To Preserve…

February 1st, 2010 by Rich

Two of the arrested were found guilty of treason in showcase trials and sentenced to death by hanging. President Washington pardoned them on the grounds that one was a simpleton and the other insane.

Thomas Jefferson, then ambassador to France at the time, was not alarmed by Shays’ or the Whiskey Rebellion. In a letter to a friend, he wrote:

A little rebellion now and then is a good thing. The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.

http://en.wikipedia.org/wiki/Whiskey_Rebellion

Americans had long preferred to issue their own debt-free currency, Colonial Scrip.

Benjamin Franklin described this American money to British Parliament in 1757:

In the colonies, we issue our own paper money. It is called Colonial Script. We issue it in proper proportion to make the goods pass easily from the producers to the consumers. In this manner, creating ourselves our own paper money, we control its purchasing power and we have no interest to pay to anyone.

The Colonial Script required very low taxation and little government enforcement. These two aspects contributed greatly to the private industry and prosperity of America.

http://en.wikipedia.org/wiki/Colonial_scrip

The British response in 1763 to Colonial Script was the Paper Bills of Credit Act.

The Credit Act outlawed American currency and called in debts.

This peaked with the credit crisis of 1772 that doubled bankruptcies and halved New York property values. Is this not similar to the Subprime Mortgage defaults and depression in asset values today?

http://en.wikipedia.org/wiki/Currency_Act

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This entry was posted on Monday, February 1st, 2010 at 5:14 pm and is filed under Financial Planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “To Preserve…”

  1. Richard Weddle Says:
    February 2nd, 2010 at 4:29 am

    Holy Smokes Rich….
    Now that was a handful.
    This article should be published in the NY Times.
    Certainly we are seeing a ground swell in this country stirred by an irate citizenry.
    Perhaps it is not to late to take our country back.
    God have Mercy.
    Keep up the good work Rich, you are a true Patriot.
    Thank you. Richard

  2. Rich Says:
    February 2nd, 2010 at 4:35 pm

    Mahalo Richard:

    Henry Paulson acknowledged 93% of Americans opposed TARP and he did it anyway, bailing out himself and his firm Goldman Sachs with Ben Bernanke and Timothy Geithner’s help.

    No wonder the majority of Americans want a full Audit of the Fed and Treasury, including the Mints and Bullion Vaults.

    If we:

    A) turn off government monopoly media making heroes out of bums,
    B) share the truth which sets us free,
    C) help family friends and neighbors vote for Patriotic Constitutional Independents who truly serve US this Fall,

    then we may in fact take our country back from bonus banksters and their government corporate welfare pimps.

    The alternative is watching the Jericho Wall of debt crush our country and lives like Financial Armageddon.

    Uncle Sam owes more than we own. That cannot last much longer.

    We must pay down or forgive our debts with a spending freeze on deficits and earmarks and the 1% Transaction Tax on a quadrillion in voluntary transactions.

    Andrew Jackson paid off the public debt in 1835. So can we…

    Regards*Rich

  3. clicks Says:
    February 4th, 2010 at 5:03 pm

    Rich,

    Like the website and all, but a reader needs to click 22 separate times simply to read the content of this entry. Perhaps a different format would be better?

    Cheers.

  4. Rich Says:
    February 24th, 2010 at 6:15 pm

    Thanks clicks.
    Took it up with the management.
    Regards*Rich

 

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