In the annals of American monetary history, an obscured narrative unfolds-- a story often overlooked or deliberately ignored. Delving into the clandestine past of the United States Secret Service reveals its pivotal role in the erosion of sound money within the nation.
Unveiling the Origins: Secret Service and the Birth of Fiat Currency
Founded in 1865 during the waning days of the Civil War, the Secret Service emerged as a branch of the US Treasury Department. Initially tasked with thwarting counterfeit U.S. currency, it swiftly became a linchpin in a broader scheme to sideline constitutional, sound money-- especially in the form of gold and silver coins.
National Banking Acts: Catalysts for Change
The genesis of this transformation lies in the National Currency Act of 1863 and the Coinage Act of 1864, collectively known as the National Banking Acts. These legislative maneuvers not only nationalized the U.S. currency but also set the stage for the Secret Service's expanded role.
Decentralized Origins to Centralized Fiat: Shifting Dynamics During the Civil War
Prior to the Civil War, a decentralized network governed currency issuance and banking in America. States and free banking institutions issued notes backed by gold or silver, fostering a system with tangible value. However, the war prompted both the Union and the Confederacy to issue fiat currency to fund their endeavors, disrupting the established order.
The Union's Fiat Push and the Birth of Greenbacks
The Union introduced greenback fiat currency in the form of Demand Notes and United States Notes. Simultaneously, the Confederacy issued fiat greybacks, comprising Confederate Dollars and Treasury Notes. The shift towards fiat money, divorced from tangible value, laid the groundwork for a centralized fiat currency system.
Legal Tender Cases: Redefining Money and Government Hypocrisy
The government's audacious move to redefine money through the Legal Tender Cases marked a turning point. Despite decrying counterfeit coins, officials mandated the acceptance of unbacked fiat currency as legally equal to gold and silver. The Supreme Court's controversial affirmation of this scheme further solidified the government's grip on the nation's monetary system.
Evolution of Secret Service: From Counterfeiters to Presidential Protectors
Established to combat counterfeit money, the Secret Service initially focused on private counterfeiting operations. However, with the assassinations of Presidents Garfield (1881) and McKinley (1901 ), the Secret Service expanded its mandate to include the protection of U.S. presidents.
Federal Reserve Act of 1913: Culmination of a Decades-Long PLan
Fifty years before the passage of the Federal Reserve Act in 1913, Congress set in motion a comprehensive plan. This plan aimed to deplete the nation's gold and silver reserves, introduce fiat currency, endorse fractional reserve banking, eliminate state and private banknotes, fortify the IRS, and empower the Secret Service to enforce these changes.
Towards a Solution: Advocating for a Free Market in Money
To restore financial integrity, a return to a free-market system for money is proposed. A competitive landscape where gold and silver coexist with various forms of payment, devoid of government coercion, emerges as a potential solution.
In conclusion, unraveling the covert chapters of the Secret Service's involvement in reshaping America's monetary landscape sheds light on a complex narrative. Embracing a free-market approach stands as a beacon for re-establishing a sound monetary system, allowing the superior currency to prevail.
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