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[Economics]
Pawns in the Game
by William Guy Carr
Posted December 9, 2017

Nathan Mayer Rothchild, banker to nations and kings

Nathan Mayer Rothschild

Robert L. Owen, former chairman, Committee on Banking and Currency, United States Senate, states that when associates of the Rothschild’s asked [Benjamin] Franklin how he accounted for the prosperous conditions prevailing in the colonies, he replied : “That is simple — In the Colonies we issue our own money. It is called Colonial Script — We issue it in proper proportion to the demands of trade and industry.”

Robert L. Owen remarked that not very long after the Rothschilds heard of this they realized the opportunity to exploit the situation with considerable profit to themselves. The obvious thing to do was to have a law passed prohibiting the Colonial officials from issuing their own money and make it compulsory for them to obtain the money they required through the medium of the Banks. Amschel Mayer Rothschild was still in Germany but he was supplying the British Government with Mercenary Troops at £8 per man. Such was his influence that in 1764 he succeeded, through the Directors of the Bank of England, in having laws passed in accordance with his dictates.

The authorities in the Colonies had to discard their Script money. They had to mortgage the Colonial assets and securities to the Bank of England in order to borrow the money they needed to carry on business. Referring to those facts Benjamin Franklin stated. “In one year the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the Colonies were filled with unemployed.” Franklin stated : “The Bank of England refused to give more than 50 per cent of the face value of the Script when turned over as required by law. The circulating medium of exchange was thus reduced by half”.[1] More…