Fleecing of the flock is the term the money changers use for the process of booms and depressions which make it possible for them to repossess property at a fraction of its worth. In 1891 a major fleece was being planned.
“On Sept 1st, 1894, we will not renew our loans under any consideration. On Sept 1st we will demand our money. We will foreclose and become mortgagees in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at our own price… Then the farmers will become tenants as in England…”
1891 American Bankers Association as printed in the Congressional Record of April 29, 1913
As an aside, consider this: Do you think this can’t happen today? Take a close look at your Home Mortgage Contract – the Bank can make a demand for payment at any time and foreclose as mortgagees in possession if you do not comply. They can in fact sell your house in a “fire-sale” for just the amount owing to the Bank and you are left with nothing but the legal bills. We have just seen this happen in America in 2009/2010 under the auspices of the Global Financial Crisis.
In 1894, the continued gold standard made this possible.
William Jennings Bryan was the Democratic candidate for president in 1896. He campaigned to bring silver back as a money standard – Free Silver!
“We will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labour this crown of thorns, you shall not crucify mankind upon a cross of gold.”
William Jennings Bryan
Of course the money changers supported his opposition on the Republican side so long as he wanted the gold standard maintained.
The factory bosses were somehow convinced to tell their work force that business would close down if Bryan was elected, and everyone would lose their jobs. The Republicans won by a small margin.
Bryan tried again in 1900 and in 1908 but lost both times. He became secretary of state under Wilson in 1912 but became disenchanted and resigned in 1915 under suspicious circumstances connected with the sinking of the Lusitania which drove America into the First World War.
These were hard times. Let’s look at THE CRASH OF 1907 and the rise of J.P. Morgan.