Towards the end of the American Revolution, the continental congress grew in need for money. In 1781 they allowed, Robert Morris, to open a privately owned central bank. Imagine! The very thing you had just fought against. Shame!! Morris was already a wealthy man but his wealth grew exponentially during the war because he had traded in war materials. This new bank, named the Bank of North America was modeled closely after the Bank of England. The scourge of fractional reserve banking was again practiced. Just let me point out that if you or I were to lend out money we didn't have and then charge interest on it, we would be arrested for fraud, which is a felony charge. The bank’s charter required its investors to invest $400,000 into the company, but when Morris was unable to acquire the necessary funds, he used his influence to have gold bullion deposited into the bank. He then loaned this money to himself and his friends so they could invest it. Sounds a little bit like history repeating, eh! Well, that’s exactly what happened and after four years of economic disaster the Bank of North America’s charter was up for renewal. That’s right, you see in those days, corporations in the U.S. were given charters for a specified amount of time and it was up to the corporation to justify why the charter should be renewed when it is about to expire. Getting back to the Bank of North America, its charter was not renewed in 1785.
William Findley (R-PA), who was the leader in the plight to get rid of the bank succinctly summed it up (1785): “The institution, having no principal but that of avarice, will never be carried in its object to engross all the wealth, power and influence of the state”.
The evil men behind the Bank of North America would not give up so easily. Only 6 years later, Alexander Hamilton, who was serving as Secretary of the Treasury, would cram a new bill through Congress establishing yet again, a privately owned central bank in the U.S. This bank, called (The First) Bank of The United States would have Thomas Willing as its president, the very same man who was the president of the Bank of North America. As you can see, this was a change in name alone.
In 1787 leaders gathered in Philadelphia to replace the now outdated Articles of Confederation. As noted earlier, James Madison and Thomas Jefferson were vehemently opposed to the idea of a privately controlled central bank. They remembered the problems caused by The Bank of England.
1787 Thomas Jefferson: “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations which grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered”.
Despite this, the bankers and their international criminals would not give up. Somehow they convinced the delegates to not give Congress the power to print money. The moneychangers would not settle for American prosperity. They were hell bent on controlling America’s fate.
The same year that the First Bank of United States was established, Rothschild decreed the following:
Amschel Rothschild – “Let me issue and control a nation’s money and I care not who writes the laws”.
After a year of insane debate, in 1791, congress approved the bank on a twenty year charter. REMEMBER THE YEAR 1791 and 20 years: Important for Canadians and Americans alike. Just as the Bank of North America and The Bank of England, the private investor money thugs did not put up their full share of the investments. The government foot the bill for 20%. So what about the remainder? As usual these criminals lent money to each other and through the miracle of fractional reserve banking “covered” their liabilities.
Just like its predecessor bank, the Bank of The United States (later known as the First Bank of The United States) chose its name to disguise itself as a government entity. And also, just like its predecessors, the names of the original stockholders were never disclosed. However, one can infer that the Rothschilds were the power behind the bank. Stability and the elimination of inflation were the “goals” of the bank and these were used as selling points to Congress. Sounds good on paper, right?
But what did the bank do? In first five years, the federal government borrowed a little over $8 million from the banks, and in that same period of history, prices rose by 72%. Thomas Jefferson watched in horror:
“I wish it were possible to obtain a single amendment to our Constitution, taking from the federal government their power of borrowing”. (1791)
Now there’s an idea!
Miraculously, people seemed to catch onto this scheme and the bank’s charter would not be renewed.
Read on...Part Six is HERE