COIN'S FINANCIAL SCHOOL -- I
Synopsis by Conspiracy Nation
(Based on *Coin's Financial School* by William Harvey (1895))
Coin, a young financier living in Chicago, established a school
of finance. The school opened on May 7, 1894. The school was
dedicated, "To those trying to locate the seat of the disease
that threatens the life of the nation."
Professor Coin begins with a quote from "The Report of the U.S.
Monetary Commission of 1878."
History records no such disastrous transition as that from
the Roman empire to the dark ages... [In the Roman era]
the metallic money of the Roman empire amounted to $1.8
billion. By the end of the fifteenth century it had shrunk
to $200 million... The discovery of the New World by
Columbus, restored the volume of precious metals [and]
enabled society to reunite its shattered links, shake off
the shackles of feudalism, and to relight and uplift the
almost extinguished torch of civilization.
In money there must be a unit. In arithmetic, the number "1" is
the unit. All countings are sums or multiples of that unit. A
unit, in mathematics, is a necessity as a basis to start from.
In making money it was equally necessary to establish a unit. In
1792, Congress fixed the monetary unit at 371.25 grains of pure
silver. That much silver was to constitute a dollar.
Gold was made money, but its value was counted from these silver
units or dollars. The ratio between silver and gold was fixed at
15 to 1, and afterward at 16 to 1.
This continued to be the law up to 1873. Up until then, no one
could say that the silver in a silver dollar was only worth 47
Up until 1873, we were on what was known as a bimetallic basis,
but what was in fact a silver basis. (Silver fixed the unit, and
the value of gold was regulated by it.)
Our forefathers showed much wisdom in selecting silver, of the
two metals, out of which to make the unit. Silver was the most
favored as money by the people. It was scattered among all the
people. Men having a design to injure business by making money
scarce, could not so easily get hold of all the silver and hide
it away, as they could gold.
On February 12, 1873, Congress passed an act purporting to be a
revision of the coinage laws. This law repealed the *unit*
clause in the law of 1792, and in its place substituted a law in
the following language:
That the gold coins of the United States shall be a
one-dollar piece which at the standard weight of
twenty-five and eight-tenths grains *shall be the unit of
It then deprived silver of its right to unrestricted free
coinage, and destroyed it as legal tender money in the payment of
debts, except to the amount of five dollars. President Grant
said later that he would not have signed the bill if he had known
that it demonetized silver.
An army of a half million men invading our shores could not have
made us surrender the money of the people and substitute in its
place the money of the rich. A few words in fifteen pages of
statutes put through Congress in the rush of bills did it.
Silver was demonetized secretly, and since then a powerful money
trust has used deception and misrepresentations that have led
tens of thousands of honest minds astray.
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