Rediscovered In An Old Thread

Mon, Sep 15, 2014 - 9:29pm

Earlier this evening, I discovered this fascinating blog comment from a few years back. It comes from David Schectman and it's the Last Will and Testament of one of his close friends and mentors. As you read this, be sure to keep in mind that the gentleman in question passed away in 1986.

Again, David Schectman is one of the founders of MilesFranklin. He still blogs daily and you can find his work here:

Of course, I also encourage you to always keep MilesFranklin in mind when purchasing precious metal:

From David's Desk 

David Schectman
David Schectman

Jesse Cornish's Last Will and Testament

Jessie Cornish was my mentor in precious metals in the mid 1980s. He passed on in 1986 and I took over his position as the public spokesman for the largest (at the time) gold and silver company in America. I recently stumbled upon Jesse's last will and testament. I used to mail it to all of my clients, in the 80s. It is still relevant and I am proud to insert it here:

Last Will and Testament Of Jesse Franklin Cornish

I, Jesse Cornish, being of sound mind, do of my own accord, make this last will, bequeathing all of my earthly possessions as follows:

To my son, Jesse, and my daughter, Candy, I leave all my owned real estate and equities and all my liquid assets in the form of checking, savings, and other money accounts to share and share alike.

To my son, Jesse, I leave my guns, fishing gear, boats and all other personal effects a father would normally pass on to his son.

To my daughter, Candy, I leave the things her mother left. I leave her also certain family treasures, and pieces of collected art described on the attached sheets.

To both my son, Jesse, and my daughter, Candy, I leave my total collection of African art goods, my automobiles, items of jewelry, photographs, music albums, and all household valuables to share and share alike.

To my grandchildren, I leave the faith and hope that your parents will pass on to you whatever is left of this bequest on their demise. And to this I pray that they will add their lot. The bequests I have named appear in the will that is it be probated. It is already in the hands of my lawyers who will see it through for you.

In your own safe-deposit boxes, where you found this private copy is a sealed letter addressed to each of you. You may open it now. Inside you will find specific instructions leading you to the location of special forms of assets I have secured and left for you. This wealth may well be the only thing of real value I have to pass on to you.

It is in the form of gold and silver coins and bullion. Nobody knows I bought it, there is no record of them, and nobody knows where they are except you today.

I did not buy it to speculate. I bought it to get out of paper assets and to preserve capital.

The bullion coins are worth five times what I paid for them and some or the numismatic coins have appreciated over 6000 percent in the last ten years. As the next inflationary cycle reaches double digit, their values will also double.

The numismatic, rare coins along with their certification are in the packets here that bear your names. In your names also are these storage receipts from the warehouses in Montreal and Dallas. They represent the numerous pieces of fine ivory and ebony art carvings I brought out of Africa over the years. You may claim them in person at any time. All of these items are in demand and maintain high liquidity.

I depart this life with the prayer that you will have the foresight and self discipline to leave it as it is until this nation regains fiscal sanity. When that finally comes about, there will be complete monetary reform.

Your gold, silver, and ivory will buy this new form of currency and could well be your only hope for financial survival. When I purchased the uncirculated coins to put away for you, I was afraid and didn't buy enough. Now I see they have provided the highest appreciation of all, and any further additions to this private part of my bequests to you will include more of the same. It grieves me to inform you that I have also passed on to you a "Legacy of Debt."

My generation found a way to lead the good life by borrowing from yours. We have lived out the last thirty years in a credit "dream world" of luxury and affluence and monetized the massive debt by offering the next two generations as collateral. The material wealth I leave to you will not even begin to pay your share of the bill we ran up during your lifetime and it will haunt you and cause you to ask, "How could my dad do this?"

Please know it was not what I did, but rather, what I failed to do. I just didn't bother to get personally involved in the affairs of government at any level.

I filled my days to earn large sums of dollars and spent too may nights celebrating when I did. Like millions of others, I stood by as inept elected officials bought votes with your money and changed America from a capitalistic, free enterprise nation to a land ever-approaching mandated socialism.

The conventional investments I planned for your future failed the break-even point years ago. Savings, common stocks, and money funds were tied to the shrinking dollar and eroded away with inflation and taxes, just as they will when this economy turns around to monetize the most massive debt in history.

Over the past 15 years, most of my income was taken away in taxes to finance the enormous bureaucracy that now has a strangle hold on every aspect of our economy.

Even as I write this, I see the vultures circling -waiting to pick apart the probated portion of this will that was already riddled with taxes as I tried to keep it alive.

My final prayer is that you will use my shortcomings as a warning light to guide your way. And that you will try to find forgiveness in your hearts for the things I failed to do.

Get involved. Help get America back into the hands of the earners and the producers.

From my generation you have learned that you cannot feed and house the whole world. You also learned that the nation's banks do not deserve blind faith. 60 of them failed this past year and 750 more are in trouble with assets represented by over-extended credit.

Don't be afraid of what lies out there ahead, and don't ever feel guilty about what you earned yourself. Don't let elected officials give it away to the plunderers for the sake of re-election and self enrichment.

When the day comes for you to retire, the Social Security program will be bankrupt and gone. I paid into it for nearly forty years but never withdrew a dime.

There is an automatic $275 burial fee you could withdraw for my funeral expenses. I have already designated funds to cover this so please turn it down and afford me the last dignity of paying my own way out.

In everlasting love,

Your dad,
Jesse Cornish
Jesse F. Cornish
State of Minnesota
County of Hennepin

About the Author

turd [at] tfmetalsreport [dot] com ()


Colonel Angus · Sep 15, 2014 - 9:43pm


It's only about my third one. But the heartfelt sentiments of someone saying their last goodbyes deserves the first. Apologies and warnings...what more can we leave to our children. 

It *feels* like it is about to get a whole lot worse. My five little ones deserve so much better, but I also haven't changed things. Sure, I'm only one guy, but I'm working to change their lives, to give them a chance. They are learning the skills of growing food, of working hard, of trusting in God and helping others, of living in community. It's the best I can do. 

They also know that precious metals are a way to keep wealth outside of the corrupt system. They all like the silver coinage and find the modern stuff just as tacky and fake as I do. It's what I can give from my situation...

4 oz · Sep 15, 2014 - 9:43pm

Nice post TF~~~~

Nice post TF~~~~

SlobberingBull · Sep 15, 2014 - 9:49pm


Thumbs up.

Mr. Fix · Sep 15, 2014 - 9:51pm

Last will and testament:

 Mortality sucks. cheeky

Hammer · Sep 15, 2014 - 9:57pm

A beautifully crafted last

A beautifully crafted last will and testament. Thank you for sharing that again.

Dyna mo hum · Sep 15, 2014 - 10:01pm



Quisp · Sep 15, 2014 - 10:05pm


Life is the deadliest disease known to man. It has a 100% mortality rate.

· Sep 15, 2014 - 10:15pm

Beautiful quote, TF + PM spike

Why are metals going vertical (up)? Probably just fleeting GLOBEX shenanigans, but odd. @quisp: Plus, it's a sexually transmitted disease, to boot... :-)

AlienEyes · Sep 15, 2014 - 10:15pm


Amazing foresight !

Undecided · Sep 15, 2014 - 10:16pm

top tenner

I was just starting high school! Wakin up sucks.

Safety Dan · Sep 15, 2014 - 11:00pm

Turd, this is great and

Turd, this is great and inspiring for those with gray or those with little/no hair. Several years ago I read a posting of Richard Russell when he was in the depression. It too was priceless. I wish I could find to add to this post, but cannot. 

DragonFly · Sep 15, 2014 - 11:05pm

Bravo Zulu

Family is the gold standard.

DragonFly · Sep 15, 2014 - 11:05pm

Bravo Zulu

Family is the gold standard.

Safety Dan · Sep 15, 2014 - 11:07pm

Dr Jim Garrow's Infiltration

Dr Jim Garrow's Infiltration Tour 2014

Published on Sep 11, 2014

Dr. Jim Garrow speaks with concerned citizens in Wilkesboro, NC

Video unavailable
judejin · Sep 16, 2014 - 12:41am

turd, gold may be still riding the line

i don't know how to attach a graph.

but my charts tells me it is gold that's riding the line.

Safety Dan · Sep 16, 2014 - 2:46am

Rediscovered knowledge: Why

Rediscovered knowledge:

Why Worry? The Two Scariest Charts In The World

Submitted by Tyler Durden on 09/15/2014 - 13:35

There are plenty of things to worry about these days. However, with enough intelligence, political will, common-sense and perseverance, most challenges we face as a species can be overcome (maybe providing some hope that we can tackle whatever we are facing right now.) So why worry? Well, what will happen if we start losing those qualities and values as a global society? Which is why we believe that the following graphs are the scariest in the world today...


Frederick Gates, Director of Rockefeller Foundation and power behind compulsory public education:

"In our dreams, people yield themselves with perfect docility to our molding hands. The present education conventions of intellectual and character education fade from their minds, and, unhampered by tradition, we work our own good will upon a grateful and responsive folk.
We shall not try to make these people, or any of their children, into philosophers, or men of science. We have not to raise up from them authors, educators, poets or men of letters. We shall not search for great artists, painters, musicians nor lawyers, doctors, preachers, politicians, statesmen -- of whom we have an ample supply.
The task is simple. We will organize children and teach them in a perfect way the things their fathers and mothers are doing in an imperfect way."

For those horrified by what is happening, Charlotte Iserbyt "The Deliberate Dumbing Down of America" lots of depth, lots of detail,

Safety Dan · Sep 16, 2014 - 5:50am

Rediscovered Response To Swine Flu Applies To Ebola

This article was originally written in 2009, in response to the "Swine Flu" at that time.

Most of the material in this is still relevant to Ebola outbreaks happening in 2014.

Also discussed is vaccination damage. Politics via biological weapon false flag attacks?

Question the disease diagnosis: bioweapons? 

SE · Sep 16, 2014 - 8:11am


This is a hell of a thing to have to write, because no one close to you gets to read this until after you're gone.

Aside from this, is there an explanation for yesterday's behavior in spite of CME's ban of illegal activities on the futures markets? (this is a rhetorical question) I'm not surprised that it behaved this way yesterday, though I saw unexpected spikes overnight. I keep a perspective that it washes out over the long term. The little movements don't matter. I'd just like to see what is going on behind the scenes in regards to CME's new ban.

sierra skier · Sep 16, 2014 - 8:55am

Thanks for the wonderful share

The more things change the more they stay the same.

All of the thoughts left by David continue to exist 28 years later and have only progressed to the detriment of our countries economic health.

The folks in charge have been at this for centuries and are well versed in how to steal our hard earned wealth.

matt_ · Sep 16, 2014 - 10:15am

Probably illegal

I'm assuming that passing on precious metals to heirs without reporting it and paying taxes is illegal. Taxes suck more than mortality. You still have to pay taxes after you are dead.

On a related note, when Ron Paul reported his financial assets as congressman, he showed zero holdings of physical bullion:

I guess Ron Paul had one of those unfortunate boating accidents involving bullion that I have been reading about on the internet.

Colonel Angus matt_ · Sep 16, 2014 - 11:41am

Not illegal...

You can give $1 million to each heir tax-free in a one-time gift and $13,000 per year (at least at used to be that) as gifts. So he gifted them earlier, but they weren't aware of the gift.

They wrote the law. We just use it against them. 

SilverSurfers · Sep 16, 2014 - 4:59pm

Mortality sucks.

but its the only thing giving life meaning

ancientmoney · Sep 16, 2014 - 6:23pm

Col. angus re: gifts

Everyone has a $5million lifetime gift tax exemption. So, once you've given away $5 million, you can still gift, but subject to a 45% gift tax.

judejin · Sep 17, 2014 - 1:38am

RMB gold will start trading 9.18.2014!

the launch date is moved forward!

it will start to trade this thursday!

Notice: If you do not see your new comment immediately, do not be alarmed. We are currently refreshing new comments approximately every 2 minutes to better manage performance while working on other issues. Thank you for your patience.

Become a gold member and subscribe to Turd's Vault


Donate  Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events week of 12/10

12/11 8:30 ET Producer Price Index
12/12 8:30 ET Consumer Price Index
12/13 8:30 ET Import Price Index
12/14 8:30 ET Retail Sales
12/14 9:15 ET Industrial Prod. and Cap. Utilization
12/14 10:00 ET Business Inventories

Key Economic Events week of 11/26

11/27 9:00 ET Case-Schiller home prices
11/27 10:00 ET Consumer Confidence
11/28 8:30 ET Q3 GDP 2nd guess
11/28 10:00 ET New home sales
11/29 8:30 ET Personal Income and Spending
11/29 10:00 ET Pending home sales
11/29 2:00 ET November FOMC minutes

Key Economic Events week of 11/19

11/20 8:30 ET Housing Starts
11/21 8:30 ET Durable Goods
11/21 10:00 ET UMich Sentiment
11/21 10:00 ET LEIII
11/21 10:00 ET Existing Home Sales

Recent Comments

by Nana, 2 min 51 sec ago
by Nana, 5 min 55 sec ago
by Nana, 6 min 53 sec ago
by Angry Chef, 11 min 55 sec ago
by NW VIEW, 49 min 43 sec ago