50 History of bankers and the monetary system
Read the story at the following two links:
I. William M. Gouge’s Short History of Paper-Money published in 1833:
http://www.devvy.com/pdf/2006_October/GougeOnPaperMoney.pdf
Important lessons are learned
thru study of the early days of “our” banking system.
II. In May, 1920, the Federal Reserve Board met and agreed to
contract credit for the first time in its short history. A magazine
publisher, the Manufacturer’s Record, obtained a copy of the transcript
of that meeting and eventually the story about the meeting and its
effect appeared in the Congressional Record for 1923:
http://home.hiwaay.net/~becraft/ManufRecord.pdf
This article reveals an important operation of the credit/monetary
system: contraction of outstanding credit to reap the profits.