Andrew Mellon

Andrew W. Mellon endured three economic depressions. After years of experience, he noticed that certain companies seemed to be crash proof. During general market declines, the stock dropped in value, but rebounded back faster. Why did certain companies seem to always bounce back faster? Ultimately, it came down to profitability. The most profitable companies were the ones that retained and returned value after an economic crash. Mellon was a conservative investor who earned a fortune investing in the very best companies.

During down periods in the market, Mellon would continue to purchase assets and simply wait it out. Often, the rebounds were unexpected and the economy would improve for reasons that nobody really understood. Mellon was Secretary of Treasury during the Hoover and Roosevelt Adminstrations. His conservative policies of lower taxes and reduced government spending are credited with helping to lower the public debt. He was criticized for his hand's off policies that included tightening up the money supply and allowing weak banks to fail. His final years of public service were spent renogiating European debt.

Liberty quarter

E pluribus unum means many united into one. This is in reference to the union between the states and federal government symbolized by a shield on an eagle's breast.

The Liberty quarter was struck 1916-1930

The 1917 quarter shows a bare-breasted Liberty

Later versions showed Liberty covered by chainmail.

This political cartoon from the 1864 campaign accuses Lincoln of military ineptness (after the Battle of Bull Run) and of running the printing presses at full speed. Salmon P. Chase was Secretary of the Treasury from 1861 to 1864 and worked to establish the first national banking system. The Greenback was created during Chase's term and is considered to be the basis for our current paper money system.

Chase went on to become a Supreme Court justice and was well known for his efforts at fighting slavery.

"The Fed"

 

 

If you search Wikipedia for "Federal Reserve," you might be surprised to find that there is no such entry. That is because the "Fed" is not an entity; it is a system.

The Federal Reserve Bank of New York is located on 33 Liberty Street. The President is William Dudley It is the largest Federal Reserve bank in terms of assets and volume.

Jaime Dimon is the Chairman of the Board of Directors. The Fed Bank of New York has the largest known gold repository containing nearly a quarter of the entire gold supply, weighing approximately 7,000 tonnes worth 415 billion dollars.

Why is gold so enjoyable to look at?

 

The first paper currency issued by the Department of the Treasury were Demand Notes Series 1861. The original "Greenback" was created during the Lincoln Administration. It is considered by some to be a "fiat currency" because its value is not connected to gold or silver. The first series Greenback is exchangeable for a government bond that pays 6 per cent interest per annum. The Greenback came with a red seal.

 

The above image is a counterfeit 1862 note. It was printed on legitimate paper, but has no red seal. Therefore, it is counterfeit.

 

Accounting is the processs of measuring and communicating financial and/or economic data for the purpose of making informed decisions.

Luca Pacioli is regarded as the father of double-entry accounting methods. Leonardo Da Vinci learned mathematics from Pacioli.

Pacioli's "The First Exposition of Double Entry Bookkeeping" is a ground-breaking work that explains the very foundation for modern accounting methods.

First printed in 1894, "Coin's Financial School" sold an estimated one million copies. "Coin's Financial School" provides a wealth of information about the history of gold and silver, including important legislation, the process of monetization and historical prices of commodities like gold, silver and wheat.