Robert Morris: Difference between revisions
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[[File:Robert Morris.jpg|200px|thumb|right|Robert Morris]]'''Robert Morris''' was the ''financier'' of the [[American Revolutionary War]] and the head of the [[Bank of North America]]. | [[File:Robert Morris.jpg|200px|thumb|right|Robert Morris]]'''Robert Morris''' was the ''financier'' of the [[American Revolutionary War]] and the head of the [[Bank of North America]]. | ||
Morris was a wealthy Philadelphia merchant and virtual economic czar of the | Morris was a wealthy Philadelphia merchant and virtual economic czar of the ''Continental Congress'' in the last years of the war. He was the leader of the nationalist forces and a firm supporter of fiat paper money. He introduced a bill that called for the charter of a centralized bank, private in its operation, which would be the sole issuer of money to the federal government. Morris, failing to raise enough capital to launch the Bank of of North America, in an act tantamount to embezzlement, simply appropriated specie loaned to the U.S. by France and invested it in his bank. A multiple of these funds was then borrowed back from Morris's bank by Morris himself as government financier for the financial benefit of Morris as a banker. Morris channeled most of the money into war contracts for his friends and business associates. <ref>[http://www.mises.org/books/caseforgold.pdf Ron Paul, ''The Case for Gold''] pp. 28-29</ref> <ref>[[Murray Rothbard]], [http://library.mises.org/books/Murray%20N%20Rothbard/Conceived%20in%20Liberty_Vol_2.pdf ''Conceived in Liberty''] p. 1506</ref> | ||
==References== | ==References== | ||
Revision as of 04:24, 27 March 2013
Robert Morris was the financier of the American Revolutionary War and the head of the Bank of North America.
Morris was a wealthy Philadelphia merchant and virtual economic czar of the Continental Congress in the last years of the war. He was the leader of the nationalist forces and a firm supporter of fiat paper money. He introduced a bill that called for the charter of a centralized bank, private in its operation, which would be the sole issuer of money to the federal government. Morris, failing to raise enough capital to launch the Bank of of North America, in an act tantamount to embezzlement, simply appropriated specie loaned to the U.S. by France and invested it in his bank. A multiple of these funds was then borrowed back from Morris's bank by Morris himself as government financier for the financial benefit of Morris as a banker. Morris channeled most of the money into war contracts for his friends and business associates. [1] [2]
References
- ↑ Ron Paul, The Case for Gold pp. 28-29
- ↑ Murray Rothbard, Conceived in Liberty p. 1506