President Lincoln Printed Interest Free Greenbacks to pay for the Amer

President Lincoln Printed Interest Free Greenbacks to pay for the American Civil war

The United States had become increasingly divided during the 1850's over sectional disagreements, especially regarding the extension of slavery into the territories.  In the November 1860 election Abraham Lincoln was elected the 16th president of the United States over a deeply divided Democratic Party, becoming the first Republican to win the presidency with 40 percent of the popular vote. By the time of Lincoln’s inauguration on March 4, 1861, seven states had seceded, and the Confederate States of America had been formally established, with Jefferson Davis as its elected president. One month later, the American Civil War began and the United States of America fell into a bloody political crisis.

 

During the Civil War (1861-1865), President Lincoln needed money to finance the War from the North. The wall street Bankers hold Lincoln over a barrel and were going to charge him 24% to 36% interest under those circumstances it was considered extortion. Lincoln was horrified and went away greatly distressed, for he was a man of principle and would not think of plunging his beloved country into a debt that the country would find impossible to pay back.

 

The solution came from Dick Taylor an Illinois businessman serving as a volunteer officer. Taylor met with Lincoln in January 1862, and suggested issuing unbacked paper money. Taylor said "Just get Congress to pass a bill authorizing the printing of full legal tender treasury notes... and pay your soldiers with them and go ahead and win your war with them also. If you make them full legal tender... they will have the full sanction of the government and be just as good as any money; as Congress is given the express right by the Constitution."

 

National governments had in the past issued paper money and made it legal tender, but usually with at least the pretense that the notes would be redeemable for specie at some time. Continental dollars issued by the Continental Congress during the American Revolution had no such backing. They soon became almost worthless largely due to massive British counterfeiting of them as an act of war.

 

The government could either print its own money or go into deep perpetual debt to foreign creditors. So the President was quick to endorse Taylor's proposal. President Lincoln printed nearly 450 million dollars worth of Greenbacks , money that he delegated to be created, a debt-free and interest-free money to finance the War. It served as legal tender for all debts, public and private. He printed it, paid it to the soldiers, to the U.S. Civil Service employees, and bought supplies for war.

 

  “The London Times” in 1865 printed the following: “If that mischievous financial policy, which had its origin in the North American Republic, should become inaugurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed, or it will destroy every monarchy on the globe.”  After this publication the British Government, which was controlled by the London and other European Bankers, moved to support the Confederate South, hoping to defeat Lincoln and the Union, and destroy this government which they said had to be destroyed.

 

President Lincoln knew that Britain would not support slavery, so he issued the Emancipation Proclamation, which declared that slavery in the United States was abolished. At this point, the London Bankers could not openly support the Confederacy because the British people simply would not stand for their country supporting slavery. The Bankers were determined and would not give up that easy. 

 

President Lincoln was assassinated by well-known stage actor John Wilkes Booth on April 14, 1865, while attending the play Our American Cousin at Ford's Theater in Washington, D.C. Shortly after the death of President Lincoln, Congress repealed the Green­backs Law and voted the national Banking Act in its place. The privately owned national banks issued notes that would be interest bearing. The Act also provided that the Greenbacks should be taken out of circulation as soon as they came back to the Treasury in payment of taxes. 

 

In 1913, the Bankers were able to get their Federal Reserve Act passed through Congress to replaced the National Banking Act which had earlier replaced the Greenback Law. If the Congress had continued the policy of Abraham Lincoln America would be a debt-free nation. 

 

A majority of Americans still believe that there was a conspiracy behind the assassination of President John F. Kennedy. Both Abraham Lincoln and Kennedy were assassinated while they held the high office of President of the United States. Both of these former presidents had also created their own money system to run the United States while they were in office. Is this just a coincidence that they were assassinated? 

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