In 1910, a 9-day meeting at Jekyll Island, GA, featured several financial moguls of the time (the participants met in secret, telling their closest associates they were going duck-hunting):
Senator Nelson Aldrich, his personal secretary Arthur Shelton, former Harvard University professor of economics Dr. A. Piatt Andrew, J.P. Morgan & Co. partner Henry P. Davison, National City Bank president Frank A. Vanderlip and Kuhn, Loeb, and Co. partner Paul M. Warburg.
The bankers and financier's returned to their respective offices content with what they had accomplished. The details of the plan changed slightly between the initial draft, but would later become the Federal Reserve Act.
The story of the control of the money supply began in late 17th century Europe. Nine-years war, Louie the 14th of France, territorial and dynastic claims left him in a war with the rest of France. King William III of England, devastated by his stunning naval defeat, commits his court to rebuild the English Navy. There's only one problem - Money.
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In 1691, a Scottish banker, Sir William Patterson, came up with a banker's solution. He proposed to "form a company to lend one million pounds to the Government at 6% (plus a 5,000 'management fee') with the right of note issue."
Patterson's proposal was revised in 1694 to a 1.2 million pound loan at 8%, plus 4,000 for management expenses.
The Bank of England Charter was signed in 1694 and the Bank of England was created. The name is a carefully constructed fabrication, designed to make it appear to be a government entity. It is a private bank, owned by private shareholders, for their private profit, with a charter from the King that allows it to print the public's money out of thin air, and lend it to the crown.
The birth of the Bank of England saw the creation of a template that would be replicated across the globe - paper money. You now had a privately controlled central bank that could lend money to the government at interest. Money that it prints out of nothing.
The jewel in the crown for the International Bankers that created this sordid financial system, would become the future economic powerhouse of the world, the United States.
Desperate to find a way to finance the early stages of the war, Congress turned to Robert Morris,** a wealthy shipping merchant who was investigated for war profiteering two years prior.
In 1781-1784, Robert Morris is Superintendent of Finances and regarded as the most powerful man in America, next to General George Washington. In his capacity as Superintendent, Morris lobbies for the creation of a privately owned central bank, modeled after the Bank of England. Just as it was in Britain, the U.S. Congress was forced to do business with the bankers.
Robert Morris obtained a sizable loan from France. He used part of it, along with some of his own fortune, to organize the Bank of North America, chartered on May 26, 1781. The first government-incorporated bank in the United States, it aided war financing. Thomas Willing, the first director of the failed Bank of North America was brought in to serve as the first director of the First Bank of the United States.
The BNA started out by loaning congress 1.2 million. By the end of the war, BNA was downgraded from a national central bank to a private commercial bank chartered by the state of Pennsylvania.
A group led by Alexander Hamilton** started working on the next privately owned central bank for the newly formed United States of America. Hamilton made no attempt to hide the intended deception of this privately owned financial cabal. He stated:
"A national debt, if it is not excessive, will be to us a national blessing" [letter to James Dewayne written in 1781]. "It will be a powerful cement of our Union. It will also create a necessity for keeping up taxation to a degree which, without being oppressive, will be a spur to industry" [the debt-based system we see today].
"The spirit of war and indictment, since the modern theory of the perpetuation of debt, has drenched the earth with blood, and crushed its inhabitants under burdens ever accumulating."
Nevertheless, Hamilton is victorious and the first bank of the United States is chartered in 1791. The newly created financial institution follows the pattern of the Bank of England and the Bank of North America, to the letter. A privately owned central bank with the authority to loan money that it creates out of nothing, to the government.
In the first years of the banks existence, the U. S. Government borrows 8.2 million from the bank and prices rise 72 percent. Keep in mind, this occurred in the 18th century; 8 million then is the equivalent of 200 million today (see Inflation Calculator).
In 1795, when Hamilton left office, the incoming treasury secretary announced that the government needed more money, so it sells its 20 percent share in the bank, thereby making the First Bank of the United States, a 100 percent privately owned corporation. Once again, the U.S. economy plundered while the private banking cartel laughed all the way to the bank that they created (and they are still laughing today).
On January 8, 1835, President Jackson succeeded in paying off the debt, and for the first and only time in American history, the United States was debt-free.
By the dawn of the 20th century, the bulk of the money in the American economy was centralized in the hands of a small clique of industrial magnates, each with a monopoly on their respective sectors.
Astor's in real estate; Carnegie and Schwab's in steel; Harriman's, Standford's, and Vanderbilt's in railroads; and the Mellon's and Rockefeller's in oil. As these families begin to consolidate their fortunes, they gravitated to the banking sector. In this capacity the business moguls form a network of financial interest and institutions around one man, banking scion, John Pierpont Morgan.
J.P. Morgan financed New York Central Railroad, along with most other major corporations of the era. Morgan financially supported AT&T, General Electric, General Motors, Dupont, just to name a few. He then buys out Carnegie and creates U.S. Steel Corporation, America's first billion dollar company. J.P. brokered a deal with President Grover Cleveland to save the nations gold reserves by selling $62 million worth of gold to the treasury in return for government bonds. Morgan also sets in motion, the crisis in 1907 (the "Panic of 1907") that led to the creation of the Federal Reserve.
Seventy-eight (78) years later, on December 23, 1913, the Federal Reserve Act was signed into law and the Feds began operations, the following year.
Sources:
- ETHOS: Time To Unslave Humanity
- First Bank of the United States
- List of Central Banks
- The Federal Reserve Bank - Century of Enslavement
Notes:
** Robert Morris Jr. was a financier, ship merchant, funded slave-trading voyages, financed the American Revolution, signer of the Declaration of Independence, and Pennsylvania US senator from 1789 to 1795. Morris invested a considerable portion of his fortune in land shortly before the Panic of 1796–1797, which led to his bankruptcy in 1798, and he spent several years in debtors' prison, until Congress passed a bankruptcy act to release him. Released from prison in 1801, died in 1806.
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