Money in America — Epilogue

Our last chapter ended with the beginning of the end –or are we at a way station to a new beginning of the story of America?

This saga began with one thought: the realization that few had seen one of these:

Thus began a journey of exploration. I began with what I knew and added what more I learned along the way. The project became a chronological narrative more than a history – thus, no cites or even sites as a scholarly work would be expected to provide. Rather, it’s an overview, a guide for others to pursue areas of interest.

Sources

Google got a workout, as did the ‘Lazy Man’s Encyclopedia’ (Wikipedia) which is a good starting point. As Mulder would say, “Trust no one” so cross-referencing is a good modus operandi. It’s amazing how many professionals are sloppy about quotes. And some famous ones ‘everybody knows’ just aren’t so.

This – http://www.snopes.com/ is a useful tool.

Some of the books that were piled up by the desk:

“The Wealth of Nations” – Adam Smith

“A People’s History of the United States” – Howard Zinn

“A History of Money and Banking in the United States” – Murray Rothbard

“33 Questions about American History You’re Not Supposed to Ask” – Thomas E. Woods, Jr.

“The Real Lincoln” – Thomas J. DeLorenzo

“Lincoln Unmasked” – Thomas J. DiLorenzo

“The Creature from Jekyll Island” – G. Edward Griffin

“Your Money or Your Life” – Sheldon Richman

“The Politically Incorrect Guide to the Great Depression and the New Deal” — Robert P. Murphy, Ph.D.

“Resurgence of the Warfare State” – Robert Higgs

“FDR’s Folly” – Jim Powell

“The Forgotton Man” – Amity Shlaes

“Human Smoke” – Nicholson Baker

“Attention Deficit Democracy” – James Bovard

“The Irregulars” – Jennet Conant

“Generations”, “The Fourth Turning”, and “Millennials Rising”, William Strauss & Neil Howe

… and there were more. A dozen or so from the ‘Nixon shock’ into the present. As well, countless essays, articles and reviews of the aforementioned authors available online.

Trivia

The United States Treasury’s processing and issuance of paper currency began in 1861.

From 1863 to 1935, National Bank Notes were issued in many denominations by thousands of banks throughout the country and in U.S. territories during three charter periods.

As of January 1, 1929, there were more than 7,600 National banks in existence.

The chartering of banks and administrative control over the issuance of National Bank Notes were the responsibility of the Office of the Comptroller of the Currency.

The design of 1863 U.S. currency incorporated a Treasury seal, the fine line engraving necessary for the difficult-to-counterfeit intaglio printing, intricate geometric lathe work patterns, and distinctive linen paper with embedded red and blue fibers.

Gold Certificates were issued by the Department of the Treasury from 1865against gold coin and bullion deposits and were circulated until 1933.

The Department of the Treasury established the United States Secret Service in 1865 to control counterfeits, at that time amounting to one-third of circulated currency.

In 1866, National Bank Notes, backed by U.S. government securities, became predominant

The Department of the Treasury’s Bureau of Engraving and Printing in 1910 assumed all currency production functions, including engraving, printing, and processing.

Paper currency was first issued with “In God We Trust” as required by Congress in 1955. The inscription appears on all currency Series 1963 and beyond.

On November 5–6, 2010, Ben Bernanke stayed on Jekyll Island to commemorate the 100-year anniversary of this original meeting.

“ …the Federal Reserve has similarities to the country’s first attempt at central banking, and in that regard it owes an intellectual debt to Alexander Hamilton.” – Minneapolis Fed

By December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law, it stood as a classic example of compromise —a decentralized central bank that balanced the competing interests of private banks and populist sentiment.

Benjamin Strong, the influential Governor of the Federal Reserve Bank of New York and a key protagonist in Friedman and Schwartz’s narrative, had strong reservations about using monetary policy to try to arrest the stock market boom. (speech by Ben S. Bernanke, Chicago, Ill. November 8, 2002)

The silver certificates authorized by the Silver Purchase Act of 1934 were redeemable for silver held by the Treasury. At a market price above $1.29, a profit could be made by redeeming the silver certificates, receiving 0.77 ounce of silver from the Treasury and then selling the silver. In addition, at a market price above $1.38, a profit could be made by melting U.S. circulating coinage for its silver content.

The Government began a program to demonetize silver. Public Law 88-36, which repealed the Silver Purchase Act of 1934 and authorized the printing of Federal Reserve Notes not redeemable in silver, was passed in mid-1963.

The Coinage Act of 1965 eliminated the use of silver in dimes and quarters and reduced the silver content of half dollars. In 1967, silver coins were withdrawn from circulation, and holders of silver certificates were given 1 year, until June 24, 1968, to redeem the certificates for silver.

James Warburg was a member of the Council on Foreign Relations. He gained some notice in a February 17, 1950, appearance before the U.S. Senate Committee on Foreign Relations in which he said, “We shall have world government, whether or not we like it. The question is only whether world government will be achieved by consent or by conquest.”

That’s all, folks!