Reference 6
ABRAHAM LINCOLN - ANOTHER GREAT PRESIDENT!
President Lincoln needed money to finance the Civil War, and
the international bankers offered him loans at 24-36% interest.
Lincoln balked at their demands because he didn't want to
plunge the nation into such a huge debt. Lincoln approached
Congress about passing a law to authorize the printing of U.S.
Treasury Notes. Lincoln said "We gave the people of this
Republic the greatest blessing they ever had - their own paper
money to pay their debts..." Lincoln printed over 400 million
"Greenbacks" (debt and interest-free) and paid the soldiers,
U.S. government employees, and bought war supplies.
The
international bankers didn't like it and wanted Lincoln to
borrow the money from them, so that the American people
would owe tremendous interest on the loan. Lincoln's solution
made this seem ridiculous.
Shortly after Lincoln's death, the government revoked the
Greenback law which ended Lincoln's debt-free, interest-free
money. A new national banking act was enacted and all
currency became interest-bearing, debt instruments, again.
Reference 4)
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