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Money Speculators 100 Times More Dangerous to Our Liberties Than Enemy's Arms - George Washington, 1779

Commander-in-Chief, George Washington to Edmund Pendleton

West-Point, 1 November, 1779

But I am under no apprehension of a capital injury from any other source, than that of the continual depreciation of our Continental money. This indeed is truly alarming, and of so serious a nature, that every other effort is in vain, unless something can be done to restore its credit.

Congress, the States individually, and individuals of each State, should exert themselves to effect this great end. It is the only hope, the last resource of the enemy; and nothing but our want of public virtue can induce a continuance of the war. Let them once see, that, as it is in our power, so it is our inclination and intention, to overcome this difficulty, and the idea of conquest, or hope of bringing us back to a state of dependence, will vanish like the morning dew. They can no more encounter this kind of opposition, than the hoar-frost can withstand the rays of an all-chearing sun. The liberty and safety of this country depend upon it.

The way is plain, the means are in our power. But it is virtue alone that can effect it. For, without this, heavy taxes frequently collected (the only radical cure), and loans, are not to be obtained. Where this has been the policy, (in Connecticut for instance,) the prices of every article have fallen, and the money consequently is in demand; but in the other States you can scarce get a single thing for it; and yet it is withheld from the public by speculators, while every thing that can be useful to the public is engrossed by this tribe of black gentry, who work more effectually against us than the enemy's arms; and are a hundd. times more dangerous to our liberties and the great cause we are engaged in.

With much truth and regard, I am.

The writings of George Washington,
Volume 3; Volumes 1779-1780, p. 100-101
by George Washington

http://books.google.com/books?id=AA9izUKcXPAC&dq=%22black%20...

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Monopoly maoney... Money Speculators... Money changers...

Flying-money... Fly away, fly away... fly away all!

Research paper-money: China > Persia > Macedonia > Greece > Italy > Germany > Holland > London, England > New York, New York, USA... To be continued...

Until we understand sound money, those creating paper-money out-of-thin-air will bond us... Tenderize. Notarize. Indebtize. Indenturize.

God, Money and Lies 22,000 views. 6 minutes.

Let's Get Rich 15,000 views. 2010.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Great post

Not great enough for democratic votes

Or rather, too great for the mediocrity of democracy to recognize.

Nice image, Washington would fit in there well too, he actually tortured and hung the counterfeiters:

www.dailypaul.com/187020/george-washington-thomas-jefferson-...

Inflation of our dollar !

Excellent article ! This should be part of Ron's stump speech! Washington was perfectly aligned with
The understanding Dr Paul has on the devastation the Feds policy is having on our country!
As Washington clearly clarified. This inflation is the most dangerous tool to the health of our country!
Today. Dr Paul is the only candidate standing up and demanding change! All the rest have been bought by this evil that controls our money supply. They end up being proponents for the devastation of all that is good about this country. Shame on them !

Bumped for liberty

And for valuable historical context.

Amazing how applicable it is today

In modern context, I think "speculators" could be substituted with "bankers."

or "wallstreeters" , bull

or "wallstreeters" , bull investors are known as speculators right? - I learned that yesterday in accounting :)

Don't confuse...

There's a difference between investing (which is deemed financial speculation) and the creation of fiat / counterfeit money.

For example, if you buy stock in a company, you are speculating that the value of the stock will rise (or at least it will pay dividends and not go out of business).
If the company goes out of business YOU have lost your investment.

If you buy gold, you believe that it will retain its purchasing power. You are speculating and taking a risk.
If tomorrow, a Mexican mine is found having 200,000 tonnes of gold (more gold than has been mined in all of human history), then gold, as a resource, will significantly depreciate in value.

A Bull investor is one that believes the price will increase.
A Bear investor is one that believes the price will decrease.

Investors provide a much needed cash influx into businesses, and are essential to a working economy.
A Central Bank, which has the power to alter the future value of money (interest rate) and can issue debt without reserves (thereby creating money) is a threat to that economy.

"Always vote your principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost." -John Quincy Adams.

Right, "speculator" back then is more like "bankster" today

Definitions of some of the words have changed. An example of one that has changed almost completely is "regulate." During the foundation of our country "regulate" meant "to make regular," or facilitate, now it essentially means the opposite, "control" or inhibit.

So when Washington said money "speculator," what he meant is those manipulating the currency, such as counterfeiters and fraudulent bankers, yet today we use speculator simply to refer to investors.

Very cool

I just recently read about the original filibusters.
It turns out, some Americans took it upon themselves to pursue unauthorized military expeditions into a foreign country to foment or support a revolution.

"Always vote your principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost." -John Quincy Adams.