Thomas Jefferson: Bills or Bonds?

Federal Reserve Bank of Chicago, Modern Money Mechanics: "Commercial banks
create checkbook money whenever they grant a loan, simply by adding new
deposit dollars in accounts on their books in exchange for a borrower's
IOU.", p. 19. "The 12 regional reserve banks aren't government institutions,
but corporations nominally 'owned' by member commercial banks.", p. 27.

The Rothschilds' favorite saying who along with the Rockefellers are the
major Illuminati Banking Dynasties: "Who controls the issuance of money
controls the government!"

Thomas Jefferson in 1802 in a letter to then Secretary of the Treasury,
Albert Gallatin: "I believe that banking institutions are more dangerous to
our liberties than standing armies. Already they have raised up a money
aristocracy that has set the government at defiance. If the American people
ever allow private banks to control the issue of their currency, first by
inflation, then by deflation, the banks will deprive the people of all
property until their children wake-up homeless on the continent their
fathers conquered. The issuing power should be taken from the banks and
restored to the government to whom it properly belongs." "The modern theory
of the perpetuation of debt has drenched the earth with blood, and crushed
its inhabitants under burdens ever accumulating". ~ Letter to the Secretary
of the Treasury Albert Gallatin (1802) and later published in The Debate
Over The Recharter Of The Bank Bill (1809)

Let's illustrate what Thomas Jefferson meant:

Start and End Dates of Past U.S. Recessions Orchestrated by Banksters

Source: National Bureau of Economic

Thomas Jefferson to Richard Henry Lee, 1779. ME 4:298, Papers 2:298: "It is
a cruel thought, that, when we feel ourselves standing on the firmest ground
in every respect, the cursed arts of our secret enemies, combining with
other causes, should effect, by depreciating our money, what the open arms
of a powerful enemy could not." Later, Jefferson used stronger language and
denounced the institution as "one of the most deadly hostilities against the
principles and form of our Constitution." Some have said that Jefferson did
not favor a strong central bank. What he did not favor was the delivery of
our monetary system into private hands to be run for private profit.

"The money powers prey upon the nation in times of peace and conspire
against it in times of adversity. The banking powers are more despotic than
a monarchy, more insolent than autocracy, more selfish than bureaucracy.
They denounce as public enemies all who question their methods or throw
light upon their crimes. I have two great enemies, the Southern Army in
front of me and the bankers in the rear. Of the two, the one at my rear is
my greatest foe. [As a most undesirable consequence of the war...]
Corporations have been enthroned, and an era of corruption in high places
will follow. The money power of the country will endeavor to prolong its
reign by working upon the prejudices of the people until the wealth is
aggregated in the hands of a few, and the Republic is destroyed." -
President Abraham Lincoln

In December 1921, the American industrialist Henry Ford and the inventor
Thomas Edison visited the Muscle Shoals nitrate and water power projects
near Florence, Alabama. They used the opportunity to articulate at length
upon their alternative money theories, which were published in 2 reports
which appeared in The New York Times on December 4, 1921 and December 6,

Objecting to the fact that the Government planned, as usual, to raise the
money by issuing bonds which would be bought by the banking and non-banking
sector -- which would then have to be paid back with money raised from
taxes, and with interest added -- they proposed instead that the Government
simply create the currency it required and spend it into society through
this public project.

This is also the Prosperity proposal.

Thomas Edison made it plain in the following excerpt from The New York
Times, December 6, 1921 issue ("Ford Sees Wealth In Muscle Shoals"). Here,
the reporter is quoting Edison:

"That is to say, under the old way any time we wish to add to the national
wealth we are compelled to add to the national debt.

"Now, that is what Henry Ford wants to prevent. He thinks it is stupid, and
so do I, that for the loan of $30,000,000 of their own money the people of
the United States should be compelled to pay $66,000,000 -- that is what it
amounts to, with interest. People who will not turn a shovelful of dirt nor
contribute a pound of material will collect more money from the United
States than will the people who supply the material and do the work. That is
the terrible thing about interest. In all our great bond issues the interest
is always greater than the principal. All of the great public works cost
more than twice the actual cost, on that account. Under the present system
of doing business we simply add 120 to 150 per cent, to the stated cost.

"But here is the point: If our nation can issue a dollar bond, it can issue
a dollar bill. The element that makes the bond good makes the bill good. The
difference between the bond and the bill is that the bond lets the money
brokers collect twice the amount of the bond and an additional 20 per cent,
whereas the currency pays nobody but those who directly contribute to Muscle
Shoals in some useful way.

" ... if the Government issues currency, it provides itself with enough
money to increase the national wealth at Muscles Shoals without disturbing
the business of the rest of the country. And in doing this it increases its
income without adding a penny to its debt.

"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 usurer, and the other helps the people. If the currency issued by the
Government were no good, then the bonds issued would be no good either. It
is a terrible situation when the Government, to increase the national
wealth, must go into debt and submit to ruinous interest charges at the
hands of men who control the fictitious values of gold.

"Look at it another way. If the Government issues bonds, the brokers will
sell them. The bonds will be negotiable; they will be considered as gilt
edged paper. Why? Because the government is behind them, but who is behind
the Government? The people. Therefore it is the people who constitute the
basis of Government credit. Why then cannot the people have the benefit of
their own gilt-edged credit by receiving non-interest bearing currency on
Muscle Shoals, instead of the bankers receiving the benefit of the people's
credit in interest-bearing bonds?"


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