Debt Elimination Success Seminar
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Section 1
A Look at Debt
History of Debt
Credit Card History
Current State of Debt
How You Got Into Debt
Good Debt Bad Debt
Business vs. Personal Debt
Section 2 Dealing With Your Money
The Two Step Plan
Doing The Two-Step
Step One
Step Two
The Paths Out of Debt
1- Create a Debt Payment Plan
2- Neogtiate Better Rates & Terms
a.Consolidation Loans
b.Consumer Credit Counseling Services
3- Negotiate Lump-Sum Settlements
4- Bankruptcy
5- The Easy Way
6- Win $1,000,000
Living Debt-Free
Manage Your Money
Make More Money
Save Money
SameMoney-MoreFun
Stay Debt-Free
You as a Business
Section 3 Dealing With Your Creditors
Alerts/Scams
The Credit Industry
Credit Industry
The Fine Print
The Secondary Debt Market
The Debt Collection Process
Original Creditor
The Charge-Off
Collection Agency
Legal Problems
Dirty Creditor Tricks
Dealing with Debt Collectors
Dealing with Debt Collectors
Statute of Limitations
Cease and Desist Letter
Section 4
The Credit Report
The Credit Report
Credit Score
Credit Repair
Section 5
Dealing With Yourself
The Critical Factor
The Art of Prosperity
The End of Failure
Prosperity Coaching
Section 6
Kids and Money
Kids and Money
How to Pay for College
Section 7
Debt Information
Bookstore
Debt Facts
Radio Show
Resources
About Us
Privacy Policy
Site Map
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| The social earmarking of money appears throughout ancient as well as modern societies. Often money attained special qualities and distinct values independent of quantity. How much money was less important than what type of money it was and who owned it. It was not unusual for multiple currencies to have coexisted in the same village. Each currency would have specific and restricted uses and, sometimes, designated users. |
When a wife did not earn wages of her own, her husband would give her money as a gift or occasionally as an entitlement. The wives money was not meant for her personally but for housekeeping and family expenses. Pocket money was after all, for husbands and children but not for wives. The amount of the wife’s allowance was not determined by her domestic contributions, but by prevalent beliefs about what was a proper amount for a wife to receive. Therefore, when the husband received a larger paycheck he was under no obligation to give more to his wife, he simply had more money for himself.
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| The word “money” derives from the Roman goddess named Moneta. Coins minted in her temples were issued to the far reaches of the empire. In fact, the Latin word moneta (meaning mint or coins) evolved into the Old English word mynet (meaning coins or money), which became the English word “mint.” |
Viewed against this background many aspects of our coins and bills reflect the sacred origins of money. Early US coins were minted with the image of Liberty or Standing Liberty, which were similar to the likeness of Athena. And today the motto “In God We Trust” appears on all our coins and bills.
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| While we tend to think of money as something exclusively created, distributed, and guaranteed by the government, this is not now and has never been the case. In the late 1700’s churches issued their own notes and tokens. In the 1830’s merchants distributed copper “hard-time tokens” that served as both currency and advertising. Patriotic and political tokens were common before the Civil War. During the Civil War, when silver was more valuable as a metal than as a coin, privately issued “shinplasters”--paper money in small denominations -- along with thousands of tradesmen’s and political tokens were used as substitute currency in everyday transactions. |
In the 19th Century, America worked to create a standardized national money. It taxed thousands of state issued paper currencies, suppressed the private issue or tokens, paper notes, coins by stores, businesses, churches, and other organizations and stamped out the personalization of money by individuals. At the time there were 5,000 or more distinct varieties of state bank notes not counting thousands of counterfeit issues. Merchants and bankers had to rely on bank-note directories to keep track of the different denominations, sizes, and colors.
In 1863, the National Banking Act allowed newly chartered national banks to create a uniform currency. Still there remained a variety of currencies in circulation including interest-bearing legal tender notes, government demand notes, postage and fractional currency, as well as silver and gold certificates—not to mention silver and gold coins.
In many cases different monies were earmarked for specific purposes. Greenbacks, for instance, were receivable in most payments but neither for duties on imports nor for interest on bonds and notes. Gold was largely used for foreign transactions but was also used for certain domestic payments such as customs duties.
For decades debate raged over the legitimacy of money. Was gold the only true standard or was silver equally sound or was only government issued currency acceptable. In 1900, the Gold Standard Act established the gold dollar as the national monetary standard, but it was not until 1933 that Congress formally declared all US coins and currencies as equal legal tender.
As hard as the government tried to unify money into a single entity, the general population worked just as hard to expand currency. Instead of adopting the idea of one type of money, people expanded the idea of having multiple monies. While the currency itself was looked upon as a single entity, its use was fractionalized. A windfall was treated differently than an inheritance. There was men’s money and women’s money, family and children’s money. Wages and bonuses were thought of as separate monies. Legislatures debated whether tips were an acceptable kind of money or a punishable misdemeanor. Categories of almost all types of income and expenses were treated differently.
More than just different categories of money abounded. Retail stores created trading stamps and product coupons; they issued credit cards and gift certificates. Companies issued stocks and bonds. Various levels of government offered bonds. The whole idea of wealth in a single currency was lost in an explosion of ideas
Let’s be clear: money multiplies! People are constantly creating new types of monies. They earmark certain monies for particular uses; distinguish others by how they are earned, designate some for special users; as well as converting non-monetary objects into money for exchange. Of course, quantity makes a difference; people care about how much money is involved in their transactions. But what kind of money it is and whose money it is also matters greatly.
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The Art of Prosperity
Introduction
Lesson 1: The History of Money What money really is and where it gets its power.
Page 4
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