Conspiracy Nation -- Vol. 11 Num. 04
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("Quid coniuratio est?")
Synopsis by Conspiracy Nation
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 cents.
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 This law repealed the unit clause in the law of 1792, and in its place substituted a law in the following language: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 value.
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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