THE FEDERAL RESERVE

On May 23, 1933, Con­gress­man, Louis T. McFad­den, brought for­mal charges against the Board of Gov­er­nors of the Fed­er­al Reserve Bank sys­tem, The Comp­trol­ler of the Cur­ren­cy and the Sec­re­tary of Unit­ed States Trea­sury for numer­ous crim­i­nal acts, includ­ing but not lim­it­ed to, CON­SPIR­A­CY, FRAUD, UNLAW­FUL CON­VER­SION, AND TREA­SON.
The peti­tion for Arti­cles of Impeach­ment was there­after referred to the Judi­cia­ry Com­mit­tee and has YET TO BE ACTED ON.
So, this ELEC­TRON­IC BOOK­LET should be reprint­ed, repost­ed,
set up on web pages and cir­cu­lat­ed far and wide.
______________________________________________________
Con­gress­man McFad­den
on the Fed­er­al Reserve Cor­po­ra­tion
Remarks in Con­gress, 1934
AN ASTOUND­ING EXPO­SURE 

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 draughts man 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 exam­i­na­tion 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 live 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 prof­its 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 Notes 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)