This book is based upon the
monetary theories of the now obscure late 19th Century economist
Alexander Del Mar, the author of “The Science of Money.”
Del Mar defined money in
three ways, as an abstract means of saving and storing value, as a measurement
of the worth of things, and as a means of exchange.
Utilizing this thesis, author
and syndicated radio commentator Chuck Morse examines the history of money and
currencies with a particular emphasis on the story of American currency from
Colonial times to the present.
Through this analysis, Morse
compares the various and at times intense struggle through American history
between the school of thought, first articulated by Benjamin Franklin, Thomas
Jefferson and James Madison, which held that currency, in order to find its
true expression as described later by Del Mar, should be created and issued
directly by the U.S. Government interest free.
This view was countered by
Alexander Hamilton who played a pivotal role in the establishment of the First
Bank of the United States, a private banking institution that was granted a
virtual monopoly to issue, at interest, the American currency.
Thus the argument was between
public debt-free money, issued by the U.S.Treasury, and reflecting economic
production and national values, and the debt note loaned to the government.
Other champions of the debt free U. S. Note include Andrew Jackson, Abraham
Lincoln, James Garfield, Franklin D. Roosevelt, and John F. Kennedy.
Morse observes that American
money has been a debt instrument since the establishment of the Federal Reserve
Bank in 1913, which he refers to as a private cartel of banks and investors
both domestic and foreign.
Whenever our government needs money, Morse notes,
rather than simply creating our money through the Treasury, the Congress
borrows our money from the private bankers and investors at the Federal Reserve
Bank at interest. This, Morse notes, is why we have a national debt and this is
why we as citizens are up to our eyeballs in personal debt.
Our Money has been inflated
ten times over in the last half century. Morse points to periods of American
history where capital accumulation was at such a rapid rate that individuals
and businesses were virtually debt free and were able to grow by means of
investing their own profits as opposed to having to borrow, at interest, to the
This book offers suggestion
in terms of how to get out of the economic mess were are in today. Ideas are
presented in this book that would lead to a debt-free currency, one that
reflects the value of American production and one in which private bankers are not skimming off the top.
Such a form of currency, Morse notes, would be to the
benefit of everyone at all levels of the economic spectrum as such a system
would lead to genuine individual and national prosperity and sovereignty.