Quote of the day 5/28

rcrosby

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"If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

Thomas Jefferson



<div align='center'>Wake up!</div>
 



KevinZ

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I am unclear as to your point - individual private banks have not been issuing "their currency" since the National Bank Act (see a brief below).

The National Bank Act (ch. 58, 12 Stat. 665, February 25, 1863) was a United States federal law that established a system of national charters for banks. It encouraged development of a national currency based on bank holdings of U.S. Treasury securities. The Act, together with Abraham Lincoln's issuance of "greenbacks," raised money for the federal government in the American Civil War by enticing banks to buy federal bonds and taxed state bonds out of existence. The law proved defective and was replaced by the National Bank Act of 1864. The money was used to fund the Union army in the fight against the Confederacy. A later act, passed on March 3, 1865, imposed a tax of 10% on the notes of State banks to take effect on July 1, 1866. The tax effectively forced all non-federal currency from circulation.

Evidently folks woke up in the 1860s (because of the Civil War) and as such, congress passed this law. I presume Jefferson would have approved. But I don't understand why this would be a quote of the day in May of 2008.
 

tmoniz

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Sorry.
But that is too much of a read for me.
What's the point.
 

rcrosby

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<div class='quotetop'>QUOTE (KevinZ @ May 29 2008, 01:10 PM) <{POST_SNAPBACK}></div>
I am unclear as to your point - individual private banks have not been issuing "their currency" since the National Bank Act (see a brief below).

The National Bank Act (ch. 58, 12 Stat. 665, February 25, 1863) was a United States federal law that established a system of national charters for banks. It encouraged development of a national currency based on bank holdings of U.S. Treasury securities. The Act, together with Abraham Lincoln's issuance of "greenbacks," raised money for the federal government in the American Civil War by enticing banks to buy federal bonds and taxed state bonds out of existence. The law proved defective and was replaced by the National Bank Act of 1864. The money was used to fund the Union army in the fight against the Confederacy. A later act, passed on March 3, 1865, imposed a tax of 10% on the notes of State banks to take effect on July 1, 1866. The tax effectively forced all non-federal currency from circulation.

Evidently folks woke up in the 1860s (because of the Civil War) and as such, congress passed this law. I presume Jefferson would have approved. But I don't understand why this would be a quote of the day in May of 2008.[/b]

Kevin who issues our debt notes AKA Federal Reserve Notes? I would say it is a strecth to consider them actual currency. The Federal Reserve Act of 1913 established the Federal Reserve which is made up of "private" member banks. Do you think it is a coincidence that in 1916 the 16th Amendment established an income tax?
 

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