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Resource Confiscation: Countries invaded by the
British Empire
1810 Supreme
Court rules, citing the Contract
Clause of the Constitution in Fletcher v. Peck, the first ruling to
overturn state
law, that a contract can not be
invalidated, even if the contract has been illegally
secured.
Facts:
In 1795, the Georgia state
legislature passed a land grant awarding territory to four companies.
The following year, the legislature voided the law and declared all
rights and claims under it to be invalid.
In 1800, John Peck acquired
land that was part of the original legislative grant.
He then sold the
land to Robert Fletcher three years later, claiming that the land sales had
been legitimate.
Fletcher argued that since the original sale of the
land had been declared invalid, Peck had no legal right to sell the land and
thus committed a breach of contract.
Question:
Could the
contract between Fletcher and Peck be invalidated by an act of the Georgia
legislature?
Finding:
The legislature's repeal of the law was
unconstitutional under Article I, Section 10, Clause I (the Contract Clause) of
the United States Constitution.
The majority concluded the sale between
Fletcher and Peck was a binding contract, which under the Contract Clause
cannot be invalidated even if it is illegally secured.
Panic of 1837 Moses Taylor*
doubles his fortune as many Americans go bankrupt during an abrupt
contraction of credit - more
than half the business' in New York fail.
1844
Peel Banking Act recognizes the Bank of England as the central
note-issuing authority, and as the lender of last resort.
"I have shown
that our system is that of a single bank keeping the whole reserve under no
effectual penalty of failure." - Walter Bagehot, Lombard Street: A
Description of the Money Market, 1873
1846 In
every country of the Temperate zone, the demand for British manufactured goods
is much greater than can be paid for by exports.
To equalize this
trade imbalance product
has to be delivered on credit.
Without the extension of credit in the
form of loans the ruling elites are unable to purchase the luxury goods they
crave.
As prices paid for raw materials are unable to compete with
prices paid for finished goods resource
pirates easily expropriate resources.
It purchases all it wants, and
the adverse balance of trade actually makes times better; for it causes the
profits of the Money Power
to be invested in the country, stimulating business activity.
The only
disadvantage is the business investment does not belong to the nation but to
the Money Power.
The prosperity
created is not national prosperity but
the bloated gains of the Money
Power.
With export profits growing faster than import needs the
mother country invests purchasing:
vast swaths of land connected to sea
ports through railroads;
tropical plantations in
Java and
Ceylon for the growth of
coffee,
indigo,
rice,
opium,
spices;
sheep ranches in
Australia and
South Africa;
cattle
ranches throught North and
South
America;
sugar plantations in the
West Indies and the
Sandwich Islands;
tea
plantations in China;
ruby mines in Burma;
diamond mines in
India, South Africa and
Brazil;
lumber
mills in Canada,
Norway,
Sweden and
Poland;
factories,
city houses,
city building and city buildings in all countries.
gold and
silver mines in California, the
Rocky Mountains, Australia,
Mexico and South America;
Newly mined gold and silver currency allows
investment on a massive scale.
Through the Bank of England global trade is
effectively monopolized.
1848
AT Stewart "Marble Palace"
at 280 Broadway opens with a thousand clerks and twenty million dollars worth
of a variety of goods on the shelves.
This is the birth of consumer
culture in the United States.
Consumer culture refers to the
theory modern human society is so
strongly subjected to consumerism stresses that the
centrality of purchasing
goods and services is a cultural practice fostering
many social behaviors.
1850 Construction on
the Panama Railroad begins.
1853
Kansas
City is planted as the outpost of Chicago, to
take away the American trade of the
Southwest from St. Louis and carry it to
Chicago.
"If anyone wishes to see how these
grand capitalists build up cities by the might of capital,
curiosity will be gratified by
observations in Kansas
City.
Every suburb
is planted, not by pioneers, as in other new towns, but by capitalists, who
spend millions before they invite a settler.
A railroad is first built to the
prospective town, the streets are graded, gas and water pipes installed,
the sidewalks laid and then settlers are invited to make their homes in the new
suburb." - L.B. Woolfolk
1855
Moses Taylor becomes president of
National City
Bank.
Panama Railroad, an interoceanic railroad, opens to
traffic allowing cargo from England to be shipped to the West coast of the
Americas without having to sail around the Cape of Good Hope.
1857 During the Panic of 1857,
National City Bank purchases competitors.
Moses Taylor has an
unlimited supply of cash for buying up distressed stocks as does
George Peabody and Junius Spencer Morgan, JP
Morgan's father.
Moses Taylor
purchases nearly all the stock of Delaware Lackawanna Railroad for $5 a share,
seven years later, it is selling for $240 a share.
"For such qualities
of conservatism and
purity, George Peabody, the old tree out of which the House of Morgan grew,
was famous.
In the Panic of 1857, when depreciated securities had
been thrown on the market by distressed investors in America, Peabody and
the elder Morgan, being in possession of cash, had purchased such
bonds as possessed real value freely, and then
resold them at a large advance when sanity was restored." - Matthew Josephson,
The Robber Barons 1934
"One of the high water marks of the
successful Rothschild-Peabody Morgan business
venture was the Panic of 1857.
It had been twenty years since the Panic
of 1837: its lessons forgotten by eager investors anxious to
invest the profits of a developing
America.
The stock market operates like a wave washing up on the
beach.
They coast along at the crest of the "Tide of
Prosperity".
Suddenly the wave, having reached the high water mark
on the beach, recedes, leaving all of the creatures gasping on the sand.
Another wave may come in
time to save them, but in all likelihood it will not come as far, and some
of the sea creatures are doomed.
In the
same manner, waves of prosperity, fed by newly created money, through
an artificial contraction of credit,
recedes, leaving those it had borne high to gasp and die without hope of
salvation." - Eustice
Mullins
1859
Discovery of oil in Pennsylvania.
Americans embark in the new enterprise spending millions prospecting
for oil and millions more bringing product of successful wells to market.
A railroad is built to the oil regions, but not built to the oil
wells.
Its terminus is fifteen miles away.
A few wells are
purchased and a pipe line corporation is organized.
A pipe line is laid
from the wells purchased, out to the railroad, with steam engines stationed at
intervals, to force onward the sluggish flow of oil.
Six thousand
wagons are hauling oil over corduroy roads to the terminus.
Well owners
hauling the oil in barrels can not compete with the pipeline.
The
profits of oil barely cover expenses.
Individual well owners plug up
their wells waiting for another railroad.
1860
Armed with immense capital the Money Power monopolizes
vast lines of trade purchasing
sustenance industries - improved farms,
breweries,
flour mills and
meat packing.
Two-thirds
of the tonnage
leaving New York harbor is in
American
ships.
When the American commercial marine brought American product
to a foreign port it received the fair market value with profits
divided between the American producer, American
merchant and the
American ship
owner.
1862
The Homestead Act
A homestead is a 160 acre
rectangle, a quarter section, of public land in the West granted to any US
citizen willing to settle on and farm the land for at least five
years.
How the Feds Botched the Frontier Homestead
Acts
1863 Britian
realizes all profit beyond American shores..
Foreign shipping, mostly Great Britain,
carries three-quarters of the trade.
"By the time the CSS
Shenandoah lowered its flag, 715 American vessels had been transferred to the
British flag to escape bankruptcy." - Lynn Schooler
1864 We know from the
Irish famines, that
a modern famine is not a
dearth of food, so much as the lack of means to buy bread.
During an
Irish famine, an American vessel entering the harbor of Cork with provisions
sent by American charity to the
starving Irish, met two vessels sailing out of the harbor laden with food sent
to a foreign market.
The millions who have perished of hunger since the
founding of the East Indies Company were the victims of the Money Power
decreasing the value of labor and
increasing the value of commodities.
With unlimited funds from
"profitable investments" the Money Power
made immense land investments in India purchasing the very rich delta lands
along the streams of the alluvial plains of the Ganges and the Brahmaputra
rivers which stretched from the sea to the foot of the Himalaya
Mountains.
Offering the alternative of settling on the new
plantations or starving the Indian became
a race of serfs tilling the soil for
subsistence wages.
Produce grown
at starvation wages flooded
world markets forcing down the
price of products all over the Earth to the
pauper standard of labor.
"The current money system obliges us to incur
debt collectively, and to compete
with others to obtain the means to trade."
- Bernard Lietaer
"The man at whose house I
boarded told me one day he had been rich, but had failed in business: he
obtained support by taking boarders .
Misery loves company and
the tall trees of the forest fell when I went down.
Why sir, not
more than three or four business men in New York, who were prominent in
business before the War, are in business now. They all failed.
Nobody knew what hurt them, business took
new channels, their business left them and they went broke." - L.B.
Woolfolk
"They are ceaselessly storing
wealth that flows from the rest of the world .
Men in strange dresses
speaking all manner of tongues are seen preparing luxuries for the Temple,
which flow thither in long streams across the land.
And still the work
of storing goes on: gold, silver, and all precious things, the delights of
life, the cream of the Earth; good things accumulate higher and higher in the
chambers of the Temple." - City
of London, Blackwood, 1864
1870
John D. Rockefeller
incorporates Standard
Oil in Ohio.
John D.
Rockefeller is financed by Kuhn &Loeb.
Chicago is becoming the railroad and
business center for the Northwest.
It is the city best adapted to
become the trade center of the country as
St. Louis is already
being operated by established American capital.
1871 The fire started at about 9:00 PM on Sunday, October 8,
in or around a small shed that bordered the alley behind 137 DeKoven Street.
The mythical origin of the fire is that it was started by a cow kicking
over a lantern in the barn owned by Patrick and Catherine O'Leary.
Michael Ahern, the Chicago reporter who penned the cow myth, admitted
in 1893 that he had made it up because he thought it would make colorful
copy.
A high wind prevailing at the time swept the flames through the
center of the city, leaving a path of desolation three-fourths of a mile wide.
The business center of Chicago was reduced
to ashes.
The business
community had been doing business in cheap two-story houses.
Capital for large scale rebuilding could only be found in the City of
London.
The
Money Power dictated splendid structures, from 6 to 10
stories high, the upper stories of which could only be rented for offices or
lodgings, be built.
When the Panic of
1873 occurred business was prostrate while renters were lacking for the
upper stories then as payments could not be made mortgages were
foreclosed on many of the grand
Chicago business blocks.
1872
Standard Oil absorbs or
destroys most of its competition in Cleveland in less than two months and later
throughout the northeastern US.
Standard Oil crushes all
competitors and takes possession of the entire oil industry of America
establishing a monopoly.
Only the Texas oilmen survives outside the
Standard Oil Trust
due to an injunction issued against
Standard Oil doing business
in Texas.
1873
The New England textile mill owners have to sell their goods as cheap as the
English goods are offered in the custom house, at one-tenth of a cent a yard
below the cost of
production.
They had to keep on running, even at a loss; for the
delicate machinery, if suffered to lie idle for six months, would become
lopsided and worthless.
New England textile mills continued to run on
at a loss until they all failed.
"The
Mills of New England first put
me on the track of the Money Power.
Money Power had brought on the
Panic of 1873, by the failure of
Jay Cooke.
I was
sure of engineering finance to
suit their own interests." - L.B. Woolfolk
When A&W Sprague fails
a tide of bankruptcy sweeps over New England.
The newspapers at the time are filled with bankruptcy notices.
For five years
all business is crushed and lifeless.
As
iron works fail Money Power buys
mines, foundries and machine shops.
As lumber companies go broke they
buy the mills and the forested
lands.
A grand harvest of
foreclosure of mortgaged property.
1877 Supreme Court decision of
Munn vs.
Illinois approves state laws to regulate prices charged to farmers for
the use of the grain elevators.
After the Civil War the fluctuation in
the price of lumber, the cuts in prices between different dealers is evidence
of the war on independent lumber men.
The ownership of the railroads
gave such an advantage to the Money Power in shipping their lumber to market that all
competitors were crushed.
1878 If a
mine proves to be rich, poorer levels near
the surface are worked until the limited partners become
discouraged and sell out their
stock cheap.
If the mine proves to be a pocket, like the Emmy
Mine, newspapers puff it until outsiders have bought the stock; then the
true state is revealed.
1885
The Cotton Seed Oil Trust takes possession of the small American
producers to manufacture bogus lard and cooking oils.
The American
producers had sold cotton seed oil as light weight lubricating
oil.
National Linseed Oil Trust of St. Louis is formed to protect
linseed interests in the US.
A Sugar Trust takes possession of
the sugar production and traffic.
A
Cattle Trust takes possession of the cattle ranches, the raising of cattle and
production of beef.
Trusts, each with millions of capital, began
monopolizing production and
traffic in salt, lead, cordage, nails, coke, lumber, sheet zinc, copper,
crucible steel, and other products.
"Trusts" depress prices until
competition is destroyed and increase the price of the articles they monopolize
to whatever the market can bear.
Trusts war upon individual competitors
is a war upon national prosperity.
Trusts are a
conspiracy against
the prosperity of any
nation as they destroy individually enterprising
men through the slow torture of financial ruin.
Cumulative individual
loss strikes a blow to the heart of national prosperity.
1886 Supreme Court decision of Wabash
vs. Illinois abolishes 230 state laws passed to regulate rates charged
by the railroads, rates for use of the grain elevator and other
laws passed to regulate
corporations.
1888 Southern cotton
syndicate is formed to subsidize
the cotton
market.
Southern cotton is
delivered to the syndicate at offered price until syndicate capital is spent,
then cotton sinks to one and one-half cents a pound.
57% of the cattle
companies are broke and need operating capital.
They sell promises to
deliver (futures) in order to obtain operating capital.
Cattle bought on
the cheap with futures contract loans
are resold wholesale for top dollar to meat packers at a considerable
markup.
A Coffee Trust sets to work to destroy the coffee
merchants.
The Money Power reduces the price of coffee to break
competitors of the trust and as soon as this is accomplished the trust doubles
the original price.
1911 The Standard Oil Trust
is ruled illegal by the Supreme Court and fined $29,000,000 which is never
paid. |
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