| Subject: | [socialcredit] comment requested | | Date: | Thursday, August 4, 2005 15:04:58 (EDT) | | From: | Triumphofthepast <Triumphofthepast @...com>
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Dear Friends,
The following quote was passed onto me by Robert Johnson, whose biography of Charles Ferguson should be completed by December. I recognize that the background is Jackson's war against the central bank, but can one of you more fluent in history than I please briefly explain "what is called the hard-money policy of the present Administration"?
Michael
"This plain truth cannot fail to be clear as the sunlight to every calm and candid mind, namely, that by reason of the alliance between the institutions that have created our paper currency, to derive their profits from lending it, and all our public authorities, both the Federal and State Governments, the latter conducting all their fiscal operations through the paper of the banks alone, the country has really possessed no uniform measure of value, notwithstanding all the precautions of the Constitution. It has had but a counterfeit presentment of such a standard. This is a position which the most strenuous friends of banks and paper money cannot attempt even to controvert. Nor will any question that this defect is the radical vice of our system of currency being precisely analogous, though on a wider and more active scale of operation, to the want of fixed standards of weight and measurement. This defect has been the original and ever active cause the prima mali labe of all the evils which it is admitted by all that the country has suffered from its paper currency, whatever differences of opinion may exist as to its compensating benefits; and to supply this, as far as it may be incidentally within the competency of the General Government, is simply the object of what is called the hard-money policy of the present Administration. The peculiar advocates of paper money rest their defence of it upon the ground of real convertibility; yet, in practice, that restraint is entirely evaded, simply for the want of a regular demand for and circulation of specie." (United States Magazine and Democratic Review, January 1837)
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