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“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,



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.


“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 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,

Henry Cabot

“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.


“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
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 muni­tions
fac­to­ries of Ger­many and Soviet Russia?


“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
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

“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
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 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
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 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
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

“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
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

“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
abroad, and

“Whereas the uncon­sti­tu­tional infla­tion law imbed­ded in the so-called Farm
Relief Act by which the Fed Banks are given per­mis­sion to buy U.S. Gov­ern­ment
secu­ri­ties to the extent of $3,000,000,000 and to drew forth cur­rency from the
people’s Trea­sury to the extent of $3,000,000,000 is likely to result in
con­nivance on the part of said accused with oth­ers in the pur­chase by the Fed of
the U.S. Gov­ern­ment secu­ri­ties to the extent of $3,000,000,000 with U.S.
Government’s own credit unlaw­fully taken, it being obvi­ous that the Fed do no
not intend to pay any­thing of value to the U.S. Gov­ern­ment for the said U.S.
Gov­ern­ment secu­ri­ties no pro­vi­sion for pay­ment in gold or law­ful money appear­ing
in the so-called Farm Relief bill– and the U.S. Gov­ern­ment will thus be placed
in a posi­tion of con­fer­ring a gift of $3,000,000,000 in the U.S. Gov­ern­ment
secu­ri­ties on the Fed to enable them to pay more on their bad debts to for­eign
gov­ern­ments, for­eign cen­tral banks of issue, pri­vate inter­ests, and pri­vate and
com­mer­cial banks, both for­eign and domes­tic, and the Bank of Inter­na­tional
Set­tle­ments, and

“Whereas the U.S. Gov­ern­ment will thus go into debt to the extent of
$3,000,000,000 and will then have an addi­tional claim of $3,000,000,000 in
cur­rency unlaw­fully cre­ated against it and whereas no pri­vate inter­est should be
per­mit­ted to buy U.S. Gov­ern­ment secu­ri­ties with the Government’s own credit
unlaw­fully taken and whereas cur­rency should not be issued for the ben­e­fit of
said pri­vate inter­est or any inter­ests on U.S. Gov­ern­ment secu­ri­ties so
acquired, and whereas it has been pub­licly stated and not denied that the
infla­tion amend­ment of the Farm Relief Act is the mat­ter of ben­e­fit which was
secured by Ram­sey Mac­Don­ald, the Prime Min­is­ter of Great Britain, upon the
occa­sion of his lat­est visit to the U.S. Trea­sury, and whereas there is grave
dan­ger that the accused will employ the pro­vi­sion cre­at­ing U.S. Gov­ern­ment
secu­ri­ties to the extent of $3,000,000,000 and three mil­lions in cur­rency to be
issuable there­upon for the ben­e­fit of them­selves and their for­eign prin­ci­pals,
and that they will con­vert the cur­rency so obtained to the uses of Great Britain
by secret arrange­ments with the Bank of Eng­land of which they are the agents,
and for which they main­tain an account and per­form ser­vices at the expense of
the U.S. Trea­sury, and that they will like­wise con­fer ben­e­fits upon the Bank of
Inter­na­tional Set­tle­ments for which they main­tain an account and per­form
ser­vices at the expense of the U.S. Trea­sury; and

“Whereas I charge them, jointly and sev­er­ally, with hav­ing con­cealed the
insol­vency of the Fed and with hav­ing failed to report the insol­vency of the Fed
to the Con­gress and with hav­ing con­spired to have the said insol­vent
insti­tu­tions con­tinue in oper­a­tion, and with hav­ing per­mit­ted the said insol­vent
insti­tu­tions to receive U.S. Gov­ern­ment funds and other deposits, and with
hav­ing per­mit­ted them to exer­cise con­trol over the gold reserves of the U.S. and
with hav­ing per­mit­ted them to trans­fer upward of $100,000,000,000 of their debts
and losses to the gen­eral pub­lic and the Gov­ern­ment of the U.S., and with hav­ing
per­mit­ted for­eign debts of the Fed to be paid with the prop­erty, the sav­ings,
the wages, and the salaries of the peo­ple of the U.S. and with the farms and the
homes of the Amer­i­can peo­ple, and whereas I charge them with forc­ing the bad
debts of the Fed upon the gen­eral pub­lic covertly and dis­hon­estly and and with
tak­ing the gen­eral wealth and sav­ings of the peo­ple of the U.S. under false
pre­tenses, to pay the debts of the Fed to for­eign­ers; and

“Whereas I charge them, jointly and sev­er­ally, with vio­la­tions of the Fed Act
and other laws; with mal­ad­min­is­tra­tion of the h eva­sions of the Fed Law and
other laws; and with hav­ing unlaw­fully failed to report vio­la­tions of law on the
part of the Fed Banks which, if known, would have caused the Fed Banks to lose
their char­ters, and

“Whereas I charge them, jointly and sev­er­ally, with fail­ure to pro­tect and
main­tain the gold reserves and the gold stock and gold coinage of the U.S. and
with hav­ing sold the gold reserves of the U.S to for­eign Gov­ern­ments, for­eign
cen­tral banks of issue, for­eign com­mer­cial and pri­vate banks, and other for­eign
insti­tu­tions and indi­vid­u­als at a profit to them­selves, and I charge them with
hav­ing sold gold reserves of the U.S. so that between 1924 and 1928 the U.S.
gained no gold on net account but suf­fered a decline in its per­cent­age of
cen­tral gold reserves from the 45.9 per­cent in 1924 to 37.5 per­cent in 1928
notwith­stand­ing the fact that the U.S. had a favor­able bal­ance of trade
through­out that period, and

“Whereas I charge them, jointly and sev­er­ally, with hav­ing con­spired to
con­cen­trate U.S. Gov­ern­ment secu­ri­ties and thus the national debt of the U.S. in
the hands of for­eign­ers and inter­na­tional money lenders and with hav­ing
con­spired to trans­fer to for­eign­ers and inter­na­tional money lenders title to and
con­trol of the finan­cial resources of the U.S.; and

“Whereas I charge them, jointly and sev­er­ally, with hav­ing fic­ti­tiously paid
install­ments on the national debt with Gov­ern­ment credit unlaw­fully taken; and

“Whereas I charge them, jointly and sev­er­ally, with the loss of the U.S.
Gov­ern­ment funds entrusted to their care; and

“Whereas I charge them, jointly and sev­er­ally, with hav­ing destroyed
inde­pen­dent banks in the U.S. and with hav­ing thereby caused losses amount­ing to
bil­lions of dol­lars to the said banks, and to the gen­eral pub­lic of the U.S.,

“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.”

/s/ Robert
Edward Edmond­son

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