Saturday, January 16, 2010

The day Ohio robbed a bank

Joe Bozzi, of the Honest Money initiative at the Ohio Freedom Alliance, tells the story of how Ohio State Auditor Ralph Osborn carried out a mandate from the Ohio General Assembly in 1819 to collect $100,000 in taxes from the Bank of the United States (precursor to the Federal Reserve Bank).

The background of the story describes economic conditions similar to those we experience today, and is an example of state sovereignty in action at a time when no one questioned the right of states to nullify offensive federal laws under the Tenth Amendment.

It's easy reading and contains valuable lessons for all of us.

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