Robert L. Owen, former chairman, Committee on Banking and Currency, United States Senate, explains the matter on page 98 of Senate Document No. 23. He states that when associates of the Bank of asked Franklin how he accounted for the prosperous conditions prevailing in the colonies, he replied : “That is simple — In the Colonies we issue our own money. It is called Colonial Script — We issue it in proper proportion to the demands of trade and industry.”
Robert L. Owen remarked that not very long after the Rothschilds heard of this they realized the opportunity to exploit the situation with considerable profit to themselves. The obvious thing to do was to have a law passed prohibiting the Colonial officials from issuing their own money and make it compulsory for them to obtain the money they required through the medium of the Banks. Amschel Mayer Rothschild was still in Germany but he was supplying the British Government with Mercenary Troops at £8 per man. Such was his influence that in 1764 he succeeded, through the Directors of the Bank of England, in having laws passed in accordance with his dictates.
That would be the Currency Act of 1764.
The authorities in the Colonies had to discard their Script money. They had to mortgage the Colonial assets and securities to the Bank of England in order to borrow the money they needed to carry on business. Referring to those facts Benjamin Franklin stated. “In one year the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the Colonies were filled with unemployed.” Franklin stated : “The Bank of England refused to give more than 50 per cent of the face value of the Script when turned over as required by law. The circulating medium of exchange was thus reduced by half”.[1]
Mr. Franklin disclosed the primary cause of the Revolution when he said: “The Colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the Colonies their money, which created unemployment and dissatisfaction.”
The Currency Act of 1764 created a depression in the colonies.
That is why paragraph 5, of Section 8, of the First article of the new American Constitution read : “CONGRESS SHALL HAVE THE POWER TO COIN MONEY AND REGULATE THE VALUE THEREOF”.
Right after the Constitution was ratified the banksters came in the back door.
The Bank of the United States received its charter in 1791 from the U.S. Congress and was signed by President Washington. The Bank's charter was designed by Secretary of the Treasury Alexander Hamilton, modeling it after the Bank of England, the British central bank.
Thomas Jefferson said : “I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set governments at defiance. The issuing power should be taken from the banks and restored to the people to whom it properly belongs”.
John Adams said there are two ways to conquer and enslave a nation.
One is by the sword,the other is debt.
The greatest power that exists in society is the power to issue money.
Andrew Jackson said : “If Congress has a right, under the Constitution to issue paper money, it was given them to use by themselves, not to be delegated to individuals or corporations.”
Cryptocurrency, hopefully, can set mankind free from the clutches of the global banksters.
Please follow me as the next post will talk about the British and our Civil War.
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