"Slavery is likely
to be abolished by the war power and
This I and my European
friends are glad of,
for slavery is but
the owning of labor and carries with it the care of the laborer, while
the European plan led by England is for
capital to control labor by controlling wages.
This can be done by controlling the money.
The great debt must be used as
a means to control the volume of money.
To accomplish this the
BONDS must be used as a
We are now waiting for the Secretary of the Treasury to
make his recommendation to Congress.
It will not do to allow the
Greenback, as it is called, to circulate as money
any length of time, as we cannot control that." - Hazzard Circular, 1862, Bank
National Banking Act specifies the
entire US money
supply will be printed out of debt by the national banks through the
purchase of US treasury bonds by issuing them as assets backing treasury
US treasury bonds, or T-bills, are guaranteed by the
Like any incorporation as long as the US is solvent the US treasury
bonds retain value.
A US treasury bond, or
treasury note, is a promissary note.
A promissary note is a promise to
pay a specified amount on a specified date and typically includes a interest
payment for the use of the assset during the period held.
A bond is a debt security.
A bearer bond is a bond or
debt security issued by an incorporated entity.
Bonds issued by
corporations are corporate bonds or junk
"In numerous years following the
war, the Federal Government ran a heavy surplus.
It could not however
pay off its debt, retire its
securities, because to do so meant there would be no bonds to back the
national bank notes.
To pay off the national debt is
to destroy the money
supply." - John Kenneth
Moses Taylor, Chairman of
the Loan Committee to finance the Union in the
Civil War, offers the
government $5,000,000 of US treasury bonds at 12% at a 33% shaving to continue
financing the Civil War.
Colonel Dick Taylor of Chicago suggests to
Abraham Lincoln go to Congress requesting the passage a bill authorizing the
printing of full legal tender
Abraham Lincoln asks Colonel Taylor if the people
of the US would accept the notes, Colonel Taylor replied, "The people or anyone
else will not have any choice in the matter, if you make them full legal
tender. They will have the full sanction of the government and be just as good
as any money, as Congress is given that express right by the Constitution."
"To pay the soldiers the Government issued
Treasury notes, authorized
by act of Congress, July 17, 1861, for $50,000,000, bearing no interest.
These notes circulated at par with gold.
inspired the American banks to offer to Lincoln a loan of up to $150 million.
But before they had taken much of the loan, the banks broke down and
suspended specie payments in December 1861.
They wished to blackmail
Lincoln and demanded the 'shaving' of government paper to the extent of 33%, an
extortion which was refused.
A bill drafted for government issue of
$150 million, which should be full legal tender for every debt in the US,
passed the House of Representatives Feb. 25, 1862, and was hailed with delight
by the entire country.
The Wall Street bankers were furious." - Arthur
1893 "The interests of
national banks require immediate financial legislation by Congress (the US
Silver, silver certificates, and Treasury bonds (all
government money) must be retired, and National Bank Notes made the only money.
This will require the authorization of $500 million to $1 billion of
new bonds as the basis of circulation.
At once retire one-third of your
currency and call in one-half of your loans.
Be careful to make a
monetary stringency among your patrons, especially among influential
Advocate an extra session of Congress to repeal the
purchasing clause of the Sherman Law, and act with other banks of your
city in securing a large petition to Congress for its unconditional repeal per
Use personal influence with your Congressmen, and
particularly let your wishes be known to your Senators.
The future life
of national banks depends upon immediate action, as there is an increasing
sentiment in favor of government legal-tender notes and silver coinage."-
"The Panic Circular", American Bankers' Association 1893
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and is responsible for the collapse of morals, the elevation of self-centered
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