1913 – CONCLUSION OF PUJO COMMITTEE HEARINGS IN CONGRESS
A committee of Congress, headed by House Banking and Currency Committee Chair Arsene Pujo, investigated the Wall Street banking “Money Trust from 1912-1913. The Committee’s report identified a financial network of Wall Street bankers connected by 341 interlocking directorships held in 112 corporations valued at more than $22 billion connected to the Morgan and Rockefeller empires, which exerted identifiable control over the US monetary system and economy.
Paradoxically, the report resulted in the push for a Federal Reserve Act, which, of course, legitimized and shielded control of the money system and economy by the financial elites.
1844 – DEATH 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)
1867 – BIRTH OF IRVING FISHER, MATHEMATICAL ECONOMIST
“If two parties instead of being a bank and an individual, were an individual and an individual, they could not inflate the circulating medium by loan transaction; for the simple reason that the lender could not lend what he didn’t have as banks can do … Only commercial banks and trust companies can lend money that they manufacture by lending it.” 100% Money (1935)
2015 – ONLINE PUBLICATION OF “ENDING HOMELESSNESS SAVE MONEY; MONETARY REFORM AND PUBLIC BANKS SHOULD FUND THIS NOW” BY CARL HERMAN
“Given that all 50+ professional studies conclude we save money by ending homelessness, all US communities should enact policies to do so.
Given that all communities have problems with funding public programs, even those that save money in the long-term like infrastructure and education, we should also enact monetary reform…”
1781 – RATIFICATION OF ARTICLES OF CONFEDERATION, THE FIRST US CONSTITUTION
“The Articles of Confederation and Perpetual Union” of the thirteen States was ratified and in force on this date. The Articles was the first Constitution of the United States, preceding our current constitution by several years. The Articles granted the Federal Government the authority to issue money and determine its value if nine states agreed.
1810 – BIRTH OF POPE LEO XIII
“On the one hand there is the party which holds the power because it holds the wealth, which has in its grasp all labor and all trade, which manipulates for its own benefit and its own purposes all the sources of supply, and which is powerfully represented in the councils of State itself. On the other side there is the needy and powerless multitude, sore and suffering. Rapacious usury, which, although more than once condemned by the Church, is nevertheless under a different form but with the same guilt, still practiced by avaricious and grasping men…so that a small number of very rich men have been able to lay upon the masses of the poor a yoke little better than slavery itself.” — Pope Leo XIII statement on usury, 1891
1876 — US SILVER COMMISSION (TO STUDY THE CRIME OF 73) REPORT RELEASED ON WHAT CAUSED THE 1873 DEPRESSION
The Commission concluded that the depression was caused by a reduction of the money supply. They compared the 1873 Depression to the deflation of the Roman era. “The disaster of the Dark Ages was caused by decreasing money and falling prices… Without money, civilization could not have had a beginning, and with a diminishing supply, it must languish and unless relieved, finally perish. Falling prices and misery and destitution are inseparable companions. It is universally conceded that falling prices result from the contraction of the money volume.” The Report suggested that the Dark Ages ended when paper money was issued, “It is suggestive coincidence that the first glimmer of light only came with the invention of bills of exchange and paper substitutes…”
1863 – LEGAL TENDER ACT PASSED
Congress authorizes the Government to print no more than $400,000 million Greenbacks to pay for the Civil War. This was interest-free and debt-free money. The Lincoln Administration did not want to borrow money from corporate banks to pay for the war.
1865 – NATIONAL CURRENCY ACT AMENDED BY CONGRESS
The act amended the National Currency Act of 1864. State banks were no longer permitted to issue bank notes (currency).
1884 – JULLIARD V. GREENMAN (110 U.S. 421) SUPREME COURT DECISION
US Supreme Court ruling upholding the legality of US Government issued money (Greenbacks) created following the Legal Tender Acts of 1862 and 1863. The Court ruled that the government possessed the authority under the Constitution to issue a national currency and that that currency could be used to pay debts.
2003 – WARREN BUFFET, SECOND RICHEST PERSON ON EARTH, IN HIS ANNUAL LETTER TO BERKSHIRE HATHWAY SHAREHOLDERS
“Derivatives are financial weapons of mass destruction.”
1789 – US GOVERNMENT UNDER NEW CONSTITUTION BEGINS OPERATION
The Constitution replaced the Articles of Confederation as the overarching legal document of the nation. The new Constitution provides the federal legislature the sole power “[t]o coin money [and] regulate the value thereof.” (Article 1, Sec 8). The Government subsequently abdicated its responsibility when it gave the Federal Reserve and private banks the power to create money literally out of thin air…as debt.
1837 – FAREWELL ADDRESS OF PRESIDENT ANDREW JACKSON
Jackson was most responsible for not renewing the charter of the misnamed Second Bank of the United States, a private institution. In his farewell address when leaving office (Presidents used to be sworn in during the beginning of March for decades, now it’s mid January), he stated, “The immense capital and peculiar privileges bestowed upon it [(Second National Bank of the United States] enabled it to exercise despotic sway over the other banks in every part of the country. From its superior strength it could seriously injure, if not destroy, the business of any one of them that might incur its resentment; and it openly claimed for itself the power of regulating the currency throughout the United States. In other words, it asserted (and it undoubtedly possessed) the power to make money plenty or scarce at its pleasure, at any time and in any quarter of the Union, by controlling the issues of other banks and permitting an expansion or compelling a federal contraction of the circulating medium, according to its own will.” This is something to keep in mind during this period when Democrats at the local level hold their “Jackson” or “Jefferson-Jackson” annual events.
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
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/