Why not Greenbacks?

Greenbacks were paper money advocated by President Andrew Jackson in the 1840s and eventually authorized by the Legal Tender Act of 1862. Greenbacks were issued directly by the US Government…subject to limitations established by the US Congress. The total value of Greenbacks in circulation was raised by subsequent currency acts on July 10, 1862 , March 3, 1863, and May 3, 1878.

Greenbacks were not backed by gold, or bank deposits, or government reserves and bore no interest. At the end of the Civil War, the Radical Republicans, led by Abraham Lincoln and his economic advisor Henry Charles Carey sought to make the Greenback System permanent. In March 1865 Carey published a series of letters to the Speaker of the House of Representatives entitled The Way to Outdo England Without Fighting Her in which he called for the two-pronged financial strategy for post-war reconstruction of raising the Bank Adequacy Ratio to 50% and issuing Public Credit in the form of Greenbacks. Lincoln was assassinated the following month and the Lincoln/Carey Plan abandoned. The American economist S.G.Fisher once commented that ‘the Greenbacks were the best currency that ever a Nation had.’

7 responses to “Why not Greenbacks?

  1. Friedrich Paul Berg

    The Greenback strategy sounds like the same strategy Hitler used to achieve the unmatched economic recovery in Germany from 1933 to 1938. Hitler’s economic miracle was unmatched by any nation, ever–and without gold backing and in the midst of a world depression in a country that had no resources except for coal and the industrial skill of its people.

    What are the author’s thoughts in that regard?

    • Yes, yes, that was the reason why WWII was staged. Just as Saddam who wanted to use Euros to pay for oil! Same formula by the unelected money people who pull the strings of war behind the scenes.

      With many thanks for your thoughts,

  2. This article is full of ignorance-based lies. The actual fact is

    that Andrew Jackson considered gold/silver coins money by nature and the money of the US constitution, and he warned against paper money.

    Throughout his political life, Abraham Lincoln was a warm and vocal friend of the central bank concept; he considered banknotes backed by government bonds the best national currency the nation may have.

    The United States notes promised to pay, and did pay; following the formation of the Federal Reserve, the National currency banks (given to ye by Abraham Lincoln &co) presented $170million greenbacks at the Treasury and received gold for them.

    Abraham Lincoln was NOT a radical republican. Who were radical reconstructionists?
    Thaddeus Stevens the bank-lawyer, employed by Nicholas Biddle from 1824. Charles Sumner, voted for legal-tender, for national currency banks, for reduction of currency, for credit strengthening; because greenbacks were a necessary war measure (and the basis of the National currency Bank System
    Who were Abraham Lincoln’s advisors when it came to money and banking? Joseph Seligman and August Belmont

    Who were the “fathers” of greenbacks? Senator John Sherman, trained up by (central banker) Thomas Ewing; Portland Chase, bank-lawyer employed by Nicholas Biddle, Sam Hooper, rich merchant; Erastus Corning, robber baron; Thaddeus Stevens, bank-lawyer; Gerry Spaulding, banker

  3. You are of the opinion that one should get paid in order to learn facts ? (interesting concept; you paid money for the garbage compiled by enemy alien Ellen Brown, but someone should give you money to read facts ?)

    It is my hobby to read the Record —it is a cruel thing, it ruins the best day-dreams conjured up by charlatans like Ellen Brown, Bill Still, Ed Griffin, and a hord of other book-peddlers and trojan infiltrators in the past 150 years.

    If you had the courage, to pick up a printed copy of Abraham Lincoln’s collected papers, you could acquaint yourself with the views of this invented hero of the people.

    If you had the courage to read the Record, you could learn that it was the bankers who brought you greenbacks (for nefarious purposes); and they told you that, to your face, out-loud.

    Similarly: over 100 years passed since the signing of the FedResAct, yet not one of the book-peddlers, not one of the regurgitators had dared to read its story.

    Do you think someone should pay people to read the history of Federal Reserve ?

  4. Delusion of grandeur
    to think that someone would spend money to show the lies in a 9-year-dead post

    As is usual with enemy aliens and their groupies, you flatly refuse to point out any falsehood in my responses;
    or any facts in your own post.

    (where is Ellen the Trojan Brown, these days? she seems to be very silent on the invasion of Europe)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s