There have been periods though-out the history of America when money was created interest and debt free, and other countries have done the same to create and benefit a prosperous society. The first debt free currency in America was used by the American colonist. There were three general types of money in the colonies of British America: specie (coins), paper money and commodity money. Commodity money was used when cash (coins and paper money) was scarce. Commodities such as tobacco, beaver skins, and wampum served as money at various times and places.
Free from British monetary regulations the American Colonist had their home-grown paper script that was responsible for overwhelming abundance in America at a time when England, controlled by the British Monarchy and private banks was suffering economically. When you have a over abundance of products and services, the cost of living goes down increasing the value of money resulting in a decrease of new money needed to be printed.
After the American Revolutionary War began in 1775, the Continental Congress began issuing paper money known as Continental currency, or Continentals. Continental currency was denominated in dollars from $1⁄6 to $80, including many odd denominations in between. During the Revolution, Congress issued $241,552,780 in Continental currency
The British Crown and private banks seen American prosperity as a threat to their control on America. The King banned the colonist's paper money and require that the payment of taxes be made in gold. These onerous demands are what led to the breakdown of communications with colonial America and led to the Revolution. The Continental Congress also issued paper money during the Revolution, known as Continental currency, to fund the war effort. As a act of war, the British counterfeited the colonial paper money exorbitantly and it soon became worthless. Only a few counterfeiters were caught and hanged. Both state and Continental currency depreciated rapidly, becoming practically worthless by the end of the war.
President Abraham Lincoln printed nearly 450 million dollars worth of Greenbacks, money that he delegated to be created, a debt-free and interest-free money to finance the American civil War. It served as legal tender for all debts, public and private. He printed it, paid it to the soldiers, to the U.S. Civil Service employees, and bought supplies for war. The Greenbacks also aided in funding a period of unprecedented economic expansion. President Lincoln's government created the greatest industrial giant the world had yet seen. Steel industries were launched, the continental railroad system was created, the cost of living was down, and the labor productivity was increased by 50 to 75 percent. The Greenback was not the only currency used to fund these achievements, but they could not have been accomplished on money borrowed at the extortion interest rates the bankers were attempting to get. Right after the Civil War and after President Lincoln’s assignation April 14, 1865, there was considerable talk about reviving Lincoln’s brief experiment with the Constitutional monetary system. If the Congress had continued the policy of President Abraham Lincoln America would be a debt-free nation. All money created can be Debt - Free, and Interest - Free. With out interest payments being made to the federal reserve, the average income has now gone up by 60%. That 60% increase in income arrives from no more income tax, and no more hidden taxes on products that the general public is not even aware of, sale taxes, eco taxes, in some countries a GST tax, the list goes on. 60% income increase would more than change your life today, with the realized fact that the cost of living will be going down because of prosperity abundance. So why do we allow privately owned banks enslave us into making interest payment and have control of our banking system? The American Revolutionaries and President Abraham Lincoln, are all noted as being popular American heroes for their contributions in making America a prosperous society by creating Debt Free money. The last time America was debt free was January 8th 1835 and that only lasted for 1 year.