01-31-2022, 09:37 PM
In a meeting with merchants and bankers at the British Board of Trade, members asked Franklin how the American Colonies managed to collect enough money to support their poor. Â Franklin replied, "That is simple. Â In the Colonies, we issue our own money. Â
It is called Colonial Scrip. Â We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. Â In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one." Both quotes from Charles Binderup, Ibid. Â "It passed through no banker's hands, but was loaned to the people direct, thus saving banking toll and banking restriction of volume; nor are there any panics or fluctuations recorded. Â Thomas Powell, M.P., of England, who had acted as governor and commander-in-chief of all provinces, in a book written by him in 1768, says in regard to this colonial system of money: 'I will venture to say that there never was a wiser or better measure, never one better calculated to serve the uses of an increasing country, and never was a measure more steadily pursued or more faithfully executed for forty years together than the loan office in Pennsylvania, formed and administered by the assembly of the province.'" Samuel Leavitt, Our Money Wars, 1894. Â
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"After Franklin gave explanations on the true cause of the prosperity of the Colonies, the Parliament exacted laws forbidding the use of this money in the payment of taxes. This decision brought so many drawbacks and so much poverty to the people that it was the main cause of the Revolution. The suppression of the Colonial money was a much more important reason for the general uprising than the Tea and Stamp Act." Peter Cooper, industrialist, inventor, philanthropist, and Presidential candidate.Â
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http://www.opednews.com/articles/How-Ben...1-773.html
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They really gave Franklin a new sense of the problem. When he came home after the reaction he received in England, his mind was on defeating the Crown and all it stood for. But, he also new the more insidious problem behind the Crown. All from that debt incurred upon the King for his own greed and prosperity!
It is called Colonial Scrip. Â We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. Â In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one." Both quotes from Charles Binderup, Ibid. Â "It passed through no banker's hands, but was loaned to the people direct, thus saving banking toll and banking restriction of volume; nor are there any panics or fluctuations recorded. Â Thomas Powell, M.P., of England, who had acted as governor and commander-in-chief of all provinces, in a book written by him in 1768, says in regard to this colonial system of money: 'I will venture to say that there never was a wiser or better measure, never one better calculated to serve the uses of an increasing country, and never was a measure more steadily pursued or more faithfully executed for forty years together than the loan office in Pennsylvania, formed and administered by the assembly of the province.'" Samuel Leavitt, Our Money Wars, 1894. Â
Â
"After Franklin gave explanations on the true cause of the prosperity of the Colonies, the Parliament exacted laws forbidding the use of this money in the payment of taxes. This decision brought so many drawbacks and so much poverty to the people that it was the main cause of the Revolution. The suppression of the Colonial money was a much more important reason for the general uprising than the Tea and Stamp Act." Peter Cooper, industrialist, inventor, philanthropist, and Presidential candidate.Â
Â
http://www.opednews.com/articles/How-Ben...1-773.html
Â
Â
They really gave Franklin a new sense of the problem. When he came home after the reaction he received in England, his mind was on defeating the Crown and all it stood for. But, he also new the more insidious problem behind the Crown. All from that debt incurred upon the King for his own greed and prosperity!