"Madison, agreeing with the journal of the convention,
records that the grant of power to emit bills of credit
was refused by a majority of more than four to one.
The evidence is perfect; no power to emit paper money
was granted to the legislature of the United States."
by:
George Bancroft
(1800-1891) American historian, U.S. Secretary of the Navy (1845-1846), established the United States Naval Academy at Annapolis in 1845
Source:
A Plea for the Constitution (1886)
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Reader comments about this quote:
Then why do we have it? It's because, just like other Constitutional violations, of the silent consent of the majority who do nothing to stop it and in fact don't care one way or the other as long as they get their cut of the socialistic pie. Free lunch is the bait and greed sets the hook.
 -- Anon     
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    Ah, if only Congress had refused to be bought off with promises of paper riches. And IF only the people had done their part, had demanded that Government stay within it's lawful limitations.
     -- Merlin, Home     
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    That is one reason why the Federal Reserve is a private entity. It is a facade that the Government is not printing money, and that it is only borrowing it. Just a couple of legalese issues breeching the facade. There is no Constitutional authority to issue or create corporations. A corporation being a bifurcation of ownership - the government holding equitable title and the Fed holding legal title (control) The silent facade is then the beneficiary borrowing from the trustee. So in reality, the nationalist Government is causing money to be printed from its legal self in a most heinous manner so as to doubly destroy the economy. It creates debt (a fluid and transferable denominated medium) at will by simply turning up the printing press (or electronics) and accepts interest on the folly. Further, because the paper money has no intrinsic value, it is given legal value through threat, duress and illusion by government actors. Prior to 1913, the individual was sovereign, and united with other sovereigns gave authority to the State. The States then came together in giving their united expression (the federal government) authority to operate. There was no Constitutional authority, criminal or civil, for the Federal Government to impose on the individual. If the Federal Government borrowed money, it did not, could not, transpose such debt to the individual. Those who's business it was to monitor the Federal Government (the State) could demand sound fiscal policy from their united expression. A trifecta was needed to breech that most sacred of We The People's safeguard. The Federal Reserve was created, The 16th Amendment was implemented so as to pass the debt on to the individual and, give such medium value. Third, Social Security (understood to be unconstitutional even in the most basic 101 class) was unconstitutionally created to give further value to the debt and put a face to the debtor.
     -- Mike, Norwalk     
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    The Constitution provides as much protection as one of those paper toilet seat covers to individuals who are ignorant or apathetic about rights.
     -- Bryan Morton, Stuart, Florida     
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    I defer to Mike..He's said it well.
     -- jim k, austin     
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    This is BS. The Constitution prohibits States from issuing paper backed only by the States "good name" or "good faith". The Constitution specifically empowwers the Congress "to coin money" and "regulate the value thereof", "provide penalties for counterfeiting the securities and coin" of the USA, and "to borrow money". Now there are some of you who will say that coin is not paper money and I will argue that when I put paper money into a coin changer I get out four quarters, so what is the big deal?
     -- Waffler, Smith     
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    Only the educated are free. http://www.thefreemanonline.org/columns/the-constitution-and-paper-money/ http://www.fff.org/freedom/fd0608a.asp
     -- Bryan Morton, Stuart, Florida     
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    Very well said, Mike. Er, Waffler, are you dense? In Article 1, Section 8 of the US Constitution, "To coin Money" means what is says; "To borrow Money" means what it says. Section 10 goes on to say, "No state shall... coin money; emit bills of credit; make any Thing but gold and silver Coin a Tender in Payment of Debts" I have yet to find a clause in which the right to emit bills of credit was granted to the federal government. Secondly, today, the federal government is not 'borrowing' 'money' -- Treasury Bonds, also known as T-Bills are in fact bills of credit except that there is no promise to pay in real money (i.e. gold or silver). The Federal Reserve does not 'lend' gold or silver, it merely prints up its own bill of credit in exchange for the government's bill of credit. Here lies the crux of the matter: our 'money' is not money at all -- it is nothing but bills of credit, issued by a private corporation, 'borrowed' by the federal government, and forcibly foisted upon the sovereign states and the People because all gold and silver has been taken out of circulation. If this isn't the debasement of the currency, I don't know what is!! Now all of the states and all of the people and the entire federal government are dependent upon this fraud. Congress has been filled with the puppets of the globalist bankers with the help of the Council on Foreign Relations and other Rockefeller foundations designed to permanently indenture the US (and the rest of the world) to their banking cartel. If we didn't have this system, our economy would not be in this mess AND Congress would not be able to lay another trillion dollar debt upon the nation without any means of repayment. God help us.
     -- E Archer, NYC     
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    Amen.
     -- Anon     
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    E Archer, trying to educate Comrad Waffler is like trying to teach a pig to whistle. It's impossible to do and it only annoys the pig.
     -- jim k, austin     
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    ;-) jim k, I laughed so hard at your comment! ;-)
     -- E Archer, NYC     
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    Yep!
     -- Bruski, Naples FL     
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    Before anyone says something about the 1913 date of the Social Security Act - I know Social Security was not formally implemented until 1935. My reference was to the legislative foundation set forth in the Federal Reserve Act of 1913 in and of its self (along with the regional banks - in support of the Federal Reserve Bank notes) which gave verbiage precedence for future usurpation(s), unconstitutional Acts, and legal strongarming in support of the new funny money.
     -- Mike, Norwalk     
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