US Colonial Script: Profiled Debt Free Money

Executive Summary

• US Colonial Script was the debt free money that allowed the colonies of America to flourish.
• Today it is nearly impossible to hear about this debt free money, particularly from any mainstream economics source.

Introduction

The strong economic performance of the colonies was in part due to colonies issuing debt-free currency.

As the colonies were not yet unified under a central government, each colony created its own money and its own public central bank.

This is explained in the following quotation.

“The American colonies were an experiment in utopia in an uncharted territory, you could design new systems and make new rules. Paper money was already in use in England but it had fallen into the hands of private bankers, who were using it for private profit at the expense of the people. In the American vision of this new medium of exchange paper money was issued in lent by provincial governments, and the proceeds were used for the benefits of the people. The colonist’s new paper money finance, a period of prosperity that was considered remarkable for isolated colonies lacking their own silver and gold. By 1750. Benjamin Franklin was able to write off New England, and there was abundance in the colonies in peace was raining on every border. It was difficult and even impossible to find a happier, more prosperous nation on all the surface of the globe.”

Source: The Web of Debt

https://www.amazon.com/Web-Debt-Shocking-Truth-System/dp/0983330859

The Holistic Development of the Colonial Script

The colonial script came about without a great deal of planning by the colonies. The script looked more like a receipt than money and is what the colonies implemented as they did not have their own money. The banks that issued the colonial script were entirely public, so in this sense, each colony had its own public central bank. The fact that this program was successful, without a complex maintenance apparatus, illustrates how well a public central bank can work. The New England colonies were not as successful with their colonial script as they allowed too much script into circulation. What must be considered is how little training the colonies had in setting up this money system. Today, the issues with the New England Colonies could be easily avoided by modifying taxation to keep the quantity of money in line with the demand.