Benjamin Franklin: People in Economics and Banking
Executive Summary
- Benjamin Franklin was an early promoter of debt free money in the US colonies.
Introduction
Franklin was the one who communicated to England why the colonies were so prosperous and connected it directly to the colonies creating their own debt-free money. Franklin observed the difference before and after colonial paper money was outlawed by King George II. This quote explains what Franklin explained to the British.
“Franklin said that.
“We have no poor houses in the colonies and if we had some there would be nobody to put them in. Since there is in the colonies, not a single unemployed person, neither beggar nor tramp.”
The English had listeners had trouble believing this and started poor houses and jails were had become to clutter. The English had actually shipped their poor to the colonies, when the directors of the Bank of England asked who was responsible for the booming economy the young colonies had, Franklin reportedly replied.
“That is simple. In the colonies we issue our own money. It is called the colonial script we issue with the pay the government’s approved expenses and charities we make sure it is issued in proper proportions to make the goods pass easily from the producer to the consumer. In this manner, grading for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to know what you see a legitimate government can both spend and lend money into the circulation. While banks can only lend significant amounts of their promissory notes. For they can neither give away nor spam but a tiny fraction of the money that people need. Thus, when your bankers here in England place money in circulation, there is always a debt principle to be returned and usually to be paid. The result is that you always have too little credit in circulation to give workers full employment. You do not have too many workers you have too little money in circulation, and that which circulates all bears the endless burden of unpayable debt and usury. After extolling the benefits of colonial script to the citizens of Pennsylvania, Franklin reportedly told his listeners, New York and New Jersey have also increased greatly during the same period with the use of paper money, so that it does not appear to be of the ruinous nature ascribed to it.”” – The Web of Debt
Source: The Web of Debt
https://www.amazon.com/Web-Debt-Shocking-Truth-System/dp/0983330859
Rather than copying the US colonies, private banking interests in England lobbied to make the colonial script illegal. This led to a depression in the US colonies. This led his mentee, Henry Clay, to support the US government in creating its own money.