The History of the Hazard Circular

Slavery is likely to be abolished by the war power, and chattel slavery destroyed. This I and my European friends are in favor of, for slavery is but the owning of labor and carries with it the care of the laborer, while the European plan, led on by England, is capital control of labor by controlling wages. THIS CAN BE DONE BY CONTROLLING THE MONEY.
– Hazard Circular, 1862

While re-reading the Gustavus Myers book “The History of the Great American Fortunes”, I stumbled upon a little factoid, caught in the massive spiderweb of knowledge that is that three volume tome. Pulling upon that thread I was lucky enough to find at the end of it a book that I am reasonably certain has been long forgotten, and so I am currently reading it into an audiobook format for your listening pleasure. However, as is always the case, I have stumbled upon yet another interesting bit of information in this current book, and this would be the “Hazard Circular”. In the book it was simply referenced as a circular (or letter) from “the creditors” of the United States, circa 1862, to every bank in New York and New England. The contents of this circular are very provocative; they set out the fact that the banks use the control of the creation of money to enslave people through devaluing their wages. I was quite shocked by this brazen statement and so I set forth in search of its origins. Little information was readily available on the internet, so I turned to the old and mouldering books and periodicals of a century ago to disinter the true history of the “Hazard Circular”… Continue reading