Uploaded on Sunday 25 May, 2014 to the money trust
The Democratic National Convention in Chicago; July 9, 1896
The close of the 19th century in the United States saw fierce battle between proponents of bimetallism (gold and silver), and advocates of a gold standard (gold only) as reserves for the money supply. Those who stood for bimetallism (its supporters were called "Silverites") ran on a policy issue which became known as Free Silver.
America had just recovered from the Long Depression which ensued between the years 1873 to 1879. The demonetization of silver was seen as a major cause for the economic depression. Money had been scarce; there were a lot of commercial foreclosures and unemployment had been high.
By 1896, the issue of injecting more silver money into the system had become the central issue in the presidential campaign. At the Democratic National Convention in Chicago, a former Congressman for Nebraska running on the Free Silver ticket, William Jennings Bryan, made a passionate speech which won him the party nomination to contest the 1896 presidential election. His acclaimed speech became known as Crown of Thorns, Cross of Gold and is widely regarded as the most famous oration ever made before a political convention.
In his speech, Bryan asserted the government's duties and sovereign rights to coin and issue money saying:
â€śWe say in our platform that we believe that the right to coin and issue money is a function of government. We believe it. We believe that it is a part of sovereignty and can no more with safety be delegated to private individualsâ€¦ I stand with Jefferson rather than with them, and tell them, as he did, that the issue of money is a function of government, and that the banks ought to go out of the governing businessâ€¦ we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labour this crown of thorns; you shall not crucify mankind upon a cross of gold.â€ť
The position which the money trust held was anti-bimetallism. They would use every means at their disposal to quash the Silverites' attempts at reshaping monetary policy. To exert pressure on Congress to support their cause for maintaining the de facto gold standard, they lobbied members of the Republican party.
Wary of the threat, the money changers put all their support behind the Republican candidate, William McKinley, who favoured the gold standard. To help get him elected, a mass propaganda campaign began, slandering the Free Silver policy issue. Bryan made over six hundred speeches in twenty seven states. The McKinley campaign embarked on a strategy of shock tactics, spreading the news that if Bryan were elected, the economy would stagnate and people's jobs and livelihood would be at risk.
The ruse proved successful. Bryan lost the 1896 election for the Democrats and the gold standard remained; but it was not until 1913 that the money trust got what they ultimately wantedtheir cherished central bank.
Ellen Hodgson Brown, President & Founder of the Public Banking Institute (PBI) and author of such books as "The Web of Debt", The Public Bank Solution", addresses the PBI 2012 conference in Philadelphia.
Victoria Grant, seen here aged 12 years old, addresses the first annual Public Banking Conference in Philadelphia, PA. Her father and she discovered that the debt money system was what was wrong with the Canadian economy and decided to do something about it.
The Bank of North Dakota was established by legislative action in 1919 to promote agriculture, commerce and industry. North Dakota is the only state to have escaped the credit crisis. For every year since 2008, it has run a budget surplus and it has the lowest unemployment figures in the US, the lowest default rate on its loans and the lowest foreclosure rate.
Mike Krauss, Chairman of the Pennsylvania Project, puts forward his proposal, based on the success of the Bank of North Dakota, to create a Public Bank for the state of Pennsylvania. Such a move would free the state from the clutches of the Fed, reduce the debt burden, boost investments and serve the public interest.
Most people hold the view that their bank deposits are safe with the big commercial banks, however, this assumption is not based on the facts. This video features official government documents detailing information that should sound anyone's alarm bells [edited].