Posted by Oscar DeGrouch on 08/27/09

During my latest trip to the ATM to withdraw some green debt receipts, I came across an interesting (possibly ironic) realization.

Andrew Jackson is featured on a $20 bill.

At the risk of "preaching to the choir" here, President Jackson made it his number one mission during his administration to dismantle (or more correctly, not renew the charter of) the Second Bank of the United States in 1836.  He correctly stated:

It is maintained by some that the bank is a means of executing the constitutional power "to coin money and regulate the value thereof." Congress have established a mint to coin money and passed laws to regulate the value thereof. The money so coined, with its value so regulated, and such foreign coins as Congress may adopt are the only currency known to the Constitution. But if they have other power to regulate the currency, it was conferred to be exercised by themselves, and not to be transferred to a corporation. If the bank be established for that purpose, with a charter unalterable without its consent, Congress have parted with their power for a term of years, during which the Constitution is a dead letter. It is neither necessary nor proper to transfer its legislative power to such a bank, and therefore unconstitutional.¹

So I wonder whose decision it was to stick poor President Jackson on a $20 bill.  He first appeared on the bill in 1928, and according to the U.S. Bureau of Engraving, "Treasury Department records do not reveal the reason that portraits of these particular statesmen were chosen in preference to those of other persons of equal importance and prominence."

Hmm.  I'd buy that, if it weren't for the suspicious choice of sticking Woodrow Wilson, who presided over the creation of our current Federal Reserve, on the $100,000 note, the largest ever in circulation.  But then even he realized the implications of his ill-advised decision:

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence²

So I propose this to Congressman Paul:  author a bill to replace Andrew Jackson on the $20 FRN with Franklin D. Roosevelt, or better yet, Alan Greenspan.  It is, after all, their money.  At first blush, it would seem a slap in the face to us liberty-minded individuals, but I believe it would actually raise a lot of awareness and spark discussion of the true nature of our fiat monetary system.  It is similar to my proposal of showcasing the ridiculous congressional budgetary practice of earmarks by having Congressman Paul insert one authorizing a solid gold statue of himself erected in downtown Galveston.  Just think, who could in good conscience vote for a bill containing such an earmark?

I am more serious about this proposal, however, as I believe it would eventually lead people to call into question the legitimacy of the Federal Reserve and of our currency.  Perhaps we could take a poll here on CFL and have people submit their choices for the face of the new $20!

Thank you for your time.  This is the kind of stuff I come up with when I drink coffee without food in the morning. 

1 Andrew Jackson, "Bank Veto of 1832", http://millercenter.org/scripps/archive/speeches/detail/3636

2 Wikipedia, http://en.wikiquote.org/wiki/Talk:Woodrow_Wilson

Posted 08/30/09 NJGRLS4RONPAUL Oakhurst, NJ

Yeah that is ironic...what a joke this whole system is...people can't even name the Founding Fathers on the dollar bills.

Posted 08/31/09 MichaelBarry Sebring, FL

I suggest that the image on the $20 bill should be that of Bernie Madoff.

Posted by Oscar DeGrouch on 03/16/09

Rush, 

Posted 03/16/09 Daniel Gerke clinton, MO

I quit listening to Rush, but if he mentions it please let us know.

Posted 03/17/09 eduardo89 Segovia, Spain

I was wondering if someone could write a letter for all of us to use when contacting the press. Some sort of uniform letter would help us all to save time and become more efficient in writing to our local media. Thanks!

Posted by Oscar DeGrouch on 02/01/09

At the dawn of a new Presidential administration, we face a similar challenge that the Republicans did in 1993.  Back then, Newt Gingrich and the House Republicans crafted their much -ballyhooed "Contract With America" which codified some very good (and sadly forgotten) economically conservative bullet points.  

Newt of course, was reviled in the media, and the Republicans shrank into the catacombs out of fear of being misconstrued as monsters.

We have the unique opportunity today, with Congressman Paul's resurgence and the popularity of Austrian economics, to do the same.  Though Ron Paul has proposed such legislation already, America won't respond faster than if it is all presented in a media-digestible "bullet-point" format.  The following are just guidelines to give an example of what should be contained; obviously there are minds in power and among these pages that can come up with improvements:

1) End bailouts of failed institutions.

2) Demand transparency and an audit of the Federal Reserve and Treasury.

3) Eliminate the personal income tax for one year

4) Introduce a true currency backed by solid assets to compete with the dollar.

5) Repair the Interstate Highway system without burdening state governments.

6) Repeal Sarbanes-Oxley

7) End foreign occupation by our military

8) End corporate subsidies immediately, beginning with farm subsidies.

9) End financial support of illegal immigrants.

10) End the minimum wage.