Relinquishing of the public’s right to issue its own currency – Part 3
| April 20, 2011 | Posted by dan under Law, Money |
So to sum up the series on relinquishing the public’s right to issue its own currency I want to point out actual events in history where this relinquishing took place. From what I can tell this is a system that originates from England and has since become an international cartel. The first paper money was simply a receipt for the gold and silver you deposited with private bankers. This is why on paper money it will say “I promise to pay the bearer, on demand the sum of 20 pounds” or whatever the receipt was worth. Incidentally the word pound refers to a pound weight in silver deposited at the bank. There was nothing wrong with this, it was simply a service offered by private bankers (of whom anyone could become a banker as trade at the time) to secure your gold and silver. When people engaged in commerce they quickly realised that instead of going to the bank to retrieve their gold/silver to make payment they could simply hand over their receipt to the person they were purchasing the goods or service’s from and they in turn could use that receipt to withdraw the gold/silver. And so was paper money born. However what the banks began to realise was that after a while withdrawals for the actual gold and silver where becoming less and less common as everyone was now trading primarily in receipts (paper money) and so they began to issue receipts or what we might call “print money” and make loans at interest with this newly printed money. And because their greed is essentially unquenchable it was foreseeable that there would be no limit to how much money they would print until eventual word spread that the banks only had 1/10th of the gold for their receipts and so there was the first ever bank run and people started withdrawing their gold/silver and 90% of the population would not get their gold and would be out of pocket as the wealth had been stolen and spent by the bankers who were now living in luxury.
The Unholy Alliance
There came a point in 1694 where an unholy alliance was formed between the bankers of the time and the royalty. The bankers basically approached the Kings and promised them a way to have all the money they would need to fund their wars on condition that they would be granted the privilege (subject to redemption) to issue the public’s currency. Of which was granted and established in the bank of England act 1694.
Bank Charter act of 1844
Let me however point you to a later act with language more understandable and that would be the Bank Charter Act of 1844 and let me quote a section which has the most telling language of the relinquishing of the governments right to issue the publics currency granted to a private corporation.
So heres the section, section 27
Bank to enjoy privileges, subject to redemption. The Bank of England shall have and enjoy such exclusive privilege of banking as is given by this Act, upon such terms and conditions, and subject to the termination thereof at such time and in such manner, as is by this Act provided and specified; and all and every the powers and authorities, franchises, privileges, and advantages, given or recognized by the M1Bank of England Act 1833 as belonging to or enjoyed by the Bank of England, or by any subsequent Act or Acts of Parliament, shall be and the same are hereby declared to be in full force, and continued by this Act, except so far as the same are altered by this Act; subject nevertheless to redemption upon the terms and conditions following; (that is to say,) at any time upon twelve months’ notice, and upon repayment by Parliament to the said governor and company or their successors of the sum of eleven million fifteen thousand and one hundred pounds, being the debt now due from the public to the said governor and company, without any deduction, discount, or abatement whatsoever, and upon payment to the said governor and company and their successors of all arrears of the sum of one hundred thousand pounds per annum, in the last-mentioned Act mentioned, together with the interest or annuities payable upon the said debt or in respect thereof, and also upon repayment of all the principal and interest which shall be owing unto the said governor and company and their successors upon all such tallies, Exchequer orders, Exchequer bills, or parliamentary funds which the said governor and company or their successors shall have remaining in their hands or be entitled to at the time of such notice to be given as last aforesaid, then and in such case, and not till then, the said exclusive privileges of banking granted by this Act shall cease and determine at the expiration of such notice of twelve months; and any vote or resolution of the House of Commons, signified under the hand of the speaker of the said House in writing, and delivered at the public office of the said governor and company, shall be deemed and adjudged to be a sufficient notice.
Bear in mind this is an act of parliament… does it sound to you like this was written by the people? Which of course parliament is supposed to represent. It sounds to me as if it was written directly by the bankers and for the bankers, being the antithesis of by the people for the people. So we can conclude that by 1844 the merging of government and banks was so complete it was near indistinguishable.
Take note of the first line “Bank to enjoy privileges, subject to redemption”. If its subject to redemption and redemption is defined as “the price at which the issuing company may choose to repurchase a security before its maturity date” then that mean the privilege (which is secured, the security) has been purchased which makes sense to the minds of these bankers that think “rights” are things that can be bought and sold for value and so they have purchased the right to issue the public’s credit. So the way I am reading this act is that the redemption value is the price the government (public) can repurchase back the right to issue its own credit. And that sum is £11,15,100,00 which has accumulated much interest since.
at any time upon twelve months’ notice, and upon repayment by Parliament to the said governor and company or their successors of the sum of eleven million fifteen thousand and one hundred pounds, being the debt now due from the public to the said governor and company
the said exclusive privileges of banking granted by this Act shall cease and determine at the expiration of such notice of twelve months
This act of course has since been amended although this particular section and others are still in force. But the point here is to demonstrate exactly what the relationship is between the banks and governments(you). And it is this relationship that has been exported to the rest of the world such as the U.S. You might say the federal reserve is merely a branch of the Bank of England or the other way around as the federal reserve is acting as the central point for the banking cartel, but it is essential ONE international bank.
Accepted as normal
The problem today is that generations have been born into this system without knowing any different. For example everyone who is working in your government has always assumed that governments borrowing from banks is simply part of normal government operations. It doesn’t accure to them to even question this which is why it is important for us to shed light on the matter, else as Thomas Jefferson said :-
“If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.”
And that is indeed what we are seeing, but the ultimate result is a complete collapse which we will see soon if we do not attempt to address this. And likewise the only people who actually know whats going on it seems are those in the upper echelons of the governments and banking such as Mr Montagu Norman when he said:-
“Capital must protect itself in every possible way, both by combination and legislation. Debts must be collected, mortgages foreclosed as rapidly as possible. When, through process of law, the common people lose their homes, they will become more docile and more easily governed through the strong arm of the government applied by a central power of wealth under leading financiers.
These truths are well known among our principal men, who are now engaged in forming an imperialism to govern the world. By dividing the voter through the political party system, we can get them to expend their energies in fighting for questions of no importance. It is thus, by discrete action, we can secure for ourselves that which has been so well planned and so successfully accomplished.”
– Montagu Norman, Governor of The Bank Of England, addressing the United States Bankers’ Association, New York, 1924.
So this concludes this series on the public’s relinquishing of its right to issue its own currency. And I would welcome anyone to challenge me on this and point out if there is something I haven’t understood here? Because like I said in part 1 you dont even need to have any in depth knowledge of banking or law to be able to ask the intuitive questions such as “how does the whole world get into debt?” “who could it possibly be in debt to?” and so on.
