1729 – PUBLICATION OF “A MODEST ENQUIRY INTO THE NATURE AND NECESSITY OF A PAPER CURRENCY” BY BENJAMIN FRANKLIN
The “father of paper money” and a printer, Franklin’s publication circulated throughout the colonies. He was a strong advocate of colonies printing their own money. The publication helped him earn contracts to print paper money for Pennsylvania, New Jersey and Delaware.
“A legitimate government can both spend and lend money, while banks can only lend significant amounts of their promissory bank notes. Thus when bankers place money in circulation there is always a debt principal to be returned and usury to be paid.”
1834 – US HOUSE OF REPRESENTATIVES VOTES AGAINST RECHARTERING THE SECOND BANK OF THE UNITED STATES
The US House voted 134-82 against rechartering (re-licensing) the nation’s central bank – a private bank not ultimately accountable to the public but to its shareholders. Charters were originally considered democratic instruments of public control to keep corporations accountable – as opposed to today where charters are issued automatically as long as minimal conditions are met and a fee is paid. The bank had established loan policies that were detrimental to the nation’s economy but very profitable for its owners. The bank’s President, Nicholas Biddle, had threatened to harm the US economy by restricting the nation’s money supply if the charter were not renewed. The bank shrank the money supply. A financial panic and deep depression followed. President Andrew Jackson was convinced all the more that the private bank should not be in charge of issuing and circulating the nation’s money supply.
1883 – DEATH OF PETER COOPER, US INDUSTRIALIST, PHILANTHROPIST (FOUNDED COOPER UNION) AND GREENBACK CANDIDATE FOR PRESIDENT
“The substitution of greenbacks for National bank notes will make a uniform currency of money. A greenback legal tender is to the full as much real money as a gold legal tender, the only difference being that as many nations make gold a legal tender, there is more demand for it than for paper legal tenders which have the sovereign stamp of only one Government. The substitution of greenbacks for National bank notes would have the bounty now paid to banks which being invested as a sinking fund would in less than thirty years pay off the whole debt of the country.”
1764 – BRITISH PARLIAMENT PASSES CURRENCY ACT PROHIBITING COLONIES FROM PRINTING THEIR OWN MONEY
As early as 1723, the colony of Pennsylvania showed that it was possible for money to be issued by the government in the place of taxes without causing inflation. Money was printed and circulated there and elsewhere. No taxes needed to be collected in PA from 1723 to the 1750’s as a result. The Bank of England pressured the British Parliament to pass the Currency Act. Benjamin Franklin believed that passage of the Act caused poverty and triggered the Revolutionary War.
2008 – DEATH OF CHARLTON HESTON (WHO PLAYED MOSES IN THE TEN COMMANDMENTS}
[A stretch, but nevertheless, a means to share the following…]
From the Old Testament in the Bible, Deuteronomy 23:19
“Do not charge a fellow Israelite interest, whether on money or food or anything else that may earn interest.”
2013 – PLAN FOR MONETARY REFORM BY POSITIVE MONEY IN THE U.K.
“This document presents a plan for monetary reform, based on a proposal initially put forward by Frederick Soddy in the 1920s, and then subsequently by Irving Fisher and Henry Simons in the aftermath of the Great Depression… While inspired by Irving Fisher’s original work and variants on it, the proposals in this paper have some significant differences. The starting point was the work of Joseph Huber and James Robertson in their book Creating New Money (2000), which updated and modified Fisher’s proposals to take account of the fact that money, the payments system and banking in general is now electronic, rather than paper-based. The reform presented here develops Huber and Robertson’s proposal further, building on a submission made by Ben Dyson (Positive Money), Josh Ryan-Collins and Tony Greenham (new economics foundation), and Richard Werner (University of Southampton) to the UK’s Independent Commission on Banking in 2010.” http://www.positivemoney.org/2013/04/the-positive-money-proposal-plan-for-monetary-reform/
1858 – BIRTH OF DAVIS RICH DEWEY, AMERICAN ECONOMIST AND STATISTICIAN
“The underlying idea in the greenback philosophy…is that the issue of currency is a function of government, a sovereign right which ought not to be delegated to corporations.”
2009 – TALK BY MONETARY REFORMER JOE BONGIOVANNI, “AMERICA’S DEBT CRISIS AND THE NEED FOR MONETARY REFORM”
Joe promotes public, debt-free money creation by the US Treasury, as opposed to private money creation as debt by the Fed, as the solution to the debt crisis. http://wakeupfromyourslumber.com/joe-bongiovanni-monetary-reform-talk/
1626 – DEATH OF SIR FRANCIS BACON, PHILOSOPHER, BRITISH LORD CHANCELLOR
“If money be not thy servant, it will be thy master. The covetous man cannot so properly be said to possess wealth, as that may be said to possess him.”
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, Deb Jose 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, email firstname.lastname@example.org