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23 Free issue of MICHAEL
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government-created money, not to fight them,
but to imitate them.
He wanted to get on the right side from a
personal standpoint, for it would never do to
make enemies of those so powerful as to be able
to destroy public money. His natural leanings
toward a central private money creation system
were strengthened when he realized that such
a system could be put over on an uninformed
public.
During the war, Hamilton already developped
plans to carry such inequity in America. On April
30, 1781, twenty-year-old Hamilton, who had
gained ascendancy over Robert Morris, the Sec-
retary of the Treasury for President Washington
dared to write to Morris: “A national debt, if it
is not excessive, will be a national blessing; a
powerful cement of union; a necessity for keep-
ing up taxation, and a spur to industry.”
America handed over to the financiers
1789: The American Constitution has just
been adopted and the first President, George
Washington, formed his first cabinet. He wants to
give the Treasury to Morris. Much to his surprise,
Morris refused and recommends Hamilton. Then
Washington commits the biggest mistake of his
administration, that will compromise all his work.
Hamilton became the first secretary of the U.S.
Treasury (Minister of Finance).
Benjamin Franklin died in 1790. Hamilton now
feels free to implement his plans, but he must
maneuver; the U.S. Constitution is clear on the
exclusive authority of Congress for the isssuance
of the currency. While Franklin is gone, Jefferson
is still there and will certainly watch over a work
in which he took such a large part.
The debt of the United States, especially con-
tracted for war purposes, then rises to $ 75 mil-
lion, partly owed to foreigners, and partly owed
to American individuals who received those
bonds from the Rothschilds. The new nation
needs the means of exchange (cash in circula-
tion) to enable the conducting of business. It is
sovereign. The wisest thing would be to issue
the necessary currency, metal or paper, and put
it into circulation by buying back its debt. Ham-
ilton had a different philosophy. He proposed
that the debt be converted into interest-bearing
bonds. Instead of creating debt-free currency to
be put into circulation, which meant an average
of $19 per head, he preferred to create a core
national debt of $ 19 per head.
The new Congress had the power “to coin
money and regulate its value.” Hamilton must,
therefore, find a way to set aside this power, if
his coveted central money- creating bank, pat-
terned after the Bank “of England” was to come
into being. He worked on Congressmen to sup-
port his plan for converting the public obliga-
tions into interest-bearing bonds. He passed out
hints to key men regarding recommendations in
his report, which should have been properly an
official secret. As the result, these certain Con-
gressmen scrambled to pick up, at enormous
discounts, the paper which they were told would
be converted into interest-bearing bonds.
The great agricultural population fought
Hamilton under the leadership of Thomas Jef-
ferson, who called Hamilton’s bank a “ prostitu-
tion of laws which constitute the pillars of our
whole system of jurisprudence.” Hamilton said:
“It shall be under a private and not a public
direction — under the guidance of individual
interest and not of public policy.” Despite Jef-
ferson’s efforts, Hamilton was able to put his
bank plan into action.
Communications were slow. The uninformed
rural regions gave up their bonds for 15 cents on
the dollar. One member of the House actually
sent two fast vessels to the South to purchase
bonds. How Hamilton was able to carry his point,
that is, sell out the new nation, is understood by
the fact that 45% of the members of the House
bought this paper on his advance information.
There is nothing new about the “art” of using
Judases.
The only thing left for Hamilton to do was to
seal his work by establishing a private central
bank to create and lend money, according to
the principles of the Bank of England. Hamilton
undertook this in 1791. It hardly met opposition
in the Senate, where there were still representa-
tives of the power of money. But he faced the
Jeffersons, Madisons, Adams, etc. However he
acquired the art of deceiving and fooling. Ham-
ilton said: “The emitting of paper money by the
authority of government is wisely prohibited to
the individual states by the national constitution;
and the spirit of that prohibition ought not to be
disregarded by the government of the United
States. The wisdom of the government will be
shown in never trusting itself with the use of so
dangerous and seductive an expedient.”
In Hamilton’s opinion, this “dangerous and