The FederalReserve
An Astounding Exposure 1934
Part 1
By Congressman, Louis T. McFadden

OnMay 23, 1933, Congressman, Louis T. McFadden, brought formal charges againstthe Board of Governors of the Federal Reserve Bank system, The Comptroller ofthe Currency and the Secretary of United States Treasury for numerous criminalacts, including but not limited to, CONSPIRACY, FRAUD, UNLAWFUL CONVERSION, ANDTREASON.
The petition for Articles of Impeachment was thereafter referred to theJudiciary Committee and has YET TO BE ACTED ON. So, this ELECTRONIC BOOKLETshould be reprinted, reposted, set up on web pages and circulated far and wide.

on the Federal Reserve Corporation
Remarks in Congress, 1934

Congressman McFadden'sSpeech On the Federal Reserve Corporation

Quotations from several speeches made on the Floor of the House ofRepresentatives by the Honorable Louis T. McFadden of Pennsylvania. Mr.McFadden, due to his having served as Chairman of the Banking and CurrencyCommittee for more than 10 years, was the best posted man on these matters inAmerica and was in a position to speak with authority of the vast ramificationsof this gigantic private credit monopoly. As Representative of a State whichwas among the first to declare its freedom from foreign money tyrants it isfitting that Pennsylvania, the cradle of liberty, be again given the credit forproducing a son that was not afraid to hurl defiance in the face of themoney-bund. Whereas Mr. McFadden was elected to the high office on both theDemocratic and Republican tickets, there can be no accusation of partisanshiplodged against him. Because these speeches are set out in full in theCongressional Record, they carry weight that no amount of condemnation on thepart of private individuals could hope to carry.

The Federal Reserve-A Corrupt Institution

'Mr. Chairman, we have in this Country one of the most corruptinstitutions the world has ever known. I refer to the Federal Reserve Board andthe Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated theGovernment of these United States and the people of the United States out ofenough money to pay the Nation's debt. The depredations and iniquities of theFed has cost enough money to pay the National debt several times over.

'This evil institution has impoverished and ruined the people of theseUnited States, has bankrupted itself, and has practically bankrupted ourGovernment. 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 corruptpractices of the moneyed vultures who control it.

'Some people who think that the Federal Reserve Banks United StatesGovernment institutions. They are private monopolies which prey upon the peopleof these United States for the benefit of themselves and their foreigncustomers; foreign and domestic speculators and swindlers; and rich andpredatory money lender. In that dark crew of financial pirates there are thosewho would cut a man's throat to get a dollar out of his pocket; there are thosewho send money into states to buy votes to control our legislatures; there arethose who maintain International propaganda for the purpose of deceiving usinto granting of new concessions which will permit them to cover up their pastmisdeeds and set again in motion their gigantic train of crime.

'These twelve private credit monopolies were deceitfully and disloyallyfoisted upon this Country by the bankers who came here from Europe and repaidus our hospitality by undermining our American institutions. Those bankers tookmoney out of this Country to finance Japan in a war against Russia. Theycreated a reign of terror in Russia with our money in order to help that waralong. They instigated the separate peace between Germany and Russia, and thusdrove a wedge between the allies in World War. They financed Trotsky's passagefrom New York to Russia so that he might assist in the destruction of theRussian Empire. They fomented and instigated the Russian Revolution, and placeda large fund of American dollars at Trotsky's disposal in one of their branchbanks in Sweden so that through him Russian homes might be thoroughly broken upand Russian children flung far and wide from their natural protectors. Theyhave since begun breaking up of American homes and the dispersal of Americanchildren. 'Mr. Chairman, there should be no partisanship in mattersconcerning banking and currency affairs in this Country, and I do not speakwith any.

'In 1912 the National Monetary Association, under the chairmanship of thelate Senator Nelson W. Aldrich, made a report and presented a vicious billcalled the National Reserve Association bill. This bill is usually spoken of asthe Aldrich bill. Senator Aldrich did not write the Aldrich bill. He was thetool, if not the accomplice, of the European bankers who for nearly twentyyears had been scheming to set up a central bank in this Country and who in1912 has spent and were continuing to spend vast sums of money to accomplishtheir purpose.

'We were opposed to the Aldrich plan for a central bank. The men who rulethe Democratic Party then promised the people that if they were returned topower there would be no central bank established here while they held the reignsof government. Thirteen months later that promise was broken, and the Wilsonadministration, under the tutelage of those sinister Wall Street figures whostood behind Colonel House, established here in our free Country the worm-eatenmonarchical institution of the 'King's Bank' to control us from thetop downward, and from the cradle to the grave.

'The Federal Reserve Bank destroyed our old and characteristic way ofdoing business. It discriminated against our 1-name commercial paper, thefinest in the world, and it set up the antiquated 2-name paper, which is thepresent curse of this Country and which wrecked every country which has evergiven it scope; it fastened down upon the Country the very tyranny from whichthe framers of the Constitution sough to save us.


'One of the greatest battles for the preservation of this Republic wasfought 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 theFed was hurled out of existence. After that, in 1837, the Country was warnedagainst the dangers that might ensue if the predatory interests after beingcast out should come back in disguise and unite themselves to the Executive andthrough him acquire control of the Government. That is what the predatoryinterests did when they came back in the livery of hypocrisy and under falsepretenses obtained the passage of the Fed.

'The danger that the Country was warned against came upon us and is shownin the long train of horrors attendant upon the affairs of the traitorous anddishonest Fed. Look around you when you leave this Chamber and you will seeevidences of it in all sides. This is an era of misery and for the conditionsthat caused that misery, the Fed are fully liable. This is an era of financedcrime and in the financing of crime the Fed does not play the part of adisinterested spectator.

'It has been said that the draughtsman who was employed to write the textof the Aldrich bill because that had been drawn up by lawyers, by acceptancebankers of European origin in New York. It was a copy, in general a translationof the statues of the Reichsbank and other European central banks. One-halfmillion dollars was spent on the part of the propaganda organized by thesebankers for the purpose of misleading public opinion and giving Congress theimpression that there was an overwhelming popular demand for it and the kind ofcurrency that goes with it, namely, an asset currency based on human debts andobligations. Dr. H. Parker Willis had been employed by Wall Street andpropagandists, and when the Aldrich measure failed- he obtained employment withCarter Glass, to assist in drawing the banking bill for the Wilsonadministration. He appropriated the text of the Aldrich bill. There is nosecret about it. The test of the Federal Reserve Act was tainted from thefirst.

'A few days before the bill came to a vote, Senator Henry Cabot Lodge, ofMassachusetts, 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 takethe Government out of the banking business. This bill puts the Government intothe banking business as never before in our history.
''The powers vested in the Federal Reserve Board seen to me highlydangerous especially where there is political control of the Board. I should besorry to hold stock in a bank subject to such dominations. The bill as itstands 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 itseems to me to contain features and to rest upon principles in the highestdegree menacing to our prosperity, to stability in business, and to the generalwelfare of the people of the United States.

Very Truly Yours, Henry Cabot Lodge.''

'In eighteen years that have passed since Senator Lodge wrote that letterof warning all of his predictions have come true. The Government is in thebanking business as never before. Against its will it has been made the backerof horse thieves and card sharps, bootlegger's smugglers, speculators, andswindlers in all parts of the world. Through the Fed the riffraff of everycountry is operating on the public credit of the United States Government.


'Meanwhile and on account of it, we ourselves are in the midst of thegreatest depression we have ever known. From the Atlantic to the Pacific, ourCountry has been ravaged and laid waste by the evil practices of the Fed andthe interests which control them. At no time in our history, has the generalwelfare of the people been at a lower level or the minds of the people so fullof despair.

'Recently in one of our States, 60,000 dwelling houses and farms werebrought under the hammer in a single day. 71,000 houses and farms in OaklandCounty, Michigan, were sold and their erstwhile owners dispossessed. The peoplewho have thus been driven out are the wastage of the Fed. They are the victimsof the Fed. Their children are the new slaves of the auction blocks in therevival of the institution of human slavery.

The Scheme of the Fed

'In 1913, before the Senate Banking and Currency Committee, Mr. AlexanderLassen made the following statement: 'The whole scheme of the Fed with itscommercial paper is an impractical, cumbersome machinery- is simply a cover tosecure the privilege of issuing money, and to evade payment of as much tax uponcirculation as possible and then control the issue and maintain, instead ofreducing interest rates. It will prove to the advantage of the few and thedetriment of the people. It will mean continued shortage of actual money andfurther extension of credits, for when there is a shortage of money people haveto borrow to their cost.' 'A few days before the Fed passed, Senator Rootdenounced the Fed as an outrage on our liberties. He predicted: 'Long before wewake 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 rateof 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, andshortly afterwards, the German International bankers, Kuhn, Loeb and Co. sentone of their partners here to run it.

'The Fed Note is essentially unsound. It is the worst currency and themost dangerous that this Country has ever known. When the proponents of the actsaw that the Democratic doctrine would not permit them to let the proposedbanks 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 ofall, on the private debts of foreigners. 'As Kemerer says: 'The Fed Notes,therefore, in form, have some of the qualities of Government paper money, butin substance, are almost a pure asset currency possessing a Governmentguarantee against which contingency the Government has made no provisionwhatever.'

'Hon. L.J.Hill, a former member of the House, said, and truly: 'Theyare obligations of the Government for which the United States received nothingand 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 Publicfinds it costs to deliver this paper to the Fed, and if the Government has madeno provisions for redeeming them, the first element of unsoundness is not farto seek.

'Before the Banking and Currency Committee, when the bill was underdiscussion Mr. Crozier of Cincinnati said: 'The imperial power of elasticity ofthe public currency is wielded exclusively by the central corporations owned bythe banks. This is a life and death power over all local banks and allbusiness.. It can be used to create or destroy prosperity, to ward off or causestringencies and panics. By making money artificially scarce, interest ratesthroughout the Country can be arbitrarily raised and the bank tax on allbusiness and cost of living increased for the profit of the banks owning theseregional central banks, and without the slightest benefit to the people. The 12Corporations together cover y and monopolize and use for private gain- everydollar of the public currency and all public revenue of the United States. Nota 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 Fedcreated the 12 private credit corporations and gave them an absolute monopoly ofthe currency of these United States- not of the Fed Notes alone- but of allother currency! The Fed Act providing ways and means by which the gold andgeneral currency in the hands of the American people could be obtained by theFed 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 beenextended by vicious amendments to the Fed and by the unlawful and treasonablepractices of the Fed.

Money for the Scottish Distillers

'Mr. Chairman, if a Scottish distiller wishes to send a cargo of Scotchwhiskey to these United States, he can draw his bill against the purchasingbootlegger in dollars and after the bootlegger has accepted it by writing hisname across the face of it, the Scotch distiller can send that bill to thenefarious open discount market in New York City where the Fed will buy it anduse it as collateral for a new issue of Fed Notes. Thus the Government of theseUnited 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 moneythat was paid to the Scotch distiller.

'While we are attempting to enforce prohibition here, the Fed are in thedistillery business in Europe and paying bootlegger bills with public credit ofthese United States. 'Mr. Chairman, by the same process, they compel ourGovernment to pay the German brewer for his beer. Why should the Fed bepermitted to finance the brewing industry in Germany either in this way or asthey do by compelling small and fearful United States Banks to take stock inthe Isenbeck Brewery and in the German Bank for brewing industries? 'Mr.Chairman, if Dynamit Nobel of Germany, wishes to sell dynamite in Japan to usein Manchuria or elsewhere, it can drew its bill against the Japanese customersin dollars and send that bill to the nefarious open discount market in New YorkCity where the Fed will buy it and use it as collateral for a new issue of FedNotes- while at the same time the Fed will be helping Dynamit Nobel by stuffingits stock into the United States banking system.

'Why should we send our representatives to the disarmament conference atGeneva- while the Fed is making our Government pay Japanese debts to GermanMunitions makers?

'Mr. Chairman, if a German wishes to raise a crop of beans and sell themto a Japanese customer, he can draw a bill against his prospective Japanesecustomer in dollars and have it purchased by the Fed and get the money out ofthis Country at the expense of the American people before he has even plantedthe beans in the ground. 'Mr. Chairman, if a German in Germany wishes toexport goods to South America, or any other Country, he can draw his billagainst his customers and send it to these United States and get the money outof this Country before he ships, or even manufactures the goods.

'Mr. Chairman, why should the currency of these United States be issued onthe strength of German Beer? Why should it be issued on the crop of unplantedbeans to be grown in Chili for Japanese consumption? Why should these UnitedStates be compelled to issue many billions of dollars every year to pay thedebts of one foreigner to another foreigner? 'Was it for this that ourNational Bank depositors had their money taken out of our banks and shippedabroad? Was it for this that they had to lose it? Why should the public creditof these United States and likewise money belonging to our National Bankdepositors be used to support foreign brewers, narcotic drug vendors, whiskeydistillers, wig makes, human hair merchants, Chilean bean growers, to financethe munition factories of Germany and Soviet Russia?


'The United States has been ransacked and pillaged. Our structures havebeen 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 ourexpense by the Fed until our markets were swamped with unneeded and unwantedimported goods priced far above their value and make to equal the dollar volumeof our honest exports, and to kill or reduce our favorite balance of trade. AsAgents of the foreign central banks the Fed try by every means in their powerto reduce our favorable balance of trade. They act for their foreign principaland they accept fees from foreigners for acting against the best interests ofthese United States. Naturally there has been great competition among among foreignersfor the favors of the Fed.

'What we need to do is to send the reserves of our National Banks home tothe people who earned and produced them and who still own them and to the bankswhich were compelled to surrender them to predatory interests.

'Mr. Chairman, there is nothing like the Fed pool of confiscated bankdeposits in the world. It is a public trough of American wealth in which theforeigners claim rights, equal to or greater than Americans. The Fed are theagents of the foreign central banks. They use our bank depositors' money forthe benefit of their foreign principals. They barter the public credit of theUnited States Government and hire it our to foreigners at a profit tothemselves.

'All this is done at the expense of the United States Government, and at asickening loss to the American people. Only our great wealth enabled us tostand the drain of it as long as we did.

'We need to destroy the Fed wherein our national reserves are impoundedfor 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 areholding apiece of paper which sooner or later is going to cost the UnitedStates Government $10.00 in gold (unless the Government is obliged to go offthe gold standard). It is based on limburger cheese (reported to be in foreignwarehouses) or in cans purported to contain peas (but may contain salt waterinstead), or horse meat, illicit drugs, bootleggers fancies, rags and bones fromSoviet Russia (of which these United States imported over a million dollarsworth last year), on wines whiskey, natural gas, goat and dog fur, garlic onthe 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 whichthis paper currency is based, that is, the limburger cheese, the whiskey, theillicit drugs, or any of the other staples- you will have a very hard timefinding them.

'Many of these worshipful commodities are in foreign Countries. Are yougoing to Germany to inspect her warehouses to see if the specified things ofvalue are there? I think more, I do not think that you would find them there ifyou did go.

'On April 27, 1932, the Fed outfit sent $750,000 belonging to Americanbank depositors in gold to Germany. A week later another $300,000 in gold wasshipped to Germany. About the middle of May $12,000,000 in gold was shipped toGermany 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 marksare blow parity with the dollar.

'Mr. Chairman, I believe that the National Bank depositors of these UnitedStates have a right to know what the Fed are doing with their money. There aremillions of National Bank depositors in the Country who do not know that apercentage of every dollar they deposit in a Member Bank of the Fed goesautomatically to American Agents of the foreign banks and that all theirdeposits can be paid away to foreigners without their knowledge or consent bythe crooked machinery of the Fed and the questionable practices of the Fed.

[Ed. Note- Problem with next paragraph in original] 'Mr. Chairman, theAmerican 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 goodsstored in or shipped between several billion dollars. What goods are these onwhich 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 theseUnited States?

'What goods are those which are hidden in European and Asiatic stores havenot been seen by any officer of our Government but which are being financed onthe public credit of the United States Government? What goods are those uponwhich the 17 United States Government is being obligated by the Fed to issueFed 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 theseUnited States as their enforced banker and supplier of currency. But it is nonethe less extraordinary to see these these twelve private credit monopolies,buying the debts of foreigners against foreigners, in all parts of the worldand asking the Government of these United States for new issues of Fed notes inexchange for them. 'The magnitude of the acceptance racket as it has beendeveloped by the Fed, their foreign correspondents, and the predatory Europeanborn 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 bein the neighborhood of 9,000,000,000 per year. In the past ten years it is saidto have amounted to $90,000,000,000.00. In my opinion it has amounted toseveral times that much. coupled to this you have to the extent of billions ofdollars, the gambling in the United States securities, which takes place in thesame open discount market- a gambling on which the Fed is now spending$100,000,000.00 per week.

'Fed Notes are taken from the U.S. Government in unlimited quantities. Isis strange that the burden of supplying these immense sums of money to thegambling fraternity has at last proved too heavy for the American people toendure? Would it not be a national [calamity to] again bind down this burden onthe backs of the American people and by means of a long rawhide whip of thecredit masters, compel them to enter another seventeen years of slavery?

'They are trying to do that now. They are trying to take $100,000,000.00of the public credit of the United States every week, in addition to all theirother seizures and they are sending that money to the nefarious open market ina 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 Governmentsecurities for themselves and their foreign principals. Our people aredisgusted with the experiences of the Fed. The Fed is not producing a loaf ofbread, a yard of cloth, a bushel of corn, or a pile of cordwood by itscheck-kiting operations in the money market.

'Mr. Speaker, on the 13th of January of this year I addressed the House onthe subject of the Reconstruction Finance Corporation. In the course of myremarks I made the following statement: In 1928 the member banks of the Fedborrowed $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 ofone single year. The actual amount of such obligations called for six times asmuch monetary gold as there is in the world. Such transactions represent agrant in the course of one single years of about $7,000,000 to every member ofthe Fed.

'Is it any wonder that American labor which ultimately pays the cost ofall banking operations of this Country has at last proved unequal to the taskof supplying this huge total of cash and credit for the benefit of the stockmarket manipulators and foreign swindlers? 'In 1933 the Fed presented thestaggering amount of $60,598,690,000 to its member banks at the expense of thewage earners and tax payers of these United States. In 1929, the year of thestock market crash, the Fed advanced $58,000,000,000 to member banks.

'In 1930 while the speculating banks were getting out of the stock marketat 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 theseUnited States as represented by the Fed currency they were subsidized to anyamount they required by the Fed. When the swindle began to fall, the bankersknew 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 friendfrom Kansas, Mr. McGugin, has stated that he thought the Fed lent money onrediscounting. So they do, but they lend comparatively little that way. Thereal discounting that they do has been called a mere penny in the slotbusiness. It is too slow for genuine high flyers. They discourage it. Theyprefer to subsidize their favorite banks by making them $60,000,000,000advances and they prefer to acquire assistance in the notorious open discountmarket in New York, where they can use it to control the price of stocks andbonds on the exchanges.

'For every dollar they advanced on discounts in 1928, they lent $33.00 totheir favorite banks for whom they do a business of several billion dollarsincome tax on their profits to these United States.

The Federal Reserve
An Astounding Exposure 1934
Part 2
By Congressman, Louis T. McFadden

The John Law Swindle

'This is the John Law swindle over again. The theft of Teapot Dome wastrifling compared to it. What King ever robbed his subject to such an extent asthe Fed has robbed us? Is it any wonder that there have been lately ninetycases of starvation in one of the New York hospitals? Is there any wonder thatthe children are being abandoned?

'The government and the people of these United States have been swindledby swindlers deluxe to whom the acquisition of American or a parcel of FedNotes presented no more difficulty than the drawing up of a worthlessacceptance in a Country not subject to the laws of these United States, bysharpers not subject to the jurisdiction of these United States, sharpers withstrong banking 'fence' on this side of the water, a 'fence'acting as a receiver of a worthless paper coming from abroad, endorsing it andgetting the currency out of the Fed for it as quickly as possible exchangingthat currency for gold and in turn transmitting the gold to its foreignconfederates.

Ivar Kreuger, the Match King!

'Such were the exploits of Ivar Krueger, Mr. Hoover's friend, and hisrotten Wall Street bakers. Every dollar of the billions Kreuger and his gangdrew out of this Country on acceptances was drawn from the government and thepeople of the United States through the Fed. The credit of the United StatesGovernment was peddled to him by the Fed for their own private gain. That iswhat the Fed has been doing for many years.

'They have been peddling the credit of this Government and the [signatureof this] Government to the swindlers and speculators of all nations. That iswhat happens when a Country forsakes its Constitution and gives its sovereigntyover the public currency to private interests. Give them the flag and they willsell it.

'The nature of Kreuger's organized swindle and the bankrupt condition ofKreuger's combine was known here last June when Hoover sought to exemptKrueger's loan to Germany of $125,000,000 from the operation of the HooverMoratorium.. The bankrupt condition of Krueger's swindle was known her lastsummer when $30,000,000 was taken from the American taxpayers by certainbankers in New York for the ostensible purpose of permitting Krueger to make aloan to Colombia. Colombia never saw that money.

'The nature of Krueger's swindle was known here in January when he visitedhis friend, Mr. Hoover, at the White House. It was known here in March beforehe went to Paris and committed suicide.

'Mr. Chairman, I think the people of the United States are entitled toknow how many billions of dollars were placed at the disposal of Krueger andhis gigantic combine by the Fed, and to know how much of our Governmentcurrency was issued and lost in the financing of that great swindle in theyears during which the Fed took care of Krueger's requirements.

'A few days ago, the President of the United States with a white face andshaking hands, went before the Senate of behalf of the moneyed interests andasked the Senate to levy a tax on the people so that foreigners might know thatthese United States would pay its debt to them.

'Most Americans thought it was the other way around. What does theseUnited States owe foreigners? When and by whom was the debt incurred? It wasincurred by the Fed, when they peddled the signature of the Government toforeigners- for a Price. It is what the United States Government has to pay toredeem the obligations of the Fed.

Thieves Go Scot Free

'Are you going to let these thieves get off scot free? Is there one lawfor the looter who drives up to the door of the United States Treasury in hislimousine and another for the United States Veterans who are sleeping on thefloor of a dilapidated house on the outskirts of Washington?

'The Baltimore and Ohio Railroad is here asking for a large loan from thepeople, and the wage earners and the taxpayers of these United States. It isbegging for a handout from the Government. It is standing, cap in hand, at thedoor of the R.F.C. where all the jackals have gathered to the feast. It isasking for money that was raised from the people by taxation and wants thismoney of the poor for the benefit of Kuhn, Loeb and Co., the GermanInternational Bankers.

'Is there one law for the Baltimore and Ohio Railroad and another for thehungry veterans it threw off its freight cars the other day? Is there one lawfor sleek and prosperous swindlers who call themselves bankers and another lawfor the soldiers who defended the flag? 'The R.F.C. is taking over theseworthless securities from the Investment Trusts with United States Treasurymoney at the expense of the American taxpayer and the wage earner.

'It will take twenty years to redeem our Government. Twenty years of penalservitude to pay off the gambling debts of the traitorous Fed and to vast floodof American wages and savings, bank deposits, and the United States Governmentcredit which the Fed exported out of this country to their foreign principals.

'The Fed lately conducted an anti-hoarding campaign here. They they tookthat extra money which they had persuaded the American people to put into thebanks- 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 foreignmasters, and every dollar of that gold belonged to the people of these UnitedStates and was unlawfully taken from them.

Fiat Money

'Mr. Chairman, within the limits of the time allowed me, I cannot enterinto a particularized discussion of the Fed. I have singled out the Fedcurrency for a few remarks because there has lately been some talk here of'fiat money'. What kind of money is being pumped into the opendiscount 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 andhis 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 opendiscount market of New York, a market in which the sellers are represented by10 discount corporations owned and organized by the very banks which own andcontrol the Fed.

'Fiat money, indeed!

'What Mr. Mills is fighting for is the preservation, whole and entire, ofthe banker's monopoly of all the currency of the United States Government.

'Mr. Chairman, last December, I introduced a resolution here asking for anexamination and an audit of the Fed and all related matters. If the House seesfit to make such an investigation, the people of these United States willobtain information of great value. This is a Government of the people, by thepeople, for the people. Consequently, nothing should be concealed from thepeople. 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 whoconceals and covers up that crime is an accessory to it. Mr. Speaker, it is amonstrous thing for this great nation of people to have its destinies presidedover by a traitorous government board acting in secret concert withinternational usurers.

'Every effort has been made by the Fed to conceal its powers- but thetruth is- the Fed has usurped the Government. It controls everything here andit controls all of our foreign relations. It makes and breaks governments atwill.

'No man and no body of men is more entrenched in power than the arrogantcredit monopoly which operated the Fed. What National Government has permittedthe Fed to steal from the people should now be restored to the people. Thepeople have a valid claim against the Fed. If that claim is enforced theAmericans will not need to stand in the bread line, or to suffer and die ofstarvation 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. Iam told that they amount to upwards of a billion dollars. They constitute aclaim against our Government and likewise a claim against our peoples' money tothe extent of $1,300,000,000 which has within the last few months been shippedabroad to redeem Fed Notes and to pay other gambling debts of the traitorousFed. 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? Whyshould the Fed be permitted to finance our competitors in all parts of theworld? Do you know why the tariff was raised? It was raised to shut out theflood of Fed Goods pouring in here from every quarter of the globe- cheapgoods, produced by cheaply paid foreign labor, on unlimited supplies of moneyand credit sent out of this Country by the dishonest and unscrupulous Fed.

'The Fed are spending $100,000,000 a week buying government securities inthe open market and are making a great bid for foreign business. They aretrying to make rates so attractive that the human hair merchants and thedistillers and other business entities in foreign land will come her and hiremore of the public credit of the United States Government to pay the Fed outfitfor getting it for them.

World Enslavement Planned

'Mr. Chairman, when the Fed was passed, the people of these United Statesdid not perceive that a world system was being set up here which would make thesavings of the American school teacher available to a narcotic-drug vendor inAcapulco. They did not perceive that these United States was to be lowered tothe 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 tosupply the financial power to an 'international superstate'. Asuperstate controlled by international bankers, and internationalindustrialists acting together to enslave the world for their own pleasure?

'The people of these United States are being greatly wronged. They havebeen driven from their employments. They have been dispossessed from theirhomes. They have been evicted from their rented quarters. They have lost theirchildren. 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 takenaway from them and has either been locked in the vaults of certain banks andthe great corporations or exported to foreign countries for the benefit of theforeign customers of these banks and corporations. So far as the people of theUnited States are concerned, the cupboard is bare.

'It is true that the warehouses and coal yards and grain elevators arefull, but these are padlocked, and the great banks and corporations hold thekeys.

'The sack of these United States by the Fed is the greatest crime inhistory..

'Mr. Chairman, a serious situation confronts the House of Representativestoday. We are trustees of the people and the rights of the people are beingtaken away from them. Through the Fed the people are losing the rightsguaranteed to them by the Constitution. Their property has been taken from themwithout due process of law. Mr. Chairman, common decency requires us to examinethe public accounts of the Government and see what crimes against the publicwelfare have been committed.

'What is needed here is a return to the Constitution of these UnitedStates.

'The old struggle that was fought out here in Jackson's time must befought our over again. The independent United States Treasury should bereestablished and the Government should keep its own money under lock and keyin the building the people provided for that purpose.

'Asset currency, the devise of the swindler, should be done away with. TheFed should be abolished and the State boundaries should be respected. Bankreserves should be kept within the boundaries of the States whose people ownthem, and this reserve money of the people should be protected so that theInternational Bankers and acceptance bankers and discount dealers cannot drawit away from them.

'The Fed should be repealed, and the Fed Banks, having violated theircharters, should be liquidated immediately. Faithless Government officials whohave 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 intheir wrath, and will sweep the money changers out of the temple.

'Mr. Chairman, the United States is bankrupt: It has been bankrupted bythe 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 atthe White House and the British Agents are in the United States Treasury makinginventory arranging terms of liquidations!

Great Britain, Partner in Blackmail

'Mr. Chairman, the Fed has offered to collect the British claims in fullfrom the American public by trickery and corruption, if Great Britain will helpto conceal its crimes. The British are shielding their agents, the Fed, becausethey do not wish that system of robbery to be destroyed here. They wish it tocontinue for their benefit! By means of it, Great Britain has become thefinancial mistress of the world. She has regained the position she occupiedbefore the World War.

'For several years she has been a silent partner in the business of theFed. Under threat of blackmail, or by their bribery, or by their nativetreachery to the people of the United States, the officials in charge of theFed unwisely gave Great Britain immense gold loans running into hundreds ofmillions of dollars. They did this against the law! Those gold loans were notsingle transactions. They gave Great Britain a borrowing power in the UnitedStates of billions. She squeezed billions out of this Country by means of hercontrol of the Fed.

'As soon as the Hoover Moratorium was announced, Great Britain moved toconsolidate her gains. After the treacherous signing away of American rights atthe 7-power conference at London in July, 1931, which put the Fed under thecontrol of the Bank of International Settlements, Great Britain began totighten the hangman's noose around the neck of the United States.

'She abandoned the gold standard and embarked on a campaign of buying upthe claims of foreigners against the Fed in all parts of the world. She has nowsent her bailiff, Ramsey MacDonald, here to get her war debt to this countrycanceled. But she has a club in her hands! She has title to the gambling debtswhich the corrupt and dishonest Fed incurred abroad.

'Ramsey MacDonald, the labor party deserter, has come here to compel thePresident to sign on the dotted line, and that is what Roosevelt is about todo! Roosevelt will endeavor to conceal the nature of his action from theAmerican people. But he will obey the International Bankers and transfer thewar debt that Great Britain should pay to the American people, to the shouldersof the American taxpayers.

'Mr. Chairman, the bank holiday in the several States was brought about bythe 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 thenational bank holiday which Franklin D. Roosevelt promised Sir Ramsey MacDonaldthat he would declare.

'There was no national emergency here when Franklin D. Roosevelt tookoffice excepting the bankruptcy of the Fed- a bankruptcy which has been goingon under cover for several years and which has been concealed from the peopleso that the people would continue to permit their bank deposits and their bankreserves and their gold and the funds of the United States Treasury to beimpounded in these bankrupt institutions.

'Under cover, the predatory International Bankers have been stealthilytransferring the burden of the Fed debts to the people's Treasury and to thepeople themselves. They the farms and the homes of the United States to pay fortheir thievery! That is the only national emergency that there has been heresince the depression began.

'The week before the bank holiday ws declared in New York State, thedeposits in the New York savings banks were greater than the withdrawals. Therewere no runs on New York Banks. There was no need of a bank holiday in NewYork, 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 deceivedby others into the belief that Roosevelt's dictatorship is in any way intendedto benefit the people of the United States: he is preparing to sign on thedotted line! 'He is preparing to cancel the war debts by fraud!

'He is preparing to internationalize this Country and to destroy ourConstitution itself in order to keep the Fed intact as a money institution forforeigners. 'Mr. Chairman, I see no reason why citizens of the UnitedStates should be terrorized into surrendering their property to the InternationalBankers who own and control the Fed. The statement that gold would be takenfrom its lawful owners if they did not voluntarily surrender it, to privateinterests, show that there is an anarchist in our Government.

'The statement that it is necessary for the people to give their gold- theonly real money- to the banks in order to protect the currency, is a statementof calculated dishonesty!

'By his unlawful usurpation of power on the night of March 5, 1933, and byhis proclamation, which in my opinion was in violation of the Constitution ofthe United States, Roosevelt divorced the currency of the United States fromgold, and the United States currency is no longer protected by gold. It istherefore sheer dishonesty to say that the people's gold is needed to protectthe 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 andgold values in them, or given into them, might be handed over to the predatoryInternational Bankers who own and control the Fed.

'Roosevelt cast his lot with the usurers. 'He agreed to save thecorrupt and dishonest at the expense of the people of the United States.

'He took advantage of the people's confusion and weariness and spread thedragnet over the United States to capture everything of value that was left init. He made a great haul for the International Bankers.

'The Prime Minister of England came here for money! He came here tocollect cash!

'He came here with Fed Currency and other claims against the Fed whichEngland had bought up in all parts of the world. And he has presented them forredemption 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 gamblingdebts of the International Bankers.

Roosevelt Seizes the Gold

'By his action in closing the banks of the United States, Roosevelt seizedthe gold value of forty billions or more of bank deposits in the United Statesbanks. Those deposits were deposits of gold values. By his action he hasrendered them payable to the depositors in paper only, if payable at all, andthe paper money he proposes to pay out to bank depositors and to the peoplegenerally in lieu of their hard earned gold values in itself, and being basedon nothing into which the people can convert it the said paper money is ofnegligible value altogether.

'It is the money of slaves, not of free men. If the people of the UnitedStates 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 oncompany stores for what they eat and wear. Their case will be similar to thatof starving coal miners. They, too, will be paid with orders on Company storesfor food and clothing, both of indifferent quality and be forced to live inCompany-owned houses from which they may be evicted at the drop of a hat. Moreof 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, tookan oath to preserve, protect and defend the Constitution of the U.S. Atmidnight on the 5th of March, 1933, he confiscated the property of Americancitizens. He took the currency of the United States standard of value. Herepudiated the internal debt of the Government to its own citizens. Hedestroyed the value of the American dollar. He released, or endeavored torelease, the Fed from their contractual liability to redeem Fed currency ingold or lawful money on a parity with gold. He depreciated the value of thenational 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 ofthe Treasury has unlawfully been given to the corrupt and dishonest Fed. Andthe Administration has since had the effrontery to raid the country for moregold for the private interests by telling our patriotic citizens that theirgold is needed to protect the currency.

'It is not being used to protect the currency! It is being used to protectthe corrupt and dishonest Fed. 'The directors of these institutions havecommitted criminal offense against the United States Government, including theoffense of making false entries on their books, and the still more seriousoffense of unlawfully abstracting funds from the United States Treasury!'Roosevelt's gold raid is intended to help them out of the pit they dugfor themselves when they gambled away the wealth and savings of the Americanpeople.


'The International Bankers set up a dictatorship here because they wanteda dictator who would protect them. They wanted a dictator who would protectthem. They wanted a dictator who would issue a proclamation giving the Fed anabsolute and unconditional release from their special currency in gold, orlawful money of any Fed Bank.

'Has Roosevelt relieved any other class of debtors in this country fromthe necessity of paying their debts? Has he made a proclamation telling thefarmers that they need not pay their mortgages? Has he made a proclamation tothe effect that mothers of starving children need not pay their milk bills? Hashe 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 aproclamation to relieve international bankers and the foreign debtors of theUnited States Government.

'Mr. Chairman, the gold in the banks of this country belongs to theAmerican people who have paper money contracts for it in the form of nationalcurrency. If the Fed cannot keep their contracts with United States citizens toredeem their paper money in gold, or lawful money, then the Fed must be takenover 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 sothat the Treasury cannot redeem the United States currency for which it isliable in gold, then the Fed must be driven out of the Treasury.

'Mr. Chairman, a gold certificate is a warehouse receipt for gold in theTreasury, and the man who has a gold certificate is the actual owner of acorresponding amount of gold stacked in the Treasury subject to his order.

'Now comes Roosevelt who seeks to render the money of the United Statesworthless by unlawfully declaring that it may No Longer be converted into goldat the will of the holder.

'Roosevelt's next haul for the International Bankers was the reduction inthe pay of all Federal employees.

'Next in order are the veterans of all wars, many of whom are aged andinform, and other sick and disabled. These men had their lives adjusted forthem by acts of Congress determining the amounts of the pensions, and, while itis meant that every citizen should sacrifice himself for the good of the UnitedStates, I see no reason why those poor people, these aged Civil War Veteransand war widows and half-starved veterans of the World War, should be compelledto give up their pensions for the financial benefit of the Internationalvultures who have looted the Treasury, bankrupted the country and traitorouslydelivered the United States to a foreign foe.

'There are many ways of raising revenue that are better than that barbaricact of injustice.

'Why not collect from the Fed the amount they owe the U.S. Treasury ininterest on all the Fed currency they have taken from the Government? Thatwould put billions of dollars into the U.S. Treasury.

'If FDR is as honest as he pretends to be, he will have that doneimmediately. And in addition, why not compel the Fed to disclose their profitsand to pay the Government its share?

'Until this is done, it is rank dishonesty to talk of maintaining thecredit of the U.S. Government. 'My own salary as a member of Congress hasbeen reduced, and while I am willing to give my part of it that has been takenaway from me to the U.S. Government, I regret that the U.S. has suffered itselfto be brought so low by the vultures and crooks who are operating the roulettewheels and faro tables in the Fed, that is now obliged to throw itself on themercy of its legislators and charwomen, its clerks, and it poor pensioners andto take money out of our pockets to make good the defalcations of the InternationalBankers who were placed in control of the Treasury and given the monopoly ofU.S. Currency by the misbegotten Fed. 'I am well aware that theInternational Bankers who drive up to the door of the United States Treasury intheir limousines, look down with scorn upon members of Congress because we workfor 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.

The Federal Reserve
An Astounding Exposure 1934
Part 3
By Congressman, Louis T. McFadden

Enemies of the People TheyRob

'I do not like to see vivisections performed on human beings. I do notlike to see the American people used for experimental purposes by the creditmasters of the United States. They predicted among themselves that they wouldbe able to produce a condition here in which American citizens would becompletely humbled and left starving and penniless in the streets.

'The fact that they made that assertion while they were fomenting theirconspiracy against the United States that they like to see a human being,especially an American, stumbling from hunger when he walks. 'Somethingshould be done about it, they say. Five-cent meals, or something! 'But FDRwill not permit the House of Representatives to investigate the condition ofthe 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 justwrath of an outraged people.

'The International Bankers have always hated our pensioners. A man with asmall pension is a ward of the Government. He is not dependent upon them for asalary or wages. They cannot control him. They do not like him. It gave themgreat pleasure, therefore, to slash the veterans.

'But FDR will never do anything to embarrass his financial supporters. Hewill cover up the crimes of the Fed.

'Before he was elected, Mr. Roosevelt advocated a return to the earlierpractices of the Fed, thus admitting its corruptness. The Democratic platformadvocated a change in the personnel of the Fed. These were campaign bait. As aprominent Democrat lately remarked to me; 'There is no new deal. The sameold crowd is in control.'

'The claims of foreign creditors of the Fed have no validity in law. Theforeign creditors were the receivers- and the willing receivers- of stolengoods! They have received through their banking fences immense amounts ofcurrency, and that currency was unlawfully taken from the United StatesTreasury by the Fed.

'England discovered the irregularities of the Fed quite early in itsoperations and through fear, apparently, the Fed have for years sufferedthemselves to be blackmailed and dragooning England to share in the business ofthe Fed. 'The Fed have unlawfully taken many millions of dollars of thepublic credit of the United States and have given it to foreign sellers on thesecurity of the Debt paper of foreign buyers in purely foreign transactions,and when the foreign buyers refused to meet their obligations and the Fed sawno honest way of getting the stolen goods back into their possession, theydecided by control of the executive to make the American people pay theirlosses!

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 theyintended, they are now engaged in an effort to debase the American dollar sothat foreign governments will have their debts to this country cut in two, andthen by means of other vicious underhanded arrangements, they propose to remitthe remainder.

'So far as the U.S. is concerned, the gambling counters have no legalstanding. The U.S. Treasury cannot be compelled to make good the gamblingventures of the corrupt and dishonest Fed. Still less should the bank depositsof the U.S. be used for that purpose. Still less should the national currencyhave been made irredeemable in gold so that the gold which was massed andstored to redeem the currency for American citizens may be used to pay thegambling debts of the Fed for England's benefit. 'The American peopleshould have their gold in their own possession where it cannot be held undersecret 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 intheir possession deserves redemption far more than U.S. currency and creditwhich was stolen from the U.S. Treasury and bootlegged abroad.

'Why should the foreigners be made preferred creditors of the bankruptU.S.? Why should the U.S. be treated as bankrupt at all? This Government hasimmense sums due it from the Fed. The directors of these institutions are menof 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 bankdeposits to pay off the gambling debts of these bankers? Why should Rooseveltpromise foreigners that the U.S. will play the part of a good neighbor,'meeting its obligations'?

'Let the Fed meet their own obligations.

'Every member of the Fed should be compelled to disgorge, and everyacceptance banker and every discount corporation which has made illegal profitsby means of public credit unlawfully bootlegged out of the U.S. Treasury andhired out by the crooks and vultures of the Fed should be compelled todisgorge.

Federal Reserve Pays No Taxes

'Gambling debts due to foreign receivers of stolen goods should not bepaid 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 dutyto preserve inviolate in the people's treasury.

'The U.S. Treasury cannot be made liable for them. The Fed currency mustbe 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 Statessuch] would cause American citizens, if they knew what it was, to lose allconfidence in their government.

'That is a condition that Roosevelt will not have investigated. He hasbrought 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 naturalizedhere until several years after this Warburg's birth, is a son of a formerpartner of Kuhn, Loeb and Co., a grandson of another partner, a nephew of aformer partner, and a nephew of a present partner.

'He holds no office in our Government, but I am told that he is in dailyattendance at the Treasury, and that he has private quarters there! In otherwords, Mr. Chairman, Kuhn, Loeb and Company now has control and occupy the U.S.Treasury.

Preferred Treatment for Foreigners

'The text of the Executive order which seems to place an embargo onshipments of gold permits the Secretary of the Treasury, a former director ofthe 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 orforeign central bank for international settlement. Now, Mr. Chairman, if goldheld in trust for those foreign institutions may be sent to them, I see noreason why gold held in trust for American as evidenced by their goldcertificates and other currency issued by the U.S. Government should not bepaid to them. 'I think that American citizens should be entitled totreatment at least as good as that which the person is extending to foreigngovernments, 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 leastas much entitled to receive his own gold for it, as any international banker inthe city of New York or London.

'By the terms of this executive order, gold may be exported if it isactually required, for the fulfillment of any contract entered into prior tothe date of this order by an applicant who, in obedience to the executive orderof 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 theFed 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 abank in this country for redemption, that bank could easily ship gold to Europein exchange for that currency. Such Fed currency would represent'contracts' entered into prior to the date of the order. If the Bankof International Settlements or any other foreign bank holding any of thepresent gambling debt paper of the Fed should draw a draft for the settlementof such obligation, gold would be shopped to them because the debt contractwould 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 ofthe Federal Reserve Board; F. H. Curtis, J.H. Chane, R.L. Austin, George DeCamp, 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, jointlyand severally, with violations of the Constitution and laws of the UnitedStates, and whereas I charge them with having taken funds from the U.S Treasurywhich were not appropriated by the Congress of the United States, and I chargethem with having unlawfully taken over $80,000,000,000 from the U.S. Governmentin the year 1928, the said unlawful taking consisting of the unlawful creationof claims against the U.S. Treasury to the extent of over $80,000,000,000 inthe 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 ofdollars; and

'Whereas I charge them, jointly and severally with having unlawfullycreated claims against the U.S. Treasury by unlawfully placing U.S. Governmentcredit in specific amounts to the credit of foreign governments and foreigncentral banks of issue; private interests and commercial and private banks ofthe U..S. and foreign countries, and branches of foreign banks doing business inthe U.S., to the extent of billions of dollars; and with having made unlawfulcontracts in the name of the U.S. Government and the U.S. Treasury; and withhaving made false entries on books of account; and

'Whereas I charge them jointly and severally, with having taken Fed Notesfrom the U.S. Treasury and with having put Fed Notes into circulation withoutobeying the mandatory provision of the Fed Act which requires the Fed Board tofix an interest rate on all issues of Fed Notes supplied to Fed Banks, the interestresulting 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 commissionof 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 withhaving 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. Governmentsecurities with U.S. Government credit unlawfully taken and with having againsold the said U.S. Government security for gold or gold values, and I chargethem with having defrauded the U.S. Government and the people of the U.S. bythis rotary process; and

'Whereas I charge them, jointly and severally, with having unlawfullynegotiated U.S. Government securities, upon which the Government liability wasextinguished, as collateral security for Fed Notes and with having substitutedsuch securities for gold which was being held as collateral security for FedNotes, and with having by the process defrauded the U.S. Government and thepeople of the U.S., and I charge them with the theft of all the gold and currencythey obtained by this process; and

'Whereas I charge them, jointly and severally, with having unlawfullyissued Fed currency on false, worthless and fictitious acceptances and othercirculating evidence of debt, and with having made unlawful advances of Fedcurrency, and with having unlawfully permitted renewals of acceptances andrenewals of other circulating evidences of debt, and with having permittedacceptance bankers and discount dealer corporations and other private bankersto violate the banking laws of the U.S.; and

'Whereas I charge them, jointly and severally, with having conspired tohave evidences of debt to the extent of $1,000,000,000 artificially created atthe end of February, 1933, and early in March 1933, and with having made unlawfulissues and advances of Fed currency on the security of said artificiallycreated evidences of debt for a sinister purpose, and with having assisted inthe execution of said sinister purpose; and

'Whereas I charge them, jointly and severally, with having brought aboutthe repudiation of the currency obligations of the Fed Banks to the people ofthe U.S. and with having conspired to obtain a release for the Fed Board andthe Fed Banks from their contractual liability to redeem all Fed currency ingold or lawful money at the Fed Bank and with having defrauded the holders ofFed currency, and with having conspired to have the debts and losses of the FedBoard and the Fed Banks unlawfully transferred to the Government and the peopleof the U.S., and

'Whereas I charge them, jointly and severally, with having unlawfullysubstituted Fed currency and other irredeemable paper currency for gold in thehands of the people after the decision to repudiate the Fed currency and thenational currency was made known to them, and with thus having obtained moneyunder false pretenses; and

'Whereas I charge them, jointly and severally, with having brought about arepudiation of the notes of the U.S. in order that the gold value of the saidcurrency might be given to private interests, foreign governments, foreigncentral banks of issues, and the Bank of International Settlements, and thepeople of the U.S. to be left without gold or lawful money and with no currencyother that a paper currency irredeemable in gold, and I charge them with havingdone this for the benefit of private interests, foreign governments, foreigncentral banks of issue, and the bank of International Settlements; and

'Whereas I charge them, jointly and severally, with conniving with theEdge Law banks, and other Edge Law institutions, accepting banks, and discountcorporations, foreign central banks of issue, foreign commercial banks, foreigncorporations, 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 theextent of billions of dollars and with having unlawfully permitted and madepossible the bringing into the United States of immense quantities of foreignsecurities, created in foreign countries for export to the U.S. and with havingunlawfully 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 foreignsecurities in the U.S., and

'Whereas I charge them, jointly and severally, with having unlawfullyexported U.S. coins and currency for a sinister purpose, and with havingdeprived the people of the U.S. of their lawful medium of exchange, and Icharge them with having arbitrarily and unlawfully reduced the amount of moneyand currency in circulation in the U.S. to the lowest rate per capita in thehistory of the Government, so that the great mass of the people have been leftwithout a sufficient medium of exchange, and I charge them with concealment andevasion in refusing to make known the amount of U.S. money in coins and papercurrency exported and the amount remaining in the U.S. as a result of whichrefusal the Congress of the U.S. is unable to ascertain where the U.S. coinsand 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 andunlawfully raised and lowered the rates of money and with having arbitrarilyincreased and diminished the volume of currency in circulation for the benefitof private interests at the expense of the Government and the people of theU.S. and with having unlawfully manipulated money rates, wages, salaries andproperty values both real and personal, in the U.S. by unlawful operations inthe open discount market and by resale and repurchase agreements unsanctionedby law, and

'Whereas I charge them jointly and severally, with having brought aboutthe decline in prices on the New York Stock Exchange and other exchanges inOctober, 1929, by unlawful manipulation of money rates and the volume of and currency in circulation: by theft of funds from the U.S. Treasury bygambling in acceptances and U.S. Government securities; by service rendered toforeign and domestic speculators and politicians, and by unlawful sale of reserves abroad, and

'Whereas the unconstitutional inflation law imbedded in the so-called FarmRelief Act by which the Fed Banks are given permission to buy U.S. Governmentsecurities to the extent of $3,000,000,000 and to drew forth currency from thepeople's Treasury to the extent of $3,000,000,000 is likely to result inconnivance on the part of said accused with others in the purchase by the Fedof 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 nonot 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 moneyappearing in the so-called Farm Relief bill- and the U.S. Government will thusbe 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 debtsto foreign governments, foreign central banks of issue, private interests, andprivate and commercial banks, both foreign and domestic, and the Bank ofInternational 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 incurrency unlawfully created against it and whereas no private interest shouldbe permitted to buy U.S. Government securities with the Government's own creditunlawfully taken and whereas currency should not be issued for the benefit ofsaid private interest or any interests on U.S. Government securities so acquired,and whereas it has been publicly stated and not denied that the inflationamendment of the Farm Relief Act is the matter of benefit which was secured byRamsey MacDonald, the Prime Minister of Great Britain, upon the occasion of hislatest visit to the U.S. Treasury, and whereas there is grave danger that theaccused will employ the provision creating U.S. Government securities to theextent of $3,000,000,000 and three millions in currency to be issuablethereupon for the benefit of themselves and their foreign principals, and thatthey will convert the currency so obtained to the uses of Great Britain bysecret arrangements with the Bank of England of which they are the agents, andfor which they maintain an account and perform services at the expense of theU.S. Treasury, and that they will likewise confer benefits upon the Bank ofInternational Settlements for which they maintain an account and performservices at the expense of the U.S. Treasury; and

'Whereas I charge them, jointly and severally, with having concealed theinsolvency of the Fed and with having failed to report the insolvency of theFed to the Congress and with having conspired to have the said insolventinstitutions continue in operation, and with having permitted the said insolventinstitutions to receive U.S. Government funds and other deposits, and withhaving 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 theirdebts and losses to the general public and the Government of the U.S., and withhaving permitted foreign debts of the Fed to be paid with the property, thesavings, the wages, and the salaries of the people of the U.S. and with thefarms and the homes of the American people, and whereas I charge them withforcing the bad debts of the Fed upon the general public covertly anddishonestly and and with taking the general wealth and savings of the people ofthe 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 FedAct and other laws; with maladministration of the h evasions of the Fed Law andother laws; and with having unlawfully failed to report violations of law onthe part of the Fed Banks which, if known, would have caused the Fed Banks tolose their charters, and

'Whereas I charge them, jointly and severally, with failure to protect andmaintain the gold reserves and the gold stock and gold coinage of the U.S. andwith having sold the gold reserves of the U.S to foreign Governments, foreigncentral banks of issue, foreign commercial and private banks, and other foreigninstitutions and individuals at a profit to themselves, and I charge them withhaving 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 ofcentral gold reserves from the 45.9 percent in 1924 to 37.5 percent in 1928notwithstanding the fact that the U.S. had a favorable balance of tradethroughout that period, and

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

'Whereas I charge them, jointly and severally, with having fictitiouslypaid 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 destroyedindependent banks in the U.S. and with having thereby caused losses amountingto billions of dollars to the said banks, and to the general public of theU.S., and

'Whereas I charge them, jointly and severally, with the failure to furnishtrue reports of the business operations and the true conditions of the Fed tothe Congress and the people, and having furnished false and misleading reportsto the congress of the U.S., and

'Whereas I charge them, jointly and severally, with having published falseand misleading propaganda intended to deceive the American people and to causethe U.S. to lose its independence; and

'Whereas I charge them, jointly and severally, with unlawfully allowingGreat Britain to share in the profits of the Fed at the expense of theGovernment and the people of the U.S.; and

'Whereas I charge them, jointly and severally, with having entered intosecret agreements and illegal transactions with Montague Norman, Governor ofthe Bank of England; and

'Whereas I charge them, jointly and severally, with swindling the U.S. Treasuryand the people of the U.S. in pretending to have received payment from GreatBritain 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 withtheir foreign principals and others to defraud the U.S. Government and toprevent the people of the U.S. from receiving payment of the war debts due tothe U.S. from foreign nations; and

'Whereas I charge them, jointly and severally, with having robbed the U.SGovernment and the people of the U.S. by their theft and sale of the goldreserves of the U.S. and other unlawful transactions created a deficit in theU.S. Treasury, which has necessitated to a large extent the destruction of ournational defense and the reduction of the U.S. Army and the U.S. Navy and otherbranches 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 theU.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 havingtreasonable conspired and acted against the peace and security of the U.S. andwith having treasonable conspired to destroy constitutional Government in theU..S.

'Resolve, That the Committee on the Judiciary is authorized and directedas a whole or by subcommittee, to investigate the official conduct of the Fedagents to determine whether, in the opinion of the said committee, they havebeen guilty of any high crime or misdemeanor which in the contemplation theConstitution requires the interposition of the Constitutional powers of theHouse. Such Committee shall report its finding to the House, together with suchresolution or resolutions of impeachment or other recommendations as it deemsproper.

'For the purpose of this resolution the Committee is authorized to sit andact during the present Congress at such times and places in the District ofColumbia or elsewhere, whether or not the House is sitting, has recessed or hasadjourned, to hold such clerical, stenographic, and other assistants, torequire of such witnesses and the production of such books, papers, anddocuments, to take such testimony, to have such printing and binding done, andto make such expenditures as it deems necessary.'

After some discussion and upon the motion of Mr. Byrns, the resolution andcharge was referred to the Committee on the Judiciary.

'Attacks on McFadden's Life Reported'

Commenting on Former Congressman Louis T. McFaddens's 'heart-failuresudden-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 berevealed that not long after his public utterance against the encroachingpowers of Judah, it became known among his intimates that he had suffered twoattacks against his life. The first attack came in the form of two revolvershots fired at him from ambush as he was alighting from a cab in front of oneof the Capital hotels. Fortunately both shots missed him, the bullets buryingthemselves in the structure of the cab.

'He became violently ill after partaking of food at a political banquet atWashington. His life was only saved from what was subsequently announced as apoisoning by the presence of a physician friend at the banquet, who at onceprocured a stomach pump and subjected the Congressman to emergencytreatment.' /s/ Robert Edward Edmondson (Publicist-Economist)

President Andrew Jackson stated in reference to the bankers at the state of hisadministration:

'You are a den of vipers and thieves. I intend to rout you out, and by theEternal God, I will rout you out.'




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