Our forefathers were opposed to the “Free Trade” system. They believed America’s political independence (national security) depended upon industrial independenceThat is why the United States had the highest industrial tariff rate in the entire world from 1830 to after World War II. 

For more than 150 years, the American System protected labor and industry from cheap, foreign labor. Under this protective trade policy, the U.S. exported finished products; and the standard of living for the “common man” soared.


  • U.S. industry was “the growth-engine” for international trade. In the post-war years, the nation’s robust manufacturing-base produced between 40% and 42% of ALL finished goods on earth.

  • America was the greatest creditor-nation of all time. The U.S. Treasury held title to 4/5ths of the world’s officially-held gold reserves (“the greatest stack of pure gold ever accumulated” exceeded 20,000 tons).


Today, the United States is the greatest debtor-nation in the history of the world. America is now dependent on foreign countries for most manufactured products. Only 10% of the workforce are involved with manufacturing (public employees out-number manufacturing employees by 2 to 1).

World Currency Exchange Calculator

America’s fundamental transformation is an economic catastrophe,

  • The U.S. consumption economy has not run a trade surplus in more than 45 years. 

  • Since 1971, America has paid the bills with “money printing.” The Federal Reserve creates credit (U.S. debt) by the $ trillions.*

From 1870 until 1971, the U.S. manufacturing economy produced trade surpluses by exporting finished goods. Today, the country mainly exports raw materials such as coal, wheat, fertilizers, meat, tobacco and soybeans (just as we did 300 years ago under the British “Free Trade” system).


Under British rule, the American Colonies exported raw materials and depended on Mother England for most finished goods (1620 -1776). America’s Founders knew manufacturing was the key to economic independence. Right from the beginning, their trade policy transformed the economy of the fledgling Republic.

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Founders such as George Washington (first President), James Madison (Father of the Constitution), and Alexander Hamilton (first Secretary of the Treasury) introduced an American System of protection for domestic labor and industry. In 1789, the first Congress of the United States passed the “TARIFF ACT.” 

Why did our forefathers establish protective tariffs
on foreign merchandise; and what were the results? 

The legislation to establish tariffs on British products had an immediate effect on the agrarian economy. Americans decided to produce the goods themselves, rather than pay the import tax. The trade strategy created a production-boom for ‘infant’ industries and small businesses that competed with England.

As a result of increased domestic production, inter-state
commerce sky-rocketed; & customers ended up paying less.


  • America’s manufacturing economy grew by leaps and bounds. In the mid-1870s, “the land of opportunity” became the world’s #1 economy.

  • For more than 150 years, U.S. customs duties produced 50% to more than 90% of all federal revenues (the duties funded infrastructure).


From sea to shining sea, tremendous wealth was created by manufacturing high-quality, MADE-IN-USA products, using domestic raw materials. The nation‘s protective trade system elevated the living standards of the entire society.

“Our past experience shows that great prosperity in this country has always come under a protective tariff….” President Theodore Roosevelt, 1902 State of the Union Address.


America was an industrial power-house. Equipment was invented to save work, save time, and save money. Competition was fierce to develop new and better products for America’s burgeoning middle class.

Monarch 18-30 Neverslip (1916)      Image result for vintage rca radio

The U.S. had a reputation for “Yankee ingenuity.” Just about everything in the country was manufactured, sewn, grown, invented, or made by Americans. The burden of import duties fell mainly on wealthy consumers of foreign goods.


  • Secured the U.S. market for U.S. producers.

  • Provided the foundation for economic development.

  • And upheld a high standard of wages for American worker.

Highly-paid manufacturing jobs created the fastest-growing middle class in world history.

(the history of globalism)

In 1944, “The United Nations Monetary and Financial Conference” convened at Bretton Woods, New Hampshire to establish a United Nations banking system: the WORLD BANK (International Bank for Reconstruction & Development) and the IMF (International Monetary Fund).* 

The dollar became the reserve currency of the world system. National currencies were un-pegged from gold, and pegged to the U.S. dollar.*

Conferees adopted a new trade system. The “White Plan”** laid the groundwork for centrally-managed trade within a framework of United Nations Governance. Under the governance of U.N. agencies, the economies of independent countries would become increasingly “integrated” and “inter-dependent.”***

At the close of the U.N. Conference, the U.S. Treasury Secretary (Henry Morgenthau, Jr.) said the establishment of the United Nations banking system marked “the end of economic nationalism.” And he was right. 


National economies were integrated in phases, beginning with the 22,000-page “United Nations General Agreement on Tariffs and Trade.” The U.N. G.A.T.T. Treaty legally reduced U.S. industrial tariff rates (effective January 1, 1948).***
Over the next five decades, eight rounds of trade negotiations served to dismantle protective tariffs and other barriers to “inter-dependence.”

As the policy of protection was removed from U.S. industry, America’s powerful manufacturing economy was gradually transformed into a consumption economy.**** 

(U.N. managed-trade)

In 1994, the “United Nations North American Free Trade Agreement” (U.N. N.A.F.T.A. Treaty) was “fast-tracked.NAFTA signaled an exodus by local manufacturers to foreign lands (millions of U.S. industrial jobs vanished).

Why did corporations leave? SUPER-CHEAP LABOR; no employee healthcare or retirement benefits; no unions; lower taxes, prices, quality and safety standards; and fewer environmental regulations.

In 1995, a sweeping United Nations Management System called the “World Trade Organization” (U.N. W.T.O. Treaty) replaced the “United Nations General Agreement on Tariffs and Trade” (U.N. G.A.T.T. Treaty).

In the decade leading up to the 2008 crash, America’s high-tech manufacturing began to disappear, and the U.S. manufacturing exodus accelerated. About 60,000 manufacturing plants with 500 or more employees moved operations off-shore (to China, Mexico, and India).

Image result for map of u.s. manufacturing in china
Image courtesy of “The Atlantic.”

U.N. Free Trade gives foreign products the advantage over domestic products by cheapening labor. As U.S.-based corporations moved production to “low-wage” nations, highly-paid job opportunities rapidly diminished in the United States.


Until credit collapsed on August 9, 2007 and markets crashed in 2008, people enjoyed the illusion of growth and prosperity as a result of easy credit at low rates. Years of Quantitative Easing, low interest rates, and various government programs have helped to disguise the structural increase in unemployment:

The United States now has the lowest labor participation rate in 40 years. More than 95 million Americans are no longer counted in the work-force; and an all-time-high number of young, eligible workers do not have jobs.

It is not an accident the U.S. is now economically dependent and indebted beyond belief. Lawmakers ignored the Constitution and hitched America’s wagon to United Nations Global Governance.


The United States became a manufacturing dynamo by elevating and protecting the dignity and worth of individual wage-earners. Today, our rich heritage is being squandered; and the middle class is shrinking:

  • Wages are stagnant.

  • The average person’s standard of living is falling.

  • America’s preeminent position among the nations has slipped.

In Abraham Lincoln’s day, slave-holders were among the “Free-Traders.” Lincoln did not believe economic progress requires a permanent peasant-class (a feudal rationale for slave-labor). He campaigned to retain protective tariffs:

“I… try to show, that the abandonment of the protective policy by the American Government… must produce want and ruin among our people.” Abraham Lincoln, 1846.*****

Today, Lincoln’s warning is a reality in America’s “Rust Belt” and other areas of the country that were once centers for manufacturing and heavy industry. Over many years, U.N. Free Trade Treaties have served to hollow out the U.S. manufacturing-base. We need statesmen who understand the principles that once produced independence and a thriving middle class.


Thomas Jefferson was one of the authors of “The Declaration of Independence.” When he outlined “the essential principles of our government,” the great patriot emphasized the danger of entangling, international alliances: 

“…peace, commerce, and honest friendship with all nations – entangling alliances with none….” President Thomas Jefferson, “Inaugural Address,” March 4, 1801.

George Washington was America’s greatest statesman. He was chosen by the Founders to preside over the framing of the Constitution and Bill of Rights, and unanimously elected President (two times). In his famous “Farewell Address,” he warned leaders to “steer clear” of foreign alliances:

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“The great rule of conduct for us in regard to foreign nations is in extending our commercial relations… our commercial policy should hold an equal and impartial hand… It is our true policy to steer clear of permanent alliance with any portion of the foreign world….” President George Washington, 1796 “Farewell Address. 

United Nations treaties are un-American.***
Any permanent alliance with a supra-national
government violates the Founders’ original intent.


The House of Representatives alone has Constitutional authority to regulate U.S. commerce with foreign nations (Article I, Section 8). The “Treaty Provision” (Article II, Section 2) requires 2/3rds Senate approval.

* The systematic debasement of the reserve currency enabled U.N. central banks (IMF, World Bank) to provide currency liquidity to the rest of the world. After the dollar was debauched in 1971, U.S. trade deficits grew exponentially. The flood of fiat dollars enabled the development of “low-wage” economies (China).  

** The “White Plan” adopted at the United Nations Bretton Woods Conference laid the foundation for a world monetary system with centrally-planned trade. According to its author, Harry Dexter White (Assistant to the U.S. Treasury Secretary), independent countries would become inter-dependent states:

“…the change will be in the direction of increased control over industry, and increased restrictions on the operations of competition and free enterprise.” Harry Dexter White, “Political-Economic Int. of Future,” The Princeton Archives (1944 unpublished essay) cited by the “Moynihan Commission on Government Secrecy,” Washington, D.C., 1997 (U.K “Daily Mail” #2288294).

*** The U.N.GATT Treaty was an interim step toward globalism. It provided the necessary management to implement a system for “Mutually Assured Economic Destruction” (if one industrialized nation collapsed, all would collapse).

*** The U.N.WTO Treaty gives the U.N. power to overrule America’s legal system. According to the World Court of the United Nations, WTO decisions have  the legal force to override the authority of the courts of the United States. 

**** U.S. CONSUMPTION ECONOMY: From 1998 through the 3rd quarter of 2007, U.S. exports plus business investment accounted for only 3% of real growth in Gross Domestic Product (GDP); consumer spending (81.3%) plus government spending equaled 96% of GDP growth. In the 25 years leading to the 2008 crash, U.S. consumer spending accounted for 82.5% of real growth in GDP (each year, Personal Consumption Expenditures grew 3.5% continuously compounded).

William Emmons Jan 2012 Federal Reserve Bank of St. Louis.

***** Abraham Lincoln, The Collected Works of Abraham Lincoln, Roy P. Basler, Editor, 1846 “Discussion of Protective Policy,” Vol. I, p. 415; 1859 “Address to the Wisconsin State Agricultural Society,” Vol. III, pp. 478-479; Rutgers University Press, New Brunswick, N.J., Abraham Lincoln Association, copyright 1953.

(from U.S. independence to global inter-dependence)

The groundwork for the managed-decline of the U.S. was laid in 1944. Delegates to the U.N. Conference adopted a trade system designed to reduce inequality among nations. Communist China (Mao Zedong) had the 2nd largest number of representatives: 

Hsiang-Hsi, Central Bank of China Governor; Executive Yuan V.P.
Tingfu Fuller Tsiang, Executive Yuan Chief Political Secretary; Ambassador to U.S., Washington, D.C.; Permanent U.N. Representative
Ping-Wen Kuo, Vice Minister of Finance
Victor Chi-Tsai Hoo, Vice Minister Foreign Affairs; Delegation Secretary-General, U.N. Commissioner and U.N. Under Secretary-General
Yee-Chun Koo Finance Vice Minister; Treasurer, Executive Director IMF
Kuo-Ching Li, General Manager Wah Chang Trading Corporation, New York, N.Y.; Adviser to Ministry of Finance
Te-Mou Hsi, Ministry of Finance Representative, Washington, D.C.; Alternate Executive Director World Bank
Tsu-Yee Pei, Bank of China Director
Ts-Liang Soong, Manufacturers Bank of China General Manager; World Bank Alternate Governor
Hu Shih, Ambassador to United States, Washington, D.C.

Kia-Ngau Chang, Executive Yuan High Adviser; Central Bank of China Deputy Governor
Ming Li, Chekiang Industrial Bank Chairman
Ting-Sen Wei, Legislative Yuan Member
Chao-Ting Chi, Secretary-General Foreign Exchange Control Commission, Ministry of Finance Director, Central Bank of China
Edward Lee, Chinese Republic Weekly Editor
Technical Experts:
Chi-Ling Tung, Foreign Trade Commission Vice Chairman
Y.C. Wang, Central Bank of China Secretary, IMF Official

Cho-Ming Li, Southwestern Associated Universities Economics Professor
Chih Tsang, Shanghai Commercial and Savings Bank Director
Tsung-Fei Koh, Directorate-General of Posts (International Department)
Vung-Yuen Woo, Ministry of Finance (Monetary Section Chief)
C.T. Yen, Central Bank of China Department Director
Technical Consultants:
Arthur Nichols Young, American Financial Adviser to China; later Adviser to Saudi Arabia; brother of John Young of Conference Secretariat
Carl Neprud Ministry of Finance Customs Commissioner
Yen-Tsu Chen, Central Bank of China

Daniel S.K. Chang, Central Bank of China
Ping-Yeh Tcheng, Central Trust of China
Bing-Shuey Lee, First Secretary Chinese Embassy Washington, D.C.
Kien-Wen Yu, Chinese Embassy Washington, D.C.
I.C. Sung, Universal Trading Corporation Assistant Treasurer
Wan-Sen Lo, Ministry of Finance Representative, Washington, D.C.
Ta-Chung Liu, Chinese Embassy, Washington, D.C. (Office of Commercial Counselor); Cornell University Economics Professor; IMF Official
Yu-Chung Hsi, Ministry of Finance Representative, Washington, D.C.
Shun-Hsin Chou, Central Bank of China
C. L. Hsia, Adviser to Foreign Affairs Minister; Chinese Representative on United Nations Economic and Social Council.

Staff: P.F. Hsia, Marion Brooks, Augusta Chang, Ann Collican, Pearl Dorain, Jane Foley, Anna Koo, Chin-Kwan Koo, Mun-So Leung, Kuo-Ching Li, M.C. Li, Ming Li, Mousheng Lin, Louise McConnell, Evelyn Neworth, Kai-Kwan Tsien, A.A. Young, and Yin C. Yu. From Who Was at Bretton Woods? by Kurt Schuler and Mark Bernkopf, 2014.

Mao Zedong was responsible for the greatest, man-made horror of the 20th century (1958-1962). Today, the same totalitarian regime is still very much in power in Mainland China.


Submitted by Denise Rhyne


CONTENTS: Ancient Monetary System; CARAT Weights; KARAT Purity; TROY Weights; METRIC Weights; MILLESIMAL Fineness; FAR EAST Weights; British POUND (Pennyweight, Pound Sterling, Sovereign); DOLLAR (Old U.S. Gold Coins); Historical GOLD-to-SILVER-RATIOS (U.S. 90% Silver Coins, Gold & Silver American Eagles; BIBLE Weights: TALENT, MANEH, SHEKEL, GERAH, BEKAH (Conversion Table); WORLD COINS (Gold Contents).

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“There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” John Maynard Keynes, The Economic Consequences of the PeaceSt. Martin’s Press, pp. 148-149, 235-236, London Royal Economic Society, 1971 (McMillan, 1919).


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