Abraham Lincoln 1861 – 1865

Abraham Lincoln

With Abraham Lincoln as president and the Central Bank resolutely dead, fractional reserve banking moved like the plague through numerous state chartered banks instead causing the instability this form of economics thrives on. When people lose their homes someone else wins them for a fraction of their worth. Abraham Lincoln said, “Depression is good news to the lender” but war causes even more debt and dependency than anything else, so if the money changers couldn’t have their Central Bank with a license to print money, a war it would have to be. Also Abraham Lincoln regarding this war time quote as vaulable. We can see from from the quote of the then chancellor of Germany that slavery was not the only cause for the American Civil War. “The division of the United States into federations of equal force was decided long before the Civil War by the high financial powers of Europe. These bankers were afraid that the US, if they remained as one block, and as one nation, would attain economic and financial independence, which would upset their financial domination over the world.”

Otto von Bismark chancellor of Germany 1876 On the 12th of April 1861 this economic war began. Predictably Abraham Lincoln, needing money to finance his war effort, went with his secretary of the treasury to New York to apply for the necessary loans. The money changers wishing the Union to fail offered loans at 24% to 36%. Lincoln declined the offer. A colleague of Lincoln’s, Colonel Dick Taylor of Chicago was put in charge of solving the problem of how to finance the war. Abraham Lincoln´s solution is recorded as this. “Just get Congress to pass a bill authorizing the printing of full legal tender treasury notes… and pay your soldiers with them and go ahead and win the war with them also.” Quite a message from Abraham Lincoln!

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ANDREW JACKSON 1828 – 1836