Tuesday, January 13, 2009

Follow the Money (Part 2)

[On gold backing] "We should then have quotations at real values, not fictitious ones. Gold would no longer be at a premium, but currency at a discount. A healthy reaction would set in at once, and with it a desire to make the currency equal to what it purports to be. The merchants, manufacturers, and tradesmen of every calling could do business on a fair margin of profit, the money to be received having an unvarying value. "

- Ulysses S. Grant, 7th Annual Message to the Congress

"The refusal of King George to operate an honest colonial money system which freed the ordinary man from the clutches of the manipulators was probably the prime cause of the Revolution ... The Colonies would gladly have borne the little tax on tea and other matters, had it not been that England took away from the Colonies their money, which created unemployment and dis-satisfaction. Within a year, the poor houses were filled. The hungry and homeless walked the streets everywhere."

- Benjamin Franklin

"Be it enacted. That the dollar consisting of twenty-five and eight-tenths grains of gold nine-tenths fine, as established by section thirty-five hundred and eleven of the Revised Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity."

- Gold Standard Act of 1900, signed, William McKinley

"The words uttered in 1834 by Daniel Webster in the Senate of the United States are true to-day, 'The very man of all others who has the deepest interest in a sound currency, and who suffers most by mischievous legislation in money matters, is the man who earns his daily bread by his daily toil.'"

- Grover Cleveland (also appeared on FRN $20s)

"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance."

"Since the general civilization of mankind, I believe there are more instances of the abridgment of freedoms of the people by gradual and silent encroachment of those in power than by violent and sudden usurpations."

- James Madison, "Father of the Constitution"

"My agency in promoting the passage of the National Banking Act was the greatest financial mistake in my life. It has built up a monopoly which affects every interest in the country"

- Salmon P. Chase, Lincoln's Treasury Secretary

In 1864, as Chief Justice of the Supreme Court Justice, Salmon P. Chase ruled that paper money is unconstitutional in the USA.

See Part 3


  1. FDR,
    This is a very nice, diligent collection of quotes. Where can one find unrefutable evidence that these are accurate? With evidence of accuracy, these quotes speak for themselves.

  2. Without actually hearing them? Well, a great place to dig up presidential quotations is http://www.presidency.ucsb.edu/ws/

    In the keyword search line, enter a phrase with no quotes, like...

    We should then have quotations

    ...and see what happens. There's always google.

  3. But I don't trust everything I read on the Internet. I was wondering if you gathered those from real source documents like the Congressional Record, personal diaries of those quoted, the Federalist Papers, etc.

  4. The sources you mentioned are on the internet and come up in searches.


The USA's political-economc system is best described as:

On Nov 2, 2010, I plan to vote (FOR or AGAINST) my incumbent congressman

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