Talk:Colonial Scrip

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This article was nominated for deletion on March 28, 2007. The result of the discussion was keep.

Colonial Script was money that was not backed by gold and silver. In the 18th Century if you issued money it would decrease the Purchasing Power of it, if you issued 10 dollars it would decrease the value of all your money(Purchasing Power). The Colonies economy prospered because they were not being oppressed by the bank of England yet. The Bank of England had the rest of the world by the balls because they controlled the british government through the debt and Gold standard system.

I don't believe that the word is "script" it is "scrip" --Unattributed

Your conclusion about debased money and inflation is incorrect in that it assumes that were the Congress to issue more debased currency, the legal requirement on the banks to keep the same amount in reserves would continue unchanged. This is hardly the case as were the Congress to actually issue its own money instead of letting the Federal Reserve--a privately own bank with no Congressional oversight--print it, they would most assuredly increase the amount banks must hold in reserve in order for the currency to maintain its value. Foofighter20x 04:48, 2 April 2007 (UTC)

[edit] Discussion moved from article text

Sean Gabb writes: At least the majority of these alleged quotes are fake. No one in the 18th or 19th centuries would have written this sort of English. "Manipulators", "Prime Cause", "inflation", "Deflation", "Corportations" - these are words either unknown at the time or unused to carry the meanings here given them. There is also the matter of grammar and prose rhythm. These quotes are all fabrications by various monetary dissidents of the middle to late 20th century.

I suggest this whole entry should be removed.

• • The proof lies in the pudding. They may not have been the exact words of the men quoted, but they do accurately reflect their views. The words have merely been adjusted so we can understand what they are saying in modern economic terms. Franklin did indeed go to London in 1764 to argue on the Colonies behalf to get their money back. His views on the currency are accurately quoted. The same goes for Jefferson.

[edit] Fraudulent quotes

I removed these quotes from the article, since evidently no one believes that they are accurate.

"We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay no one" -Benjamin Franklin This is from a 1941 radio address by Congressman Charles G. Binderup of Nebraska"America Created it's Own Money"

After the Revolutionary War had started, Benjamin Franklin believed it was the act of abolishing Colonial Scrip that was a heavy contributor to revolution. "The Colonies would gladly have borne the little tax on tea and other matters had it not been the poverty caused by the bad influence of the English bankers on the Parliament, which has caused in the Colonies hatred of England and the Revolutionary War." - Benjamin Franklin (Also from the Binderup address)

The refusal of King George to operate an HONEST colonial MONEY SYSTEM which freed the ordinary man from the clutches of the manipulators was probably the prime cause of the Revolution. (Thomas Jefferson)

Thomas Jefferson prophesized what would happen to America if it ever lost the inalienable right to issue its own money.

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." (Thomas Jefferson)

Eliot 16:28, 28 March 2007 (UTC)