Era Pound: The Usury System

“The phase of the usury system which we are trying to analyze is more or less Patterson’s perception that the Bank of England could have benefit of all the interest on all the money that it creates out of nothing. … Now the American citizen can, of course, appeal to his constitution, which states that Congress shall have power to coin money or regulate the value thereof and of foreign coin. Such appeal is perhaps quixotic.” — Era Pound / Ezra Weston Loomis Pound (1885-1972) English / American poet: March 30, 1943 (1885-1972)

N.B. The Currency Act of 1764:

Cf. ‘An Act, for giving to the Corporation of the Governor and Company of the Bank of England certain Privileges, for a limited period, under certain Conditions’. Under the gold standard, the Bank of England, in exchange for the privileged position it was granted within the British banking system, was obliged to redeem its notes in “legal coin”-i.e. gold and silver. The Bank remained under this obligation until the passage of the Gold Standard Act of 1925.

Section 6. And be it further enacted, That from and after the First Day of August One thousand eight hundred and thirty-four, unless and until Parliament shall otherwise direct, a Tender of a Note or Notes of the Governor and Company of the Bank of England, expressed to be payable to Bearer on Demand, shall be a legal Tender, to the Amount expressed in such Note or Notes, and shall be taken to be valid as a Tender to such Amount for all Sums above Five Pounds on all Occasions on which any Tender of Money may be legally made, so long as the Bank of England shall continue to pay on Demand their said Notes in legal Coin. . .

“I set to work to read the Act of Parliament by which the Bank of England was created. The investors knew what they were about. Their design was to mortgage by degrees the whole of the country…lands…houses…property…labour. The scheme has produced what the world never saw before — starvation in the midst of abundance.” — William Cobbett, “The Political Register”, XVIII, July 14 th, 1810.


Start the Conversation

Your email address will not be published. Required fields are marked *