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Thread: U.S. Note born Feb 25th 1862

  1. #1
    stoneFree
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    U.S. Note born Feb 25th 1862

    On this day in 1862, the U.S. Congress passes the Legal Tender Act, authorizing the use of paper notes to pay the government's bills. This ended the long-standing policy of using only gold or silver in transactions, and it allowed the government to finance the enormously costly Civil War long after its gold and silver reserves were depleted.

    Soon after the war began, the federal government began to run low on specie [metal]. Several proposals involving the use of bonds were suggested. Finally, Congress began printing money, which the Confederate government had been doing since the beginning of the war. The Legal Tender Act allowed the government to print $150 million in paper money that was not backed by a similar amount of gold and silver. Many bankers and financial experts predicted doom for the economy, as they believed there would be little confidence in the scheme. There were also misgivings in Congress, as many legislators worried about a complete collapse of the nation's financial infrastructure.

    The paper notes, called greenbacks, worked much better than expected. The government was able to pay its bills and, by increasing the money in circulation, the wheels of Northern commerce were greased. The greenbacks were legal tender, which meant that creditors had to accept them at face value. In 1862, Congress also passed an income tax and steep excise taxes, both of which cooled the inflationary pressures created by the greenbacks.

    Another legal tender act passed in 1863, and by war's end nearly a half-billion dollars in greenbacks had been issued. The Legal Tender Act laid the foundation for the creation of a permanent currency in the decades after the Civil War.

    source: http://www.history.com/this-day-in-h...der-act-passed

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    Unlike private and state banknotes, United States Notes were printed on both sides. The reverse side was printed in green ink, and they were thus dubbed "greenbacks." They were also called "legal tenders." Fiat money. Paper currency not backed by gold or silver. The value of the notes was based on faith in the government. Been this way 153 years to the day.

  2. #2
    The precursor was Gilpin's Notes here in Colorado. The War Chest was the gold of the '59'er's in Auraria and Central City. Shock testing was done between 1861 or so and 1913 in Canada.

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    P.S. Thanks for bringing it up! I enjoy that this is the 153rd year of the Income Tax. See John 21:11.


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    Last edited by David Merrill; 02-25-15 at 04:23 PM.

  3. #3
    Quote Originally Posted by stoneFree View Post
    In 1862, Congress also passed an income tax and steep excise taxes, both of which cooled the inflationary pressures created by the greenbacks.
    It is very noteworthy that paper money and income tax always go hand in hand. This was repeated later in 1913 -- both paper money (Federal Reserve) and income tax came back simultaneously.

  4. #4
    The absurdity that debt can function as currency!

    I was in a bible study yesterday morning and the leader was sticking to a point about getting the wrong kind of people into church leadership. I told an allegory, well maybe more a pertinent anecdote:


    A close friend of mine is an accomplished surgeon. He is the first surgeon to re-attach a human limb successfully - a thumb. When he was opening a bank account in Texas the bankers thought he would be great on the Board of Directors, simply because he is rich and famous. He began inquiring how debt could be considered currency at all. Pretty quick they were arguing and when my friend became discouraged about getting any answers from the rest of the Board he wrote Debt Virus, that was translated into 40 languages and is a devastating treatise against the criminal syndicalism of fractional lending.
    There is a prominent attorney in attendance and I noticed he was getting pale and even gray with a pallor!
    Last edited by David Merrill; 02-25-15 at 09:29 PM.

  5. #5
    Quote Originally Posted by stoneFree View Post
    In 1862, Congress also passed an income tax and steep excise taxes, both of which cooled the inflationary pressures created by the greenbacks.
    First income tax act was the Revenue Act of 1861. It was repealed by the Revenue Act of 1862.

    United States Notes replaced Demand Notes. Demand Notes were issued from 1861 - 1862.
    Last edited by shikamaru; 02-25-15 at 11:36 PM.

  6. #6
    Senior Member Michael Joseph's Avatar
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    Quote Originally Posted by David Merrill View Post
    The absurdity that debt can function as currency!

    I was in a bible study yesterday morning and the leader was sticking to a point about getting the wrong kind of people into church leadership. I told an allegory, well maybe more a pertinent anecdote:
    Heb 10:4 For it is not possible that the blood of bulls and of goats should take away sins.

    Yet Jacob hangs on to his spotted cattle. Paints them white even for those who are not too discerning. All of man's thoughts are spotted. Here's another allegory for you:

    Abraham kill you son. Issac is religion or anything that is loved so much that it places chains around our necks - Yep, religion fits that bill just fine.

    After the war in the carnal mind in Sodom and Egypt, Abraham tithed ten percent OF HIS MIND - Which is all of it - all of his spotted cattle - and Melchizedek came forth with the bread and the wine. Which is say the King of Peace came into the Upper Room and offered Truth and Spirit.

    Joh_4:24 God is a Spirit: and they that worship him must worship him in spirit and in truth.

    Joh_20:26 And after eight days again his disciples were within, and Thomas with them: then came Jesus, the doors being shut, and stood in the midst, and said, Peace be unto you.


    I am Abraham and so are you. Will you let Cain win - which is say the dead space of your carnal mind or will you shut Cain off and sacrifice that part of you on the Alter of your Mind?

    1Ki 6:7 And the house, when it was in building, was built of stone made ready before it was brought thither: so that there was neither hammer nor axe nor any tool of iron heard in the house, while it was in building.

    1Ki 6:8 The door for the middle chamber was in the right side of the house: and they went up with winding stairs into the middle chamber, and out of the middle into the third.

    The Temple is built in complete silence and is not built by the hands of men - and the Upper Room is to the Right side of the House.

    The MIND is the temple of God. And the wall around the city of Jericho - wherein was the School of the Prophets - will come down not by strength or might - but in sacrifice - MY SACRIFICE.

    "It feels so good to reunite
    Within yourself and within your mind
    Let's find peace there" - Creed

    Rev 11:8 And their dead bodies shall lie in the street of the great city, which spiritually is called Sodom and Egypt, where also our Lord was crucified.


    In the Southern Cross of our mind in the carnal land is where our Lord is crucified. For the Angels grabbed Lot and pulled him into the House but those men of sodom were blinded - carnal minded they are.

    Their eyes were covered with a veil - and even today - when Moses is read the veil remains. To try to figure out the Bible in our intellect is to be so far from the truth that it is equivalent to being 180 degrees apart. It is a great illusion to think we can in our intellect - for our thoughts are as spotted cattle - unclean and unfit for the Temple. If the priest enters unclean he dies. Which is to say he cannot remain.

    Rom_8:7 Because the carnal mind is enmity against God: for it is not subject to the law of God, neither indeed can be.


    Luk_23:34 Then said Jesus, Father, forgive them; for they know not what they do. And they parted his raiment, and cast lots.



    Regards,
    MJ
    Last edited by Michael Joseph; 02-26-15 at 12:38 AM.
    The blessing is in the hand of the doer. Faith absent deeds is dead.

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  7. #7
    Senior Member Brian's Avatar
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    Quote Originally Posted by Jethro View Post
    It is very noteworthy that paper money and income tax always go hand in hand. This was repeated later in 1913 -- both paper money (Federal Reserve) and income tax came back simultaneously.
    Bank "money" issued by private banks and the Springer income tax go hand in hand. The purpose of the income tax in the 1860's was to drive people away from state & wildcat banks to provide backing/legitimacy to the Greenbacks. The current iteration of the Springer income tax is to provide a drain valve on total bank credit in circulation...this comes from the Article 1 section 8 clause 5 authority of congress to "regulate the value thereof".

    Because you are not using the coin of the realm or other money issued directly by the Treasury you get "regulated" via taxation on your bank money income. Congress will get their seigniorage one way or the other. Using their coins and USN's and the they get it directly...use the banks money and the Federal reserve sends the Treasury its profits less 6% plus you lose a significant amount via taxes on bank credit. The choice(excise) is yours.

  8. #8
    Quote Originally Posted by David Merrill View Post
    A close friend of mine is an accomplished surgeon. He is the first surgeon to re-attach a human limb successfully - a thumb. When he was opening a bank account in Texas the bankers thought he would be great on the Board of Directors, simply because he is rich and famous. He began inquiring how debt could be considered currency at all. Pretty quick they were arguing and when my friend became discouraged about getting any answers from the rest of the Board he wrote Debt Virus, that was translated into 40 languages and is a devastating treatise against the criminal syndicalism of fractional lending.
    Social credit systems and blood banks can work marvelously among sober beneficiaries and right-minded trustees, but when you cap such systems off with a cabal of vampire trustees...what to expect?

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    Take the situation of a father with a natural, healthy sense of duty to care for his wife and children and the situation of a ruthless cabal...
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    ...that has the audacity to profit off of making the father's everyday affairs into a frustrating nightmare of desperation.

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    The warehouseman (retailer) is 'supposed' to profit from his services of housing and storing goods but not as though he were an artificer or manufacturer of the goods. A banker is supposed to profit from his services as a banker not as if he were the laborer or the artificer or originator of that which money is utilized to acquire. Ponder: banker-communist as "cock-blocker" creating pressures in social plumbing to the extent he promotes crime and despair (i.e. venting, leaks and explosions at points unintended)--it seems that they would have to know very well what they are doing to even spy in order to be so well-positioned to readily profit from fallout of the desperation and frustration resulting from their clock-blocking (i.e. from prisons and jails). Such a warehouseman or banker might do well to look up the definition of fraud. (Pssst: it really, really seems like they know what they are doing!)

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    And cinnamon, and odours, and ointments, and frankincense, and wine, and oil, and fine flour, and wheat, and beasts, and sheep, and horses, and chariots, and slaves, and souls of men. (Revelations 18:13)
    Perhaps the purpose of those religious tests served to make sure those that held office were those who had a sense of fear of punishment for lying or deception?



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    Last edited by allodial; 02-26-15 at 11:03 AM.
    All rights reserved. Without prejudice. No liability assumed. No value assured.

    "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
    "It is the glory of God to conceal a thing: but the honour of kings is to search out a matter." Proverbs 25:2
    Prove all things; hold fast that which is good. Thess. 5:21.

  9. #9
    Quote Originally Posted by allodial View Post
    Social credit systems and blood banks can work marvelously among sober beneficiaries and right-minded trustees, but when you cap such systems off with a cabal of vampire trustees...what to expect?
    I think of the corruption, elastic currency, as more basic than that. Any time you extend credit beyond the initial debtor you hypothecate a curse upon the next party. This is how the national debt becomes a curse upon thy neighbor and all our children.

    That was my point in offering my $20M Lien to China for $50M!

  10. #10
    Quote Originally Posted by David Merrill View Post
    I think of the corruption, elastic currency, as more basic than that. Any time you extend credit beyond the initial debtor you hypothecate a curse upon the next party. This is how the national debt becomes a curse upon thy neighbor and all our children.
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    I recall a scene from the movie The Sheltering Sky about a ritual for getting rid of sickness by selling it to someone else. Perhaps the power to forgive or cancel debt might be the ultimate antidote?

    ***

    Could it be that behind all the smoke and fog of financial corruption is something like this: Harry Q. Banker's cons John Doe out of money but under the law Harry Q. Banker owes money ("capital gains") because of the way he gained it [the TIN-man (taxman) bearing witness]. Incidental to the con, Harry Q. Banker sneakily puts John Doe (voluntary in John Doe's own writing) on the hook for Harry Q. Banker's debt. John Doe's note is really credit or positive money and has value that is why Harry Q. Banker is on the hook (cursed) for his con. Harry Q. Banker's gain is an abberation, its ultra vires inherently--it has no place, has no fundament--not kosher. The debt arises out of his own works of Black Magic, for he was told when he was initiated in the Dark Arts that there would be repercussions (in sum he knows that the Universe's circuitry doesn't support that way of doing things--so he goes in knowing that his ways are off kilter). Harry Q. Banker's Black Magic is the cause of the debt which is Harry Q. Banker's very own (i.e. the result is Harry Q. Banker is cursed--the curse belongs to Harry Q. Banker). In attempt to make things work (to balance the books?), Harry Q. Banker seeks to make his victim volunteer to be patsy for Harry Q. Banker's curse, as in in doing so Harry Q. Banker intends to to divert the curse to his victim with is victim's own allegedly "voluntary" writing (think: 'risk management' for practitioners of Black Magic who by 'profession' know of the consequence)--sells his curse to John Doe with John Doe volunteering.

    Harry Q. Banker is only supposed to gain from fees and nothing more but the Dark Side's appeal has him in the shadows playing footsie with curses. Afterall, what does a glorified accounting firm need with 100-story skyscrapers in every major city? That's not banking--that's empire building with curses. If Harry Q. Banker went into banking to be a banker, he wouldn't be looking to profit from anything other thank banking and would only collect fees from transactions.

    To put it more simply: a robber who steals $50, has his victim volunteer to put up $50 or more just in case his victim or 'karma' comes looking for $50.

    Isn't there something in the Book of Nehemiah about constructing with good, clean materials than with curses?

    Related terms: double jeopardy, usury, paying twice, double dipping (maybe the second dip is to mitigate against repercussions from the first con--"If he comes back for his $50, I'll have $100 to take it out of"?--Maybe Harry Q. Banker can't control himself so he spends it all?), bailout.

    Could it possibly be that until 1913 it was against the law to sell sickness in the U.S.A.?

    P.S. If UPS had the audacity to not only expect $14.99 for shipping charges but to profit by selling the package to the recipient folks would be fuming and pissed.
    Last edited by allodial; 02-26-15 at 03:28 PM.
    All rights reserved. Without prejudice. No liability assumed. No value assured.

    "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
    "It is the glory of God to conceal a thing: but the honour of kings is to search out a matter." Proverbs 25:2
    Prove all things; hold fast that which is good. Thess. 5:21.

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