Congressman McFadden’s
Speech
On the Federal Reserve
Corporation
Quotations from several
speeches made on the Floor of the House of Representatives by the
Honorable Louis T. McFadden of Pennsylvania. Mr. McFadden, due to his
having served as Chairman of the Banking and Currency Committee for more
than 10 years, was the best posted man on these matters in America and
was in a position to speak with authority of the vast ramifications of
this gigantic private credit monopoly. As Representative of a State
which was among the first to declare its freedom from foreign money
tyrants it is fitting that Pennsylvania, the cradle of liberty, be again
given the credit for producing a son that was not afraid to hurl
defiance in the face of the money-bund. Whereas Mr. McFadden was elected
to the high office on both the Democratic and Republican tickets, there
can be no accusation of partisanship lodged against him. Because these
speeches are set out in full in the Congressional Record, they carry
weight that no amount of condemnation on the part of private individuals
could hope to carry.
The
Federal Reserve-A Corrupt Institution
"Mr. Chairman, we have
in this Country one of the most corrupt institutions the world has ever
known. I refer to the Federal Reserve Board and the Federal Reserve
Banks, hereinafter called the Fed. The Fed has cheated the Government of
these United States and the people of the United States out of enough
money to pay the Nation’s debt. The depredations and iniquities of the
Fed has cost enough money to pay the National debt several times over.
"This evil institution
has impoverished and ruined the people of these United States, has
bankrupted itself, and has practically bankrupted our Government. It has
done this through the defects of the law under which it operates,
through the maladministration of that law by the Fed and through the
corrupt practices of the moneyed vultures who control it.
"Some people who think
that the Federal Reserve Banks United States Government institutions.
They are private monopolies which prey upon the people of these United
States for the benefit of themselves and their foreign customers;
foreign and domestic speculators and swindlers; and rich and predatory
money lender. In that dark crew of financial pirates there are those who
would cut a man’s throat to get a dollar out of his pocket; there are
those who send money into states to buy votes to control our
legislatures; there are those who maintain International propaganda for
the purpose of deceiving us into granting of new concessions which will
permit them to cover up their past misdeeds and set again in motion
their gigantic train of crime.
"These twelve private
credit monopolies were deceitfully and disloyally foisted upon this
Country by the bankers who came here from Europe and repaid us our
hospitality by undermining our American institutions. Those bankers took
money out of this Country to finance Japan in a war against Russia. They
created a reign of terror in Russia with our money in order to help that
war along. They instigated the separate peace between Germany and
Russia, and thus drove a wedge between the allies in World War. They
financed Trotsky’s passage from New York to Russia so that he might
assist in the destruction of the Russian Empire. They fomented and
instigated the Russian Revolution, and placed a large fund of American
dollars at Trotsky’s disposal in one of their branch banks in Sweden
so that through him Russian homes might be thoroughly broken up and
Russian children flung far and wide from their natural protectors. They
have since begun breaking up of American homes and the dispersal of
American children. "Mr. Chairman, there should be no partisanship
in matters concerning banking and currency affairs in this Country, and
I do not speak with any.
"In 1912 the National
Monetary Association, under the chairmanship of the late Senator Nelson
W. Aldrich, made a report and presented a vicious bill called the
National Reserve Association bill. This bill is usually spoken of as the
Aldrich bill. Senator Aldrich did not write the Aldrich bill. He was the
tool, if not the accomplice, of the European bankers who for nearly
twenty years had been scheming to set up a central bank in this Country
and who in 1912 has spent and were continuing to spend vast sums of
money to accomplish their purpose.
"We were opposed to the
Aldrich plan for a central bank. The men who rule the Democratic Party
then promised the people that if they were returned to power there would
be no central bank established here while they held the reigns of
government. Thirteen months later that promise was broken, and the
Wilson administration, under the tutelage of those sinister Wall Street
figures who stood behind Colonel House, established here in our free
Country the worm-eaten monarchical institution of the "King’s
Bank" to control us from the top downward, and from the cradle to
the grave.
"The Federal Reserve
Bank destroyed our old and characteristic way of doing business. It
discriminated against our 1-name commercial paper, the finest in the
world, and it set up the antiquated 2-name paper, which is the present
curse of this Country and which wrecked every country which has ever
given it scope; it fastened down upon the Country the very tyranny from
which the framers of the Constitution sough to save us.
PRESIDENT
JACKSON’S TIME
"One of the greatest
battles for the preservation of this Republic was fought out here in
Jackson’s time; when the second Bank of the United States, founded on
the same false principles of those which are here exemplified in the Fed
was hurled out of existence. After that, in 1837, the Country was warned
against the dangers that might ensue if the predatory interests after
being cast out should come back in disguise and unite themselves to the
Executive and through him acquire control of the Government. That is
what the predatory interests did when they came back in the livery of
hypocrisy and under false pretenses obtained the passage of the Fed.
"The danger that the
Country was warned against came upon us and is shown in the long train
of horrors attendant upon the affairs of the traitorous and dishonest
Fed. Look around you when you leave this Chamber and you will see
evidences of it in all sides. This is an era of misery and for the
conditions that caused that misery, the Fed are fully liable. This is an
era of financed crime and in the financing of crime the Fed does not
play the part of a disinterested spectator.
"It has been said that
the draughtsman who was employed to write the text of the Aldrich bill
because that had been drawn up by lawyers, by acceptance bankers of
European origin in New York. It was a copy, in general a translation of
the statues of the Reichsbank and other European central banks. One-half
million dollars was spent on the part of the propaganda organized by
these bankers for the purpose of misleading public opinion and giving
Congress the impression that there was an overwhelming popular demand
for it and the kind of currency that goes with it, namely, an asset
currency based on human debts and obligations. Dr. H. Parker Willis had
been employed by Wall Street and propagandists, and when the Aldrich
measure failed- he obtained employment with Carter Glass, to assist in
drawing the banking bill for the Wilson administration. He appropriated
the text of the Aldrich bill. There is no secret about it. The test of
the Federal Reserve Act was tainted from the first.
"A few days before the
bill came to a vote, Senator Henry Cabot Lodge, of Massachusetts, wrote
to Senator John W. Weeks as follows:
New York City, December
17, 1913
"’My Dear Senator
Weeks:
"’Throughout my
public life I have supported all measures designed to take the
Government out of the banking business. This bill puts the Government
into the banking business as never before in our history. "’The
powers vested in the Federal Reserve Board seen to me highly dangerous
especially where there is political control of the Board. I should be
sorry to hold stock in a bank subject to such dominations. The bill as
it stands seems to me to open the way to a vast inflation of the
currency. "’I had hoped to support this bill, but I cannot vote
for it cause it seems to me to contain features and to rest upon
principles in the highest degree menacing to our prosperity, to
stability in business, and to the general welfare of the people of the
United States. Very Truly Yours, Henry Cabot Lodge.’"
"In eighteen years that
have passed since Senator Lodge wrote that letter of warning all of his
predictions have come true. The Government is in the banking business as
never before. Against its will it has been made the backer of horse
thieves and card sharps, bootlegger’s smugglers, speculators, and
swindlers in all parts of the world. Through the Fed the riffraff of
every country is operating on the public credit of the United States
Government.
THE
GREAT DEPRESSION
"Meanwhile and on
account of it, we ourselves are in the midst of the greatest depression
we have ever known. From the Atlantic to the Pacific, our Country has
been ravaged and laid waste by the evil practices of the Fed and the
interests which control them. At no time in our history, has the general
welfare of the people been at a lower level or the minds of the people
so full of despair.
"Recently in one of our
States, 60,000 dwelling houses and farms were brought under the hammer
in a single day. 71,000 houses and farms in Oakland County, Michigan,
were sold and their erstwhile owners dispossessed. The people who have
thus been driven out are the wastage of the Fed. They are the victims of
the Fed. Their children are the new slaves of the auction blocks in the
revival of the institution of human slavery.
The
Scheme of the Fed
"In 1913, before the
Senate Banking and Currency Committee, Mr. Alexander Lassen made the
following statement: "The whole scheme of the Fed with its
commercial paper is an impractical, cumbersome machinery- is simply a
cover to secure the privilege of issuing money, and to evade payment of
as much tax upon circulation as possible and then control the issue and
maintain, instead of reducing interest rates. It will prove to the
advantage of the few and the detriment of the people. It will mean
continued shortage of actual money and further extension of credits, for
when there is a shortage of money people have to borrow to their
cost.’ "A few days before the Fed passed, Senator Root denounced
the Fed as an outrage on our liberties. He predicted: ‘Long before we
wake up from our dream of prosperity through an inflated currency, our
gold- which alone could have kept us from catastrophe- will have
vanished and no rate of interest will tempt it to return.’
"If ever a prophecy
came true, that one did.
"The Fed became law the
day before Christmas Eve, in the year 1913, and shortly afterwards, the
German International bankers, Kuhn, Loeb and Co. sent one of their
partners here to run it.
"The Fed Note is
essentially unsound. It is the worst currency and the most dangerous
that this Country has ever known. When the proponents of the act saw
that the Democratic doctrine would not permit them to let the proposed
banks issue the new currency as bank notes, they should have stopped at
that. They should not have foisted that kind of currency, namely, an
asset currency, on the United States Government. They should not have
made the Government [liable on the private] debts of individuals and
corporations, and, least of all, on the private debts of foreigners.
"As Kemerer says: ‘The Fed Notes, therefore, in form, have some
of the qualities of Government paper money, but in substance, are almost
a pure asset currency possessing a Government guarantee against which
contingency the Government has made no provision whatever.’
"Hon. L.J.Hill, a
former member of the House, said, and truly: "They are obligations
of the Government for which the United States received nothing and for
the payment of which at any time, it assumes the responsibility: looking
to the Fed to recoup itself.’
"If this United States
is to redeem the Fed Notes, when the General Public finds it costs to
deliver this paper to the Fed, and if the Government has made no
provisions for redeeming them, the first element of unsoundness is not
far to seek.
"Before the Banking and
Currency Committee, when the bill was under discussion Mr. Crozier of
Cincinnati said: ‘The imperial power of elasticity of the public
currency is wielded exclusively by the central corporations owned by the
banks. This is a life and death power over all local banks and all
business. It can be used to create or destroy prosperity, to ward off or
cause stringencies and panics. By making money artificially scarce,
interest rates throughout the Country can be arbitrarily raised and the
bank tax on all business and cost of living increased for the profit of
the banks owning these regional central banks, and without the slightest
benefit to the people. The 12 Corporations together cover y and
monopolize and use for private gain- every dollar of the public currency
and all public revenue of the United States. Not a dollar can be put
into circulation among the people by their Government, without the
consent of and on terms fixed by these 12 private money trusts.’
"In defiance of this
and all other warnings, the proponents of the Fed created the 12 private
credit corporations and gave them an absolute monopoly of the currency
of these United States- not of the Fed Notes alone- but of all other
currency! The Fed Act providing ways and means by which the gold and
general currency in the hands of the American people could be obtained
by the Fed in exchange for Fed Notes- which are not money- but mere
promises to pay.
"Since the evil day
when this was done, the initial monopoly has been extended by vicious
amendments to the Fed and by the unlawful and treasonable practices of
the Fed.
Money
for the Scottish Distillers
"Mr. Chairman, if a
Scottish distiller wishes to send a cargo of Scotch whiskey to these
United States, he can draw his bill against the purchasing bootlegger in
dollars and after the bootlegger has accepted it by writing his name
across the face of it, the Scotch distiller can send that bill to the
nefarious open discount market in New York City where the Fed will buy
it and use it as collateral for a new issue of Fed Notes. Thus the
Government of these United States pay the Scotch distiller for the
whiskey before it is shipped, and if it is lost on the way, or if the
Coast Guard seizes it and destroys it, the Fed simply write off the loss
and the government never recovers the money that was paid to the Scotch
distiller.
"While we are
attempting to enforce prohibition here, the Fed are in the distillery
business in Europe and paying bootlegger bills with public credit of
these United States. "Mr. Chairman, by the same process, they
compel our Government to pay the German brewer for his beer. Why should
the Fed be permitted to finance the brewing industry in Germany either
in this way or as they do by compelling small and fearful United States
Banks to take stock in the Isenbeck Brewery and in the German Bank for
brewing industries? "Mr. Chairman, if Dynamit Nobel of Germany,
wishes to sell dynamite in Japan to use in Manchuria or elsewhere, it
can drew its bill against the Japanese customers in dollars and send
that bill to the nefarious open discount market in New York City where
the Fed will buy it and use it as collateral for a new issue of Fed
Notes- while at the same time the Fed will be helping Dynamit Nobel by
stuffing its stock into the United States banking system.
"Why should we send
our representatives to the disarmament conference at
Geneva- while the Fed is
making our Government pay Japanese debts to German Munitions makers?
"Mr. Chairman, if a
German wishes to raise a crop of beans and sell them to a Japanese
customer, he can draw a bill against his prospective Japanese customer
in dollars and have it purchased by the Fed and get the money out of
this Country at the expense of the American people before he has even
planted the beans in the ground. "Mr. Chairman, if a German in
Germany wishes to export goods to South America, or any other Country,
he can draw his bill against his customers and send it to these United
States and get the money out of this Country before he ships, or even
manufactures the goods.
"Mr. Chairman, why
should the currency of these United States be issued on the strength of
German Beer? Why should it be issued on the crop of unplanted beans to
be grown in Chili for Japanese consumption? Why should these United
States be compelled to issue many billions of dollars every year to pay
the debts of one foreigner to another foreigner? "Was it for this
that our National Bank depositors had their money taken out of our banks
and shipped abroad? Was it for this that they had to lose it? Why should
the public credit of these United States and likewise money belonging to
our National Bank depositors be used to support foreign brewers,
narcotic drug vendors, whiskey distillers, wig makes, human hair
merchants, Chilean bean growers, to finance the munition factories of
Germany and Soviet Russia?
THE
UNITED STATES HAS BEEN RANSACKED
"The United States has
been ransacked and pillaged. Our structures have been gutted and only
the walls are left standing. While being perpetrated, everything the
world would rake up to sell us was brought in here at our expense by the
Fed until our markets were swamped with unneeded and unwanted imported
goods priced far above their value and make to equal the dollar volume
of our honest exports, and to kill or reduce our favorite balance of
trade. As Agents of the foreign central banks the Fed try by every means
in their power to reduce our favorable balance of trade. They act for
their foreign principal and they accept fees from foreigners for acting
against the best interests of these United States. Naturally there has
been great competition among among foreigners for the favors of the Fed.
"What we need to do is
to send the reserves of our National Banks home to the people who earned
and produced them and who still own them and to the banks which were
compelled to surrender them to predatory interests.
"Mr. Chairman, there is
nothing like the Fed pool of confiscated bank deposits in the world. It
is a public trough of American wealth in which the foreigners claim
rights, equal to or greater than Americans. The Fed are the agents of
the foreign central banks. They use our bank depositors’ money for the
benefit of their foreign principals. They barter the public credit of
the United States Government and hire it our to foreigners at a profit
to themselves.
"All this is done at
the expense of the United States Government, and at a sickening loss to
the American people. Only our great wealth enabled us to stand the drain
of it as long as we did.
"We need to destroy the
Fed wherein our national reserves are impounded for the benefit of the
foreigners. "We need to save America for Americans.
SPURIOUS
SECURITIES
"Mr. Chairman, when you
hold a $10.00 Fed Note in your hand, you are holding apiece of paper
which sooner or later is going to cost the United States Government
$10.00 in gold (unless the Government is obliged to go off the gold
standard). It is based on limburger cheese (reported to be in foreign
warehouses) or in cans purported to contain peas (but may contain salt
water instead), or horse meat, illicit drugs, bootleggers fancies, rags
and bones from Soviet Russia (of which these United States imported over
a million dollars worth last year), on wines whiskey, natural gas, goat
and dog fur, garlic on the string, and Bombay ducks.
"If you like to have
paper money- which is secured by such commodities- you have it in Fed
Note. If you desire to obtain the thing of value upon which this paper
currency is based, that is, the limburger cheese, the whiskey, the
illicit drugs, or any of the other staples- you will have a very hard
time finding them.
"Many of these
worshipful commodities are in foreign Countries. Are you going to
Germany to inspect her warehouses to see if the specified things of
value are there? I think more, I do not think that you would find them
there if you did go.
"On April 27, 1932, the
Fed outfit sent $750,000 belonging to American bank depositors in gold
to Germany. A week later another $300,000 in gold was shipped to
Germany. About the middle of May $12,000,000 in gold was shipped to
Germany by the Fed. Almost every week there is a shipment of gold to
Germany. These shipments are not made for profit on the exchange since
the German marks are blow parity with the dollar.
"Mr. Chairman, I
believe that the National Bank depositors of these United States have a
right to know what the Fed are doing with their money. There are
millions of National Bank depositors in the Country who do not know that
a percentage of every dollar they deposit in a Member Bank of the Fed
goes automatically to American Agents of the foreign banks and that all
their deposits can be paid away to foreigners without their knowledge or
consent by the crooked machinery of the Fed and the questionable
practices of the Fed.
[Ed. Note- Problem with next
paragraph in original] "Mr. Chairman, the American people should be
told the truth by their servants in office. In 1930, we had over a half
billion dollars outstanding daily to finance foreign goods stored in or
shipped between several billion dollars. What goods are these on which
the Fed yearly pledge several billions of dollars. In its yearly total,
this item amounts to several billions of dollars of the public credit of
these United States?
"What goods are those
which are hidden in European and Asiatic stores have not been seen by
any officer of our Government but which are being financed on the public
credit of the United States Government? What goods are those upon which
the 17 United States Government is being obligated by the Fed to issue
Fed Notes to the extent of several billions of dollars a year?
The
Bankers’ Acceptance Racket
"The Fed have been
International Banks from the beginning, with these United States as
their enforced banker and supplier of currency. But it is none the less
extraordinary to see these these twelve private credit monopolies,
buying the debts of foreigners against foreigners, in all parts of the
world and asking the Government of these United States for new issues of
Fed notes in exchange for them. "The magnitude of the acceptance
racket as it has been developed by the Fed, their foreign
correspondents, and the predatory European born bankers, who set up the
Fed here and taught your own, by and of pirates, how to loot the people:
I say the magnitude of this racket is estimated to be in the
neighborhood of 9,000,000,000 per year. In the past ten years it is said
to have amounted to $90,000,000,000.00. In my opinion it has amounted to
several times that much. coupled to this you have to the extent of
billions of dollars, the gambling in the United States securities, which
takes place in the same open discount market- a gambling on which the
Fed is now spending $100,000,000.00 per week.
"Fed Notes are taken
from the U.S. Government in unlimited quantities. Is is strange that the
burden of supplying these immense sums of money to the gambling
fraternity has at last proved too heavy for the American people to
endure? Would it not be a national [calamity to] again bind down this
burden on the backs of the American people and by means of a long
rawhide whip of the credit masters, compel them to enter another
seventeen years of slavery?
"They are trying to do
that now. They are trying to take $100,000,000.00 of the public credit
of the United States every week, in addition to all their other seizures
and they are sending that money to the nefarious open market in a
desperate gamble to reestablish their graft as a going concern.
"They are putting the
United States Government in debt to the extent of $100,000,000 a week,
and with the money they are buying our Government securities for
themselves and their foreign principals. Our people are disgusted with
the experiences of the Fed. The Fed is not producing a loaf of bread, a
yard of cloth, a bushel of corn, or a pile of cordwood by its
check-kiting operations in the money market.
"Mr. Speaker, on the 13th
of January of this year I addressed the House on the subject of the
Reconstruction Finance Corporation. In the course of my remarks I made
the following statement: In 1928 the member banks of the Fed borrowed
$60,598,690,000. from the Fed on their fifteen-day promissory notes.
Think of it. Sixty billion dollars payable on demand in gold in the
course of one single year. The actual amount of such obligations called
for six times as much monetary gold as there is in the world. Such
transactions represent a grant in the course of one single years of
about $7,000,000 to every member of the Fed.
"Is it any wonder that
American labor which ultimately pays the cost of all banking operations
of this Country has at last proved unequal to the task of supplying this
huge total of cash and credit for the benefit of the stock market
manipulators and foreign swindlers? "In 1933 the Fed presented the
staggering amount of $60,598,690,000 to its member banks at the expense
of the wage earners and tax payers of these United States. In 1929, the
year of the stock market crash, the Fed advanced $58,000,000,000 to
member banks.
"In 1930 while the
speculating banks were getting out of the stock market at the expense of
the general public, the Fed advanced them $13,022,782,000. This shows
that when the banks were gambling on the public credit of these United
States as represented by the Fed currency they were subsidized to any
amount they required by the Fed. When the swindle began to fall, the
bankers knew it in advance and withdrew from the market. They got out
with whole skins- and left the people of these United States to pay the
piper. "My friend from Kansas, Mr. McGugin, has stated that he
thought the Fed lent money on rediscounting. So they do, but they lend
comparatively little that way. The real discounting that they do has
been called a mere penny in the slot business. It is too slow for
genuine high flyers. They discourage it. They prefer to subsidize their
favorite banks by making them $60,000,000,000 advances and they prefer
to acquire assistance in the notorious open discount market in New York,
where they can use it to control the price of stocks and bonds on the
exchanges.
"For every dollar they
advanced on discounts in 1928, they lent $33.00 to their favorite banks
for whom they do a business of several billion dollars income tax on
their profits to these United States.
The John
Law Swindle
"This is the John Law
swindle over again. The theft of Teapot Dome was trifling compared to
it. What King ever robbed his subject to such an extent as the Fed has
robbed us? Is it any wonder that there have been lately ninety cases of
starvation in one of the New York hospitals? Is there any wonder that
the children are being abandoned?
"The government and the
people of these United States have been swindled by swindlers deluxe to
whom the acquisition of American or a parcel of Fed Notes presented no
more difficulty than the drawing up of a worthless acceptance in a
Country not subject to the laws of these United States, by sharpers not
subject to the jurisdiction of these United States, sharpers with strong
banking "fence" on this side of the water, a "fence"
acting as a receiver of a worthless paper coming from abroad, endorsing
it and getting the currency out of the Fed for it as quickly as possible
exchanging that currency for gold and in turn transmitting the gold to
its foreign confederates.
Ivar Kreuger, the Match
King!
"Such were the exploits
of Ivar Krueger, Mr. Hoover’s friend, and his rotten Wall Street
bakers. Every dollar of the billions Kreuger and his gang drew out of
this Country on acceptances was drawn from the government and the people
of the United States through the Fed. The credit of the United States
Government was peddled to him by the Fed for their own private gain.
That is what the Fed has been doing for many years.
"They have been
peddling the credit of this Government and the [signature of this]
Government to the swindlers and speculators of all nations. That is what
happens when a Country forsakes its Constitution and gives its
sovereignty over the public currency to private interests. Give them the
flag and they will sell it.
"The nature of
Kreuger’s organized swindle and the bankrupt condition of Kreuger’s
combine was known here last June when Hoover sought to exempt
Krueger’s loan to Germany of $125,000,000 from the operation of the
Hoover Moratorium. The bankrupt condition of Krueger’s swindle was
known her last summer when $30,000,000 was taken from the American
taxpayers by certain bankers in New York for the ostensible purpose of
permitting Krueger to make a loan to Colombia. Colombia never saw that
money.
"The nature of
Krueger’s swindle was known here in January when he visited his
friend, Mr. Hoover, at the White House. It was known here in March
before he went to Paris and committed suicide.
"Mr. Chairman, I think
the people of the United States are entitled to know how many billions
of dollars were placed at the disposal of Krueger and his gigantic
combine by the Fed, and to know how much of our Government currency was
issued and lost in the financing of that great swindle in the years
during which the Fed took care of Krueger’s requirements.
"A few days ago, the
President of the United States with a white face and shaking hands, went
before the Senate of behalf of the moneyed interests and asked the
Senate to levy a tax on the people so that foreigners might know that
these United States would pay its debt to them. "Most Americans
thought it was the other way around. What does these United States owe
foreigners? When and by whom was the debt incurred? It was incurred by
the Fed, when they peddled the signature of the Government to
foreigners- for a Price. It is what the United States Government has to
pay to redeem the obligations of the Fed.
Thieves
Go Scot Free
"Are you going to let
these thieves get off scot free? Is there one law for the looter who
drives up to the door of the United States Treasury in his limousine and
another for the United States Veterans who are sleeping on the floor of
a dilapidated house on the outskirts of Washington? "The Baltimore
and Ohio Railroad is here asking for a large loan from the people, and
the wage earners and the taxpayers of these United States. It is begging
for a handout from the Government. It is standing, cap in hand, at the
door of the R.F.C. where all the jackals have gathered to the feast. It
is asking for money that was raised from the people by taxation and
wants this money of the poor for the benefit of Kuhn, Loeb and Co., the
German International Bankers.
"Is there one law for
the Baltimore and Ohio Railroad and another for the hungry veterans it
threw off its freight cars the other day? Is there one law for sleek and
prosperous swindlers who call themselves bankers and another law for the
soldiers who defended the flag? "The R.F.C. is taking over these
worthless securities from the Investment Trusts with United States
Treasury money at the expense of the American taxpayer and the wage
earner.
"It will take twenty
years to redeem our Government. Twenty years of penal servitude to pay
off the gambling debts of the traitorous Fed and to vast flood of
American wages and savings, bank deposits, and the United States
Government credit which the Fed exported out of this country to their
foreign principals.
"The Fed lately
conducted an anti-hoarding campaign here. They they took that extra
money which they had persuaded the American people to put into the
banks- they sent it to Europe- along with the rest. In the last several
months, they have sent $1,300,000,000 in gold to their foreign
employers, their foreign masters, and every dollar of that gold belonged
to the people of these United States and was unlawfully taken from them.
Fiat
Money
"Mr. Chairman, within
the limits of the time allowed me, I cannot enter into a particularized
discussion of the Fed. I have singled out the Fed currency for a few
remarks because there has lately been some talk here of "fiat
money". What kind of money is being pumped into the open discount
market and through it into foreign channels and stock exchanges? Mr.
Mills of the Treasury has spoken here of his horror of the printing
presses and his horror of dishonest money. He has no horror of dishonest
money. If he had, he would be no party to the present gambling of the
Fed in the nefarious open discount market of New York, a market in which
the sellers are represented by 10 discount corporations owned and
organized by the very banks which own and control the Fed.
"Fiat money, indeed!
"What Mr. Mills is
fighting for is the preservation, whole and entire, of the banker’s
monopoly of all the currency of the United States Government.
"Mr. Chairman, last
December, I introduced a resolution here asking for an exa mination and
an audit of the Fed and all related matters. If the House sees fit to
make such an investigation, the people of these United States will
obtain information of great value. This is a Government of the people,
by the people, for the people. Consequently, nothing should be concealed
from the people. The man who deceives the people is a traitor to these
United States.
"The man who knows or
suspects that a crime has been committed and who conceals and covers up
that crime is an accessory to it. Mr. Speaker, it is a monstrous thing
for this great nation of people to have its destinies presided over by a
traitorous government board acting in secret concert with international
usurers.
"Every effort has been
made by the Fed to conceal its powers- but the truth is- the Fed has
usurped the Government. It controls everything here and it controls all
of our foreign relations. It makes and breaks governments at will.
"No man and no body of
men is more entrenched in power than the arrogant credit monopoly which
operated the Fed. What National Government has permitted the Fed to
steal from the people should now be restored to the people. The people
have a valid claim against the Fed. If that claim is enforced the
Americans will not need to stand in the bread line, or to suffer and die
of starvation in the streets. Women will be saved, families will be kept
together, and American children will not be dispersed and abandoned.
"Here is a Fed Note.
Immense numbers of the notes are now held abroad. I am told that they
amount to upwards of a billion dollars. They constitute a claim against
our Government and likewise a claim against our peoples’ money to the
extent of $1,300,000,000 which has within the last few months been
shipped abroad to redeem Fed Notes and to pay other gambling debts of
the traitorous Fed. The greater part of our money stock has been shipped
to other lands.
"Why should we promise
to pay the debts of foreigners to foreigners? Why should the Fed be
permitted to finance our competitors in all parts of the world? Do you
know why the tariff was raised? It was raised to shut out the flood of
Fed Goods pouring in here from every quarter of the globe- cheap goods,
produced by cheaply paid foreign labor, on unlimited supplies of money
and credit sent out of this Country by the dishonest and unscrupulous
Fed.
"The Fed are spending
$100,000,000 a week buying government securities in the open market and
are making a great bid for foreign business. They are trying to make
rates so attractive that the human hair merchants and the distillers and
other business entities in foreign land will come her and hire more of
the public credit of the United States Government to pay the Fed outfit
for getting it for them.
World
Enslavement Planned
"Mr. Chairman, when the
Fed was passed, the people of these United States did not perceive that
a world system was being set up here which would make the savings of the
American school teacher available to a narcotic-drug vendor in Acapulco.
They did not perceive that these United States was to be lowered to the
position of a coolie country which has nothing but raw material and
heart, that Russia was destined to supply the man power and that this
country was to supply the financial power to an "international
superstate". A superstate controlled by international bankers, and
international industrialists acting together to enslave the world for
their own pleasure?
"The people of these
United States are being greatly wronged. They have been driven from
their employments. They have been dispossessed from their homes. They
have been evicted from their rented quarters. They have lost their
children. They have been left to suffer and die for lack of shelter,
food, clothing and medicine.
"The wealth of these
United States and the working capital have been taken away from them and
has either been locked in the vaults of certain banks and the great
corporations or exported to foreign countries for the benefit of the
foreign customers of these banks and corporations. So far as the people
of the United States are concerned, the cupboard is bare.
"It is true that the
warehouses and coal yards and grain elevators are full, but these are
padlocked, and the great banks and corporations hold the keys.
"The sack of these
United States by the Fed is the greatest crime in history.
"Mr. Chairman, a
serious situation confronts the House of Representatives today. We are
trustees of the people and the rights of the people are being taken away
from them. Through the Fed the people are losing the rights guaranteed
to them by the Constitution. Their property has been taken from them
without due process of law. Mr. Chairman, common decency requires us to
examine the public accounts of the Government and see what crimes
against the public welfare have been committed.
"What is needed here is
a return to the Constitution of these United States. "The old
struggle that was fought out here in Jackson’s time must be fought our
over again. The independent United States Treasury should be
reestablished and the Government should keep its own money under lock
and key in the building the people provided for that purpose.
"Asset currency, the
devise of the swindler, should be done away with. The Fed should be
abolished and the State boundaries should be respected. Bank reserves
should be kept within the boundaries of the States whose people own
them, and this reserve money of the people should be protected so that
the International Bankers and acceptance bankers and discount dealers
cannot draw it away from them.
"The Fed should be
repealed, and the Fed Banks, having violated their charters, should be
liquidated immediately. Faithless Government officials who have violated
their oaths of office should be impeached and brought to trial.
"Unless this is done by
us, I predict, that the American people, outraged, pillaged, insulted
and betrayed as they are in their own land, will rise in their wrath,
and will sweep the money changers out of the temple.
"Mr. Chairman, the
United States is bankrupt: It has been bankrupted by the corrupt and
dishonest Fed. It has repudiated its debts to its own citizens. Its
chief foreign creditor is Great Britain, and a British bailiff has been
at the White House and the British Agents are in the United States
Treasury making inventory arranging terms of liquidations!
Great
Britain, Partner in Blackmail
"Mr. Chairman, the Fed
has offered to collect the British claims in full from the American
public by trickery and corruption, if Great Britain will help to conceal
its crimes. The British are shielding their agents, the Fed, because
they do not wish that system of robbery to be destroyed here. They wish
it to continue for their benefit! By means of it, Great Britain has
become the financial mistress of the world. She has regained the
position she occupied before the World War.
"For several years she
has been a silent partner in the business of the Fed. Under threat of
blackmail, or by their bribery, or by their native treachery to the
people of the United States, the officials in charge of the Fed unwisely
gave Great Britain immense gold loans running into hundreds of millions
of dollars. They did this against the law! Those gold loans were not
single transactions. They gave Great Britain a borrowing power in the
United States of billions. She squeezed billions out of this Country by
means of her control of the Fed.
"As soon as the Hoover
Moratorium was announced, Great Britain moved to consolidate her gains.
After the treacherous signing away of American rights at the 7-power
conference at London in July, 1931, which put the Fed under the control
of the Bank of International Settlements, Great Britain began to tighten
the hangman’s noose around the neck of the United States.
"She abandoned the gold
standard and embarked on a campaign of buying up the claims of
foreigners against the Fed in all parts of the world. She has now sent
her bailiff, Ramsey MacDonald, here to get her war debt to this country
canceled. But she has a club in her hands! She has title to the gambling
debts which the corrupt and dishonest Fed incurred abroad. "Ramsey
MacDonald, the labor party deserter, has come here to compel the
President to sign on the dotted line, and that is what Roosevelt is
about to do! Roosevelt will endeavor to conceal the nature of his action
from the American people. But he will obey the International Bankers and
transfer the war debt that Great Britain should pay to the American
people, to the shoulders of the American taxpayers.
"Mr. Chairman, the bank
holiday in the several States was brought about by the corrupt and
dishonest Fed. These institutions manipulated money and credit, and
caused the States to order bank holidays.
"These holidays were
frame-ups! "They were dress rehearsals for the national bank
holiday which Franklin D. Roosevelt promised Sir Ramsey MacDonald that
he would declare.
"There was no national
emergency here when Franklin D. Roosevelt took office excepting the
bankruptcy of the Fed- a bankruptcy which has been going on under cover
for several years and which has been concealed from the people so that
the people would continue to permit their bank deposits and their bank
reserves and their gold and the funds of the United States Treasury to
be impounded in these bankrupt institutions.
"Under cover, the
predatory International Bankers have been stealthily transferring the
burden of the Fed debts to the people’s Treasury and to the people
themselves. They the farms and the homes of the United States to pay for
their thievery! That is the only national emergency that there has been
here since the depression began.
"The week before the
bank holiday ws declared in New York State, the deposits in the New York
savings banks were greater than the withdrawals. There were no runs on
New York Banks. There was no need of a bank holiday in New York, or of a
national holiday.
Roosevelt
and the International Bankers
"Roosevelt did what the
International Bankers ordered him to do!
"Do not deceive
yourself, Mr. Chairman, or permit yourself to be deceived by others into
the belief that Roosevelt’s dictatorship is in any way intended to
benefit the people of the United States: he is preparing to sign on the
dotted line! "He is preparing to cancel the war debts by fraud!
"He is preparing to internationalize this Country and to destroy
our Constitution itself in order to keep the Fed intact as a money
institution for foreigners. "Mr. Chairman, I see no reason why
citizens of the United States should be terrorized into surrendering
their property to the International Bankers who own and control the Fed.
The statement that gold would be taken from its lawful owners if they
did not voluntarily surrender it, to private interests, show that there
is an anarchist in our Government.
"The statement
that it is necessary for the people to give their gold- the
only real money- to
the banks in order to protect the currency, is a statement
of calculated
dishonesty!
"By his unlawful
usurpation of power on the night of March 5, 1933, and by his
proclamation, which in my opinion was in violation of the Constitution
of the United States, Roosevelt divorced the currency of the United
States from gold, and the United States currency is no longer protected
by gold. It is therefore sheer dishonesty to say that the people’s
gold is needed to protect the currency.
"Roosevelt ordered the
people to give their gold to private interests- that is, to banks, and
he took control of the banks so that all the gold and gold values in
them, or given into them, might be handed over to the predatory
International Bankers who own and control the Fed.
"Roosevelt cast his lot
with the usurers. "He agreed to save the corrupt and dishonest at
the expense of the people of the United States.
"He took advantage of
the people’s confusion and weariness and spread the dragnet over the
United States to capture everything of value that was left in it. He
made a great haul for the International Bankers.
"The Prime Minister of
England came here for money! He came here to collect cash!
"He came here with Fed
Currency and other claims against the Fed which England had bought up in
all parts of the world. And he has presented them for redemption in
gold.
"Mr. Chairman, I am in
favor of compelling the Fed to pay their own debts. I see no reason why
the general public should be forced to pay the gambling debts of the
International Bankers.
Roosevelt
Seizes the Gold
"By his action in
closing the banks of the United States, Roosevelt seized the gold value
of forty billions or more of bank deposits in the United States banks.
Those deposits were deposits of gold values. By his action he has
rendered them payable to the depositors in paper only, if payable at
all, and the paper money he proposes to pay out to bank depositors and
to the people generally in lieu of their hard earned gold values in
itself, and being based on nothing into which the people can convert it
the said paper money is of negligible value altogether.
"It is the money of
slaves, not of free men. If the people of the United States permit it to
be imposed upon them at the will of their credit masters, the next step
in their downward progress will be their acceptance of orders on company
stores for what they eat and wear. Their case will be similar to that of
starving coal miners. They, too, will be paid with orders on Company
stores for food and clothing, both of indifferent quality and be forced
to liv e in Company-owned houses from which they may be evicted at the
drop of a hat. More of them will be forced into conscript labor camps
under supervision.
"At noon on the 4th
of March, 1933, FDR with his hand on the Bible, took an oath to
preserve, protect and defend the Constitution of the U.S. At midnight on
the 5th of March, 1933, he confiscated the property of
American citizens. He took the currency of the United States standard of
value. He repudiated the internal debt of the Government to its own
citizens. He destroyed the value of the American dollar. He released, or
endeavored to release, the Fed from their contractual liability to
redeem Fed currency in gold or lawful money on a parity with gold. He
depreciated the value of the national currency.
"The people of the U.S.
are now using unredeemable paper slips for money. The Treasury cannot
redeem that paper in gold or silver. The gold and silver of the Treasury
has unlawfully been given to the corrupt and dishonest Fed. And the
Administration has since had the effrontery to raid the country for more
gold for the private interests by telling our patriotic citizens that
their gold is needed to protect the currency.
"It is not being used
to protect the currency! It is being used to protect the corrupt and
dishonest Fed. "The directors of these institutions have committed
criminal offense against the United States Government, including the
offense of making false entries on their books, and the still more
serious offense of unlawfully abstracting funds from the United States
Treasury! "Roosevelt’s gold raid is intended to help them out of
the pit they dug for themselves when they gambled away the wealth and
savings of the American people.
Dictatorship
"The International
Bankers set up a dictatorship here because they wanted a dictator who
would protect them. They wanted a dictator who would protect them. They
wanted a dictator who would issue a proclamation giving the Fed an
absolute and unconditional release from their special currency in gold,
or lawful money of any Fed Bank.
"Has Roosevelt relieved
any other class of debtors in this country from the necessity of paying
their debts? Has he made a proclamation telling the farmers that they
need not pay their mortgages? Has he made a proclamation to the effect
that mothers of starving children need not pay their milk bills? Has he
made a proclamation relieving householders from the necessity of paying
rent?
Roosevelt’s
Two Kinds of Laws
"Not he! He has issued
one kind of proclamation only, and that is a proclamation to relieve
international bankers and the foreign debtors of the United States
Government.
"Mr. Chairman, the gold
in the banks of this country belongs to the American people who have
paper money contracts for it in the form of national currency. If the
Fed cannot keep their contracts with United States citizens to redeem
their paper money in gold, or lawful money, then the Fed must be taken
over by the United States Government and their officers must be put on
trial.
"There must be a day of
reckoning. If the Fed have looted the Treasury so that the Treasury
cannot redeem the United States currency for which it is liable in gold,
then the Fed must be driven out of the Treasury.
"Mr. Chairman, a gold
certificate is a warehouse receipt for gold in the Treasury, and the man
who has a gold certificate is the actual owner of a corresponding amount
of gold stacked in the Treasury subject to his order.
"Now comes Roosevelt
who seeks to render the money of the United States worthless by
unlawfully declaring that it may No Longer be converted into gold at the
will of the holder.
"Roosevelt’s next
haul for the International Bankers was the reduction in the pay of all
Federal employees.
"Next in order are the
veterans of all wars, many of whom are aged and inform, and other sick
and disabled. These men had their lives adjusted for them by acts of
Congress determining the amounts of the pensions, and, while it is meant
that every citizen should sacrifice himself for the good of the United
States, I see no reason why those poor people, these aged Civil War
Veterans and war widows and half-starved veterans of the World War,
should be compelled to give up their pensions for the financial benefit
of the International vultures who have looted the Treasury, bankrupted
the country and traitorously delivered the United States to a foreign
foe. "There are many ways of raising revenue that are better than
that barbaric act of injustice.
"Why not collect from
the Fed the amount they owe the U.S. Treasury in interest on all the Fed
currency they have taken from the Government? That would put billions of
dollars into the U.S. Treasury.
"If FDR is as honest as
he pretends to be, he will have that done immediately. And in addition,
why not compel the Fed to disclose their profits and to pay the
Government its share?
"Until this is done, it
is rank dishonesty to talk of maintaining the credit of the U.S.
Government. "My own salary as a member of Congress has been
reduced, and while I am willing to give my part of it that has been
taken away from me to the U.S. Government, I regret that the U.S. has
suffered itself to be brought so low by the vultures and crooks who are
operating the roulette wheels and faro tables in the Fed, that is now
obliged to throw itself on the mercy of its legislators and charwomen,
its clerks, and it poor pensioners and to take money out of our pockets
to make good the defalcations of the International Bankers who were
placed in control of the Treasury and given the monopoly of U.S.
Currency by the misbegotten Fed. "I am well aware that the
International Bankers who drive up to the door of the United States
Treasury in their limousines, look down with scorn upon members of
Congress because we work for so little, while they draw millions a year.
The difference is that we earn, or try to earn, what we get- and they
steal the greater part of their takings.
Enemies
of the People They Rob
"I do not like to see
vivisections performed on human beings. I do not like to see the
American people used for experimental purposes by the credit masters of
the United States. They predicted among themselves that they would be
able to produce a condition here in which American citizens would be
completely humbled and left starving and penniless in the streets.
"The fact that they made that assertion while they were fomenting
their conspiracy against the United States that they like to see a human
being, especially an American, stumbling from hunger when he walks.
"Something should be done about it, they say. Five-cent meals, or
something! "But FDR will not permit the House of Representatives to
investigate the condition of the Fed. FDR will not do that. He has
certain International Bankers to serve. They not look to him as the man
Higher Up who will protect them from the just wrath of an outraged
people.
"The International
Bankers have always hated our pensioners. A man with a small pension is
a ward of the Government. He is not dependent upon them for a salary or
wages. They cannot control him. They do not like him. It gave them great
pleasure, therefore, to slash the veterans. "But FDR will never do
anything to embarrass his financial supporters. He will cover up the
crimes of the Fed.
"Before he was elected,
Mr. Roosevelt advocated a return to the earlier practices of the Fed,
thus admitting its corruptness. The Democratic platform advocated a
change in the personnel of the Fed. These were campaign bait. As a
prominent Democrat lately remarked to me; "There is no new deal.
The same old crowd is in control."
"The claims of foreign
creditors of the Fed have no validity in law. The foreign creditors were
the receivers- and the willing receivers- of stolen goods! They have
received through their banking fences immense amounts of currency, and
that currency was unlawfully taken from the United States Treasury by
the Fed.
"England discovered the
irregularities of the Fed quite early in its operations and through
fear, apparently, the Fed have for years suffered themselves to be
blackmailed and dragooning England to share in the business of the Fed.
"The Fed have unlawfully taken many millions of dollars of the
public credit of the United States and have given it to foreign sellers
on the security of the Debt paper of foreign buyers in purely foreign
transactions, and when the foreign buyers refused to meet their
obligations and the Fed saw no honest way of getting the stolen goods
back into their possession, they decided by control of the executive to
make the American people pay their losses!
Conspiracy
of War Debts
"They likewise entered
into a conspiracy to deprive the people of the U.S. of their title to
the war debts and not being able to do that in the way they intended,
they are now engaged in an effort to debase the American dollar so that
foreign governments will have their debts to this country cut in two,
and then by means of other vicious underhanded arrangements, they
propose to remit the remainder.
"So far as the U.S. is
concerned, the gambling counters have no legal standing. The U.S.
Treasury cannot be compelled to make good the gambling ventures of the
corrupt and dishonest Fed. Still less should the bank deposits of the
U.S. be used for that purpose. Still less should the national currency
have been made irredeemable in gold so that the gold which was massed
and stored to redeem the currency for American citizens may be used to
pay the gambling debts of the Fed for England’s benefit. "The
American people should have their gold in their own possession where it
cannot be held under secret agreement for any foreign control bank, or
world bank, or foreign nation. Our own citizens have the prior claim to
it. The paper [money men] have in their possession deserves redemption
far more than U.S. currency and credit which was stolen from the U.S.
Treasury and bootlegged abroad.
"Why should the
foreigners be made preferred creditors of the bankrupt U.S.? Why should
the U.S. be treated as bankrupt at all? This Government has immense sums
due it from the Fed. The directors of these institutions are men of
great wealth. Why should the guilty escape the consequences of their
misdeeds? Why should the people of these U.S. surrender the value of
their gold bank deposits to pay off the gambling debts of these bankers?
Why should Roosevelt promise foreigners that the U.S. will play the part
of a good neighbor, ‘meeting its obligations’?
"Let the Fed meet their
own obligations.
"Every member of the
Fed should be compelled to disgorge, and every acceptance banker and
every discount corporation which has made illegal profit s by means of
public credit unlawfully bootlegged out of the U.S. Treasury and hired
out by the crooks and vultures of the Fed should be compelled to
disgorge.
Federal
Reserve Pays No Taxes
"Gambling debts due to
foreign receivers of stolen goods should not be paid by sacrificing our
title to our war debts, the assets of the U.S. Treasury-which belong to
all the people of the U.S. and which it is our duty to preserve
inviolate in the people’s treasury.
"The U.S. Treasury
cannot be made liable for them. The Fed currency must be redeemed by the
Fed banks or else these Fed banks must be liquidated.
"We know from
assertions made here by the Hon. John N. Garner, Vice-President of the
U.S. that there is a condition in the [United States such] would cause
American citizens, if they knew what it was, to lose all confidence in
their government.
"That is a condition
that Roosevelt will not have investigated. He has brought with him from
Wall Street, James Warburg, the son of Paul M. Warburg. Mr. Warburg,
alien born, and the son of an alien who did not become naturalized here
until several years after this Warburg’s birth, is a son of a former
partner of Kuhn, Loeb and Co., a grandson of another partner, a nephew
of a former partner, and a nephew of a present partner.
"He holds no office in
our Government, but I am told that he is in daily attendance at the
Treasury, and that he has private quarters there! In other words, Mr.
Chairman, Kuhn, Loeb and Company now has control and occupy the U.S.
Treasury.
Preferred
Treatment for Foreigners
"The text of the
Executive order which seems to place an embargo on shipments of gold
permits the Secretary of the Treasury, a former director of the corrupt,
to issue licenses at his discretion for the export of gold coin, or
bullion, earmarked or held in trust for a recognized foreign government
or foreign central bank for international settlement. Now, Mr. Chairman,
if gold held in trust for those foreign institutions may be sent to
them, I see no reason why gold held in trust for American as evidenced
by their gold certificates and other currency issued by the U.S.
Government should not be paid to them. "I think that American
citizens should be entitled to treatment at least as good as that which
the person is extending to foreign governments, foreign central banks,
and the bank of International Settlements. I think a veteran of the
world war, with a $20.00 gold certificate, is at least as much entitled
to receive his own gold for it, as any international banker in the city
of New York or London.
"By the terms of this
executive order, gold may be exported if it is actually required, for
the fulfillment of any contract entered into prior to the date of this
order by an applicant who, in obedience to the executive order of April
5, 1933, has delivered gold coin, gold bullion, or gold certificates.
"This means that gold may be exported to pay the obligations abroad
of the Fed which were incurred prior to the date of the order, namely,
April 20, 1933.
"If a European Bank
should send 100,000,000 dollars in Fed currency to a bank in this
country for redemption, that bank could easily ship gold to Europe in
exchange for that currency. Such Fed currency would represent
"contracts" entered into prior to the date of the order. If
the Bank of International Settlements or any other foreign bank holding
any of the present gambling debt paper of the Fed should draw a draft
for the settlement of such obligation, gold would be shopped to them
because the debt contract would have been entered into prior to the date
of order.
Crimes and
Criminals
"Mr. Speaker, I rise to
a question of constitutional privilege.
"Whereas, I charge. .
.Eugene Meyer, Roy A. Young, Edmund Platt, Eugene B.
Black, Adolph Casper Miller,
Charles S. Hamlin, George R. James, Andrew W. Mellon, Ogden L. Mills,
William H. Woo W. Poole, J.F.T. O’Connor, members of the Federal
Reserve Board; F. H. Curtis, J.H. Chane, R.L. Austin, George De Camp,
L.B. Williams, W.W. Hoxton, Oscar Newton, E.M. Stevens, J.S. Wood, J.N.
Payton, M.L. McClure, C.C.
Walsh, Isaac B. Newton, Federal Reserve Agents, jointly and severally,
with violations of the Constitution and laws of the United States, and
whereas I charge them with having taken funds from the U.S Treasury
which were not appropriated by the Congress of the United States, and I
charge them with having unlawfully taken over $80,000,000,000 from the
U.S. Government in the year 1928, the said unlawful taking consisting of
the unlawful creation of claims against the U.S. Treasury to the extent
of over $80,000,000,000 in the year 1928; and I charge them with similar
thefts committed in 1929, 1930, 1931, 1932 and 1933, and in years
previous to 1928, amounting to billions of dollars; and
"Whereas I charge them,
jointly and severally with having unlawfully created claims against the
U.S. Treasury by unlawfully placing U.S. Government credit in specific
amounts to the credit of foreign governments and foreign central banks
of issue; private interests and commercial and private banks of the U.S.
and foreign countries, and branches of foreign banks doing business in
the U.S., to the extent of billions of dollars; and with having made
unlawful contracts in the name of the U.S. Government and the U.S.
Treasury; and with having made false entries on books of account; and
"Whereas I charge them
jointly and severally, with having taken Fed Notesp from the U.S.
Treasury and with having put Fed Notes into circulation without obeying
the mandatory provision of the Fed Act which requires the Fed Board to
fix an interest rate on all issues of Fed Notes supplied to Fed Banks,
the interest resulting therefrom to be paid by the Fed Banks to the
government of the U.S. for the use of the Fed Notes, and I charge them
of having defrauded the U.S. Government and the people of the U.S. of
billions of dollars by the commission of this crime, and
"Whereas I charge them,
jointly and severally, with having purchased U.S.Government securities
with U.S. Government credit unlawfully taken and with having sold the
said U.S. Government securities back to the people of the U.S. for gold
or gold values and with having again purchased U.S. Government
securities with U.S. Government credit unlawfully taken and with having
again sold the said U.S. Government security for gold or gold values,
and I charge them with having defrauded the U.S. Government and the
people of the U.S. by this rotary process; and
"Whereas I charge them,
jointly and severally, with having unlawfully negotiated U.S. Government
securities, upon which the Government liability was extinguished, as
collateral security for Fed Notes and with having substituted such
securities for gold which was being held as collateral security for Fed
Notes, and with having by the process defrauded the U.S. Government and
the people of the U.S., and I charge them with the theft of all the gold
and currency they obtained by this process; and
"Whereas I charge them,
jointly and severally, with having unlawfully issued Fed currency on
false, worthless and fictitious acceptances and other circulating
evidence of debt, and with having made unlawful advances of Fed
currency, and with having unlawfully permitted renewals of acceptances
and renewals of other circulating evidences of debt, and with having
permitted acceptance bankers and discount dealer corporations and other
private bankers to violate the banking laws of the U.S.; and
"Whereas I charge them,
jointly and severally, with having conspired to have evidences of debt
to the extent of $1,000,000,000 artificially created at the end of
February, 1933, and early in March 1933, and with having made unlawful
issues and advances of Fed currency on the security of said artificially
created evidences of debt for a sinister purpose, and with having
assisted in the execution of said sinister purpose; and
"Whereas I charge them,
jointly and severally, with having brought about the repudiation of the
currency obligations of the Fed Banks to the people of the U.S. and with
having conspired to obtain a release for the Fed Board and the Fed Banks
from their contractual liability to redeem all Fed currency in gold or
lawful money at the Fed Bank and with having defrauded the holders of
Fed currency, and with having conspired to have the debts and losses of
the Fed Board and the Fed Banks unlawfully transferred to the Government
and the people of the U.S., and
"Whereas I charge them,
jointly and severally, with having unlawfully substituted Fed currency
and other irredeemable paper currency for gold in the hands of the
people after the decision to repudiate the Fed currency and the national
currency was made known to them, and with thus having obtained money
under false pretenses; and
"Whereas I charge them,
jointly and severally, with having brought about a repudiation of the
notes of the U.S. in order that the gold value of the said currency
might be given to private interests, foreign governments, foreign
central banks of issues, and the Bank of International Settlements, and
the people of the U.S. to be left without gold or lawful money and with
no currency other that a paper currency irredeemable in gold, and I
charge them with having done this for the benefit of private interests,
foreign governments, foreign central banks of issue, and the bank of
International Settlements; and
"Whereas I charge them,
jointly and severally, with conniving with the Edge Law banks, and other
Edge Law institutions, accepting banks, and discount corporations,
foreign central banks of issue, foreign commercial banks, foreign
corporations, and foreign individuals with funds unlawfully taken from
the U.S. Treasury; and I charge them with having unlawfully permitted
and made possible ‘new financing’ for foreigners at the expense of
the U.S. Treasury to the extent of billions of dollars and with having
unlawfully permitted and made possible the bringing into the United
States of immense quantities of foreign securities, created in foreign
countries for export to the U.S. and with having unlawfully permitted
the said foreign securities to be imported into the U.S. instead of
gold, which was lawfully due to the U.S. on trade balances and
otherwise, and with having lawfully permitted and facilitated the sale
of the said foreign securities in the U.S., and
"Whereas I charge them,
jointly and severally, with having unlawfully exported U.S. coins and
currency for a sinister purpose, and with having deprived the people of
the U.S. of their lawful medium of exchange, and I charge them with
having arbitrarily and unlawfully reduced the amount of money and
currency in circulation in the U.S. to the lowest rate per capita in the
history of the Government, so that the great mass of the people have
been left without a sufficient medium of exchange, and I charge them
with concealment and evasion in refusing to make known the amount of
U.S. money in coins and paper currency exported and the amount remaining
in the U.S. as a result of which refusal the Congress of the U.S. is
unable to ascertain where the U.S. coins and issues of currency are at
the present time, and what amount of U.S. currency is now held abroad;
and
"Whereas I charge them,
jointly and severally, with having arbitrarily and unlawfully raised and
lowered the rates of money and with having arbitrarily increased
and diminished the volume of currency in circulation for the benefit of
private interests at the expense of the Government and the people of the
U.S. and with having unlawfully manipulated money rates, wages, salaries
and property values both real and personal, in the U.S. by unlawful
operations in the open discount market and by resale and repurchase
agreements unsanctioned by law, and
"Whereas I charge them
jointly and severally, with having brought about the decline in prices
on the New York Stock Exchange and other exchanges in October, 1929, by
unlawful manipulation of money rates and the volume of U.S. money and
currency in circulation: by theft of funds from the U.S. Treasury by
gambling in acceptances and U.S. Government securities; by service
rendered to foreign and domestic speculators and politicians, and by
unlawful sale of U.S. gold reserves abroad, and
"Whereas the
unconstitutional inflation law imbedded in the so-called Farm Relief Act
by which the Fed Banks are given permission to buy U.S. Government
securities to the extent of $3,000,000,000 and to drew forth currency
from the people’s Treasury to the extent of $3,000,000,000 is likely
to result in connivance on the part of said accused with others in the
purchase by the Fed of the U.S. Government securities to the extent of
$3,000,000,000 with U.S. Government’s own credit unlawfully taken, it
being obvious that the Fed do no not intend to pay anything of value to
the U.S. Government for the said U.S. Government securities no provision
for payment in gold or lawful money appearing in the so-called Farm
Relief bill- and the U.S. Government will thus be placed in a position
of conferring a gift of $3,000,000,000 in the U.S. Government securities
on the Fed to enable them to pay more on their bad debts to foreign
governments, foreign central banks of issue, private interests, and
private and commercial banks, both foreign and domestic, and the Bank of
International Settlements, and
"Whereas the U.S.
Government will thus go into debt to the extent of $3,000,000,000 and
will then have an additional claim of $3,000,000,000 in currency
unlawfully created against it and whereas no private interest should be
permitted to buy U.S. Government securities with the Government’s own
credit unlawfully taken and whereas currency should not be issued for
the benefit of said private interest or any interests on U.S. Government
securities so acquired, and whereas it has been publicly stated and not
denied that the inflation amendment of the Farm Relief Act is the matter
of benefit which was secured by Ramsey MacDonald, the Prime Minister of
Great Britain, upon the occasion of his latest visit to the U.S.
Treasury, and whereas there is grave danger that the accused will employ
the provision creating U.S. Government securities to the extent of
$3,000,000,000 and three millions in currency to be issuable thereupon
for the benefit of themselves and their foreign principals, and that
they will convert the currency so obtained to the uses of Great Britain
by secret arrangements with the Bank of England of which they are the
agents, and for which they maintain an account and perform services at
the expense of the U.S. Treasury, and that they will likewise confer
benefits upon the Bank of International Settlements for which they
maintain an account and perform services at the expense of the U.S.
Treasury; and
"Whereas I charge them,
jointly and severally, with having concealed the insolvency of the Fed
and with having failed to report the insolvency of the Fed to the
Congress and with having conspired to have the said insolvent
institutions continue in operation, and with having permitted the said
insolvent institutions to receive U.S. Government funds and other
deposits, and with having permitted them to exercise control over the
gold reserves of the U.S. and with having permitted them to transfer
upward of $100,000,000,000 of their debts and losses to the general
public and the Government of the U.S., and with having permitted foreign
debts of the Fed to be paid with the property, the savings, the wages,
and the salaries of the people of the U.S. and with the farms and the
homes of the American people, and whereas I charge them with forcing the
bad debts of the Fed upon the general public covertly and dishonestly
and and with taking the general wealth and savings of the people of the
U.S. under false pretenses, to pay the debts of the Fed to foreigners;
and
"Whereas I charge them,
jointly and severally, with violations of the Fed Act and other laws;
with maladministration of the h evasions of the Fed Law and other laws;
and with having unlawfully failed to report violations of law on the
part of the Fed Banks which, if known, would have caused the Fed Banks
to lose their charters, and
"Whereas I charge them,
jointly and severally, with failure to protect and maintain the gold
reserves and the gold stock and gold coinage of the U.S. and with having
sold the gold reserves of the U.S to foreign Governments, foreign
central banks of issue, foreign commercial and private banks, and other
foreign institutions and individuals at a profit to themselves, and I
charge them with having sold gold reserves of the U.S. so that between
1924 and 1928 the U.S. gained no gold on net account but suffered a
decline in its percentage of central gold reserves from the 45.9 percent
in 1924 to 37.5 percent in 1928 notwithstanding the fact that the U.S.
had a favorable balance of trade throughout that period, and
"Whereas I charge them,
jointly and severally, with having conspired to concentrate U.S.
Government securities and thus the national debt of the U.S. in the
hands of foreigners and international money lenders and with having
conspired to transfer to foreigners and international money lenders
title to and control of the financial resources of the U.S.; and
"Whereas I charge them,
jointly and severally, with having fictitiously paid installments on the
national debt with Government credit unlawfully taken; and
"Whereas I charge them,
jointly and severally, with the loss of the U.S. Government funds
entrusted to their care; and
"Whereas I charge them,
jointly and severally, with having destroyed independent banks in the
U.S. and with having thereby caused losses amounting to billions of
dollars to the said banks, and to the general public of the U.S., and
"Whereas I charge them,
jointly and severally, with the failure to furnish true reports of the
business operations and the true conditions of the Fed to the Congress
and the people, and having furnished false and misleading reports to the
congress of the U.S., and
"Whereas I charge them,
jointly and severally, with having published false and misleading
propaganda intended to deceive the American people and to cause the U.S.
to lose its independence; and
"Whereas I charge them,
jointly and severally, with unlawfully allowing Great Britain to share
in the profits of the Fed at the expense of the Government and the
people of the U.S.; and
"Whereas I charge them,
jointly and severally, with having entered into secret agreements and
illegal transactions with Montague Norman, Governor of the Bank of
England; and
"Whereas I charge them,
jointly and severally, with swindling the U.S. Treasury and the people
of the U.S. in pretending to have received payment from Great Britain of
the amount due on the British ware debt to the U.S. in December, 1932;
and
"Whereas I charge them,
jointly and severally, with having conspired with their foreign
principals and others to defraud the U.S. Government and to prevent the
people of the U.S. from receiving payment of the war debts due to the
U.S. from foreign nations; and
"Whereas I charge them,
jointly and severally, with having robbed the U.S Government and the
people of the U.S. by their theft and sale of the gold reserves of the
U.S. and other unlawful transactions created a deficit in the U.S.
Treasury, which has necessitated to a large extent the destruction of
our national defense and the reduction of the U.S. Army and the U.S.
Navy and other branches of the national defense; and
"Whereas I charge them,
jointly and severally, of having reduced the U.S. from a first class
power to one that is dependent, and with having reduced the U.S. from a
rich and powerful nation to one that is internationally poor; and
"Whereas I charge them,
jointly and severally, with the crime of having treasonable conspired
and acted against the peace and security of the U.S. and with having
treasonable conspired to destroy constitutional Government in the U.S.
"Resolve, That the
Committee on the Judiciary is authorized and directed as a whole or by
subcommittee, to investigate the official conduct of the Fed agents to
determine whether, in the opinion of the said committee, they have been
guilty of any high crime or misdemeanor which in the contemplation the
Constitution requires the interposition of the Constitutional powers of
the House. Such Committee shall report its finding to the House,
together with such resolution or resolutions of impeachment or other
recommendations as it deems proper.
"For the purpose of
this resolution the Committee is authorized to sit and act during the
present Congress at such times and places in the District of Columbia or
elsewhere, whether or not the House is sitting, has recessed or has
adjourned, to hold such clerical, stenographic, and other assistants, to
require of such witnesses and the production of such books, papers, and
documents, to take such testimony, to have such printing and binding
done, and to make such expenditures as it deems necessary."
After some discussion and
upon the motion of Mr. Byrns, the resolution and charge was referred to
the Committee on the Judiciary.
"Attacks
on McFadden’s Life Reported"
Commenting on Former
Congressman Louis T. McFaddens’s "heart-failure
sudden-death" on Oct. 3, 1936, after a "dose" of
"intestinal flu," "Pelley’s Weekly" of Oct. 14
said:
Now that this sterling
American patriot has made the Passing, it can be revealed that not long
after his public utterance against the encroaching powers of Judah, it
became known among his intimates that he had suffered two attacks
against his life. The first attack came in the form of two revolver
shots fired at him from ambush as he was alighting from a cab in front
of one of the Capital hotels. Fortunately both shots missed him, the
bullets burying themselves in the structure of the cab.
"He became violently
ill after partaking of food at a political banquet at Washington. His
life was only saved from what was subsequently announced as a poisoning
by the presence of a physician friend at the banquet, who at once
procured a stomach pump and subjected the Congressman to emergency
treatment." /s/ Robert Edward Edmondson (Publicist-Economist)
President Andrew Jackson
stated in reference to the bankers at the state of his administration:
"You are a den of
vipers and thieves.I intend to rout you out, and by the Eternal God, I
will rout you out."
FINIS.
