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. 

The American System protected domestic labor & industry from super-cheap, foreign labor. Under this policy of protection, the U.S. “manufacturing economy” became the most successful engine for prosperity the world has ever known.


  • U.S. industry was “the growth-engine” for international trade. In the post-war years, the country’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).

World Currency Exchange Calculator

Our economy was de-industrialized under a U.N. system of Free Trade. The U.S. “consumption economy” has not run a trade surplus in more than 45 years.


Today, America is the greatest debtor-nation in world history. The U.S. is now dependent on foreign nations for most manufactured products. Only 10% of the workforce are involved with manufacturing (public employees out-number manufacturing employees by 2 to 1). We mainly export raw materials such as wheat, coal, meat, tobacco and soybeans. 


Under the British Free Trade system, American Colonies exported raw materials and depended on “Mother England” for most finished goods (1620—1776). From the start, the Founding Fathers knew manufacturing was the key to economic independence. They established a new trade policy for the fledgling Republic.

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Founders such as George Washington (Father of the nation), Alexander Hamilton (first Secretary of the Treasury), and James Madison (Father of the Constitution) 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? 

Their strategy to shield U.S. industry changed the way Americans did business. People decided to produce the goods themselves, rather than pay the import tax. The legislation created a production-boom for ‘infant’ industries that competed with England. As a result, inter-state commerce sky-rocketed.


  • U.S. manufacturing grew by leaps & bounds. By the mid-1870s, America was an industrial power-house and 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 local raw materials. The protective trade system elevated living standards for the “common man” (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.


Equipment was invented to save work, save time, and save money. Competition was fierce to develop better products for America’s burgeoning middle class.

Monarch 18-30 Neverslip (1916)

The U.S.A. was “the land of opportunity.” Back then, just about everything in America was sewn, grown, logged, mined, manufactured or made by Americans. The burden of import duties fell mainly on wealthy consumers of foreign goods.

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

  • Provided the foundation for economic development.

  • And upheld a high standard of wages for U.S. workers.

In those days, the U.S. dollar was “as good as gold” & American industry produced 40% of the world’s finished goods. Gold-backed money & highly-paid manufacturing jobs created history’s fastest-growing middle class.

“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 Peace, St. Martin’s Press, pp. 148-149, 235-236, London Royal Economic Society, 1971 (McMillan, 1919).

(the history of globalism)

In 1944, “The United Nations Monetary and Financial Conference” convened at Bretton Woods, N.H. to establish a U.N. banking system: the WORLD BANK (Int’l Bank for Reconstruction & Development) and the IMF (Int’l Monetary Fund). National currencies were un-pegged from gold, and pegged to the U.S. dollar.*

Conferees adopted a global 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 “General Agreement on Tariffs & Trade” (effective Jan. 1, 1948). The U.N.GATT Treaty legally reduced U.S. protective tariffs. Over the next 5 decades, 8 rounds of trade negotiations removed tariffs and other barriers to “inter-dependence.”***

The U.S. policy of protection was dismantled incrementally. As protective tariffs were removed from industry, America’s powerful “manufacturing economy” was gradually transformed into a “consumption economy.”****

(U.N. managed-trade)

In 1994, the “North American Free Trade Agreement” was “fast-tracked.” The U.N. NAFTA Treaty 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; fewer environmental regulations; lower prices & taxes; lower quality & safety standards.

In 1995, a sweeping United Nations Management System called the “World Trade Organization” (U.N.WTO Treaty) replaced the U.N.GATT Treaty.***

Leading up to the 2008 crash, high-tech manufacturing began to disappear & the exodus accelerated. About 60,000 U.S. manufacturing plants with 500 or more employees moved operations off-shore (China, Mexico, India).

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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 Aug. 9, 2007 and markets crashed in 2008, Americans 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.

The fundamental transformation of America is an economic catastrophe:

  • Every year from 1870 to 1971, the U.S. manufacturing economy produced trade surpluses (from 1792, all trade imbalances were settled with gold). 
  • Since 1971, the nation has financed enormous trade deficits with “money printing.” The Federal Reserve creates credit (U.S. debt) by the $ trillions.*

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It is not an accident the United States is now economically dependent and indebted beyond belief. Lawmakers ignored the Constitution, debased the dollar, and hitched America’s wagon to U.N. 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 “hollowed-out” areas of the country that were once centers for heavy industry and manufacturing. We need statesmen who understand the principles that produced U.S. 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 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 U.N. 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 Gov’t 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.

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

**** 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.

Bretton Woods U.N. Monetary Conference

The groundwork for the managed-decline of the United States was laid in 1944. Delegates to the United Nations Conference adopted a world trade and monetary system designed to reduce inequality among nations.

Mao Zedong sent the 2nd largest number of un-elected bankers (to represent Communist China): 

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 in power.


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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