posted on Feb, 19 2009 @ 12:02 AM
Andrew Jackson, seventh president of the United States, was opposed to central banking. He argued that a centralized bank had too much power to
manipulate the economy and the value of money, and acquire disproportionate material wealth to the detriment of the ordinary citizen.
Much of his career as president involved a battle between himself and Nicholas Biddle over the extension of the charter for the Second Bank of the
United States. The point of contention was over the bank’s ability to create paper money without a corresponding amount of material gold
(considered “real money”) to back it.
“You are a den of vipers and thieves. If the American people only understood the rank injustice of our money and banking system, there would be a
revolution before morning” he said.
In his farewell address of 1837, Jackson stated, "Unless you become more watchful and check this spirit of monopoly and thirst for exclusive
privileges, you will in the end find that the most important powers of Government have been given away, and the control over your dearest interests
has passed into the hands of these corporations."
Andrew Jackson survived an assassination attempt in 1835, and carried his contempt for the banking industry to his grave. On his tombstone he refers
to the vetoing of an extension to the bank’s charter with the words:
“I killed the bank.”
“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over
governments by controlling money and its issuance.” spoke the fourth president of the United States, James Madison.
Father of the Bill of Rights and United States Constitution, and a primary author of the Federalist Papers, Madison argued that those who possess the
privilege of creating money (bills, notes, or credit) wield great financial power without being required to earn it, and exercise this power without
“The eyes of our citizens are not sufficiently open to the true cause of our distress. They ascribe them to everything but their true cause: the
banking system- a system which if it could do good in any form is yet so certain of leading to abuse as to be utterly incompatible with the public
safety and prosperity.
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive
the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the
banks and restored to the people, to whom it properly belongs.
The modern theory of the perpetuation of debt has drenched the earth with blood, and crushed its inhabitants under burdens of compound interest, ever
accumulating.” - Thomas Jefferson
During the Civil War, Abraham Lincoln faced a dilemma: wars require finance, and he was running out of capital. Would he go to the banks and borrow
the money to pay for the war? The banks were all too happy to loan the government money- with interest attached, of course.
Lincoln later decided on a second option: he would create and print money via the authority of the United States government, thereby owing interest to
“The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the
buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master
and become the servant of humanity.” - Abraham Lincoln
These weren’t the only U.S. Presidents that faced this issue. Theodore Roosevelt felt strongly that the entity with the privilege of creating money
should be the government of the United States, not private corporations known as banks: “Issue of currency should be lodged with the government and
be protected from domination by Wall Street. We are opposed to provisions which would place our currency and credit system in private hands.”
James A. Garfield, after publicly stating “Whoever controls the volume of money in any country is absolute master of all industry and commerce”
fell victim to a successful assassination attempt in 1881.
The year was 1913. In late December, most of Congress was away on Christmas vacation. It was then that the Federal Reserve act was quietly passed
through Congress by a vote of three to zero.
President Woodrow Wilson, after keeping his promise to sign the Federal Reserve Act, later lamented: “I am a most unhappy man. I have unwittingly
ruined my country. A great industrial nation is controlled by its system of credit. We have come to be one of the worst ruled, one of the most
completely controlled and dominated Governments in the civilized world - no longer a Government by free opinion, no longer a Government by conviction
and the vote of the majority, but a Government dominated by the opinion and duress of a small group of financial men.”
[edit on 19-2-2009 by username371]