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Jennifer is Co-host of The Story of Liberty Radio Broadcast, video editor and creator, blogger & Web designer for the Story of Liberty. TheStoryofLiberty.net

Money As Debt

Ever wonder how banks get money to issue lines of credit? This is a interesting explanation:

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.

Thomas Jefferson(Attributed)
3rd president of US (1743 – 1826)

The First Bank of the United States was a central bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. Establishment of the Bank was included in a three-part expansion of federal fiscal and monetary power (along with a federal mint and excise taxes) championed by Alexander Hamilton, first Secretary of the Treasury. Hamilton believed a central bank was necessary to stabilize and improve the nation’s credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution.

Officially proposed to the first session of the First Congress in 1790, Hamilton’s Bank faced widespread resistance from opponents of increased federal power. Secretary of State Thomas Jefferson and James Madison led the opposition, which claimed that the bank was unconstitutional, and that it benefited merchants and investors at the expense of the majority of the population.

The First Bank building is now a National Historic Landmark located in Philadelphia, Pennsylvania within Independence National Historical Park.

First Bank of the United States
3rd Street facade (2009)
Location: 120 South Third Street
Philadelphia, Pennsylvania
Coordinates: 39°56′53.25″N 75°8′48.45″WCoordinates39°56′53.25″N 75°8′48.45″W
Built: 1795
Architect: Samuel Blodgett,
possibly with James Hoban
Architectural style: Greek Revival, other
Governing body: National Park Service
NRHP Reference#: 87001292 [1]
Added to NRHP: May 4, 1987
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