FOR YEARS THE AMERICAN COLONIES ENJOYED GREAT PROSPERITY they created their own money interest and debt free and taxation was small. The “English” Bankers were determined to bring the colonies under their sway. The colonists became exasperated with the repeated attempts to impose taxes on them and in 1775 war broke out and on the 4th July 1776 they proclaimed their own independence.
In his book ‘A Matter Of Life Or Debt’ Eric de Mere relates how on a visit to England, Benjamin Franklin was appalled at the poverty he saw everywhere. He was asked how he accounted for the great prosperity of the American colonies and he replied: “It is because we issue our own paper money. We call it Colonial Scrip and we issue enough to move all goods freely from the producers to the consumers and, as we create our own money, we control the purchasing power of money and have no interest to pay.” When this information reached the “English” Bankers they at once caused a Bill to be passed in Parliament forbidding the use’ of this Scrip Money.
Franklin stated that this “was the cause of the Revolution” and added, “The colonies would gladly have borne the little insignificant tax on tea and other articles, had it not been for the poverty amongst them caused by the “English” Bankers’ influence in Parliament.” The famous Parliamentarian Edmund Burke also confirmed this view.