“A great industrial nation is controlled by it’s system of credit. Our system of credit is concentrated in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the world– no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men.” ~President Woodrow Wilson
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.
on the Federal Reserve Corporation
Remarks in Congress,
AN ASTOUNDING EXPOSURE
Reprinted by permission 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
“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
“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 Reichs bank 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,
“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
“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
“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 Dynamite 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 Dynamite 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
“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 munitions
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.
“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
“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
“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
“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
“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
“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
“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.
“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
“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 super state”. A super state
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
“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
“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
“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
“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 was 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
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
“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
“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.
“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
“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
“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
“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
“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.
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;
“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
“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
“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.,
“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
“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
“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.”