Benjamin Franklin Was No Fan of The Gold StandardSubmitted by zooamerica on Thu, 10/31/2013 - 21:03
Federal Reserve Notes are the modern day, "colonial scrip."
Never thought I'd say that a year or two ago, but change is healthy.
Gold and silver can not supply the unlimited liquidity of a world market full of 6 billion customers. There's only so much precious metal to go around and quite frankly, if there wasn't enough to go around in 1751 there will never be enough to go around the globe today.
Franklin’s friends then asked him how the American Colonies managed to collect enough money to support their poor houses, and how they could overcome this plague of pauperism...
At that time, England was throwing into jail those who could not pay their debts. They therefore asked Franklin how he could explain the remarkable prosperity of the New England Colonies. Franklin replied:
“That is simple. In the Colonies, we issue our own paper money. It is called ‘Colonial Scrip.’ We issue it in proper proportion to make the goods and pass easily from the producers to the consumers. In this manner, creating ourselves our own paper money, we control its purchasing power and we have no interest to pay to no one.”
The information came to the knowledge of the English Bankers, and held their attention. They immediately took the necessary steps to have the British Parliament to pass a law that prohibited the Colonies from using their scrip money, and then ordered them to use only the gold and silver money that was provided in sufficient quantity by the English bankers.
The first law was passed in 1751, and then completed by a more restrictive law in 1763. Franklin reported that one year after the implementation of this prohibition on Colonial money, the streets of the Colonies were filled with unemployment and beggars, just like in England, because there was not enough money to pay for the goods and work. The circulating medium of exchange (currency) had been reduced by half.
Franklin added that this was the original cause of the American Revolution – and not the tax on tea nor the Stamp Act, as it has been taught again and again in history books.
------------------- Full article linked above
The American Revolution was primarily fought over money, of course. The colonies wanted to print their own money, but England said hell no, you're going to use what we tell you to use.
Aren't all wars fought over money?
In 1913, America created the Federal Reserve. And then we got dragged into WWI shortly afterwards.
Was WWI started because America decided to print their own money again?
I hate to be the Dollar's advocate, but I think it is wise to question everything in an objective way.
Ever since the colonists of the United States decided to print their own money, America has been at war.
Is the printing of dollars itself the cause of all wars today, or is the attempted prevention of dollars being used around the globe the root cause?
If gold and silver were the only forms of money today, few people would own all of the wealth like kings and queens, and the rest of us would be begging for scraps and crumbs off their table.
Jesus turned over the tables of the money changers, and the benches of those selling peace doves for gold.