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"A primary object…should be the education of our youth in the science of government. In a republic, what species of knowledge can be equally important? And what duty more pressing…than… communicating it to those who are to be the future guardians of the liberties of the country?"

-George Washington

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DEVELOPMENT OF THE UNITED STATES MONETARY SYSTEM

   Historically, the principal mistakes grew out of two rather amazing monetary institutions which crept into our system. The first institution which poisoned the monetary well was the development of a privately owned central bank copied after the Bank of England. The second institution which brought on us a cycle of "boom and bust" economics was the adoption of a procedure for the creation of "money out of nothing" through a system of fractional banking.

   Here is the interesting story of these two institutions.

The Story of the Bank of England

   In 1694 William III was involved in a war with France. He needed money, and he needed it in large quantities. The British coffers were empty, so he asked for vast loans of money from a superrich Englishman named William Paterson and some of his wealthy friends. Paterson and his friends were perfectly agreeable to the loan provided they were allowed to do two things:

1. Set up a privately owned bank to be called the Bank of England.
2. Receive authority from the king to issue their own bank notes or certificates as the official legal tender of England.

   Since the Paterson bank notes were what the king would be loaned to build and equip his armies, he readily agreed. This gave legal sanction to a private bank being authorized to print bank notes as the legal tender for the whole nation. Each bill promised to pay in gold "on demand," but the bankers actually had only a small fraction of the gold needed to cover the vast quantity of bank notes being printed. By this means the bankers brought the king in as a patron and beneficiary of a system of "fractionalized banking," or making money out of nothing.

  Nevertheless, it gave the king what he needed, and it gave the bankers what they wanted. What did it matter if the bankers were making money out of nothing? At least William would have the needed bank notes which merchants accepted as "money," and so he could buy the mercenaries and needed armaments to carry on his war with France! Governments take precisely the same attitude today.

   The king even went so far as to eliminate any possible competition for the so-called "Bank of England" by giving Paterson and his friends an official charter from the Crown and commanding the goldsmiths of London to immediately discontinue issuing receipts as depositories for precious metals. This drove most of the merchants to store their gold with the Bank of England.

   So this was the means by which a privately owned bank became the official depository of the Crown, printed its own bank notes as the king's legal tender, and "legalized" its magic formula for "making money out of nothing." By any standard, William Paterson considered this fantastic achievement pure genius.

Continued

We wish to extend a patriotic welcome to all South Carolinians and beyond to the First
Myrtle Beach Freedom Weekend. During this event, we hope to encourage all
people from South Carolina and the surrounding area to not only learn more
about The Supreme Law Of The Land, but to become active in the restoration of
our country.

Because of decades of not abiding by our Constitution, Americans now face some of the
greatest challenges in history. From our economy to civil liberties, we are seeing
America fall into uncharted waters with no end in sight. We know that many
Constitutional-based organizations and speakers at this event will help to shed
light on where we are and what we can do to help our country.


The Myrtle Beach Freedom Weekend will serve as a great network & educational event
for ALL people - regardless of origin, economic background or education...

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This is the exciting exploration which Jefferson, Adams, Franklin , Washington
and others made in order to rediscover the key to the creation of the first free
nation in modern times. We trace their adventure from 1400 B.C. to A.D. 1787

Part Two:  "The Perfect Plan of Liberty "

A refreshing look at the solid political and economic principles from the pre-
amble through the amendments to the Constitution. You learn perhaps for the
first time, how nearly every problem in America today can be solved by re-
storing these successful concepts.

Co-organizer Chappell Dew on the Making of
America seminar and the structure and purpose
of the Myrtle Beach Freedom Weekend...

Lectures and break out sessions, hosted by a variety
of speakers, will take place throughout the weekend,
including...  

We are very happy to announce...
G. Edward Griffin as our keynote speaker
for the Saturday evening dinner and will be a
featured speaker on Sunday morning.

G. Edward Griffin is a writer and documentary film
producer with many successful titles to his credit.
Listed in Who’s Who in America, he is well known
because of his talent for researching difficult topics
and presenting them in clear terms that all can understand. He has
dealt with such diverse subjects as archaeology and ancient Earth
history, the Federal Reserve System and international banking, terror-
ism, internal subversion, the history of taxation, U.S. foreign policy,
the science and politics of cancer therapy, the Supreme Court, and the
United Nations. His better-known works include:
The Creature from Jekyll Island, World without Cancer, The Discovery
of Noah’s Ark, Moles in High Places, The Open Gates of Troy,
No Place to Hide, The Capitalist Conspiracy, More Deadly than War,
The Grand Design, The Great Prison Break, and The Fearful Master.

Interview with G. Edward Griffin...


G. Edward Griffin in Fall of the Republic


Judge Napolitano interviews G. Edward Griffin
on the Federal Reserve





Thomas Moore