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Banking philosophy article published in the United States Bankers' Magazine in 1892

Michael Journal: An example of banking philosophy by Louis Even | 1941

To seize the belongings of all nations and individuals
This is the real reason for poverty in the world

In reading the following article of Louis Even, first published in 1941, one will quickly realize that the plan of the Financiers to seize the people's wealth and the farmers' land has been going on for a long time. But today, one can clearly see that this plan has been fully realized. The people owe all of their country's wealth to the Bankers through national debts, and a majority of the farmers of developed countries have disappeared; those remaining must work night and day to pay interests to the Bankers. Let us all read again this important document that enlightens us all on the real reasons for poverty in the world.

Here is the full text of an article published in the United States Bankers' Magazine in 1892. It was recently re-published in the New Era and in the Social Crediter, where we took it:


“We must go forward cautiously and consolidate each acquired position, because already the inferior social stratum of society is giving unceasing signs of agitation.

“Therefore, prudence dictates to us a line of conduct that seems to give in to the will of the people, until the execution of our plans be well-enough established for us to be able to declare our intentions without having to fear any organized resistance.

“Our confidence men shall have to closely watch the Farmers Alliance and the Knights of Work, and take steps immediately, either to control both associations in accordance with our interests, or to break them.

“Our men will have to attend the Convention that will be held in Omaha on the 4th of July, and be in charge of all activities. Otherwise, this Convention could muster such an antagonism to our plans that we would have to resort to force to overcome it.

Now, at the present time, using violence would be premature. We are not yet ready to confront such an assault. Money must first of all seek maximum protection in schemes and in legislation.


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without citing the source

Of course, Louis Even did not cite the source, did not tell his readers in which issue of the Bankers Magazin this alleged article appeared.......

In 1894 Gordon Clark reffered to this 'Panic Bulletin'
and stated that it
"may not as yet have been absolutely traced to its source."

Later it was popularized by Charles Lindbergh:

Michaels Journal is a highly un-reliable source, it regurgitates what many others regurgitated about the mythological Lincoln and his invention of greenbacks, and his fight against the bankers; unfortunately none of it is true:

Conspiracy theorist run amuck

The book recommended by “poker libertarian” is crap......sorry dude……well crap to any serious Libertarian. The tap root (for those not from the south it’s the root system of pine trees) of Libertarianism is Austrian economics. The first principle of Austrian economics is “sound money”. Anything else by default and definition is inflationist. It doesn’t matter if it’s fractional reserve credit creation or unlimited expansion by securitizing debt or if it’s the USG printing up its own fiat currency……it is inflation……the scourge on the people of the world.

The book recommended by "Poker"is the work of Sarah E. V. Emery titled Imperialism in America.

While reading this book I instantly recognized what is was about. Although the Populist Movement had not yet formally come on the scene when the book was in the discussion of the time frame in question…..but I certainly recognized it for what it was.

So for all you conspiracy theorist out there that cringe every time I tell you it doesn’t exist……read this piece I am recommending. You will see that we are in a battle of philosophical ideas, that others are in the same battle and that we are hurting our movement by trying to prove something that does not exist. Accept that our enemy has done what you think they have done, but stop wasting the energy trying to prove it. Instead use your time getting the message of our ideas out that say we have a better way.


Those interested in the history of America's economic decline

can start here in 1962 with a brief then-current history of America's gold depletion:

Defeat the panda-industrial complex

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I'd guess that the circular is a satirical hoax used by populists to demonize the rich. Only because people don't talk like that and the first known printings are from anti-banking populists who claim it was published by the "Chicago press".

It's referenced as Wall Street capitalists and was never published in any Bankers' Magazine. The original sources are the Locomotive Firemen's Magazine (1892) and Imperialism in America (1893). Both talk about the "money power" conspiracy and the first names nine millionaires who control the US (Rockefeller, Vanderbilt, Astor etc).



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Thanks for sharing the book

…..read a little bit and I am interested in reading the whole thing. But here’s the thing…..this is how the conspiracy theory started. I don’t believe in conspiracy theory. I believe Milton Friedmen stated it best. The definition of corruption is “intrusion in the free market through government regulation”. I see everything through that prospective. So when the government created the Fed…..it created a cratel…..with the expressed reason of “regulating” the money supply. When we got O’Care……we regulated the health care system. The only way to rid the country of the corruption is to rid the government the will to regulate…….The lady that wrote the book is no different then the people she was writing about……it’s just she’s not in charge. The fact that she was such a great supporter of Abraham Lincoln means she knows nothing about Lincoln……She is a greenbacker…….those that advocate a money system controlled by the central government…….and we can run it like the post office. My point is that in order to advance true Liberty……..you have to advance less government…..not more.
If you want to read about Lincoln get “Reassessing the Presidency” from The Mises Institute. Or The History of Banking and Money by Murray Rothbard.
And if you are really interested in understanding the origins of this government read the debate between the Federalist papers vs the Anti-federalist papers. If you do you will see that the Constitution was not this grand design of a great government but a coup to capture the wealth of this nation by a few less than honorable men led specifically by Alexander Hamiltion.

Cyril's picture

I agree, we ought to be careful

I agree, we ought to be careful with some sources even when they appear to be on the right side of the argument. They must be genuine, to have any weight.

However, besides what it's in the OP, at least the following is uncontroversial and clearly shows the bankers arousing themselves and pushing hard towards re-establishing a central bank they'd be alone to control:

(NY Times archives; and thanks to Paul_S who pointed it out below)


That is, a pile of lies blaming the markets as the main evil (of the time) and trying to justify their long term central banking scheme they were already drooling upon.

Might be a good idea to save a copy of that PDF linked above, as it's still publicly available (even hot-linking seemingly works for now)

"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius

I checked NYT link a year and a half ago.

I will grab a copy. Thanks, Cyril!

Free includes debt-free!

Hate to burst your bubbles

But doesn’t the last sentence of this article absolutely refute what you all are claiming.

“The future life of national banks, as fixed and safe investments, depends upon immediate action, as there is an increasing sentiment in favor of Government legal-tender notes and silver coinage.”

Do y’all actually read this stuff or just jump on the band wagon of the evil bankers. These evil bakers were (looks like to me) trying to stop the talk of a central bank. Isn’t that what we would have wanted had we been there……come on man....... you people make this too hard.

Sounds to me that the last of the “Free Banking” National Banks were fighting for their survival.

Do you know the actual context of this material…..or are you going to just take some dudes word that he knows what he’s talking about…..i mean this bankers magazine was a trade publication……you going to trust a trade publication to blow the lid off the “greatest conspiracy of all time”.

Louis Even who re-wrote the article in 1941 was a greenbacker kook…..do you really trust the USG to be in control of the money supply…..they could run it like the Post Office…..because that works like a dream.

Until you expel the notion that banking it’s self is an evil business this Ron Paul movement is dead in the water. Once you come to the conclusion that the reason the system fails is because of government and the only true liberty reformed movement is to a “Free Banking” system……then will you realize the release from the shackles that enslaves you.

Read what I posted as to “what was really going on in 1891”

A lot of misconceptions exist

A lot of misconceptions exist about the Fed and banking in general.

For example,the Fed gives back most of the money it receives as interest on its holdings of national debt to the treasury.

People still believe that the Federal Reserve Act was never really passed as there was no quorum.

They think the Jekyll Island meeting was where the idea of a Fed started when actually people had been clamoring for an institutionalized lender of last resort for the previous few years.

this is why..

I come here. A conspiracy that isn't loaded with bullshit.


'Peace is a powerful message.' Ron Paul

Reali$tic Cartoon -

at the same site linked above =

reflects well govt/states' policies today, fattening the banksters.

Can we find this on microfilm?

This thing reads like a S.P.E.C.T.R.E. meeting. I'd feel better using this if I could see the original.

I believe I read similar accounts, by Murray Rothbard.

Also NYTimes December 1907 gave public perspective of the corruption bankers hoped to institutionalize.

Subscription required?

People were not totally fooled, only the minority that elected the Congress.


Free includes debt-free!

Cyril's picture

"Subscription required?" No, seemingly.

"Subscription required?"

No, seemingly. See link in my second to last comment in this thread:


"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius

this is why you dont let

this is why you dont let people have a monopoly on influence.....untill all people understand the power of influence, to the point of making their own minds up, despite it

Whether this is verifiable or not

Open jaw.....first thoughts

Open jaw.....first thoughts to this is

"the more things change, the more things stay the bloody same way"

Second thought
Is this verifiable,

Assuming it is....
Third thought
I hope those involved are identifiable

Fourth thought is
I hope there is enough documented history, to do things like timelines, involvement of those "influencing" congressmen, identifying the lands that were STOLEN, the history of those lands and any other stolen in a similar fashion

Has anyone done this already?Any books?Any articles?
Anyone happen to know?

Exactly my thoughts

Went to the website from which this is taken and spent 30 minutes going over it. Interesting reading. Talks about "Social Credit" and the value of good works in a Christian life. Then it gets into the benefits of debt free money and the evils of what sounds like fractional reserve banking, though I never saw the term fractional reserve.

Dr. Mike Vasovski
South Carolina Campaign Chairman, Ron Paul 2012
The SINGLE vote in the SC delegation for RP, GOP Convention, Tampa, FL
2010 Candidate, US Congress SC-03
Past Chairman, Aiken, SC County Tea Party

“Debt free money”

(and I put in quotes for a reason) is nothing more than legal tender issued by a government to pay for things that the government want. It has no value and provides no more a service then fiat issued currency based upon debt. It’s still a tax of the productive resources of the people. Neither system provides the security of keeping the government in check and prevents it from living beyond its means. Whether the government issues the currency itself or pays a central bank to do it does not matter……..we want a government to live only on what it taxes the country in the year when the funds are needed…….then we as citizens will pay attention to what our government is spending…..which it the source of the real problem in this country. The only way to fix the problems is to get the government out of the money business completely.
Here’s how we fix the problems of this country.
1. Phase out the Fed in a two year time frame while we reestablish the gold standard. Allow the market place to re-establish the TRUE price of gold.
2. In two years money becomes private bank money back by whatever the re-established price of an ounce of gold is in that time. The gold standard exist not to value the paper money….it’s exist to keep in check the amount of private bank issued notes. If for instances a bank has 1 billion dollars in gold and over issues it private bank notes and people see this( and with the advent of the internet it could become very transparent) the bank notes would fall in value, then the market place( through money brokers) would scoop up the devalued currency and present it to the bank for gold……the bank in turn would recall it’s over issued currency back in check…..through the free market ( this system existed once in this country and worked well look up Suffolk Bank system Rothbard History of money and banking).
3. Close the IRS ( esp after this week) and institute the National Retail Sales Tax advocated by Neal Boortz. This would return us to our roots as far as tax history in the country. It does not tax production but it does tax consumption….in the only agreeable way.
4. Implement the 1% rule to repay the national debt.
5. If the USG does not want to do these things to save our country, then they don’t have the country’s best interest in heart and should be removed from existence. The only legal and non-violent way (which is the only way I am an advocate ) is to have 38 States Houses amend the Constitution to nullify the Constitution and return to the

There was discussion of its verifiability...

not sure if on this site or where but it was a couple years ago. I followed some and read some conference notes on the 1893(??) Omaha Convention and the 1913 Kansas hearings on the creations of the Federal Reserve Act, both of which quoted either this document directly (Omaha referring to it as a banker underground imperialism manifesto or sorts) or to writers quoting from it.

I wouldn't have any idea where to re-find that stuff.

The OP and the additional history cited below, give me one indisputable goal. Since they obviously rely so heavily on their wealth's ability to buy their influence in every area needed, and given their overt sensitivity to financial woes (being over leveraged), our only response needs to simply be to bankrupt them under the premise that we no longer need them or their system.

I believe the principle behind Bitcoin can assist in this. While not physical enough to do the job itself, it does represent the ubiquity that should have accompanied all financial transactions. Therefore, I see it as an extremely liquid currency with a teaching aspect to it. I think it will facilitate more dependency on the metals, which will inevitably cause the banks to become seen as unnecessary.

That's the set-up part of the solution. With it brewing, we must also offer the people solutions to their everyday living needs that do not require the banks. The beauty of this is that we can show the people this self-sufficiency, and local-only inter-dependency in every other area of their lives as well. Putting these products (be they financial or substantive) allows them to flourish due only to the free market that we all here know to be the ultimate marketing tool.


Wow that was an interesting read. What is MichaelJournal.org though?

Cyril's picture

Seemingly, a Catholic online journal.

Seemingly, a Catholic online journal.

AFAIC, I couldn't care less about this peculiarity, except to give them due, grateful credit for doing the research and pointing that text out.

Much more useful, IMO, to expose the ugly truth, than the Pope's dubious statements and advisory about the global financial system in recent news, anyway:


"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius


Seemingly, a Catholic online journal.

AFAIC, I couldn't care less about this peculiarity, except to give them
due, grateful credit for doing the research and pointing that text out.

This article seems good to me. But just as a general rule I think it's important to consider the source. We have to keep in mind the Cass Sunstein's out there.


Cyril's picture

Re- BUMP. This, people, if genuine, is A TICKING BOMB.

Re- BUMP. This, people, if genuine, is A TICKING BOMB.

"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Cyril's picture



Wow. I hardly believe this hasn't received more comments.

Amazing find. Thank you for pointing it out eventually! Well, if anyone had any doubts left about the likely CERTAIN early set up...

It's over. Topic closed. But, okay... just for the sake of it...

Dear Congress: thoughts? Comments?

And how about you re-read about your oath, NOW, Congress?




It is still time to do it calmly.


"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Here what's was really going on in 1891

Fears about the American gold standard were intensified in March 1891, when the Treasury suddenly imposed a stiff fee on the export of gold bars taken from its vaults so that most gold exported from then on was American gold coin rather than bars. A shock went through the financial community, in the U.S. and abroad, when the United States Senate passed a free-silver coinage bill in July 1892; the fact that the bill went no further was not enough to restore confidence in the gold standard. Banks began to insert clauses in loans and mortgages requiring payment in gold coin; clearly the dollar was no longer trusted. Gold exports intensified in 1892, the Treasury’s gold reserve declined, and a run ensued on the U.S. Treasury. In February 1893, the Treasury persuaded New York banks, which had drawn down $6 million on gold from the Treasury by presenting Treasury notes for redemption, to return the gold and reacquire the paper. This act of desperation was scarcely calculated to restore confidence in the paper dollar. The Treasury was paying the price for specie resumption without bothering to contract the paper notes in circulation. The gold standard was therefore inherently shaky, resting only on public confidence, and that was giving way under the silver agitation and under desperate acts by the Treasury.[2]

The genesis of the panic is dated from the collapse of Baring Brothers in London, which occurred as the result of an over-extension of credit in South America and a resulting Argentine default. To preserve the liquidity of English banking, the Bank of England was forced to obtain a gold loan from the Bank of France, and English banking houses began to withdraw their American credits. In addition to these influences, there had been a febrile expansion of American business, with excessive purchases from abroad, financed by foreign credits, and a consequent decline in the American trade balance. The uneasiness over the soundness of the money system was intensified by the proposed demonetization of silver in India in 1893—which meant a further drop in the value of this metal. The national banks of the East, warned by the European crisis, began to scan their loans and to strengthen their gold holdings—at the expense, naturally, of their correspondent banks. All these forces came to a head in 1893. On May 9, the Chemical National Bank of Chicago closed its doors, and two days later, the Columbia National Bank of the same city. The infection spread rapidly, and by July the country was in the grip of a financial paralysis.[1]

In May 1893, the stock market collapsed, and a month afterward, in June 1893, distrust of the fractional reserve banks led to massive bank runs and bank failures throughout the country. Once again, however, many banks, national and state, especially in the West and South, were allowed to suspend specie payments. The panic of 1893 was on. In a few months, Eastern bank suspension occurred, beginning with New York City.[2] Twenty-five national banks suspended in June—a number never before exceeded in an entire year—seventy-eight suspended in July, and thirty-eight in August. The collapse of private and state banks was even more alarming. An average of about seventy suspensions a year—a figure disturbing enough when the influence of banking on general business is considered—swelled to 415 during the first eight months of 1893. Though the New York banks had succeeded in increasing their reserves to 30 per cent of net deposits in June, by August 5, their reserves were below the legal minimum, and the only alternative was to suspend specie payments.[1]

The total money supply—gold coin, Treasury paper, national bank notes, and national and state bank deposits—fell by 6.3 percent in one year, from June 1892 to June 1893. Suspension of specie payments resulted in deposits—which were no longer immediately redeemable in cash—going to a discount in relation to currency during the month of August. As a result, deposits became less useful, and the public tried its best to intensify its exchange of deposits for currency.

By the end of 1893, the panic was over as foreign confidence rose with the Cleveland administration’s successful repeal of the Sherman Silver Purchase Act in November of that year. Further silver agitation of 1895 endangered the Treasury’s gold reserve, but heroic acts of the Treasury, including buying gold from a syndicate of bankers headed by J.P. Morgan and August Belmont, restored confidence in the continuance of the gold standard. The victory of the free-silver Bryanite forces at the 1896 Democratic convention caused further problems for gold, but the victory of the pro-gold Republicans put an end to the problem of domestic and foreign confidence in the gold standard.

Oh, history. Oh, history. Why hast thou forsaken us?

These events of 1891-1893, imho, are our most important historical events. They should have been taught with diligence to every person raised since those days.

The alternative is what we have been handed instead.

One can only hope that with current and coming events, coupled with the new enlightenment age, that this lesson will become the stuff of treasured legend.


In 1862 Lincoln and Congress borrowed the money to loot the South. However, when the 10 year notes came due Congress was broke.

In 1872, Congress avoided bankruptcy by refinancing with 20 year notes.

In 1892, the notes came due again, bankers positioned themselves to profit from Congressional follies.

In 1912, the 20 year note came due again. The Panic 1907 cleared away bankrupt institutions but did not come up with the $3 billion owed by Congress was about 6 kilo-tonnes of gold. ($2,868,373,874)


By the magic of Federal Reserve Notes that debt has swollen to about 200 kilo-tonnes of gold. From 7.45% of GDP to 105% of GDP.

Congress, facing bankruptcy, yet again, created the Federal Reserve out of thin air in 1913.

Now Congress is spending what the economy earns. Taxes only pay the interest.

Bankers already have the inferior social stratum of Congress right where they want them.

Giving Congress the authority to borrow or sell bonds is the deadly flaw of the Constitution.

Free includes debt-free!