Benjamin Franklin Rats Us Out In England

1763

England

Franklin was called before the Parliament in London and asked how he could account for the prosperity in the colonies.

"That is simple. In the colonies, we issue our own paper money. It is called 'Colonial Script'. We issue it in proper proportion to make the goods pass easily from the producers to the consumers. In this manner, creating ourselves our own paper money, we control it's purchasing power and we have no interest to pay to no one." — Benjamin Franklin

1764

England

England passed a law making it illegal for the colonies to issue their own currency. It was called the "Currency Act of 1764". This caused a great depression in America.

"In one year, the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the Colonies were filled with unemployed." — Benjamin Franklin

1776

England

Adam Smith publishes "An Inquiry into the Nature and causes of the Wealth of Nations".

Official version

Around the time of Adam Smith (1723-1790) there was a massive growth in the banking industry. Within the new system of ownership and investment, moneyholders were able to reduce the State's intervention in economic affairs, remove barriers to competition, and, in general, allow anyone willing to work hard enough-and who also has access to capital-to become a capitalist. It wasn't until over 100 years after Adam Smith, however, that US companies began to apply his policies in large scale and shift the financial power from England to America. [1]

Germany, Frankfurt

The House of Rothschild was founded.

The Colonies

The British colonies in the New World start a little revolution.

1779

England and Wales

Prison records for that year show that out of the 4,379 inmates, 2,078 (47.5%) were debtors and only 798 (18.2%) were convicted criminals.

1781

USA

The Continental Congress was desperate for funds and met at Independence Hall. They appointed Robert Morris (an arms dealer), to head the "Bank of North America", which was to be closely modeled after the Bank of England.

The charter [of the Bank of North America] called for private investors to put up $400,000.00 Capital as the initial investment. But when Robert Morris was unable to raise the capital he used his political influence to have Gold that had been loaned to America by France to be deposited in the bank. Then he loaned this money to himself and his friends to "re-invest" in shares of the bank. The bank held a monopoly over the National Currency. From the period of 1781 to 1785 the value of American Currency dropped and the banks charter was not renewed. The effort to kill the Bank of North America was lead by William Findley.

"The institution, having no principle but that of avarice, will never be varied in it's object...to engross all the wealth, power and influence of the state". — William Findley

1785

Germany

Mayer Amschel moved his entire family to a House called the "Greenshield", which they shared with the "Schiff" family.

[1] ] en.wikipedia.org/wiki/History_of_banking

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