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Our Monetary System

29 August 2005

Some historical facts long since forgotten.

The original Tories were Jacobites. The Jacobites upheld the Crown as fount of sovereignty and the power of monetary emission belonged to the Sovereign.

The Whigs on the other hand were proponents of the issue of the means of exchange as interest-bearing debt, by private bankers giving domination of the State by high finance and not by the Sovereign.

Socialist Labour is heir to the Whig tradition. Labour accepts that private financial institutions like banks, should be allowed to issue new money as credit.

Ins 1694 the Tonnage Act made it legal for bankers to create and issue the means of exchange as credit.

Thus was formed the Bank of England, financed by subscribers, to whom it was explained "The Bank hath benefit of interest on all the money, which it, the Bank creates out of nothing".

It took a while for this banking system to cross the Atlantic. But on 23rd December 1913, at the Christmas recess, the American President, Woodrow Wilson, signed the Federal Reserve Act.

Thomas Jefferson had warned the American people that "The banking institutions are more dangerous to our liberty than standing armies. Already they have raised up a money aristocracy, which has set the Government at defiance. The issuing power should be taken from the banks and restored to the people".

Therefore, monetary reform was originated by Thomas Jefferson and not by doctor Edward C Hamlyn.

More recently Lord Stamp, a Director of the Bank of England, stated "The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. If you want to be slaves to the bankers and pay the cost of your own slavery, then let the banks create money".

Monetary reform has become desperately urgent because Labour is determined to take us into the euro, which will be issued as credit by a private central bank in Germany. This short briefing is intended to bring into sharp focus the reason that monetary reform is a dire necessity.

All that is required, is to abolish the Tonnage Act of 1694 and restore to Government the sole right to create and issue new money and to do so under our direction, so that we restore democracy and have a government of the people, for the people and by the people.

Doctor Edward C Hamlyn MBChB