Money Masters Transcripts Part 5


King Henry I, son of William the Conqueror, ascended the English throne in 1100 A.D.

At that time, long before the invention of the printing press, taxes were generally paid in kind - i.e. in goods, based on the productive capacity of the land under the care of the tax-paying serf or lesser noble. To record production, medieval European scribes used a crude accounting device - notches on sticks or "tallies" (from the Latin talea meaning "twig" "stake"). Tally sticks worked better than faulty memory or notches on barn doors, as were sometimes used.

To prevent alteration or counterfeiting, the sticks were cut in half lengthwise, leaving one half of the notches on each piece, one of which was given to the taxpayer, which could compared for accuracy by reuniting the pieces. Heny adopted this method of tax record keeping in England.

Over time, the role of tally sticks evolved and expanded. By the time of Henry II taxes were paid two times a year. The first payment, made at Eastertime, was evidenced by giving the taxpayer a tally stick notched to indicate partial payment received, with the same lengthwise split to record, for both parties, the payment made. These were presented at Michaelmas with the balance of taxes then due.

It takes only a little imagination to arrive at the next step: tallies were issued by the government in advance of taxes being paid in order to raise finds in emergencies or financial straits. The recipients would accept such tallies for goods sold at a profit or for coin, at a discount, and then would use them later, at Easter or Michaelmas, for the payment of the taxes. Thus, tallies took on some of the same functions as coin - they served as money for the payment of taxes.

After 1694 the government issued paper 'tallies" as paper evidence of debt (i.e. government borrowing) in anticipation of the collection of future taxes. Paper could be made easily negotiable, which made them the full equivalent of the paper bank note money isued by the Bank of England beginning in 1694. By 1697 tallies, bank notes and bankbills all began to circulate freely as interchangeable forms of money. Wooden stick tallies continued to be used until 1826. Doubtless, ways were found to make them circulate at discounts too, like the paper tallies.

One particular Tally Stick was quite valuable. It represented £25,000. One of the original stockholders in the Bank of England purchased his original shares with such a stick. In other words, he bought shares in the world's richest and most powerful corporation, with a stick of wood.

It's ironic that after its formation in 1694, the Bank of England attacked the Tally Stick system because it was money issued outside the control of the Money Changers.

Why would people accept sticks of wood for money? That's a great question. Throughout history, people have traded anything they thought had value and used that for money. You see, the secret is that money is only what people agree on to use as money. What's our paper money today? It's really just paper.

But here's the trick: King Henry ordered that Tally Sticks be used to evidence tax payments received by the government. This built in demand for tallies and eventually made them circulate and be accepted as money. And they worked well. In fact, no other money worked and for so long in the British Empire.

In the 1500's, King Henry VIII relaxed the laws concerning usury and the Money Changers wasted no time reasserting themselves. They made their gold and silver money plentiful for a few decades.

But when Queen Mary took the throne and tightened the usury laws again, the Money Changers renewed the hoarding of gold and silver coin, forcing the economy to plummet.

When Mary's half-sister, Queen Elizabeth I, took the throne, she was determined to regain control over English money. Her solution was to issue gold and silver coins from the public treasury and thus take the control over the money supply away from the Money Changers.

Although control over money was not the only cause of the English Revolution in 1642 religious differences fueled the conflict - monetary policy played a major role. Financed by the Money Changers, Oliver Cromwell finally overthrew King Charles, purged Parliament, and put the King to death.

The Money Changers were immediately allowed to consolidate their financial power. The result was that for the next fifty years the Money Changers plunged Great Britain into a series of costly wars. They took over a square mile of property in the center of London, known as The City. This semi-sovereign area today is still one of the two predominant financial centers of the world (with Wall Street). It is not under the jurisdiction of the London police, but has its own private force of 2,000 men.

Conflicts with the Stuart kings led the Money Changers in England to combine with those in the Netherlands, which already had a central bank established by the Money Changers in Amsterdam in 1609, to finance the invasion of William of Orange, who overthrew the legitimate Stuarts in 1688. England was to trade masters: an unpopular King James II, for a hidden cabal of Money Changers pulling the strings of their usurper, King William III ("King Billy"), from behind the scenes.

This symbiotic relationship between the Money Changers and the higher British aristocracy continues to this day. The Monarch has no real power, but serves as a useful shield for the Money Changers who rule The City, dominated by the banking House of Rothschild:

"in theory still a real monarch, although in reality only a convenient puppet, to be used by the cabinet (The City) at pleasure to suit their awn ends; not able even to exercise the power of pardon that is a prerogative of a governor of an Americar state and of the President of the United States."

In 1934, (June 20), the New Britain Magazine of London cited a devastating assertion by former British Pnme Minister David Lloyd George that,

"Bntain is the slave of an international financial bloc."

It also quoted these words written by Lord Bryce:

"Democracy has no more persistent and insidious foe than the money powers …" and pointed out that "questions regarding the Bank of England, its conduct and its objects, be not allowed by the Speaker" (of the House of Commons).

Acknowledgement and credits

The Money Masters: How International Bankers Gained Control of America

Video Script
Produced by Patrick S. J. Carmack
Directed by Bill Still
Royalty Production Company 1998

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