Skip to comments.THE BANK WAR: Jackson v. Biddle (Today's American History Lesson)
Posted on 07/11/2019 9:14:29 AM PDT by Perseverando
Money supply has a mixed history.
Originally, wealth was measured in precious metals of gold, silver, or copper.
Exodus 25:3 "And this is the offering which ye shall take of them; gold, and silver, and copper."
Items of gold, silver, or copper had to be weighed.
A "shekel" was a fixed unit of weight.
Shekels were placed on one side of a scale and on the other side were placed the items of gold, silver, or copper to be weighed.
The Bible admonished not cheat, Deuteronomy 25:13 "Do not have two differing weights in your bag -- one heavy, one light." (NIV)
In the 6th century BC, King Croesus of Lydia is credited with being the first to mint coins, a mix of gold and silver called "electrum," which had a specific weight and image stamped on it.
Croesus, who was associated with the legend of King Midas' gold, asked Greek leader Solon who was the happiest man.
Solon, because of the fickleness of fortune, responded, "Count no man happy till he be dead."
Croesus later lost his wealth and his life when Lydia was conquered by King Cyrus of Persia in 546 BC.
Other kingdoms began minting coins, such as the Assyrians, Egyptians, Persians, and Romans, whose coin was called denarius.
'Is it lawful for us to pay taxes to Caesar, or not?' ... Jesus said to them 'Show Me a denarius. Whose likeness and inscription does it have?' They said, 'Caesar's.' And He said to them, 'Then render to Caesar the things that are Caesars, and to God the things that are Gods.' (NASB Luke 20:22-25)
Methods of cheating developed.
One was clipping off the edges of coins.
Another, used by Egyptian and Roman governments, was to mix in less expensive base metals
(Excerpt) Read more at myemail.constantcontact.com ...
Make a liberal mad; quote a little factual American history to them. They can't handle the truth about the greatest nation God ever gave the world.
That took longer than a Minute to read.
Yeah, when it comes to money, what we are talking about is the Unit of Account. When talking about anything else, we don’t accept a fluctuating measurement. An acre of land is defined parcel, a meter, or a yard, or a kilogram is all defined objectively.
Though not money. It’s just a piece of paper (or an electronic byte) with a “1” or a “10” and no relationship as such to a defined unit of account other than the nominal number.
Yep. And that's a problem. The politicians all love to manipulate the currency to make them look good, and to enslave the citizens.
“The Continental Congress printed a fiat currency, called a “Continental,” which was not backed by gold or silver.”
Federal Reserve Notes anyone? A FRN is nothing more than an instrument of debt, after all what is a bank loan, it is a promissory NOTE.
I remember when coins actually jingled in your pocket, and paper money said “payable in silver upon demand.”
Really why does 1 silver dollar, minted by the Treasury cost anywhere from $17 of $55.00 FRNs if both have the same value?
Jackson tried to fight off the fraudulent banksters but in the end we all lost. Keeping a reserve and lending out the rest is in essence fraud - but a fraud society seems to accept - probably because we have been educated by Keynsians.
And isn’t modern banking even worse? If they have say $1000 in deposits of fiat money, they get to lend out $9000 in magically created money.
How does a bank make money?
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