M.W. Walbert's "The Coming Battle" traces the evolution of money power in America
- Walbert contrasts ancient tyranny and religious manipulation with the modern "money power" — a covert network of financiers controlling economies through currency and credit, operating beyond national oversight.
- The book traces the rise of centralized banking from the First Bank of the United States (1791) to Andrew Jackson's "Bank War" in the 1830s, framing it as a clash between elite financial control and democratic ideals championed by Thomas Jefferson and Jackson.
- Walbert argues that the National Banking Act (1863) privatized money issuance, while the demonetization of silver (1873) was a deliberate scheme by financiers to enforce the gold standard, benefiting creditors and stifling economic mobility.
- The repeal of this act is depicted as a victory for the "money power," which allegedly engineered a currency crisis to crush silver-backed money and entrench gold, exacerbating inequality and corruption.
- The work concludes by linking concentrated financial power to democratic erosion, advocating for a bimetallic standard, public control of currency and resistance to elite manipulation through lobbying and coercion.
In "
The Coming Battle: A Complete History of the National Banking Money Power in the United States," M.W. Walbert embarks on a sweeping historical journey, tracing the evolution of the money power in the United States and its profound impact on the nation's political, economic and social fabric.
Walbert draws a stark contrast between the overt tyranny of ancient conquerors and the more insidious forms of control wielded by the priesthood. He argues that while the former relied on brute force, the latter exploited the human instinct for veneration and fear, leading to widespread intellectual tyranny and economic exploitation.
The author then shifts his focus to what he considers the most dangerous form of power yet: the modern money power. He paints a picture of a
vast, international network of financiers and bankers who, through their control of currency and credit, exert a stranglehold on the world's productive energies.
Walbert meticulously chronicles the emergence of the national banking system in the United States, beginning with the establishment of the First Bank of the United States in 1791. He highlights the fierce opposition of figures like Thomas Jefferson, who warned of the dangers of concentrating such power in a private institution. Despite these warnings, the bank was chartered, setting the stage for a recurring struggle between those advocating for a centralized banking system and those championing the principles of decentralized power and individual liberty.
The narrative reaches a climax with the Bank War of the 1830s, pitting President Andrew Jackson against the Second Bank of the United States. Walbert portrays Jackson as a champion of the people, steadfastly resisting the bank's attempts to manipulate the economy and influence politics. He vividly describes the bank's tactics, including engineered panics and orchestrated public outcry, and Jackson's unwavering resolve to dismantle the institution. The veto of the bank's recharter in 1832 is presented as a pivotal moment in American history, a victory for democracy and a blow to the money power.
Walbert then delves into the Civil War era, highlighting the passage of the National Banking Act of 1863. He argues that this legislation, while ostensibly aimed at stabilizing the currency, effectively transferred the power to issue money from the government to a consortium of private banks. He criticizes the act for creating a privileged class of bankers who, through their control of the currency, could manipulate the economy to their advantage.
One of the most controversial aspects of Walbert's work is his assertion that the demonetization of silver in 1873 was a deliberate act orchestrated by the money power to further consolidate its control. He presents a compelling case, citing evidence of secret meetings between American and British financiers and the influence of foreign interests on American legislation. He argues that the demonetization of silver was a
strategic move to limit the money supply, benefit creditors and maintain the gold standard, which he sees as a tool of oppression.
Walbert examines the Sherman Silver Purchase Act of 1890 and the subsequent panic of 1893, portraying them as further evidence of the money power's manipulation. He argues that the act was a compromise measure that ultimately failed to address the underlying issues of the monetary system. He attributes the panic to the deliberate actions of the money power, who engineered a currency shortage to force the repeal of the act and further entrench the gold standard.
The climax of the book is the struggle over the repeal of the Sherman Silver Purchase Act. Walbert paints a dramatic picture of the political maneuvering, lobbying and coercion employed by the money power to achieve its goals. He highlights the role of President Grover Cleveland, whom he accuses of aligning himself with the money power and using his influence to push for repeal. The repeal of the act in 1893 is presented as a devastating blow to the cause of silver and a triumph for the gold standard.
In the final chapters, Walbert reflects on the legacy of the money power and its impact on American society. He calls for a return to the principles of Jefferson and Jackson, advocating for the restoration of
government control over the currency and the dismantling of the national banking system. (Related:
Murray N. Rothbard critiques central banking’s true origins in “The Federal Reserve as a Cartelization Device”.)
"The Coming Battle: A Complete History of the National Banking Money Power in the United States" is a powerful indictment of the money power and its influence on American society. While some of Walbert's arguments may be seen as controversial or one-sided, his work offers a valuable perspective on the historical struggle for control over the nation's currency and the ongoing debate about the role of money in society.
Watch this video about M.W. Walbert's book "The Coming Battle: A Complete History of the National Banking Money Power in the United States."
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