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Fiat Money in the Republic of Texas

Tuesday, February 03 2009 @ 05:41 PM CST

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Thought this was interesting take on money from the Texas State Historical Association about fiat money:

February 3,
Republic authorizes mercantile firm to issue money

On this day in 1841, the Republic of Texas Congress authorized the firm of McKinney, Williams and Company to issue notes for circulation as money, using for security mortgages on real estate, slaves, and sawmill.

This desperate measure reflected the history of money in the republic, where the various issues of currency--including exchequer bills," "interest notes," and "red backs"--all were textbook examples of "fiat money," or paper money not redeemable in specie.

The republic issued a total of $4,095,990 in paper money. Until the approach of annexation, government-issued currency was typified by Sam Houston's promissory notes of 1837, called "Star Money" because they were decorated with a star. Houston printed this money "to avoid the absolute dissolution of the Government." Measured against United States dollars, red backs (issued by the Lamar administration in 1839) started with a value of 37½ cents and fell to two cents before expiring completely. (Note: This valuation was fiat money against Silver and Gold specie money.. not the fiat dollars of the US today)

Other currencies underwent a similar, if less dire, inflation, and citizens--especially government employees, who were paid in these currencies--suffered accordingly. Rich in natural resources, poor in manufactured goods, and chronically depleted of silver and gold (which had to be paid for imports), the Republic of Texas sorely needed the economic blessings that came with annexation to the United States.

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Now 164 years later the 'economic blessings?' for joining the US in 1845 are some of the same reasons for leaving the US in 2009!

We're given fiat money with no backing in specie by the US. Texas is rich in natural resources and poor in manufactured goods, thanks to incompetent and downright STUPID economic trade policies of Washington D.C. Texas is chronically depleted of gold and silver by Wall Street and Washington (& the City in London).

California is giving 'promissory notes' (IOUs) as payment for services and wages-- and this could be used in Texas before too long if Texas remains part of a failed nation and its failed system.

The US and their criminal banksters have given Texas a financial system backed and secured by mortgages -- this failed in Texas in 1837 and its failed again in 2007 in the USA.

The Federal Reserve is creating more fiat money and fiat 'credit' to the tune of 10 -15 trillion dollars and Congress is creating trillions of fiat money hoping to stem a dissolution of the US federal government.

Too, we must consider that every dollar or check that the State, county, city governments in Texas demand and accept are a violation of a Texas constitutional requirement that ONLY gold and silver be accepted as payment.

It's meltdown time for the US system.. all their systems

Texas can escape this meltdown...free Texas.

Join the Texas Nationalist Movement and let's make it happen!

http://www.texasnationalist.com




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