Abe Lincoln Said:
Lincolns Monetary Policy
President Lincoln Prophesies and Warns
Lincolns Monetary Policy
from Senate Document No. 23
Banking System of the United States
Presented by: Mr. Logan, January 24, 1939.
Money is the creature of law and the creation of the original issue of money should be maintained as an exclusive monopoly of National Government.
Money possesses no value to the State other than given to it by circulation. Capital has its proper place and is entitled to every protection. The wages of men should be recognized in the structure of government and in the social order as more important than the wages of money. 1
No duty is more imperative on the Government than the duty it owes the people to furnish them with a sound and uniform currency, and of regulating the circulation of the medium of exchange so that labor will be protected from a vicious currency, and commerce will be facilitated by cheap and safe exchanges.
The available supply of gold and silver being wholly inadequate to permit the issuance of coins of intrinsic value or paper currency convertible into coin in the volume required to serve the needs of the people, some other basis for the issue of currency must be developed, and some means other than that of convertibility into coin must be developed to prevent undue fluctuations in the value of paper currency or any other substitute for money of intrinsic value that may come into use. The monetary needs of increasing numbers of people advancing toward higher standards of living can and should be met by the Government. Such needs can be served by the issue of national currency and credit through the operation of a national banking system. The circulation of a medium of exchange issued and backed by the Government can be properly regulated and redundancy of issue avoided by withdrawing from circulation such amounts as may be necessary by taxation, redeposit, and otherwise.1 Government has the power to regulate the currency and credit of the nation.
Government should stand behind its currency and credit and the bank deposits of the Nation. No individual should suffer a loss of money through depreciated or inflated currency or bank bankruptcy.
Government possessing the power to create and issue currency and credit as money and enjoying the right to withdraw both currency and credit from circulation by taxation and otherwise, need not and should not 2 borrow capital at interest as the means of financing governmental work and public enterprise.
The Government should create, issue, and circulate all the currency and credit needed to satisfy the spending power of the Government and the buying power of consumers.
The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Governments greatest creative opportunity.
By adoption of these principles, the long-felt want for a uniform medium will be satisfied.
The taxpayers will be saved immense sums in interest, discounts, and exchanges.
The financing of all public enterprise, the maintenance of stable government and ordered process, and the conduct of the Treasury will become matters of practical administration. The people can and will be furnished with a currency as safe as their own Government.
become the servant of humanity.
Democracy will rise superior
to the money power.
1All bold type was added by Forest Glen Durland.
1Wages of money means interest earned on money, a serious problem in today's economy.
2"need not and should not". Note this early precedent of the precedent "could have known and should have known", ruled in the case of Lashley v. Koerber, California, 1945. In this 1945 case, the appellant court held a physician liable because he could have known and should have known. It was summarized that a physician could be expected to exercise a "... reasonable degree of skill and learning and care ordinarily exercised by other doctors of good standing in the community ... ." Considered was the doctrine of res ipsa loquitur (the thing speaks for itself), where the plaintiff does not cause the problem, and the defendant is assumed guilty if defendant knowingly allowed or caused the harm to happen, or was negligent in preventing that harm when defendant should have and could have prevented it.
Forest Glen Durland insists that this precedent implies and applies to all people licensed by the public to be trusted by that public to perform in a capacity demanded of their profession. This precedent, then, reaches out to all professionals licensed by the public. Furthermore, those licenses are for the protection of that public. Forest Glen Durland insists that all professional people, bankers, real estate agents, car salesmen and certainly all government workers (politicians, Congress Persons), especially those elected to offices of trust and power, are affected by that court ruling, which must be considered a precedent of the land.
could have known and should have known, or
they could have not been and should not be there.
The above is an abstract of Lincolns monetary policy from Mayor McGeers Conquest of Poverty and has been certified as correct by the Legislative Reference Service of the Library of Congress at the instance of Hon. Kent Keller, Member of the House of Representatives. See 76th Congress, 1st Session, Jan 3 - Aug 5, 1939, Senate Documents #10304, Vol 3, Senate Document 23, "National Economy and the Banking System of the United States" by Robert L. Owen, presented by Mr. Logan on January 24, 1939, page 91. For those of you who like researching the original, try your local university or state library. Ask if their library is a federal repository. Senate Document 23 will probably be on microfiche. It is much easier to order it in booklet form from Peter Cook, Monetary Science Publishing, Box 86, Wickliffe, OH 44092. Ask for #761001-A, "2076 - Tricentennial U. S. A.
Also see the The 9th Circuit Court of Appeals case, Calabretta v. Floyd (9715385) at
Run a search for "known" in Findlaw, hot linked in the essay.
prophesies and warns
[Commented after the passage of the National Banking Act of 1863-
the forerunner of the Federal Reserve Act of 1913.]
I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. Corporations have been enthroned, an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people, until the wealth of the nation is aggregated in a few hands, and the Republic is destroyed.
From Lincolns Greenback Currency by John O. Bye, A.B., A.M., Loan manager of the Second Liberty Loan, World War I, under three Secretaries of the Treasury of the United States.
This document was furnished by the kindness of, and copies may be obtained from, Peter Cook, Monetary Science Publishing, Box 86, Wickliffe, OH 44092. Ask for "Bank of North Dakota, the Only One of Its Kind in the United States".
Sheriffs can stop federal agents
To add to the historic advice left by Lincoln, another, decent public servant has initiated a precedent that will save aggravating trouble, even lives.
Citing our Constitution, a county sheriff has notified federal agents that they will not operate in his county without his permission. Sheriff Mattis of Big Horn County, Wyoming, holds that our U. S. Constitution defines the limitation of federal jurisdiction in Article 1, Section 8. Further, Amendment X states that "the powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people." Mattis interprets that to mean that federal agents have less power in the states than the sheriff. Therefore, the sheriff can force them to see him before his people. Mattis disapproved of such acts as IRS agents illegally prosecuting his people. He noted that the Feds have not argued with him.
See the Sheriff List at <http://www.uhuh.com/action/sheriff/list-shf.htm>.
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