will love these quotes.
https://www.opednews.com/articles/How-B ... 1-773.html
Our American story begins calmly enough, by the mid 1700s, the Colonies were well established and fairly prosperous, there was full employment, no income tax, and prices were generally stable. Benjamin Franklin wrote, "There was abundance in the Colonies, and peace was reigning on every border. It was difficult, and even impossible, to find a happier and more prosperous nation on all the surface of the globe. Comfort was prevailing in every home. The people, in general, kept the highest moral standards, and education was widely spread." U.S. Representative, Charles Binderup, Unrobing the Ghosts of Wall Street, July 5, 1941.
When Franklin traveled to London in 1763, he saw a completely different situation. "The streets are covered with beggars and tramps," he wrote. He asked his friends how England, with all its wealth, could have so much poverty among its working classes. They replied that England had too many workers! The well-to-do were overburdened with taxes, and could not pay more to relieve the poverty of the unemployed workers. In a meeting with merchants and bankers at the British Board of Trade, members asked Franklin how the American Colonies managed to collect enough money to support their poor.
Franklin replied, "That is simple. In the Colonies, we issue our own money. It is called Colonial Scrip. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one." Both quotes from Charles Binderup, Ibid.
"It passed through no banker's hands, but was loaned to the people direct, thus saving banking toll and banking restriction of volume; nor are there any panics or fluctuations recorded. Thomas Powell, M.P., of England, who had acted as governor and commander-in-chief of all provinces, in a book written by him in 1768, says in regard to this colonial system of money: 'I will venture to say that there never was a wiser or better measure, never one better calculated to serve the uses of an increasing country, and never was a measure more steadily pursued or more faithfully executed for forty years together than the loan office in Pennsylvania, formed and administered by the assembly of the province.'" Samuel Leavitt, Our Money Wars, 1894.
"Gold and silver are not intrinsically equal value with iron. Their value rests chiefly on the estimation they happen to be in among the generality of nations. Any other well-founded credit is as much an equivalent as gold and silver. Paper money, well-founded, has great advantages over gold and silver; being light and convenient for handling large sums, and not likely to have its volume reduced by demands for exportation." Benjamin Franklin.
"A legitimate government can both spend and lend money into circulation, while banks can only lend significant amounts of their promissory bank notes, for they can neither give away nor spend but a tiny fraction of the money the people need. When your bankers here in England place money in circulation, there is always a debt principal to be returned and usury to be paid. The result is that you have always too little credit in circulation to give the workers full employment. You do not have too many workers, you have too little money in circulation, and that which circulates, all bares the endless burden of unpayable debt and usury." Attributed to Benjamin Franklin - Ellen Brown and Reed Simpson, Web of Debt, 2008.
The "endless burden" of debt-based money issued by banks hits the economic nail on the head. The difference is that a government can "spend" money into existence without debt. It enters the economy and circulates endlessly, facilitating trade. Banks, however, by their very nature, can only "lend" money and then they demand it back, with interest, actually decreasing the circulating money supply. In England, ALL the money in circulation was "lent" into existence by the privately-owned Bank of England, which collected interest on every pound and penny in circulation. However, unlike a real loan, the Bank of England didn't demand the return of its bank note money, it was content just to sit back and collect interest on it - year after year after year forever. The Bank lent the government the money it needed, in the form of paper bank notes and the government gave the bank an equal amount of interest-bearing government bonds as "collateral." The interest payments were made by taxing the citizens of England and her colonies, and the money continually flowed from the producers and workers, into the hands of the owners of England's bonds, the privately-held, Bank of England. This debt money system continually siphons the earnings of all of the producing classes and transfers it through the government - to the wealthy bankers in a manner few would recognize.
Realizing Colonial Scrip was cutting into their profits, the Bank of England demanded an end to the practice and pressed Parliament for the passage of the Currency Act of 1764. Franklin "...went before a committee of Parliament to answer a report of the Board of Trade, dated February 9, 1764, containing reasons for restricting the issue of paper bills of credit in America 'as a legal tender,' and, in his unanswerable argument against the restriction, he said: 'If carrying out all the gold and silver ruins the country, every colony was ruined before it made paper money. But far from being ruined by it, the colonies that have made use of paper money have been and are all in a thriving condition. ... Pennsylvania, before it made and paper money, was totally stripped of its gold and silver ... The difficulties for want of cash were accordingly very great, the chief part of trade being carried on by the extremely inconvenient method of barter; when, in 1723, paper money was first made there, which gave new life to business, promoted greatly the settlement of new lands (by lending small sums to beginners on easy interest, to be paid in installments), whereby the province has so greatly increased in inhabitants that the export from hence thither is now more than tenfold what it then was, and by their trade with foreign colonies they have been able to obtain great quantities of gold and silver to remit hither in return for the manufactures of this country." Freeman Otis Willey, Whither are We Drifting as a Nation, 1882.