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.