Lincoln's Monetary Policy - Free The Debt Slaves
"Money is the creature of law and the
creation of the original issue of money should be maintained as
exclusive monopoly of National Government.
Money possess no value to the state other than that given to it by circulation.
Capital has its proper place and is entitled to every protection. The
wages of men should be recognized in the structure of and in the social
order as more important than the wages of money.
No duty is more imperative for the government than the duty it owes the
people to furnish them with a sound and uniform currency, and of
regulating the circulation of the medium of exchange so that labor will
be protected from a vicious currency, and commerce will be facilitated
by cheap and safe exchanges.
The available supply of gold and silver being wholly inadequate to
permit the issuance of coins of intrinsic value or paper currency
convertible into coin in the volume required to serve the needs of the
people, some other basis for the issuance of currency must be developed,
and some means other than that of convertibility into coin must be
developed to prevent undue fluctuations in the value of paper currency
or any other substitute for money of intrinsic value that may come into
use.
The monetary needs of increasing numbers of people advancing toward
higher standards of living can and should be met by the government. Such
needs can be served by the issue of national currency and credit
through the operation of a national banking system. The circulation of a
medium of exchange issued and backed by the government can be properly
regulated and redundancy of issue avoided by withdrawing from
circulation such amounts as may be necessary by taxation, redeposit, and
otherwise. Government has the power to regulate the currency and credit
of the Nation.
Government should stand behind its currency and credit and the bank
deposits of the Nation. No individual should suffer a loss of money
through depreciated or inflated currency or bank bankruptcy.
Government possessing the power to create and issue currency and credit
as money and enjoying the right to withdraw both currency and credit
from circulation by taxation and otherwise, need not and should not
borrow capital at interest as a means of financing governmental work and
public enterprise . The government should create, issue, and circulate
all the currency and credit needed to satisfy the spending power of the
government and the buying power of consumers. The privilege of creating
and issuing money is not only the supreme prerogative of Government, but
it is the Government's greatest creative opportunity.
By adoption of these principles, the long-felt want for a uniform
medium will be satisfied. The taxpayers will be saved immense sums of
interest, discounts, and exchanges. The financing of all public
enterprise, the maintenance of stable government and ordered progress,
and the conduct of the Treasury will become matters of practical
administration. The people can and will be furnished with a currency as
safe as their own government. Money will cease to be master and become
the servant of humanity. Democracy will rise superior to the money
power."
Abraham Lincoln, quoted in Rep. Jerry Voorhis'
book Out Of Debt, Out Of Danger, 1943
The struggle and deadly war with private central bankers had been going
on for centuries. Our own American revolution was fought over the right
to issue our own money and credit and escape the clutches of the
Rothschild's "Bank Of England" with its private monopoly money and
credit creation privilege - leading to inevitable, interest-bearing,
debt-money, disaster.
Today we have reached another point in history where the debt-slavery
to our privately owned "Fed" has led to a yearly interest expense of
nearly 500 billions dollars on our ballooning debt, largely generated by
capital's disastrous "free trade" policy and the up and down
manipulations of both interest rates and stock markets by the owners of
private central banks.
The central problem here is not the money creation into circulation,
and expanding velocity, but the unnecessary interest cost that we, the
taxpayers, must pay a private cabal of bankers to create and borrow our
own money. It is simply the scam of the centuries, and unless we rescue
ourselves from this debt slavery, as President Lincoln advised, our
demise is certain - i.e., an ugly event which will secure fascism and a
global private "Fourth Reich' hegemony over money and credit. In short,
effective and meaningful democracy will then be history.
We have already seen the chairman of "our" Federal Reserve refuse to
tell Congress where the 800 billion went and to whom. Such impudence and
arrogance is reason enough to take back the stock of the Fed and
re-nationalize our central bank.
The ongoing power of the private central bankers and their affiliated
bond dealer cohorts is further reflected in the power of Goldman Sachs
over our own government. Administration after administration, Republican
or Democrat, is controlled by these "masters of the universe" bond
dealers who own the stock of the private central banks.
With our Constitutional money and credit creation powers in their
private hands, they create money "out of thin air" and use it to buy the
government bonds we must sell, at interest. From nothing comes an
interest penalty paid to them and to those to whom they sell the
interest-bearing bonds supported by our taxes. What a racket!
This regime is either stopped in its tracks or, if allowed to continue,
it will be to our immense sorrow and regret - regret for screwing
ourselves and out children and grandchildren saddled with interest
bearing debt which is never paid off but simply "rolled over" in
perpetuity. Were we put on this earth to pay interest to private central
bankers? Are we to be born debt slaves?
So when do "our" money-for-reelection-driven representatives get the
courage to end this devious and disastrous private money and credit
banking scheme? When do they join with the members of other nation's
most democratic houses, all saddled and scuttled with their own private
central bank regimes, and put an end to this thievery? When do they
gather the courage of the founders of this country who, seeing the
devastation produced by the "Bank of England," wisely placed the "purse
power" in the hands of Congress - the most representative body whose
members can be re-elected or unelected every two years according to
their wisdom or folly.
When do our representatives demand a great debate and coverage in
corporate media of exactly this question? When do media "conservatives"
and "liberals" even broach the question of a public central bank? Of
interest-fee infrastructure financing? Of nationalizing the home lending
operation and rescuing us from a devious and utterly predatory system?
When? Ask your representative. Is he or she so self-interested or
stupid they cannot even face the questions which the brave founders of
this country faced, much less move to make a Democratic Republic a
reality and avoid screwing their own children? Tell them to take back
the bank... the central bank... and end our debt slavery. Make them
answer the questions in order to see where they stand. Then we will know
how to vote.
Kent Welton,
PublicCentralBank.com
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