As another Lame Cherry exclusive in matter anti matter.
But the glorious termination of the war did not cure the evil of a ruined currency and defective finances, nor render less impressive the financial lesson which it taught. A return to the currency of the constitution — to the hard-money government which our fathers gave us — no connection with banks — no bank paper for federal uses — the establishment of an independent treasury for the federal government ; this was the financial lesson which the war taught. The new generation into whose hands the working of the government fell during the Thirty Years, eventually availed themselves of that lesson : — with what effect, the state of the country since, unprecedentedly prosperous; the state of the currency, never deranged ; of the federal treasury, never polluted with " unavailable funds," and constantly crammed to repletion with solid gold ; the issue of the Mexican war, carried on triumphantly without a national bank, and with the public securities constantly above par — sufficiently proclaim.
In thee above you read the framework of sound money policy. The US Treasury controlled all features of the Nations Money Supply.
The return to hard money, gold as currency for wealth created.
No banks issued notes for federal abuse.
An independent US Treasury which managed the American money.
No national bank.
The super controller of all of this is what the Founders established in the Constitution, the US Congress. They coin currency for economic expansion of assets generated by the People. No inflation or deflation occurs.
Its expediency was generally admitted. The whole argument turned upon the word " necessary," as used in the grant of implied powers at the end of the enumeration of powers expressly granted to Congress ; and this necessity was affirmed and denied on each side at the time of the establishment of the first national bank, with a firmness and steadiness which showed that these fathers of the constitution knew that the whole field of argument lay there.
While the need for a national currency was proven by the failure of local currencies, the incorrect solution was again sought in a national bank, (this no doubt was the moneychangers who comprehended they could get rich like foreigners have in doing nothing as is the case of the Federal Reserve in robbing Americans.)
The second national bank grew out of this war. The failure of the local banks was enough to prove the necessity of a national currency, and the re-establishment of a national bank was the accepted remedy.
This went back to Alexander Hamilton in the Indian War which New America fought. It was deemed that a National Bank would avail the war debt problems, and it did, but it violated strict Constitutional Construction as the bank was controlling the money and not Congress.
Benton then shows that in the Mexican American War, the foundation of a sound currency, coined by Congress, with American expansion and tariffs on foreign goods, funded the war and the currency did not need a National Bank.
That trial has been obtained The second national bank was left to expire upon its own limitation. The gold currency and the independent treasury were established. The Mexican war tried them. They triumphed. And thus a national bank was shown to be "unnecessary," and therefore unconstitutional. And thus a great question of constitutional construction, and of party division, three times decided by the events of war, and twice against the constitution and the strict constructionists, was decided the last time in their favor ; and is entitled to stand, being the last, and the only one in which the constitutional currency had a trial.
So the lesson learned in these fundamentals are, the Constitution provides for Congress to regulate money supply as their duty. The US Treasury then manages this money supply for the public good. The sound currency established is not deflated nor inflated, it is stable. There is no middle man moneychangers involved getting their cut as nation rapists.
The Lame Cherry is going to inform you a closing reality in this. IF all these inflation zillionaires were eliminated which has thrown money supply out of value, meaning Wall Street and Jewstreet, and a sound Dollar returned, everyone reading this would be rich with the money and property they already have worked for.
The reason being is their Dollars would increase in value to make them all worth a million dollars by real value.
I leave that Lame Cherry lesson for your to absorb.
Are you learning anything yet?
Nuff Said
agtG
