A history lesson about the Colonies, debt and Ben Franklin

[Goldhedge]

Colonial Script

A study of American Colonial history will reveal that Benjamin Franklin went to England as a representative of the Colonies.


The English officials asked how it was the Colonies managed to collect enough taxes to build poor houses, and how they were able to handle the great burden of caring for the poor. Franklin's reply was most revealing: "We have no poor houses in the Colonies, and if we had, we would have no one to put in them, as in the Colonies there is not a single unemployed man, no poor and no vagabonds." Think long and hard about this. In the American colonies before the American Revolution, there was "not a single unemployed man, no poor and no vagabonds". -- no one on Welfare, no one on Social Security, no homeless, no income tax, no alphabet agencies, No IRS, BATF, FBI, DEA, CIA, HEW, OSHA, SBA, and on and on and on to provide for the "general welfare" of our villages, towns, cities and states. How did Benjamin Franklin explain this to the British officials of his day?

How would he explain it to today's lawyers, judges, politicians and other government officials? "It is because, in the Colonies, we issue our own paper money. We call it Colonial Script, and we issue only enough to move all goods freely from the producers to the Consumers; and as we create our money, we control the purchasing power of money, and have no interest to pay."

-Benjamin Franklin

This system guarantees HONEST MONEY. It was not controlled by a private corporation with a monopoly on the credit of the nation as it is today.

There was no inflation or deflation, as long as the MONEY SUPPLY WAS KEPT EQUAL TO THE VALUE OF GOODS AND SERVICES TO BE PRODUCED AND MOVED (distributed).

As will be shown later in this paper, what we really need has already proven itself historically -- not only in Franklin's early colonial days, but in other historical instances.

We will see that it was this system which Franklin describes that was taken away from the America colonies through the gradual encroachments of the British Parliament (Legislative branch of Britain's government) and the enforcement of this legislation in King's Admiralty/Maritime/Equity courts set up in the colonies by America's mother country, Britain, without reference to the common law established by Magna Carta that led to the American Revolution.


more here:
http://www.kamron.com/Liberty/colonial_script.htm

[Carl]

I don't know why this was moved to the "Beginner's Forum", There are a lot of non-beginners on GIM that need to read this.

Maybe it should've been moved to the "Business News & Commentary" section.

[Argent Dragon]

My favorite quote / line from that article (good find, Goldhedge)........

There can be no personal liberty without financial freedom.

And to expound upon that in today's fast-paced society (namely the USA), we cannot have financial freedom if we are not free of 'DEBT'.........hence no liberty and the 'slavery' to the system of the haves & the have-nots.
No wonder it's so difficult for the average American to not only achieve the 'dream' but be able to 'hang' on to that dream once it's achieved. Alas, instead, it's often the choice to pile on more debt to achieve an illusion of what that dream might be only to add more shackles and chains to our apendages. What a sad state of affairs for modern America.

I think I'll go fondle some silver coins to make me feel better.........this is depressing.

[Carl]

My favorite quote / line from that article (good find, Goldhedge)........



And to expound upon that in today's fast-paced society (namely the USA), we cannot have financial freedom if we are not free of 'DEBT'.........hence no liberty and the 'slavery' to the system of the haves & the have-nots.
No wonder it's so difficult for the average American to not only achieve the 'dream' but be able to 'hang' on to that dream once it's achieved. Alas, instead, it's often the choice to pile on more debt to achieve an illusion of what that dream might be only to add more shackles and chains to our apendages. What a sad state of affairs for modern America.

I think I'll go fondle some silver coins to make me feel better.........this is depressing.

I think this stems from them being taught that the ability to "buy things" equals freedom.

[All-in]

I think this stems from them being taught that the ability to "buy things" equals freedom.

I like the current system of debt based money. I would however modify it so that debt based money is created interest free. This could be done by a society bank facilitated by government! Was early colonial money issued by the state to pay it's debts down and was accepted like this because it could be used to pay taxes? I will read up on this later!

How this thread doesn't die!

[frigido]

Colonial Script

"We have no poor houses in the Colonies, and if we had, we would have no one to put in them, as in the Colonies there is not a single unemployed man, no poor and no vagabonds."

Never mind the slaves. They were not poor, right?

I would not be poor either if I had a few slaves working for me.

[FoundingFathers]

Is not "Quantitative Easing" a step towards this? The Govt issues interest bearing debt - the Fed buys that debt ( granted - on the secondary market ) but then refunds the interest payments back to the Treasury.