6139008-History-of-Money

take that resource to the United States mint and have it monetized (coined) free of charge. We, the people, furnished ourown money, based on our production, as a wealth to ourselves and spent it into circulation as a benefit to all of societywith no debt attached to it. Gold and silver are very heavy metals and not as convenient to carry as paper money. If wedidn't want to carry the gold and silver coins around with us we could take them to the United States Treasury andstore/deposit the coins. The Treasury would issue depositors gold and silver certificates as receipts. They stated on theirface that there was X amount of gold or silver coin on deposit in the Treasury, payable to the bearer on demand. Now, wehad paper money. As long as just this principle was followed you still had good, honest, wealth money with no debt, noexcessive profit, nor excessive purchasing power to anyone.However, when someone deposited their gold and silver coin in a fractional reserve bank, a totally different principle wentinto action. The bank held the coins as a reserve and expanded the money supply by making new loans equal to 10 timesthe face value of the coins deposited. At that point, money switched from wealth to debt. Americans have lacked thisunderstanding. Lack of understanding is why America is the World's greatest debtor nation with over $26 Trillion in publicand private debt at the end of 1990.On January 24, 1939, Robert H. Hemphill, credit Manager of the Federal Reserve Bank of Atlanta stated: "If allthe bank loans were paid no one would have a bank deposit and there would not be a dollar of coin or currency incirculation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrowevery dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous: if not,we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture thetragic absurdity of our hopeless position is almost incredible, but there it is. It (the banking problem) is the mostimportant subject intelligent persons can investigate and reflect upon. It is so important that our present civilization maycollapse unless it becomes widely understood and the defects remedied very soon."At first glance, fractional banking looks like a good deal for everyone. The banks get more profit. The people can getquicker and easier loans. More capital is available to engage in commerce. Production picks up. But, sooner or later, moreand more people can not make their loan payments. An unseen by-product of fractional banking is: it makes some peoplerich, (about 250,000) and leaves many more people very poor (about 150 million). All the while, fractional bankingcreates compounding, unpayable public and private debt, which causes the cost of living to constantly go up for allAmericans. Throughout the nineteenth century, larger banks worked to get laws passed that would consolidate allfractional banking under the control of just a few. They did so under the guise of a standardized national money. Theywere successful in 1863 with the passage of the National Banking Act. It allowed newly chartered national banks to createa uniform national bank currency. A few years later the federal government taxed state bank notes out of existence. In1873, the government stopped all free coinage of metals. They began to use United States Certificates of indebtedness --United States Bonds -- as security for the national currency. The note states on it's face "The Federal Reserve Bank ofMinneapolis Minnesota will pay to the bearer on demand one dollar -- Federal Reserve Bank Note" However, it no longersaid a dollar of what, like the gold and silver certificates. It also says "secured by United States Certificates ofindebtedness" You can now clearly understand why our government and private sector are so deeply in debt. All we usefor money is (monetized) DEBTS. The switch from wealth based money to debt-based money had been completed. Allthat was left was to change the bills.The banking system did this one small step at a time.. As we see by looking at the following Bills. It's easy to see on the1928 Federal Reserve note below that the banking system wanted us to believe that their note was the same as a goldcertificate. On it's face it read: "Redeemable in gold on demand at the United States Treasury or in gold or lawful moneyat any Federal Reserve Bank". Notice that they didn't claim that the Bill was a dollar. But said -- WILL PAY TO THEThe Hidden History Of Money & New World Order Usury Secrets Revealed at last! Page 442