A short while before the American Revolution, Benjamin Franklin was sent to England to demand the monarchy relax taxes. The colonists had become prominent traders, skillful ship builders, and equally skillful evaders of the many excessive duties levied upon their shipping trade. In the spirit which inspired representative government, they rose to demand justice from the king.

Franklin was a renown author, publisher, amateur scientist, philosopher and statesman, and there was tremendous anticipation of his arrival. In England, the little news returned from the colonies was conveyed largely by disreputable sailors in equally disreputable places. Little was believed of these tales. Despite Franklin's reputation, it was broadly assumed he would prove a crude, uncultured woodsmen, hardly fit to represent his peers against the established power of the English monarchy. History however would prove his peers light years ahead of their time, and even the many generations who followed them.

Upon his arrival he was whisked to a prominent engagement, where, before the ruling class of England, Franklin, the guest of honor and object of great skepticism, was soon compelled to make a speech. Amid considerable ado, Franklin walked to the podium. He turned to survey his audience, and after adjusting the spectacles he had invented, he asks them, "What's your pleasure?" They beseeched he tell about the colonies.

Franklin was a student of the state of English affairs, and thinking how much despair the English "economy" suffered under the Bank of England, he composed his answer. He knew that even prominent lawyers spent a good part of the year behind on their rent. They often went hungry. Few non-aristocrats owned land. Many suffered from poor diet. Common citizens spent their lives hoping to pay imposing debt — ever hopeful of meaningful employment, and in constant, dire need.

Thinking to comfort them with the hope of the colonies, finally Franklin replied slowly and deliberately, that they might digest each phrase: "Well. You can leave your ship with just your baggage, walk beyond the furthest homestead, and become an immediate landowner."

Franklin was immediately interrupted by an outcry of disbelief. Once it began, practically the entire audience shouted the improbability of such a thing.

Knowing he spoke the perfect truth, Franklin calmly waited to resume his answer: "The forests are vast. You can cut down all the trees you can imagine, and build whatever kind of home you please. The soil is rich and fertile. You can clear all the land you want. You can plant practically any crop you desire, and it will grow with great vitality. There are unspoiled streams everywhere. The water is pure and good, and may be diverted to irrigate your fields. The wilderness is full of game, and there is no possible shortage of meat. The people are happy and busy, and prosperous."

Outright disclaim erupted. Angrily, a man shouted, "How can you possibly account for prosperity in the colonies?" A whole audience of doubters loudly saluted the question.

When they finally quieted, Franklin again answered steadily, "It's quite simple. We have created our own currency."

Outright disclaim erupted. Angrily, a man shouted, "How can you possibly account for prosperity in the colonies?" A whole audience of doubters loudly saluted the question.

When they finally quieted, Franklin again answered steadily, "It's quite simple. We have created our own currency."

Again an uproar erupted. Who were the colonies to create their own currency? How could a currency possibly sustain prosperity?

Franklin waited patiently to explain: "If for instance one man raises fowl, and another raises feed, and the first intends in the next season to double his production, he may approach the second, wanting him to produce the additional feed required. They agree how much of the production of each will be traded to the other, and their eventual contracts are evidence of their debts to each other."

"Their notes may then be circulated as currency. The cultivator of the feed for instance may write a note against the fowl to be delivered to him, to pay for a doctor to take care of his family. The doctor may pay for goods with the same note at the local store. The store then will ultimately collect the fowl originally promised to the cultivator. When the production is delivered, the respective notes are fulfilled, and the money passes from circulation. The circulation is perpetually regulated according to need; and will support any conceivable, desired prosperity."

The audience was shocked. Their indoctrination suggested they find a reason to denounce this foreign system, and to their relief the same angry man shouted, "That's preposterous! How could you levy taxes or fund government with this mere scrip?"

Laughter and sarcasm erupted.

Franklin again answered the derision: "That's quite simple as well."

"Suppose we have a township on one side of a river which is unnavigable and unfordable, and an opposing township on the other. One of these townships might build a lumber mill. The other builds a grist mill. Foreseeing the eventual need to support activity above initial demands, each builds their mill to much greater capability than at first required."

"As each township needs the services of the other township's mills, it is proposed to build a bridge across the river. A group of men agree to build the bridge to agreed standards; and when we agree on a fee to pay them for this service, likewise we simply create the necessary notes, and pay them. As the increased commerce requires the increased circulation to sustain it, there is no inflation; and therefore we have provided in all ways to sustain the desired commerce."

"To fund the proper services of government — such as the creation of this bridge — we have no need to levy taxes or to subject our people to eternal multiplication of debt. We have provided the real service of government without cost."

"British" Parliament thus immediately passed a resolution outlawing "colonial scrip" as currency. The future Americans were required to turn in their vital scrip for bonds issued by the Bank of England, and although they were to be paid some menial interest for the bonds, the bonds as well were outlawed as circulation. Trade therefore would be impossible without further recourse.

Consequently, the final aspect of this provision allowed the colonists to turn in the bonds for notes issued by the Bank of England — for which they were to pay some thirty-percent annual interest. Franklin was forced to take this unhappy news back to his people.

Franklin explained the real cause of the American Revolution:

"We would gladly have borne the little tax on tea, and other matters, had it not been that they took from us our money, which created great unemployment and dissatisfaction. Within a year, the poor houses were filled. The hungry and homeless walked the streets everywhere."