Abraham LIncoln, on Money

“Money is the creature of  law, and the creation of the original issue of money should be maintained as the exclusive monopoly of national government. …The monetary needs of increasing numbers of people advancing towards higher standards of living can and should be met by the government.  Such needs can be met by the issue of national currency and credit through the operation of a national banking system.  The circulation of a medium of exchange issued and backed by the government can be properly regulated and redundancy of issue avoided by withdrawing from circulation such amounts as may be necessary by taxation, re-deposit and otherwise.  Government, possessing the power to create and issue currency and credit as money…need not and should not borrow capital at interest….The financing of all public enterprises, the maintenance of stable government and ordered progress [my emphasis], and the conduct of the Treasury will become  matters of practical administration…Money will cease to be the master and become the servant of humanity.  Democracy will rise superior to the money power.” (Abraham Lincoln, Senate document 23, p. 91, 1865)

 

With thanks to my friend Mark Anielski.

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