This is important because he was αssαssιnαtҽd by poisening (2nd attempt)
shortly after entering this into the Congressional Record, and this
essentially represents his dying words: Congressman McFadden on the
FED, Remarks in Congress, 1934 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
http://home.hiwaay.net/~becraft/mcfadden.htmlAN ASTOUNDING EXPOSURE
1978 Arizona Caucus Club
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 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, cuмbersome 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 ѕυιcιdє.
"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 cινιℓ ωαr 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 suc
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