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The Soon Coming Judgment Of God Upon America and How To Escape It                298
the currency should be backed by something of tangible value such as gold. Gold has been
recognized as a monetary instrument for thousands of years. Although the presidents plan made
some sense over the short run based on the unprecedented situation of a civil war, the Treasury
made the mistake of issuing too many greenbacks. Consequently, the value of greenbacks, which
were discounted 1.9% against gold coin on April 12, 1862, went on a sharp decline. On March 7,
1863 the discount was 35.5% against gold coin. Eventually the greenback was replaced.
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The continental currency and greenbacks were simply paper and worth nothing. Over
time the public figured this out and the currencies collapsed. Had the greenback not been
replaced, it would have collapsed to essentially zero as did the continental currency. Antony
Sutton in Gold vs Paper writes: “…histories of paper money indicate that all such paper issues
always degenerate to zero value. The question is merely how soon.”
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For the remainder of US history until 1913 the currency, which consisted of gold and
silver coin or paper money redeemable for gold or silver has been relatively stable. Excluding
two inflationary periods during the war of 1812 and the civil war, the trend for consumer prices
during this period of time was down.
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If you saved your money, it became worth more because
of the downward trend in prices. In 1913 everything changed with the creation of the Federal
Reserve. Once the Federal Reserve came into being in 1913, it began to inflate the money
supply, and make other changes in our monetary system that have had and will continue to have
devastating financial consequences for the United States and the world.
A Brief History of America's National Bank's
The Federal Reserve was not the nations first national bank. Prior to the creation of the
Federal Reserve, three times the money powers who wished to control our nations economy had
managed to bring about the creation of a private national bank and all three times wise men had
prevailed in bringing an end to these institutions.
Our nations first national bank arose as the result of President George Washington’s
appointment of Alexander Hamilton as the Secretary of the Treasury in 1788. Hamilton strongly
favored a national bank and was able to persuade Congress and the President that such a bank
would be advantageous to our nation. In 1791 the United States granted a twenty-year charter to
the “First National Bank of the United States.” Twenty years later, President James Monroe,
heeding to the advise of Thomas Jefferson who was very wise in money matters allowed the
banks charter to expire without being renewed.
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Jefferson’s opposition of the national bank is beyond dispute. As evidenced by the
following statement:
If the American people ever allow the Banks to control the issuance of
their currency. The Banks and Corporations that will grow up around them will
deprive the people of all property until their children will wake up homeless on
the continent their fathers occupied.
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Jefferson claimed credit for elimination of the “First National Bank of the United States”
(FNB). Although he was president of the United States he considered his victory over the
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