Send a Tweet
Most Popular Choices
Share on Facebook 3 Share on Twitter 3 Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
Exclusive to OpEdNews:
OpEdNews Op Eds

Lincoln's buried bank note veto applies today

By       Message Clifford Johnson       (Page 2 of 2 pages) Become a premium member to see this article and all articles as one long page.     Permalink    (# of views)   14 comments

Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) ; ; ; ; ; ; ; , Add Tags  (less...)
Add to My Group(s)

Must Read 1   Well Said 1   Inspiring 1  
View Ratings | Rate It

opednews.com Headlined to H3 5/20/13

Author 66549
Become a Fan
  (7 fans)
- Advertisement -

What is the state of this debate today? "Greenbackers," who advocate new issues of true United States notes, are few and belittled. But, since the economic collapse of 2008, they have steadily grown in numbers and can no longer be discounted as crackpots and communists. Ignited by brutal bank-fraud-induced foreclosures, unemployment and government austerities, the public's monetary reeducation makes headway, despite pervasive big bank propaganda in a brave new post-Citizens United world.

This article is just another drop in that progressive enlightenment bucket. It provocatively prompts you to ask yourself (1) whether you accept the logic of Lincoln's veto message; (2) whether, and with what force, like logic applies today; and, in any case, (3) why this is the first time you have heard of " Lincoln's Message to Congress in favor of a National Currency, but vetoing irredeemable bank notes."

For deeper guidance, see Lincoln's Populist Sovereignty: Public Finance Of, By, and For the People , 12 Chap. L. Rev. 561 2008-2009, by Professor Timothy Canova.

________________________

- Advertisement -

[1]

Federal Reserve notes have not been redeemable to individuals since the 1930s and have not been redeemable to other nations since 1971.

[2]

- Advertisement -

By "fractional banking," the Federal Reserve System, on average, obtains from the public much more than the face value of the money that the Treasury prints for it to issue.

[3]

Forgetting this, the mistaken consensus of today's monetary mentors is that Lincoln was driven to reluctantly and momentarily issue fiat greenbacks. For example, Larry Schweikart, on BookTV , recently stated that "Lincoln doesn't have a lot to do with greenbacks [because] his Secretary of the Treasury from Ohio, Samuel Chase, is the one who comes up with idea," and because Lincoln supported a 1863 national banking act, which did authorize national bank notes. In fact, Congress authorized fiat greenbacks as a national currency only because of Lincoln's personal veto; and Chase initially resisted the idea, which appears to have been first proposed by Col. Edmund Taylor . Moreover, the 1863 banking act did not prefer fiat bank notes. It required that the new national bank notes be redeemable in gold, by the issuing bank.

Next Page  1  |  2

 

- Advertisement -

Must Read 1   Well Said 1   Inspiring 1  
View Ratings | Rate It

opednews.com

Clifford Johnson is a semi-academic naturalized Brit. He first entered the U.S. as a rah-rah Harkness Fellow. For theater, language, and also as a questionable ex-Brit, Johnson adopts a Tom Paine II persona. His activist credentials comprise serial (more...)
 

Clifford Johnson Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

How The One-Dollar Coin Can Cure The Economy

The American Crisis: Deficit Reduction Proposal Snags Treasury Misinformation

Ninth Circuit Leaves Door Open To Suit Against GAO Re Coins Act

Federal Court Affirms Sweeping "Bully Pulpit" Government Right to Lie: Treasury Can't Be Sued

California's Death Penalty: The California Supreme Court's Carefulness Con

The American Crisis: To Free a Lender-Owned Nation (Part IV)