Title: THE HISTORY OF MONEY Abraham Lincoln's Greenback Dollar
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Content: Hazard Circular - London Times    1865 From this extract its plan to see that it is the advantage    provided by the adopting of this policy which poses a threat to    those not using it. 1863, nearly there, Lincoln needed just a bit    more money to win the war, and seeing him in this vulnerable    state, and knowing that the president could not get the    congressional authority to issue more greenbacks, the money    changers proposed the passing of the National Bank Act. The act    went through. From this point on the entire US money supply would    be created out of debt by bankers buying US government bonds and    issuing them from reserves for bank notes. The greenbacks    continued to be in circulation until 1994, their numbers were not    increased but in fact decreased. " In numerous years following    the war, the Federal Government ran a heavy surplus. It could not     (however) pay off its debt, retire its securities, because to do    so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply." John Kenneth Galbrath The American    economy has been based on government debt since 1864 and it is    locked into this system. Talk of paying off the debt without first    reforming the banking system is just talk and a complete    impossibility.