Abraham Lincoln is usually remembered as the president who waged the victorious Civil War effort and abolished slavery through the 13th Amendment to the US Constitution. Not so well known is the fact that he financed the Civil War with United States Notes called "Greenbacks" due to the green ink used on the back side. This money was issued by the Treasury Department, under authority of Congress, without debt or interest obligation. $450,000,000 of these greenbacks were issued and they circulated for over 100 years without problem. The US government needs to issue their modern electronic counterparts, Electronic Public Money (i.e. digital greenbacks), in place of the burdensome Federal Reserve US Notes and Federal Reserve Bank Credit which are based on US Bond issues. Debt free money must be introduced again in order to fund relief and reconstruction efforts required by recent hurricane seasons, set aside the sequestration budget cuts, in order to boost employment and real output, and to solve the National Debt problem. Download and read our White Paper below which explains how new "digital greenbacks" (the modern form of US Notes) can be used to bring down budget deficits, bring down the national debt, invest in infrastructure to boost GDP growth rates, and can be regulated so as to prevent inflation.
Draft legislation has been prepared to show how Congress could get new Electronic Public Money flowing fast. Just press the button below to review this proposal. If you like it, send it to your representatives in Congress, and to the President and his Council of Economic Advisors. The matter is urgent!
Benjamin Franklin understood the importance of government issued debt free money. He wrote a paper entitled "A Modest Enquiry into the Nature and Necessity of a Paper Currency" in 1729 a full 58 years prior to the 1787 Constitutional Convention. In fact he made quite a bit of money as a printer who printed money for the Colony of Pennsylvania in amounts commensurate with the needs of commerce so as to promote growth without causing inflation. It is interesting to note that Franklin did not press his views on the others at the Constitutional Convention, favoring the omission of controversy to the inclusion of an explicit authorization of Congressionally approved paper money. Hence the US Constitution makes no explicit authorization for government issued paper money, a serious defect which Franklin allowed as a matter of diplomacy. It was left to Lincoln and the Supreme Court to fill in this intentional omission a hundred years later.
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