Overflight, 60
The international money−lenders agreed to accommodate the British Treasury to the extent of £1,250,000 providing they could dictate their own terms and conditions. This was agreed to.
The terms were in part:
1. That the names of those who made the loan remain secret; and that they be granted a Charter to establish a Bank of England. 2. That the directors of the Bank of England be granted the legal right to establish the Gold Standard for currency by which —
3. They could make loans to the value of £10 for every £1 value of gold they had on deposit in their vaults.
4. That they be permitted to consolidate the national debt; and secure payment of amounts due as principal and interest by direct taxation of the people.
Thus, for the sum of £1,250,000, King William of Orange sold the people of England into economic bondage. The … money−lenders gained their ambitions. They had usurped the power to issue and control the currency of the nation. And, having secured that power, they cared not who made the laws.”
William Guy Carr, Pawns in the Game
“The objective, says Groseclose, was not to bring «the money mechanism under more intelligent control, but to provide means outside the onerous sources of taxes and public loans for the financial requirements of an impecunious government.»
There were two groups of men who saw a unique opportunity arise out of this necessity. The first group consisted of the political scientists within the government. The second was comprised of the monetary scientists from the emerging business of banking.
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