The Coming Battle

Chapter II - Origin of the Present National Banking System

Chapter I
Origin of the Money 
Power in America

When the North and the South were marshaling their respective armies to determine the question of military supremacy, the weight of foreign influence was thrown to the southern cause. Great Britain, from her antipathy to the people of the United States, early recognized the Confederacy, and her course was followed by France and Spain, but the latter powers did not resort to the extreme measures of England.

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"Slavery is likely to be abolished by the war power and chattel slavery destroyed.  This I and my European friends are in favor of; for slavery is but the owning of labor and carries with it the care of the laborer, while the European plan, led on by England, is capitol control of labor by controlling wages.  This can be done by controlling the money.  The debt, that capitalists will see is to be made out of the war, must be used as a measure to control the volume of money.  To accomplish this the bonds must be used as a banking basis.  We are now waiting for the Secretary of the Treasury to make his recommendation to Congress.  It will not due to allow the Greenback (as it is called) to circulate as money any length of time, for we can not control it."

This famous circular was sent from the London bankers to the American bankers.

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   On the 18th of March, 1869, a bill entitled, "An Act to Strengthen the Public Credit" was signed by President Grant. The provision of the Credit Strengthening Act declared that the public faith is solemnly pledged to the payment of the interest and non-interest bearing obligations of the government in coin or its equivalent, except where the law authorizing the issue of such obligations has expressly provided that the same may be paid in lawful money, or other currency than gold and silver. Furthermore, the United States solemnly pledges its faith to make provisions at the earliest practical period for the redemption of the United States notes in coin.

As indentured slaves, the American people were pledged as collateral for the national debt, to be paid back in gold and silver. 

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