 AM
Toll free #: 866-256-1242 / Access Code: 10534078
Wednesday, January 4, 2012
A Call for the Tea Party and Occupy Movements to "Occupy the Courts"
http://www.opednews.com/articles/A-Call-for-the-Tea-Party-a-by-Greg-Coleridge-120104-686.html
The Tea Party movement's disdain for big, unchecked government power and the Occupy movement's disdain for big, unchecked banking power can find common ground in the effort to end never-intended corporate "personhood" constitutional rights. Both should help organize one-day occupations of more than 75 federal courthouses across the country on January 20, 2012.
::::::::
by Greg Coleridge and Britney Schultz
Occupy the Courts by Move to Amend
The Tea Party movement's disdain for big, unchecked government power and the Occupy movement's disdain for big, unchecked banking power can find common ground in the effort to end never-intended corporate "personhood" constitutional rights. Both should help organize one-day occupations at more than 75 federal courthouses across the country on January 20, 2012.
The campaign is being initiated by Move to Amend ( http://www.movetoamend.org ), a broad coalition seeking to amend the US constitution to abolish the bizarre twin legal doctrines that corporations are people and money is speech. Both movements have in different ways educated and organized in support of the majority gaining or regaining control from a privileged few over the political and economic decisions affecting them and their communities.
The major concerns of many within the Tea Party are rising taxes, increasing spending, exploding debt and the lack of true political representation. The major issues sparking the Occupation movement was and remains the growing wealth gap, Wall Street bailouts and speculation, home foreclosures, lack of free speech and assembly rights, and lack of true political representation.
The root of the concerns of both movements have less to do with specific politicians, political parties, corporations, CEOs, regulations or laws. The cores of all these problems are several defining rules enshrined and shielded by constitutional decisions - specifically those anointing corporations as persons and equating money as speech.
The nine appointed-for-lifers of the Supreme Court have exerted for generations judicial supremacy by stripping away the rights of people to govern themselves. The January 2010 Citizens United v Federal Election Commission 5-4 decision was the latest in a long line of Supreme Court rulings going back more than a century granting corporations Bill of Rights and other constitutional protections intended solely for human beings. These decisions have collectively usurped the authority of people to fundamentally define, not merely regulate, corporate actions. Corporations, as legal creations of the state, were intended by our nation's founders to be subordinate to We the People . They possessed no inalienable rights, only privileges granted by charters at the state and federal levels.
Such definition or control in the past has including prohibiting corporations from directly or indirectly engaging in political activities, including lobbying or donating corporate funds to issue campaigns or in support of political candidates. They also have permitted the public to examine corporate books for fraud, inspect corporate facilities for unsafe working conditions, and pass local laws ensuring the health, safety and welfare of citizens and communities.
The Supremes also exerted their judicial activism in their 1976 Buckley v. Valeo decision, also ruled 5-4, equating money as political speech. If money is speech, as opposed to it being property like land and other physical possessions, then those with the most money possess the greatest political speech. That's not a recipe for democracy, but of plutocracy - which fairly accurately describes our current political system.
Occupy the Courts is an educational and organizing vehicle for shedding light and heat in the middle of the dark and cold winter that real authentic self governance on behalf of all the issues and concerns Tea Partiers and Occupiers care about is not possible unless the defining rules governing corporations and money are changed.
In the past, massive social movements led by women, people of color, and young people have driven themselves into the constitution through amendments - where they should have existed all along. Today, a massive social movement of people from all backgrounds is needed to drive corporations and money out of the constitution - where they were never intended.
It's time to Occupy the Courts.
-------
Coleridge is Director of the Northeast Ohio American Friends Service Committee. Schultz is a Move to Amend activist in Ohio
Monday, January 2, 2012
MONETARY HISTORY CALENDAR - January 1-8
Understanding monetary issues is paramount in 2012 as Congress and the President, in the name of “reducing the federal debt,” will be proposing many “austerity” measures that call for slashing or privatzing/corporatizing public programs benefiting over 100 million people. It’s unlikely many of them (except for John Conyers and Dennis Kucinich, proponents of the National Emergency Employment Defense Act, HR 2990) will discuss the integral role monetary issues plays in both creating/expanding the federal debt and how we can end it by “democratizing” our money system.
That means it’s up to us, We the People, to force the issue into popular and political discussion — especially this year during federal elections. There is no need for any austerity measures to reduce and end the federal debt. We the People can issue and circulate our own money (as permitted in the Constitution, Art 1, Sec 8) debt-free — without paying banking corporations a penny of interest. We can do it without increasing inflation. And we can create more than 7 million jobs repairing our vital infrastructure.
It’s up to us -- as it’s always been when sane, humane, just and nonviolent change is at stake -- to raise and push this issue.
Onward!
JANUARY 1
1817 - SECOND NATIONAL BANK OF THE US OPENS
This was the third quasi national bank of the US — following the Bank of North America (1781-1785) and Bank of the United States (1791-1811). While called a “national” bank, it was not public but actually a commercial/corporate bank with the power to issue money directly (just like its two predecessors). It issued initially a huge amount of money (more than 20 times its reserves) as loans that led to financial speculation and large corporate profits. A year later, it stopped issuing loans, resulting in a severe contraction of the money supply — which led to massive bankruptcies and the Panic of 1819. President Andrew Jackson believed the bank was a threat to the nation. He vetoed a bill in 1832 renewing the bank’s charter (license).
1879 – DATE TO REDEEM GREENBACKS FOR GOLD
Forces in opposition to public money passed the Resumption Act in 1875. It established January 1, 1879 as the date anyone could redeem federal Greenbacks for gold. Greenbacks were debt free money created by the Lincoln administration in his effort to avoid borrowing money from banks and having to pay interest. Why not simply create the money as stipulated in the Constitution (Art 1, Sec 8 giving the government the authority to coin money)? Bankers hoped most Greenbacks would be turned in – so that they could once more exclusively control the issuance and circulation of paper money – at enormous profit. Doomsayers predicted as Greenbacks were redeemed for gold, the nation would go bankrupt. Neither occurred Only $135,000 in Greenbacks were exchanged for gold – nationwide. Meanwhile, $400,000 gold was exchanged for Greenbacks! The New York Daily Tribune called the day, “the grandest page in the history of the United States.” (Jason Goodwin, Greenbacks)
1909 - BIRTH OF US SENATOR (REPUBLICAN) BARRY GOLDWATER
“The Trilateralist Commission is international and is intended to be the vehicle for multinational consolidation of commercial and banking interests by seizing control of the political government of the U.S. The Trilateralist Commission represents a skillful, coordinated effort to seize control and consolidate the four centers of power -- political, monetary, intellectual and ecclesiastical.” (Barry Goldwater With No Apologies)
1911 - US POSTAL SAVINGS SYSTEM OPENS
The Postal Savings System offered savings accounts to depositors, but no loans. When banks failed after the Great Depression, many people shifted their remaining funds. With post officers serving as bank branches, the Postal Savings System held upwards of 20% of the nation’s savings in the mid 1940’s. Commercial/corporate banks lobbied against their expansion and for their elimination — which occurred in 1967.
JANUARY 3
1977 - DEATH OF CARROLL QUIGLEY, PROFESSOR AND HISTORIAN
“The influence of financial capitalism and of the international bankers who created it was exercised both on business and on governments, but could have done neither if it had not been able to persuade both these to accept two 'axioms' of its own ideology...by basing the value of money on gold and by allowing bankers to control the supply of money. To do this it was necessary to conceal, or even mislead, both governments and people about the nature of money and its methods of operation.” (Carroll Quigley, Tragedy and Hope)
JANUARY 5
1066 – DEATH OF KING EDWARD THE CONFESSOR
Calling usury (interest) the root of evil, the English King declared all those who charged usury outlaws and banished them from the country.
JANUARY 7
1782 – BANK OF NORTH AMERICA OPENS
This was the nation’s first private commercial bank. At that time, the nation’s constitution was the Articles of Confederation. Article 9 of the Articles gave Congress the power to “emit bills of credit” -- to create money debt free. By a single vote, Congress voted to transfer their authority to issue money to the The Bank of North America when it approved its charter on December 31, 1781. Thus, the Bank served as a quasi central bank (which created money as loans, called “debt money”). Why did Congress willingly give up their money power? The public argument was that the business of finance could not be competently conduced by a public body (Congress) — only by a small number of private financiers. The first head of the Bank was Robert Morris, the richest merchant in America.
1868 – SPEECH OF CONGRESSMAN SAMUEL FENTON (INDEPENDENT REPUBLICAN) OF OHIO ON FLOOR OF HOUSE OF REPRESENTATIVES
“Our Constitution gives to Congress the exclusive power to coin money and regulate the value thereof... These are attributes of sovereignty and belong exclusively to the representatives of the whole people...The value of money has no relation to or dependence upon the material of which it is made. If it has the properties or powers of representing, measuring, and exchanging value it is money, and these properties or powers are not inherent in any substance, but are conferred upon any chosen material by the sovereign power....The greenback, as it has been denominated, was an invaluable expedient, backing our boys in blue and covering their backs at the same time. It served our purpose well and will serve us still if permitted. It helped us through one danger and will bear us triumphantly through another unless the cupidity of bankers, bondholders and shoddy contractors shall triumph over the industrial and tax-paying classes of our people...The first step in the right direction will be to pass a law to call in and cancel the entire bank circulation and simultaneously issue an equal quantity of Treasury certificates or legal tenders. The people having this circulation would be enabled to pay off $300,000,000 of debt and save $18,000,000 of gold interest. We will thus shorten the road to specie payments by reducing the interest-bearing debt.”
JANUARY 8
1786 – BIRTH OF NICHOLAS BIDDLE, PRESIDENT OF SECOND NATIONAL BANK
Biddle threatened to cause a depression if President Andrew Jackson did not re-charter the Bank. The privately owned Second Bank was chartered in 1816. President Jackson did not sign the bill to renew the charter. "This worthy President thinks that ... he is to have his way with the Bank. He is mistaken...[opposition] can only be broken by the actual conviction of exiting distress in the community... Our only safety is in pursuing a steady course of firm restriction [of the money supply] - and I have no doubt that such a course will ultimately lead to restoration of the currency and the re-charter of the Bank." The result of the contraction of the money supply was a financial panic followed by a deep depression. (Edward Kaplan, The Bank of the United States and the American Economy)
------------
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 and Greg Coleridge helped in its development.
Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, contact monetarycalendar@yahoo.com
For more information, visit http://www.afsc.net/economiccrisis.html
That means it’s up to us, We the People, to force the issue into popular and political discussion — especially this year during federal elections. There is no need for any austerity measures to reduce and end the federal debt. We the People can issue and circulate our own money (as permitted in the Constitution, Art 1, Sec 8) debt-free — without paying banking corporations a penny of interest. We can do it without increasing inflation. And we can create more than 7 million jobs repairing our vital infrastructure.
It’s up to us -- as it’s always been when sane, humane, just and nonviolent change is at stake -- to raise and push this issue.
Onward!
JANUARY 1
1817 - SECOND NATIONAL BANK OF THE US OPENS
This was the third quasi national bank of the US — following the Bank of North America (1781-1785) and Bank of the United States (1791-1811). While called a “national” bank, it was not public but actually a commercial/corporate bank with the power to issue money directly (just like its two predecessors). It issued initially a huge amount of money (more than 20 times its reserves) as loans that led to financial speculation and large corporate profits. A year later, it stopped issuing loans, resulting in a severe contraction of the money supply — which led to massive bankruptcies and the Panic of 1819. President Andrew Jackson believed the bank was a threat to the nation. He vetoed a bill in 1832 renewing the bank’s charter (license).
1879 – DATE TO REDEEM GREENBACKS FOR GOLD
Forces in opposition to public money passed the Resumption Act in 1875. It established January 1, 1879 as the date anyone could redeem federal Greenbacks for gold. Greenbacks were debt free money created by the Lincoln administration in his effort to avoid borrowing money from banks and having to pay interest. Why not simply create the money as stipulated in the Constitution (Art 1, Sec 8 giving the government the authority to coin money)? Bankers hoped most Greenbacks would be turned in – so that they could once more exclusively control the issuance and circulation of paper money – at enormous profit. Doomsayers predicted as Greenbacks were redeemed for gold, the nation would go bankrupt. Neither occurred Only $135,000 in Greenbacks were exchanged for gold – nationwide. Meanwhile, $400,000 gold was exchanged for Greenbacks! The New York Daily Tribune called the day, “the grandest page in the history of the United States.” (Jason Goodwin, Greenbacks)
1909 - BIRTH OF US SENATOR (REPUBLICAN) BARRY GOLDWATER
“The Trilateralist Commission is international and is intended to be the vehicle for multinational consolidation of commercial and banking interests by seizing control of the political government of the U.S. The Trilateralist Commission represents a skillful, coordinated effort to seize control and consolidate the four centers of power -- political, monetary, intellectual and ecclesiastical.” (Barry Goldwater With No Apologies)
1911 - US POSTAL SAVINGS SYSTEM OPENS
The Postal Savings System offered savings accounts to depositors, but no loans. When banks failed after the Great Depression, many people shifted their remaining funds. With post officers serving as bank branches, the Postal Savings System held upwards of 20% of the nation’s savings in the mid 1940’s. Commercial/corporate banks lobbied against their expansion and for their elimination — which occurred in 1967.
JANUARY 3
1977 - DEATH OF CARROLL QUIGLEY, PROFESSOR AND HISTORIAN
“The influence of financial capitalism and of the international bankers who created it was exercised both on business and on governments, but could have done neither if it had not been able to persuade both these to accept two 'axioms' of its own ideology...by basing the value of money on gold and by allowing bankers to control the supply of money. To do this it was necessary to conceal, or even mislead, both governments and people about the nature of money and its methods of operation.” (Carroll Quigley, Tragedy and Hope)
JANUARY 5
1066 – DEATH OF KING EDWARD THE CONFESSOR
Calling usury (interest) the root of evil, the English King declared all those who charged usury outlaws and banished them from the country.
JANUARY 7
1782 – BANK OF NORTH AMERICA OPENS
This was the nation’s first private commercial bank. At that time, the nation’s constitution was the Articles of Confederation. Article 9 of the Articles gave Congress the power to “emit bills of credit” -- to create money debt free. By a single vote, Congress voted to transfer their authority to issue money to the The Bank of North America when it approved its charter on December 31, 1781. Thus, the Bank served as a quasi central bank (which created money as loans, called “debt money”). Why did Congress willingly give up their money power? The public argument was that the business of finance could not be competently conduced by a public body (Congress) — only by a small number of private financiers. The first head of the Bank was Robert Morris, the richest merchant in America.
1868 – SPEECH OF CONGRESSMAN SAMUEL FENTON (INDEPENDENT REPUBLICAN) OF OHIO ON FLOOR OF HOUSE OF REPRESENTATIVES
“Our Constitution gives to Congress the exclusive power to coin money and regulate the value thereof... These are attributes of sovereignty and belong exclusively to the representatives of the whole people...The value of money has no relation to or dependence upon the material of which it is made. If it has the properties or powers of representing, measuring, and exchanging value it is money, and these properties or powers are not inherent in any substance, but are conferred upon any chosen material by the sovereign power....The greenback, as it has been denominated, was an invaluable expedient, backing our boys in blue and covering their backs at the same time. It served our purpose well and will serve us still if permitted. It helped us through one danger and will bear us triumphantly through another unless the cupidity of bankers, bondholders and shoddy contractors shall triumph over the industrial and tax-paying classes of our people...The first step in the right direction will be to pass a law to call in and cancel the entire bank circulation and simultaneously issue an equal quantity of Treasury certificates or legal tenders. The people having this circulation would be enabled to pay off $300,000,000 of debt and save $18,000,000 of gold interest. We will thus shorten the road to specie payments by reducing the interest-bearing debt.”
JANUARY 8
1786 – BIRTH OF NICHOLAS BIDDLE, PRESIDENT OF SECOND NATIONAL BANK
Biddle threatened to cause a depression if President Andrew Jackson did not re-charter the Bank. The privately owned Second Bank was chartered in 1816. President Jackson did not sign the bill to renew the charter. "This worthy President thinks that ... he is to have his way with the Bank. He is mistaken...[opposition] can only be broken by the actual conviction of exiting distress in the community... Our only safety is in pursuing a steady course of firm restriction [of the money supply] - and I have no doubt that such a course will ultimately lead to restoration of the currency and the re-charter of the Bank." The result of the contraction of the money supply was a financial panic followed by a deep depression. (Edward Kaplan, The Bank of the United States and the American Economy)
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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 and Greg Coleridge helped in its development.
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