US: You must pay the public debt and never question it

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The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned

Fourteenth Amendment to the United States Constitution

The Fourteenth Amendment (Amendment XIV) to the United States Constitution was adopted on July 9, 1868 as one of the Reconstruction Amendments.





Section 1. All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.

Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.


http://en.wikipedia.org/wiki/Fourteenth ... nstitution


Bottomline: Repeal it !

Over to this other important issue . . .

National Bank Act

The National Bank Act (ch. 58, 12 Stat. 665, February 25, 1863) was a United States federal law that established a system of national charters for banks, the United States national banks. It encouraged development of a national currency based on bank holdings of U.S. Treasury securities, the so-called National Bank Notes. It also established the Office of the Comptroller of the Currency (OCC) as part of the Department of the Treasury. This was to establish a national security holding body for the existence of the monetary policy of the state. The Act, together with Abraham Lincoln's issuance of "greenbacks", raised money for the federal government in the American Civil War by enticing banks to buy federal bonds and taxing state bank issued currency out of existence. The law proved defective and was replaced by the National Bank Act of 1864. The money was used to fund the Union army in the fight against the Confederacy. This authorized the OCC to examine and regulate nationally-chartered banks.

The act barely passed in the Senate by a 23-21 vote.

The first bank to receive a national charter as a result of the act was the First National Bank of Pittsburgh, Pennsylvania (Charter #1).[1] The first national bank to open its door was The First National Bank of Davenport, Iowa (Charter #15)


A later act, passed on March 3, 1865, imposed a tax of 10% on the notes of State banks to take effect on July 1, 1866. The tax effectively forced all non-federal currency from circulation, resulted in the creation of demand deposit accounts, and increased the number of national banks to 1,644 by October 1866.

The next major changes to bank regulation in the United States appeared in 1908 with the enactment of the Aldrich-Vreeland Act.

Aldrich–Vreeland Act

The Aldrich–Vreeland Act was passed in response to the Panic of 1907 and established the National Monetary Commission, which recommended the Federal Reserve Act of 1913.

http://en.wikipedia.org/wiki/National_Banking_Act

http://en.wikipedia.org/wiki/Aldrich-Vreeland_Act

Nelson W. Aldrich

. . . his daughter, Abby, married John D. Rockefeller, Jr., the only son of John D. Rockefeller. Her son, Nelson Aldrich Rockefeller, served as Vice President of the United States under Gerald Ford.


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