The money kings wanted 24% to 36 % interest for loans to our government to conduct the Civil War.
Lincoln and his Secretary had applied to them (the bankers or money lenders of New York) for loans tp carry on the war. The money lenders asked for 24% to 36% interest. The President and his Secretary were outraged. The money lenders replied. “If the government doesn’t want the money at this figure we can loan it to the Southern Confederacy.”
The President was greatly disturbed. At this rate, he couldn’t even pay his soldiers.
During Lincoln’s worrying about this matter, he recalled that he had a friend. Colonel Dick Taylor in Chicago, in whom he had great confidence. So he sent for him, and when Taylor arrived they sat down to talk.
Lincoln poured out his worries to his friend.
Why Lincoln, Taylor said: “that is easy. Just get Congress to pass a bill authorizing the printing of full legal tender treasury notes or greenbacks, and pay your soldiers with them. God ahead and win your war with them, too.”
“Do you suppose the people will take them, Lincoln asked.
And to this Taylor replied:
“The people or anyone else will not have any choice in the matter, if you make them full legal tender. They will have the full legal sanction of the government and be just as good as any money; congress is given that express right by the constitution; and the stamp of full legal tender by the government is the thing that makes money good anytime, and this will be as good as any other money inside the borders of our country”
And so it is written that that very thing was done; the soldiers were paid and some sixty million dollars of the full legal tender greenbacks were issued. All were taken at par and never appreciably fell below par at any time, as they were full legal tender for all debts both public and private.
The integrity and the resources of the entire nation guaranteed their value.
President Lincoln was very appreciative of this nelp, and wrote a letter to the New Hork Tribune on December 6, 1891:
“My Dear Colonel Dick,
I have long determined to make public the origin of the greenback and tell the world that it is Dick Taylor’s creation.You had always been friendly to me and when troublesome times fell upon us, and my shoulders , though broad and willing, were weak, and myself surrounded by such circumstances and such people, that I knew not whom to trust. Then I said in my extremity: ‘ I will send for Colonel Taylor. He will know what to do.I think it was January 1862 about the 16th, that I did so; you came, and I said to you::”What can we do?’ Said you, ‘Why issue notes bearing no interest, printed on the best banking paper. Issue enough to pay the Army expenses and declare it legal tender.
I first thought it a hazardous thing, but it was finally accomplished it and gave the people of this republic THE BEST BLESSING THEY EVER HAD … their own paper money to pay their own debts.
It is due you, the father of the present greenback that this people should know it, and I take great pleasure in making it known. How many times I have laughed at you telling me that I was too lazy to be anything but a lawyer.
Yours truly, Lincoln
But the wonderful condition spoken of by Mr. Lincoln was not to continue. Our glorious country was not to have the continuous blessing of a paper money to pay its debts with.
As soon as Lincoln began to issue perfectly good full legal tender greenbacks, good as gold anywhere in the country, the bankers and money changers saw that unless they could stop that sort of thing they were ‘sunk’ as far as ever being able to issue their interest bearing money again.
The following editorial in the London Times … just when Lincolns greenback were working alright and paying debts as good as gold …
“If this mischievous financial policy which has had its origin in the North American Republics during the late civil war should become endurated down to a fixture, then the Government will furnish its own money without cost. It will pay off debts and be without debts. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the world. The brains and wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe.” from ‘Who Rules America’ by C.K. Howe
It is recorded that four days after the passage of the Legal Tender Greenback Law, there was held in Washington D.C. , a “Bankers Conventon” where bankers from New York, Boston, and, Philadelphia were present. One can well imaginer their activity was directed to obtaining the help and assistance of certain Senators and Representatives to get that legal tender money law crippled or repealed, and another private banking monopoly established.
On April 15, 1865 Lincoln was shot and killed.
On November 22, 1963, John F. Kennedy was shot a killed. He issued legal tender Kennedy Dollars and coined beautiful silver Kennedy half dollars.
The Constitution, Section 8, states that Congress has the right to coin money and to regulate its’ value.
From the Book: ‘Lincoln Money Martyred’ by Doctor R.E. Search (1935)