FAMOUS QUOTATIONS ON MONEY
All the perplexities, confusions, and distress in America
arise, not from defects in the Constitution or confederation, not from want of honour or
virtue, so much as from downright ignorance of the nature of coin, credit and circulation.
PRESIDENT JOHN ADAMS
The Government should create, issue, and circulate all the
currency and credit needed to satisfy spending power of the Government and the buying of
consumers. The privilege of creating and issuing money is not only the supreme prerogative
of Governments, but it is the government's greatest creative opportunity. By the adoption
of these principles, the long-felt want for a uniform medium will be satisfied. The
taxpayers will be saved immense sums of interest. The financing of al public enterprises,
and the conduct of he Treasury will become mattes of practical administration. Money will
cease to be master and become the servant of humanity.
If the American people ever allow the banks to control the
issuance of their currency, first by inflation and then by deflation, the banks and the
corporations that wil grow up around them will deprive the people of al property until
their children will wake up homeless on the continent their fathers occupied. The issuing
of money should be taken from the banks and restored to Congress and to the people tho
whom it belongs. I sincerely believe that banking institutions having the issuing power of
money are more dangerous to liberty than standing armies.
My agency in promoting the passage of the National Bank
Act was the greatest financial mistake of my life. It has built up the monopoly which
affects every interest in the country. It should be repealed; but before that can be
accomplished, the people will be arrayed on one side and the banks on the other, in a
contest such as we have never seen before in this country.
SALMON M. CHASE
Under the Federal Reserve Act panics are scientifically
created; the present panic is the first scientifically created one, worked out as we
figure a mathematical problem.
HON. CHARLES A. LINDBERGH SR., writing of the Panic of 1920
The few who can understand the system (check, money and
credits) will either be so interested in its profits, or so dependent on its favors, that
there will be no opposition from that class, while on the other hand, the great body of
the people, mentally incapable of comprehending the tremendous advantage that capital
derives from the system, will bear its burdens without complaint, and perhaps without even
suspecting that the system is inimical to their interest.
ROTHSCHILD BROTHERS OF LONDON
We have stricken the (slave) shackles from four million
human beings being brought and all laborers to a common level, not so much by the
elevation of former slaves as by practically reducing the whole working population, white
and black, to a condition of serfdom. While boasting of our noble deeds, we are careful to
conceal the ugly fact that by our iniquitous money system we have nationalized a system of
oppression which through more refined, is no less cruel than the old system of chattel
The only dynamite that works in this country is the
dynamite sound of idea. I think we are getting a sound idea on the money question. The
people have an instinct which tells them that something is wrong and that the wrong
somehow centers in money. Don't allow them to confuse you and with the cry of "paper
money." The danger of paper money is precisely the danger of gold - if you get too
much it is no good. There is just one rule for money and that is to have enough to carry
all the legitimate trade that is waiting to move. Too little and too much are both bad.
But enough to move trade, enough to prevent stagnation on the one hand, not enough to
permit speculation on the other hand, is the proper ratio. If your nation can use a dollar
bond, it can issue a dollar bill. The element that makes the bond good, makes the bill
good also. The difference between the bond and the bill is that the bond lets money
brokers collect the amount of the bond and an additional 20% interest, whereas the
currency pays nobody but those who contribute directly to it in some useful way. It is
absurd to say that our country can issue $30,000,000 in bonds and not $30,000,000 in
currency. Both are promises to pay, but one promise fattens the owner and the other helps
the people. It is the people who constitute the basis government credit. Whey then cannot
people have the benefit of their own gilt-edge credit by receiving non-interest bearing
currency - instead of bankers receiving the benefit of the people's credit in
interest-bearing bonds? If the United States Government will adopt this policy of
increasing its national wealth without contributing to the interest collector - for the
whole national debt is made up on interest charges - they you will see an era of progress
and prosperity in this country such as could never have come otherwise.
THOMAS A. EDISON
From the testimony of Marriner Eccles, Chairman of
the Federal Reserve Board, before the House Banking and Currency Committee, Sept. 30,
Congressman Patman: "Mr. Eccles, how did you get the money to buy those two billions of government securities?"
Eccles: "We created it."
Patman: "Out of what?"
Eccles: "Out of the right to issue credit money."
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