MONETARY HISTORY CALENDAR: March 8-14
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Greg Coleridge
Mar 8, 2020, 9:13:01 AM3/8/20
to The American Monetary Institute
MONETARY HISTORY CALENDAR
March 8-14
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MARCH 8
1702 – DEATH OF WILLIAM III, KING OF ENGLAND
He agreed in 1694 to give up his sovereign power as King to print or coin his nation’s own money to a new corporation, the Bank of England (It was a weakened monarchy).
MARCH 9
1933 – CONGRESS PASSES EMERGENCY BANKING ACT
Among its provisions, the Act gave the President the ability to declare a national emergency and have absolute control over the national finances and foreign exchange of the United States. It also allowed for closing insolvent banks. The Act empowered the President during time of war or other emergency to regulate or prohibit the exporting, hoarding, melting or earmarking of gold and silver coin and bullion. All US residents were compelled to pay or deliver all gold (be it coins, bullion or certificates) to the Secretary of the Treasury. They were paid the market value for their gold in dollars. Shortly afterwards, the government significantly raised the price of gold, which in effect, reduced the value of the dollar.
MARCH 10
1933 – LAST DAY OF “BANK HOLIDAY” DECLARED BY PRESIDENT ROOSEVELT
The “holiday” meant that all banks would be closed from March 6-10 to prevent further runs by depositors. Bank failures were a result of earlier speculative investments and banks loaning out more money than they actually possessed (called “fractional reserve banking”). When too many people came to a bank at the same time wanting their deposits, the banks collapsed since they lacked sufficient assets. The bank “holiday” was meant to restore confidence in the banking system. At the conclusion of the “holiday,” 5% of all banks were unfit to continue business, many others only were permitted to accept deposits, while others permitted only a certain percentage of deposits to be withdrawn. Slightly more than 50% of all banks reopened with no withdraw restrictions.
2000 – EVE OF DOTCOM BUBBLE CRASH
The combined values of stocks on the NASDAQ was at $6.71 trillion on March 10. The market began crashing the next day. By March 30, the NASDAQ was valued at $6.02 trillion. It dropped to $5.78 trillion by April 6. Nearly a trillion dollars worth of stock value had evaporated in less than a month. What goes boom eventually goes bust in an economy with private control of the money system
MARCH 11
1893 – PUBLICATION OF “PANIC CIRCULAR” BY THE AMERICAN BANKERS ASSOCIATION [Note: Many individuals, including several US public officials, claimed they received the document. The American Bankers Association denied its authenticity].
The document calls on member banks to incite a financial panic to prevent greater public controls of banks, to counter increased public sentiment toward government-issued money and as a means to oppose silver (as opposed to gold) being used as a backing for currency.
The alleged document stated,
“You will at once retire one-third of your circulation (your paper money) and call in one-half of your loans. Be careful to make a monetary [emergency] among your patrons, especially among influential businessmen…
“The future life of national banks as fixed and safe investments depends upon immediate action, as there is an increasing sentiment in favor of Government legal-tender notes and silver coinage
MARCH 12
1685 - BIRTH OF GEORGE BERKELEY, ANGLICAN BISHOP OF CLOYNE IRELAND, PHILOSOPHER
Berkeley wrote The Querest in 1735. It was written as questions, which suggested their own answers. On whether money has inherent value, he asked/wrote: "Whether money is to be considered as having an intrinsic value, or as being a commodity, a standard, a measure, or a pledge as is variously suggested by writers?” On the evolution of exchange and money, "Whether in the rude original society the first step was not the exchanging of commodities, the next a substitution of metals by weight as the common medium of circulation, after this the making use of coin, lastly a further refinement by the use of paper with proper marks and signatures? And whether as it is the last so it be not the greatest improvement? And whether money be not in truth tickets or tokens for conveying and recording such power, and whether it be of great consequence what materials the tickets are made of."
2013 – "QUESTION FOR LIZ WARREN: HOW MANY SUBSIDIES DOES A ZOMBIE BANK NEED" PUBLISHED ARTICLE
"[T]he Fed is currently subsidizing the cost of funds for the US banking industry to the tune of about $90 billion per quarter or $360 billion annually." http://www.zerohedge.com/contributed/2013-03-12/question-liz-warren-how-many-subsidies-does-zombie-bank-need
MARCH 13
1943 – DEATH OF J.P MORGAN, JR, BANKER
JP (Jack) Morgan was the son and grandson of bankers who headed J.P. Morgan & Co., one of the most powerful banks in the nation. He struck a deal with the British and French governments to be the sole munitions and supplies purchaser during World War I, which earned the bank $30 million. The bank was so heavily tied to the British and French governments that it was charged Morgan politically pressured the US government to enter the war against Germany in order to rescue its loans.
MARCH 14
1782 - BIRTH OF THOMAS BENTON, US SENATOR, MISSOURI
“I object to the renewal of the charter of the Bank of the United States because I look upon the bank as an institution too great and powerful to be tolerated in a government of free and equal laws. Its power is that of the purse, a power more potent than that of the sword, and this power it possesses to a degree and extent that will enable this bank to draw to it too much of the political power of this Union, and too much of the individual property of the citizens of these States. The money power of the bank is both direct and indirect."
1881 - INAUGURAL ADDRESS OF PRESIDENT JAMES GARFIELD
“The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value."
[Note: "coin" is a verb here, not a noun. Garfield was a Republican].
1900 – US GOLD STANDARD ACT APPROVED
The law established gold as the only metal standard for redeeming paper money. Populists had campaigned for several years before, culminating in the 1896 Presidential election, to include silver as a standard for redeeming paper money. Banks controlled most of the gold and thus the basis for issuing paper money. Populists wanted to expand the money supply to meet the needs of an expanding economy and country. Banks wanted to maintain control of the money supply. President William McKinley (from Canton, Ohio), strongly backed by the nation’s major corporations, signed the Act. Whether gold and/or silver, backing money with metal moved the nation further away from the Greenbacks, the debt- and interest-free currency issued as credit, by the Lincoln administration.
---------------------------------
Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is the original project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. It is currently updated by Greg Coleridge. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetary...@yahoo.com
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/
March 8-14
---------------------------------
MARCH 8
1702 – DEATH OF WILLIAM III, KING OF ENGLAND
He agreed in 1694 to give up his sovereign power as King to print or coin his nation’s own money to a new corporation, the Bank of England (It was a weakened monarchy).
MARCH 9
1933 – CONGRESS PASSES EMERGENCY BANKING ACT
Among its provisions, the Act gave the President the ability to declare a national emergency and have absolute control over the national finances and foreign exchange of the United States. It also allowed for closing insolvent banks. The Act empowered the President during time of war or other emergency to regulate or prohibit the exporting, hoarding, melting or earmarking of gold and silver coin and bullion. All US residents were compelled to pay or deliver all gold (be it coins, bullion or certificates) to the Secretary of the Treasury. They were paid the market value for their gold in dollars. Shortly afterwards, the government significantly raised the price of gold, which in effect, reduced the value of the dollar.
MARCH 10
1933 – LAST DAY OF “BANK HOLIDAY” DECLARED BY PRESIDENT ROOSEVELT
The “holiday” meant that all banks would be closed from March 6-10 to prevent further runs by depositors. Bank failures were a result of earlier speculative investments and banks loaning out more money than they actually possessed (called “fractional reserve banking”). When too many people came to a bank at the same time wanting their deposits, the banks collapsed since they lacked sufficient assets. The bank “holiday” was meant to restore confidence in the banking system. At the conclusion of the “holiday,” 5% of all banks were unfit to continue business, many others only were permitted to accept deposits, while others permitted only a certain percentage of deposits to be withdrawn. Slightly more than 50% of all banks reopened with no withdraw restrictions.
2000 – EVE OF DOTCOM BUBBLE CRASH
The combined values of stocks on the NASDAQ was at $6.71 trillion on March 10. The market began crashing the next day. By March 30, the NASDAQ was valued at $6.02 trillion. It dropped to $5.78 trillion by April 6. Nearly a trillion dollars worth of stock value had evaporated in less than a month. What goes boom eventually goes bust in an economy with private control of the money system
MARCH 11
1893 – PUBLICATION OF “PANIC CIRCULAR” BY THE AMERICAN BANKERS ASSOCIATION [Note: Many individuals, including several US public officials, claimed they received the document. The American Bankers Association denied its authenticity].
The document calls on member banks to incite a financial panic to prevent greater public controls of banks, to counter increased public sentiment toward government-issued money and as a means to oppose silver (as opposed to gold) being used as a backing for currency.
The alleged document stated,
“You will at once retire one-third of your circulation (your paper money) and call in one-half of your loans. Be careful to make a monetary [emergency] among your patrons, especially among influential businessmen…
“The future life of national banks as fixed and safe investments depends upon immediate action, as there is an increasing sentiment in favor of Government legal-tender notes and silver coinage
MARCH 12
1685 - BIRTH OF GEORGE BERKELEY, ANGLICAN BISHOP OF CLOYNE IRELAND, PHILOSOPHER
Berkeley wrote The Querest in 1735. It was written as questions, which suggested their own answers. On whether money has inherent value, he asked/wrote: "Whether money is to be considered as having an intrinsic value, or as being a commodity, a standard, a measure, or a pledge as is variously suggested by writers?” On the evolution of exchange and money, "Whether in the rude original society the first step was not the exchanging of commodities, the next a substitution of metals by weight as the common medium of circulation, after this the making use of coin, lastly a further refinement by the use of paper with proper marks and signatures? And whether as it is the last so it be not the greatest improvement? And whether money be not in truth tickets or tokens for conveying and recording such power, and whether it be of great consequence what materials the tickets are made of."
2013 – "QUESTION FOR LIZ WARREN: HOW MANY SUBSIDIES DOES A ZOMBIE BANK NEED" PUBLISHED ARTICLE
"[T]he Fed is currently subsidizing the cost of funds for the US banking industry to the tune of about $90 billion per quarter or $360 billion annually." http://www.zerohedge.com/contributed/2013-03-12/question-liz-warren-how-many-subsidies-does-zombie-bank-need
MARCH 13
1943 – DEATH OF J.P MORGAN, JR, BANKER
JP (Jack) Morgan was the son and grandson of bankers who headed J.P. Morgan & Co., one of the most powerful banks in the nation. He struck a deal with the British and French governments to be the sole munitions and supplies purchaser during World War I, which earned the bank $30 million. The bank was so heavily tied to the British and French governments that it was charged Morgan politically pressured the US government to enter the war against Germany in order to rescue its loans.
MARCH 14
1782 - BIRTH OF THOMAS BENTON, US SENATOR, MISSOURI
“I object to the renewal of the charter of the Bank of the United States because I look upon the bank as an institution too great and powerful to be tolerated in a government of free and equal laws. Its power is that of the purse, a power more potent than that of the sword, and this power it possesses to a degree and extent that will enable this bank to draw to it too much of the political power of this Union, and too much of the individual property of the citizens of these States. The money power of the bank is both direct and indirect."
1881 - INAUGURAL ADDRESS OF PRESIDENT JAMES GARFIELD
“The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value."
[Note: "coin" is a verb here, not a noun. Garfield was a Republican].
1900 – US GOLD STANDARD ACT APPROVED
The law established gold as the only metal standard for redeeming paper money. Populists had campaigned for several years before, culminating in the 1896 Presidential election, to include silver as a standard for redeeming paper money. Banks controlled most of the gold and thus the basis for issuing paper money. Populists wanted to expand the money supply to meet the needs of an expanding economy and country. Banks wanted to maintain control of the money supply. President William McKinley (from Canton, Ohio), strongly backed by the nation’s major corporations, signed the Act. Whether gold and/or silver, backing money with metal moved the nation further away from the Greenbacks, the debt- and interest-free currency issued as credit, by the Lincoln administration.
---------------------------------
Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is the original project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. It is currently updated by Greg Coleridge. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetary...@yahoo.com
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/
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