Congressman McFadden's Speech

On the Federal Reserve Corporation

Quotations from several speeches made on the Floor of the House of

Representatives by the Honorable Louis T. McFadden of Pennsylvania.

Mr. McFadden, due to his having served as Chairman of the Banking and

Currency Committee for more than 10 years, was the best posted man on

these matters in America and was in a position to speak with

authority of the vast ramifications of this gigantic private credit

monopoly. As Representative of a State which was among the first to

declare its freedom from foreign money tyrants it is fitting that

Pennsylvania, the cradle of liberty, be again given the credit for

producing a son that was not afraid to hurl defiance in the face of

the money-bund. Whereas Mr. McFadden was elected to the high office

on both the Democratic and Republican tickets, there can be no

accusation of partisanship lodged against him. Because these speeches

are set out in full in the Congressional Record, they carry weight

that no amount of condemnation on the part of private individuals

could hope to carry.

The Federal Reserve-A Corrupt Institution

"Mr. Chairman, we have in this Country one of the most corrupt

institutions the world has ever known. I refer to the Federal Reserve

Board and the Federal Reserve Banks, hereinafter called the Fed. The

Fed has cheated the Government of these United States and the people

of the United States out of enough money to pay the Nation's debt.

The depredations and iniquities of the Fed has cost enough money to

pay the National debt several times over.

"This evil institution has impoverished and ruined the people of

these United States, has bankrupted itself, and has practically

bankrupted our Government. It has done this through the defects of

the law under which it operates, through the maladministration of

that law by the Fed and through the corrupt practices of the moneyed

vultures who control it.

"Some people who think that the Federal Reserve Banks United States

Government institutions. They are private monopolies which prey upon

the people of these United States for the benefit of themselves and

their foreign customers; foreign and domestic speculators and

swindlers; and rich and predatory money lender. In that dark crew of

financial pirates there are those who would cut a man's throat to get

a dollar out of his pocket; there are those who send money into

states to buy votes to control our legislatures; there are those who

maintain International propaganda for the purpose of deceiving us

into granting of new concessions which will permit them to cover up

their past misdeeds and set again in motion their gigantic train of

crime.

"These twelve private credit monopolies were deceitfully and

disloyally foisted upon this Country by the bankers who came here

from Europe and repaid us our hospitality by undermining our American

institutions. Those bankers took money out of this Country to finance

Japan in a war against Russia. They created a reign of terror in

Russia with our money in order to help that war along. They

instigated the separate peace between Germany and Russia, and thus

drove a wedge between the allies in World War. They financed

Trotsky's passage from New York to Russia so that he might assist in

the destruction of the Russian Empire. They fomented and instigated

the Russian Revolution, and placed a large fund of American dollars

at Trotsky's disposal in one of their branch banks in Sweden so that

through him Russian homes might be thoroughly broken up and Russian

children flung far and wide from their natural protectors. They have

since begun breaking up of American homes and the dispersal of

American children. "Mr. Chairman, there should be no partisanship in

matters concerning banking and currency affairs in this Country, and

I do not speak with any.

"In 1912 the National Monetary Association, under the chairmanship of

the late Senator Nelson W. Aldrich, made a report and presented a

vicious bill called the National Reserve Association bill. This bill

is usually spoken of as the Aldrich bill. Senator Aldrich did not

write the Aldrich bill. He was the tool, if not the accomplice, of

the European bankers who for nearly twenty years had been scheming to

set up a central bank in this Country and who in 1912 has spent and

were continuing to spend vast sums of money to accomplish their

purpose.

"We were opposed to the Aldrich plan for a central bank. The men who

rule the Democratic Party then promised the people that if they were

returned to power there would be no central bank established here

while they held the reigns of government. Thirteen months later that

promise was broken, and the Wilson administration, under the tutelage

of those sinister Wall Street figures who stood behind Colonel House,

established here in our free Country the worm-eaten monarchical

institution of the "King's Bank" to control us from the top downward,

and from the cradle to the grave.

"The Federal Reserve Bank destroyed our old and characteristic way of

doing business. It discriminated against our 1-name commercial paper,

the finest in the world, and it set up the antiquated 2-name paper,

which is the present curse of this Country and which wrecked every

country which has ever given it scope; it fastened down upon the

Country the very tyranny from which the framers of the Constitution

sough to save us.

PRESIDENT JACKSON'S TIME

"One of the greatest battles for the preservation of this Republic

was fought out here in Jackson's time; when the second Bank of the

United States, founded on the same false principles of those which

are here exemplified in the Fed was hurled out of existence. After

that, in 1837, the Country was warned against the dangers that might

ensue if the predatory interests after being cast out should come

back in disguise and unite themselves to the Executive and through

him acquire control of the Government. That is what the predatory

interests did when they came back in the livery of hypocrisy and

under false pretenses obtained the passage of the Fed.

"The danger that the Country was warned against came upon us and is

shown in the long train of horrors attendant upon the affairs of the

traitorous and dishonest Fed. Look around you when you leave this

Chamber and you will see evidences of it in all sides. This is an era

of misery and for the conditions that caused that misery, the Fed

are fully liable. This is an era of financed crime and in the

financing of crime the Fed does not play the part of a disinterested

spectator.

"It has been said that the draughts man who was employed to write the

text of the Aldrich bill because that had been drawn up by lawyers,

by acceptance bankers of European origin in New York. It was a copy,

in general a translation of the statues of the Reichsbank and other

European central banks. One-half million dollars was spent on the

part of the propaganda organized by these bankers for the purpose of

misleading public opinion and giving Congress the impression that

there was an overwhelming popular demand for it and the kind of

currency that goes with it, namely, an asset currency based on human

debts and obligations. Dr. H. Parker Willis had been employed by Wall

Street and propagandists, and when the Aldrich measure failed- he

obtained employment with Carter Glass, to assist in drawing the

banking bill for the Wilson administration. He appropriated the text

of the Aldrich bill. There is no secret about it. The test of the

Federal Reserve Act was tainted from the first.

"A few days before the bill came to a vote, Senator Henry Cabot

Lodge, of Massachusetts, wrote to Senator John W. Weeks as follows:

New York City, December 17, 1913 "'My Dear Senator

Weeks: "'Throughout my public life I have supported all measures

designed to take the Government out of the banking business. This

bill puts the Government into the banking business as never before in

our history. "'The powers vested in the Federal Reserve Board seen to

me highly dangerous especially where there is political control of

the Board. I should be sorry to hold stock in a bank subject to such

dominations. The bill as it stands seems to me to open the way to a

vast inflation of the currency. "'I had hoped to support this bill,

but I cannot vote for it cause it seems to me to contain features and

to rest upon principles in the highest degree menacing to our

prosperity, to stability in business, and to the general welfare of

the people of the United States. Very Truly Yours, Henry Cabot

Lodge.'"

"In eighteen years that have passed since Senator Lodge wrote that

letter of warning all of his predictions have come true. The

Government is in the banking business as never before. Against its

will it has been made the backer of horse thieves and card sharps,

bootlegger's smugglers, speculators, and swindlers in all parts of

the world. Through the Fed the riffraff of every country is operating

on the public credit of the United States Government.

THE GREAT DEPRESSION

"Meanwhile and on account of it, we ourselves are in the midst of the

greatest depression we have ever known. From the Atlantic to the

Pacific, our Country has been ravaged and laid waste by the evil

practices of the Fed and the interests which control them. At no time

in our history, has the general welfare of the people been at a lower

level or the minds of the people so full of despair.

"Recently in one of our States, 60,000 dwelling houses and farms were

brought under the hammer in a single day. 71,000 houses and farms in

Oakland County, Michigan, were sold and their erstwhile owners

dispossessed. The people who have thus been driven out are the

wastage of the Fed. They are the victims of the Fed. Their children

are the new slaves of the auction blocks in the revival of the

institution of human slavery.

The Scheme of the Fed

"In 1913, before the Senate Banking and Currency Committee, Mr.

Alexander Lassen made the following statement: "The whole scheme of

the Fed with its commercial paper is an impractical, cumbersome

machinery- is simply a cover to secure the privilege of issuing

money, and to evade payment of as much tax upon circulation as

possible and then control the issue and maintain, instead of reducing

interest rates. It will prove to the advantage of the few and the

detriment of the people. It will mean continued shortage of actual

money and further extension of credits, for when there is a shortage

of money people have to borrow to their cost.' "A few days before the

Fed passed, Senator Root denounced the Fed as an outrage on our

liberties. He predicted: 'Long before we wake up from our dream of

prosperity through an inflated currency, our gold- which alone could

have kept us from catastrophe- will have vanished and no rate of

interest will tempt it to return.'

"If ever a prophecy came true, that one did.

"The Fed became law the day before Christmas Eve, in the year 1913,

and shortly afterwards, the German International bankers, Kuhn, Loeb

and Co. sent one of their partners here to run it.

"The Fed Note is essentially unsound. It is the worst currency and

the most dangerous that this Country has ever known. When the

proponents of the act saw that the Democratic doctrine would not

permit them to let the proposed banks issue the new currency as bank

notes, they should have stopped at that. They should not have foisted

that kind of currency, namely, an asset currency, on the United

States Government. They should not have made the Government [liable

on the private] debts of individuals and corporations, and, least of

all, on the private debts of foreigners. "As Kemerer says: 'The Fed

Notes, therefore, in form, have some of the qualities of Government

paper money, but in substance, are almost a pure asset currency

possessing a Government guarantee against which contingency the

Government has made no provision whatever.'

"Hon. L.J.Hill, a former member of the House, said, and truly: "They

are obligations of the Government for which the United States

received nothing and for the payment of which at any time, it assumes

the responsibility: looking to the Fed to recoup itself.'

"If this United States is to redeem the Fed Notes, when the General

Public finds it costs to deliver this paper to the Fed, and if the

Government has made no provisions for redeeming them, the first

element of unsoundness is not far to seek.

"Before the Banking and Currency Committee, when the bill was under

discussion Mr. Crozier of Cincinnati said: 'The imperial power of

elasticity of the public currency is wielded exclusively by the

central corporations owned by the banks. This is a life and death

power over all local banks and all business. It can be used to create

or destroy prosperity, to ward off or cause stringencies and panics.

By making money artificially scarce, interest rates throughout the

Country can be arbitrarily raised and the bank tax on all business

and cost of living increased for the profit of the banks owning these

regional central banks, and without the slightest benefit to the

people. The 12 Corporations together cover y and monopolize and use

for private gain- every dollar of the public currency and all public

revenue of the United States. Not a dollar can be put into

circulation among the people by their Government, without the consent

of and on terms fixed by these 12 private money trusts.'

"In defiance of this and all other warnings, the proponents of the

Fed created the 12 private credit corporations and gave them an

absolute monopoly of the currency of these United States- not of the

Fed Notes alone- but of all other currency! The Fed Act providing

ways and means by which the gold and general currency in the hands of

the American people could be obtained by the Fed in exchange for Fed

Notes- which are not money- but mere promises to pay.

"Since the evil day when this was done, the initial monopoly has been

extended by vicious amendments to the Fed and by the unlawful and

treasonable practices of the Fed.

Money for the Scottish Distillers

"Mr. Chairman, if a Scottish distiller wishes to send a cargo of

Scotch whiskey to these United States, he can draw his bill against

the purchasing bootlegger in dollars and after the bootlegger has

accepted it by writing his name across the face of it, the Scotch

distiller can send that bill to the nefarious open discount market in

New York City where the Fed will buy it and use it as collateral for

a new issue of Fed Notes. Thus the Government of these United States

pay the Scotch distiller for the whiskey before it is shipped, and if

it is lost on the way, or if the Coast Guard seizes it and destroys

it, the Fed simply write off the loss and the government never

recovers the money that was paid to the Scotch distiller.

"While we are attempting to enforce prohibition here, the Fed are in

the distillery business in Europe and paying bootlegger bills with

public credit of these United States. "Mr. Chairman, by the same

process, they compel our Government to pay the German brewer for his

beer. Why should the Fed be permitted to finance the brewing industry

in Germany either in this way or as they do by compelling small and

fearful United States Banks to take stock in the Isenbeck Brewery and

in the German Bank for brewing industries? "Mr. Chairman, if Dynamit

Nobel of Germany, wishes to sell dynamite in Japan to use in

Manchuria or elsewhere, it can drew its bill against the Japanese

customers in dollars and send that bill to the nefarious open

discount market in New York City where the Fed will buy it and use it

as collateral for a new issue of Fed Notes- while at the same time

the Fed will be helping Dynamit Nobel by stuffing its stock into the

United States banking system.

"Why should we send our representatives to the disarmament

conference at Geneva- while the Fed is making our Government pay

Japanese debts to German Munitions makers?

"Mr. Chairman, if a German wishes to raise a crop of beans and sell

them to a Japanese customer, he can draw a bill against his

prospective Japanese customer in dollars and have it purchased by the

Fed and get the money out of this Country at the expense of the

American people before he has even planted the beans in the

ground. "Mr. Chairman, if a German in Germany wishes to export goods

to South America, or any other Country, he can draw his bill against

his customers and send it to these United States and get the money

out of this Country before he ships, or even manufactures the goods.

"Mr. Chairman, why should the currency of these United States be

issued on the strength of German Beer? Why should it be issued on the

crop of unplanted beans to be grown in Chile for Japanese

consumption? Why should these United States be compelled to issue

many billions of dollars every year to pay the debts of one foreigner

to another foreigner? "Was it for this that our National Bank

depositors had their money taken out of our banks and shipped abroad?

Was it for this that they had to lose it? Why should the public

credit of these United States and likewise money belonging to our

National Bank depositors be used to support foreign brewers, narcotic

drug vendors, whiskey distillers, wig makes, human hair merchants,

Chilean bean growers, to finance the munitions factories of Germany

and Soviet Russia?

THE UNITED STATES HAS BEEN RANSACKED

"The United States has been ransacked and pillaged. Our structures

have been gutted and only the walls are left standing. While being

perpetrated, everything the world would rake up to sell us was

brought in here at our expense by the Fed until our markets were

swamped with unneeded and unwanted imported goods priced far above

their value and make to equal the dollar volume of our honest

exports, and to kill or reduce our favorite balance of trade. As

Agents of the foreign central banks the Fed try by every means in

their power to reduce our favorable balance of trade. They act for

their foreign principal and they accept fees from foreigners for

acting against the best interests of these United States. Naturally

there has been great competition among among foreigners for the

favors of the Fed.

"What we need to do is to send the reserves of our National Banks

home to the people who earned and produced them and who still own

them and to the banks which were compelled to surrender them to

predatory interests.

"Mr. Chairman, there is nothing like the Fed pool of confiscated bank

deposits in the world. It is a public trough of American wealth in

which the foreigners claim rights, equal to or greater than

Americans. The Fed are the agents of the foreign central banks. They

use our bank depositors' money for the benefit of their foreign

principals. They barter the public credit of the United States

Government and hire it our to foreigners at a profit to themselves.

"All this is done at the expense of the United States Government, and

at a sickening loss to the American people. Only our great wealth

enabled us to stand the drain of it as long as we did.

"We need to destroy the Fed wherein our national reserves are

impounded for the benefit of the foreigners. "We need to save America

for Americans.

SPURIOUS SECURITIES

"Mr. Chairman, when you hold a $10.00 Fed Note in your hand, you are

holding apiece of paper which sooner or later is going to cost the

United States Government $10.00 in gold (unless the Government is

obliged to go off the gold standard). It is based on limburger cheese

(reported to be in foreign warehouses) or in cans purported to

contain peas (but may contain salt water instead), or horse meat,

illicit drugs, bootleggers fancies, rags and bones from Soviet Russia

(of which these United States imported over a million dollars worth

last year), on wines whiskey, natural gas, goat and dog fur, garlic

on the string, and Bombay ducks.

"If you like to have paper money- which is secured by such

commodities- you have it in Fed Note. If you desire to obtain the

thing of value upon which this paper currency is based, that is, the

limburger cheese, the whiskey, the illicit drugs, or any of the other

staples- you will have a very hard time finding them.

"Many of these worshipful commodities are in foreign Countries. Are

you going to Germany to inspect her warehouses to see if the

specified things of value are there? I think more, I do not think

that you would find them there if you did go.

"On April 27, 1932, the Fed outfit sent $750,000 belonging to

American bank depositors in gold to Germany. A week later another

$300,000 in gold was shipped to Germany. About the middle of May

$12,000,000 in gold was shipped to Germany by the Fed. Almost every

week there is a shipment of gold to Germany. These shipments are not

made for profit on the exchange since the German marks are blow

parity with the dollar.

"Mr. Chairman, I believe that the National Bank depositors of these

United States have a right to know what the Fed are doing with their

money. There are millions of National Bank depositors in the Country

who do not know that a percentage of every dollar they deposit in a

Member Bank of the Fed goes automatically to American Agents of the

foreign banks and that all their deposits can be paid away to

foreigners without their knowledge or consent by the crooked

machinery of the Fed and the questionable practices of the Fed.

[Ed. Note- Problem with next paragraph in original] "Mr. Chairman,

the American people should be told the truth by their servants in

office. In 1930, we had over a half billion dollars outstanding daily

to finance foreign goods stored in or shipped between several billion

dollars. What goods are these on which the Fed yearly pledge several

billions of dollars. In its yearly total, this item amounts to

several billions of dollars of the public credit of these United

States?

"What goods are those which are hidden in European and Asiatic stores

have not been seen by any officer of our Government but which are

being financed on the public credit of the United States Government?

What goods are those upon which the 17 United States Government is

being obligated by the Fed to issue Fed Notes to the extent of

several billions of dollars a year?

The Bankers' Acceptance Racket

"The Fed have been International Banks from the beginning, with these

United States as their enforced banker and supplier of currency. But

it is none the less extraordinary to see these twelve private credit

monopolies, buying the debts of foreigners against foreigners, in all

parts of the world and asking the Government of these United States

for new issues of Fed notes in exchange for them. "The magnitude of

the acceptance racket as it has been developed by the Fed, their

foreign correspondents, and the predatory European born bankers, who

set up the Fed here and taught your own, by and of pirates, how to

loot the people: I say the magnitude of this racket is estimated to

be in the neighborhood of 9,000,000,000 per year. In the past ten

years it is said to have amounted to $90,000,000,000.00. In my

opinion it has amounted to several times that much. coupled to this

you have to the extent of billions of dollars, the gambling in the

United States securities, which takes place in the same open discount

market- a gambling on which the Fed is now spending $100,000,000.00

per week.

"Fed Notes are taken from the U.S. Government in unlimited

quantities. Is is strange that the burden of supplying these immense

sums of money to the gambling fraternity has at last proved too heavy

for the American people to endure? Would it not be a national

[calamity to] again bind down this burden on the backs of the

American people and by means of a long rawhide whip of the credit

masters, compel them to enter another seventeen years of slavery?

"They are trying to do that now. They are trying to take

$100,000,000.00 of the public credit of the United States every week,

in addition to all their other seizures and they are sending that

money to the nefarious open market in a desperate gamble to re-

establish their graft as a going concern.

"They are putting the United States Government in debt to the extent

of $100,000,000 a week, and with the money they are buying our

Government securities for themselves and their foreign principals.

Our people are disgusted with the experiences of the Fed. The Fed is

not producing a loaf of bread, a yard of cloth, a bushel of corn, or

a pile of cordwood by its check-kiting operations in the money

market.

"Mr. Speaker, on the 13th of January of this year I addressed the

House on the subject of the Reconstruction Finance Corporation. In

the course of my remarks I made the following statement: In 1928 the

member banks of the Fed borrowed $60,598,690,000. from the Fed on

their fifteen-day promissory notes. Think of it. Sixty billion

dollars payable on demand in gold in the course of one single year.

The actual amount of such obligations called for six times as much

monetary gold as there is in the world. Such transactions represent a

grant in the course of one single years of about $7,000,000 to every

member of the Fed.

"Is it any wonder that American labor which ultimately pays the cost

of all banking operations of this Country has at last proved unequal

to the task of supplying this huge total of cash and credit for the

benefit of the stock market manipulators and foreign swindlers? "In

1933 the Fed presented the staggering amount of $60,598,690,000 to

its member banks at the expense of the wage earners and tax payers of

these United States. In 1929, the year of the stock market crash, the

Fed advanced $58,000,000,000 to member banks.

"In 1930 while the speculating banks were getting out of the stock

market at the expense of the general public, the Fed advanced them

$13,022,782,000. This shows that when the banks were gambling on the

public credit of these United States as represented by the Fed

currency they were subsidized to any amount they required by the Fed.

When the swindle began to fall, the bankers knew it in advance and

withdrew from the market. They got out with whole skins- and left the

people of these United States to pay the piper. "My friend from

Kansas, Mr. McGugin, has stated that he thought the Fed lent money on

rediscounting. So they do, but they lend comparatively little that

way. The real discounting that they do has been called a mere penny

in the slot business. It is too slow for genuine high flyers. They

discourage it. They prefer to subsidize their favorite banks by

making them $60,000,000,000 advances and they prefer to acquire

assistance in the notorious open discount market in New York, where

they can use it to control the price of stocks and bonds on the

exchanges.

"For every dollar they advanced on discounts in 1928, they lent

$33.00 to their favorite banks for whom they do a business of several

billion dollars income tax on their profits to these United States.

The John Law Swindle

"This is the John Law swindle over again. The theft of Teapot Dome

was trifling compared to it. What King ever robbed his subject to

such an extent as the Fed has robbed us? Is it any wonder that there

have been lately ninety cases of starvation in one of the New York

hospitals? Is there any wonder that the children are being abandoned?

"The government and the people of these United States have been

swindled by swindlers deluxe to whom the acquisition of American or a

parcel of Fed Notes presented no more difficulty than the drawing up

of a worthless acceptance in a Country not subject to the laws of

these United States, by sharpers not subject to the jurisdiction of

these United States, sharpers with strong banking "fence" on this

side of the water, a "fence" acting as a receiver of a worthless

paper coming from abroad, endorsing it and getting the currency out

of the Fed for it as quickly as possible exchanging that currency for

gold and in turn transmitting the gold to its foreign confederates.

Ivar Kreuger, the Match King!

"Such were the exploits of Ivar Krueger, Mr. Hoover's friend, and his

rotten Wall Street bakers. Every dollar of the billions Kreuger and

his gang drew out of this Country on acceptances was drawn from the

government and the people of the United States through the Fed. The

credit of the United States Government was peddled to him by the Fed

for their own private gain. That is what the Fed has been doing for

many years.

"They have been peddling the credit of this Government and the

[signature of this] Government to the swindlers and speculators of

all nations. That is what happens when a Country forsakes its

Constitution and gives its sovereignty over the public currency to

private interests. Give them the flag and they will sell it.

"The nature of Kreuger's organized swindle and the bankrupt condition

of Kreuger's combine was known here last June when Hoover sought to

exempt Krueger's loan to Germany of $125,000,000 from the operation

of the Hoover Moratorium. The bankrupt condition of Krueger's swindle

was known her last summer when $30,000,000 was taken from the

American taxpayers by certain bankers in New York for the ostensible

purpose of permitting Krueger to make a loan to Colombia. Colombia

never saw that money.

"The nature of Krueger's swindle was known here in January when he

visited his friend, Mr. Hoover, at the White House. It was known here

in March before he went to Paris and committed suicide.

"Mr. Chairman, I think the people of the United States are entitled

to know how many billions of dollars were placed at the disposal of

Krueger and his gigantic combine by the Fed, and to know how much of

our Government currency was issued and lost in the financing of that

great swindle in the years during which the Fed took care of

Krueger's requirements.

"A few days ago, the President of the United States with a white face

and shaking hands, went before the Senate of behalf of the moneyed

interests and asked the Senate to levy a tax on the people so that

foreigners might know that these United States would pay its debt to

them.

"Most Americans thought it was the other way around. What does these

United States owe foreigners? When and by whom was the debt incurred?

It was incurred by the Fed, when they peddled the signature of the

Government to foreigners- for a Price. It is what the United States

Government has to pay to redeem the obligations of the Fed.

Thieves Go Scot Free

"Are you going to let these thieves get off scot free? Is there one

law for the looter who drives up to the door of the United States

Treasury in his limousine and another for the United States Veterans

who are sleeping on the floor of a dilapidated house on the outskirts

of Washington?

"The Baltimore and Ohio Railroad is here asking for a large loan from

the people, and the wage earners and the taxpayers of these United

States. It is begging for a handout from the Government. It is

standing, cap in hand, at the door of the R.F.C. where all the

jackals have gathered to the feast. It is asking for money that was

raised from the people by taxation and wants this money of the poor

for the benefit of Kuhn, Loeb and Co., the German International

Bankers.

"Is there one law for the Baltimore and Ohio Railroad and another for

the hungry veterans it threw off its freight cars the other day? Is

there one law for sleek and prosperous swindlers who call themselves

bankers and another law for the soldiers who defended the flag? "The

R.F.C. is taking over these worthless securities from the Investment

Trusts with United States Treasury money at the expense of the

American taxpayer and the wage earner.

"It will take twenty years to redeem our Government. Twenty years of

penal servitude to pay off the gambling debts of the traitorous Fed

and to vast flood of American wages and savings, bank deposits, and

the United States Government credit which the Fed exported out of

this country to their foreign principals.

"The Fed lately conducted an anti-hoarding campaign here. They they

took that extra money which they had persuaded the American people to

put into the banks- they sent it to Europe- along with the rest. In

the last several months, they have sent $1,300,000,000 in gold to

their foreign employers, their foreign masters, and every dollar of

that gold belonged to the people of these United States and was

unlawfully taken from them.

Fiat Money

"Mr. Chairman, within the limits of the time allowed me, I cannot

enter into a particularized discussion of the Fed. I have singled out

the Fed currency for a few remarks because there has lately been some

talk here of "fiat money". What kind of money is being pumped into

the open discount market and through it into foreign channels and

stock exchanges? Mr. Mills of the Treasury has spoken here of his

horror of the printing presses and his horror of dishonest money. He

has no horror of dishonest money. If he had, he would be no party to

the present gambling of the Fed in the nefarious open discount market

of New York, a market in which the sellers are represented by 10

discount corporations owned and organized by the very banks which own

and control the Fed.

"Fiat money, indeed!

"What Mr. Mills is fighting for is the preservation, whole and

entire, of the banker's monopoly of all the currency of the United

States Government.

"Mr. Chairman, last December, I introduced a resolution here asking

for an examination and an audit of the Fed and all related matters.

If the House sees fit to make such an investigation, the people of

these United States will obtain information of great value. This is a

Government of the people, by the people, for the people.

Consequently, nothing should be concealed from the people. The man

who deceives the people is a traitor to these United States.

"The man who knows or suspects that a crime has been committed and

who conceals and covers up that crime is an accessory to it. Mr.

Speaker, it is a monstrous thing for this great nation of people to

have its destinies presided over by a traitorous government board

acting in secret concert with international usurers.

"Every effort has been made by the Fed to conceal its powers- but the

truth is- the Fed has usurped the Government. It controls everything

here and it controls all of our foreign relations. It makes and

breaks governments at will.

"No man and no body of men is more entrenched in power than the

arrogant credit monopoly which operated the Fed. What National

Government has permitted the Fed to steal from the people should now

be restored to the people. The people have a valid claim against the

Fed. If that claim is enforced the Americans will not need to stand

in the bread line, or to suffer and die of starvation in the streets.

Women will be saved, families will be kept together, and American

children will not be dispersed and abandoned.

"Here is a Fed Note. Immense numbers of the notes are now held

abroad. I am told that they amount to upwards of a billion dollars.

They constitute a claim against our Government and likewise a claim

against our peoples' money to the extent of $1,300,000,000 which has

within the last few months been shipped abroad to redeem Fed Notes

and to pay other gambling debts of the traitorous Fed. The greater

part of our money stock has been shipped to other lands.

"Why should we promise to pay the debts of foreigners to foreigners?

Why should the Fed be permitted to finance our competitors in all

parts of the world? Do you know why the tariff was raised? It was

raised to shut out the flood of Fed Goods pouring in here from every

quarter of the globe- cheap goods, produced by cheaply paid foreign

labor, on unlimited supplies of money and credit sent out of this

Country by the dishonest and unscrupulous Fed.

"The Fed are spending $100,000,000 a week buying government

securities in the open market and are making a great bid for foreign

business. They are trying to make rates so attractive that the human

hair merchants and the distillers and other business entities in

foreign land will come her and hire more of the public credit of the

United States Government to pay the Fed outfit for getting it for

them.

World Enslavement Planned

"Mr. Chairman, when the Fed was passed, the people of these United

States did not perceive that a world system was being set up here

which would make the savings of the American school teacher available

to a narcotic-drug vendor in Acapulco. They did not perceive that

these United States was to be lowered to the position of a coolie

country which has nothing but raw material and heart, that Russia was

destined to supply the man power and that this country was to supply

the financial power to an "international superstate". A superstate

controlled by international bankers, and international industrialists

acting together to enslave the world for their own pleasure?

"The people of these United States are being greatly wronged. They

have been driven from their employments. They have been dispossessed

from their homes. They have been evicted from their rented quarters.

They have lost their children. They have been left to suffer and die

for lack of shelter, food, clothing and medicine.

"The wealth of these United States and the working capital have been

taken away from them and has either been locked in the vaults of

certain banks and the great corporations or exported to foreign

countries for the benefit of the foreign customers of these banks and

corporations. So far as the people of the United States are

concerned, the cupboard is bare.

"It is true that the warehouses and coal yards and grain elevators

are full, but these are padlocked, and the great banks and

corporations hold the keys.

"The sack of these United States by the Fed is the greatest crime in

history.

"Mr. Chairman, a serious situation confronts the House of

Representatives today. We are trustees of the people and the rights

of the people are being taken away from them. Through the Fed the

people are losing the rights guaranteed to them by the Constitution.

Their property has been taken from them without due process of law.

Mr. Chairman, common decency requires us to examine the public

accounts of the Government and see what crimes against the public

welfare have been committed.

"What is needed here is a return to the Constitution of these United

States.

"The old struggle that was fought out here in Jackson's time must be

fought our over again. The independent United States Treasury should

be reestablished and the Government should keep its own money under

lock and key in the building the people provided for that purpose.

"Asset currency, the devise of the swindler, should be done away

with. The Fed should be abolished and the State boundaries should be

respected. Bank reserves should be kept within the boundaries of the

States whose people own them, and this reserve money of the people

should be protected so that the International Bankers and acceptance

bankers and discount dealers cannot draw it away from them.

"The Fed should be repealed, and the Fed Banks, having violated their

charters, should be liquidated immediately. Faithless Government

officials who have violated their oaths of office should be impeached

and brought to trial.

"Unless this is done by us, I predict, that the American people,

outraged, pillaged, insulted and betrayed as they are in their own

land, will rise in their wrath, and will sweep the money changers out

of the temple.

"Mr. Chairman, the United States is bankrupt: It has been bankrupted

by the corrupt and dishonest Fed. It has repudiated its debts to its

own citizens. Its chief foreign creditor is Great Britain, and a

British bailiff has been at the White House and the British Agents

are in the United States Treasury making inventory arranging terms of

liquidations!

Great Britain, Partner in Blackmail

"Mr. Chairman, the Fed has offered to collect the British claims in

full from the American public by trickery and corruption, if Great

Britain will help to conceal its crimes. The British are shielding

their agents, the Fed, because they do not wish that system of

robbery to be destroyed here. They wish it to continue for their

benefit! By means of it, Great Britain has become the financial

mistress of the world. She has regained the position she occupied

before the World War.

"For several years she has been a silent partner in the business of

the Fed. Under threat of blackmail, or by their bribery, or by their

native treachery to the people of the United States, the officials in

charge of the Fed unwisely gave Great Britain immense gold loans

running into hundreds of millions of dollars. They did this against

the law! Those gold loans were not single transactions. They gave

Great Britain a borrowing power in the United States of billions. She

squeezed billions out of this Country by means of her control of the

Fed.

"As soon as the Hoover Moratorium was announced, Great Britain moved

to consolidate her gains. After the treacherous signing away of

American rights at the 7-power conference at London in July, 1931,

which put the Fed under the control of the Bank of International

Settlements, Great Britain began to tighten the hangman's noose

around the neck of the United States.

"She abandoned the gold standard and embarked on a campaign of buying

up the claims of foreigners against the Fed in all parts of the

world. She has now sent her bailiff, Ramsey MacDonald, here to get

her war debt to this country canceled. But she has a club in her

hands! She has title to the gambling debts which the corrupt and

dishonest Fed incurred abroad.

"Ramsey MacDonald, the labor party deserter, has come here to compel

the President to sign on the dotted line, and that is what Roosevelt

is about to do! Roosevelt will endeavor to conceal the nature of his

action from the American people. But he will obey the International

Bankers and transfer the war debt that Great Britain should pay to

the American people, to the shoulders of the American taxpayers.

"Mr. Chairman, the bank holiday in the several States was brought

about by the corrupt and dishonest Fed. These institutions

manipulated money and credit, and caused the States to order bank

holidays.

"These holidays were frame-ups! "They were dress rehearsals for the

national bank holiday which Franklin D. Roosevelt promised Sir Ramsey

MacDonald that he would declare.

"There was no national emergency here when Franklin D. Roosevelt took

office excepting the bankruptcy of the Fed- a bankruptcy which has

been going on under cover for several years and which has been

concealed from the people so that the people would continue to permit

their bank deposits and their bank reserves and their gold and the

funds of the United States Treasury to be impounded in these bankrupt

institutions.

"Under cover, the predatory International Bankers have been

stealthily transferring the burden of the Fed debts to the people's

Treasury and to the people themselves. They the farms and the homes

of the United States to pay for their thievery! That is the only

national emergency that there has been here since the depression

began.

"The week before the bank holiday ws declared in New York State, the

deposits in the New York savings banks were greater than the

withdrawals. There were no runs on New York Banks. There was no need

of a bank holiday in New York, or of a national holiday.

Roosevelt and the International Bankers

"Roosevelt did what the International Bankers ordered him to do!

"Do not deceive yourself, Mr. Chairman, or permit yourself to be

deceived by others into the belief that Roosevelt's dictatorship is

in any way intended to benefit the people of the United States: he is

preparing to sign on the dotted line! "He is preparing to cancel the

war debts by fraud!

"He is preparing to internationalise this Country and to destroy our

Constitution itself in order to keep the Fed intact as a money

institution for foreigners. "Mr. Chairman, I see no reason why

citizens of the United States should be terrorized into surrendering

their property to the International Bankers who own and control the

Fed. The statement that gold would be taken from its lawful owners if

they did not voluntarily surrender it, to private interests, show

that there is an anarchist in our Government.

"The statement that it is necessary for the people to give their gold-

the only real money- to the banks in order to protect the currency,

is a statement of calculated dishonesty!

"By his unlawful usurpation of power on the night of March 5, 1933,

and by his proclamation, which in my opinion was in violation of the

Constitution of the United States, Roosevelt divorced the currency of

the United States from gold, and the United States currency is no

longer protected by gold. It is therefore sheer dishonesty to say

that the people's gold is needed to protect the currency.

"Roosevelt ordered the people to give their gold to private interests-

that is, to banks, and he took control of the banks so that all the

gold and gold values in them, or given into them, might be handed

over to the predatory International Bankers who own and control the

Fed.

"Roosevelt cast his lot with the usurers. "He agreed to save the

corrupt and dishonest at the expense of the people of the United

States.

"He took advantage of the people's confusion and weariness and spread

the dragnet over the United States to capture everything of value

that was left in it. He made a great haul for the International

Bankers.

"The Prime Minister of England came here for money! He came here to

collect cash!

"He came here with Fed Currency and other claims against the Fed

which England had bought up in all parts of the world. And he has

presented them for redemption in gold.

"Mr. Chairman, I am in favor of compelling the Fed to pay their own

debts. I see no reason why the general public should be forced to pay

the gambling debts of the International Bankers.

Roosevelt Seizes the Gold

"By his action in closing the banks of the United States, Roosevelt

seized the gold value of forty billions or more of bank deposits in

the United States banks. Those deposits were deposits of gold values.

By his action he has rendered them payable to the depositors in paper

only, if payable at all, and the paper money he proposes to pay out

to bank depositors and to the people generally in lieu of their hard

earned gold values in itself, and being based on nothing into which

the people can convert it the said paper money is of negligible value

altogether.

"It is the money of slaves, not of free men. If the people of the

United States permit it to be imposed upon them at the will of their

credit masters, the next step in their downward progress will be

their acceptance of orders on company stores for what they eat and

wear. Their case will be similar to that of starving coal miners.

They, too, will be paid with orders on Company stores for food and

clothing, both of indifferent quality and be forced to live in

Company-owned houses from which they may be evicted at the drop of a

hat. More of them will be forced into conscript labor camps under

supervision.

"At noon on the 4th of March, 1933, FDR with his hand on the Bible,

took an oath to preserve, protect and defend the Constitution of the

U.S. At midnight on the 5th of March, 1933, he confiscated the

property of American citizens. He took the currency of the United

States standard of value. He repudiated the internal debt of the

Government to its own citizens. He destroyed the value of the

American dollar. He released, or endeavored to release, the Fed from

their contractual liability to redeem Fed currency in gold or lawful

money on a parity with gold. He depreciated the value of the national

currency.

"The people of the U.S. are now using unredeemable paper slips for

money. The Treasury cannot redeem that paper in gold or silver. The

gold and silver of the Treasury has unlawfully been given to the

corrupt and dishonest Fed. And the Administration has since had the

effrontery to raid the country for more gold for the private

interests by telling our patriotic citizens that their gold is needed

to protect the currency.

"It is not being used to protect the currency! It is being used to

protect the corrupt and dishonest Fed. "The directors of these

institutions have committed criminal offense against the United

States Government, including the offense of making false entries on

their books, and the still more serious offense of unlawfully

abstracting funds from the United States Treasury! "Roosevelt's gold

raid is intended to help them out of the pit they dug for themselves

when they gambled away the wealth and savings of the American people.

Dictatorship

"The International Bankers set up a dictatorship here because they

wanted a dictator who would protect them. They wanted a dictator who

would protect them. They wanted a dictator who would issue a

proclamation giving the Fed an absolute and unconditional release

from their special currency in gold, or lawful money of any Fed Bank.

"Has Roosevelt relieved any other class of debtors in this country

from the necessity of paying their debts? Has he made a proclamation

telling the farmers that they need not pay their mortgages? Has he

made a proclamation to the effect that mothers of starving children

need not pay their milk bills? Has he made a proclamation relieving

householders from the necessity of paying rent?

Roosevelt's Two Kinds of Laws

"Not he! He has issued one kind of proclamation only, and that is a

proclamation to relieve international bankers and the foreign debtors

of the United States Government.

"Mr. Chairman, the gold in the banks of this country belongs to the

American people who have paper money contracts for it in the form of

national currency. If the Fed cannot keep their contracts with United

States citizens to redeem their paper money in gold, or lawful money,

then the Fed must be taken over by the United States Government and

their officers must be put on trial.

"There must be a day of reckoning. If the Fed have looted the

Treasury so that the Treasury cannot redeem the United States

currency for which it is liable in gold, then the Fed must be driven

out of the Treasury.

"Mr. Chairman, a gold certificate is a warehouse receipt for gold in

the Treasury, and the man who has a gold certificate is the actual

owner of a corresponding amount of gold stacked in the Treasury

subject to his order.

"Now comes Roosevelt who seeks to render the money of the United

States worthless by unlawfully declaring that it may No Longer be

converted into gold at the will of the holder.

"Roosevelt's next haul for the International Bankers was the

reduction in the pay of all Federal employees.

"Next in order are the veterans of all wars, many of whom are aged

and inform, and other sick and disabled. These men had their lives

adjusted for them by acts of Congress determining the amounts of the

pensions, and, while it is meant that every citizen should sacrifice

himself for the good of the United States, I see no reason why those

poor people, these aged Civil War Veterans and war widows and half-

starved veterans of the World War, should be compelled to give up

their pensions for the financial benefit of the International

vultures who have looted the Treasury, bankrupted the country and

traitorously delivered the United States to a foreign foe.

"There are many ways of raising revenue that are better than that

barbaric act of injustice.

"Why not collect from the Fed the amount they owe the U.S. Treasury

in interest on all the Fed currency they have taken from the

Government? That would put billions of dollars into the U.S.

Treasury.

"If FDR is as honest as he pretends to be, he will have that done

immediately. And in addition, why not compel the Fed to disclose

their profits and to pay the Government its share?

"Until this is done, it is rank dishonesty to talk of maintaining the

credit of the U.S. Government. "My own salary as a member of Congress

has been reduced, and while I am willing to give my part of it that

has been taken away from me to the U.S. Government, I regret that the

U.S. has suffered itself to be brought so low by the vultures and

crooks who are operating the roulette wheels and faro tables in the

Fed, that is now obliged to throw itself on the mercy of its

legislators and charwomen, its clerks, and it poor pensioners and to

take money out of our pockets to make good the defalcations of the

International Bankers who were placed in control of the Treasury and

given the monopoly of U.S. Currency by the misbegotten Fed. "I am

well aware that the International Bankers who drive up to the door of

the United States Treasury in their limousines, look down with scorn

upon members of Congress because we work for so little, while they

draw millions a year. The difference is that we earn, or try to earn,

what we get- and they steal the greater part of their takings.

Enemies of the People They Rob

"I do not like to see vivisections performed on human beings. I do

not like to see the American people used for experimental purposes by

the credit masters of the United States. They predicted among

themselves that they would be able to produce a condition here in

which American citizens would be completely humbled and left starving

and penniless in the streets.

"The fact that they made that assertion while they were fomenting

their conspiracy against the United States that they like to see a

human being, especially an American, stumbling from hunger when he

walks. "Something should be done about it, they say. Five-cent meals,

or something! "But FDR will not permit the House of Representatives

to investigate the condition of the Fed. FDR will not do that. He has

certain International Bankers to serve. They not look to him as the

man Higher Up who will protect them from the just wrath of an

outraged people.

"The International Bankers have always hated our pensioners. A man

with a small pension is a ward of the Government. He is not dependent

upon them for a salary or wages. They cannot control him. They do not

like him. It gave them great pleasure, therefore, to slash the

veterans.

"But FDR will never do anything to embarrass his financial

supporters. He will cover up the crimes of the Fed.

"Before he was elected, Mr. Roosevelt advocated a return to the

earlier practices of the Fed, thus admitting its corruptness. The

Democratic platform advocated a change in the personnel of the Fed.

These were campaign bait. As a prominent Democrat lately remarked to

me; "There is no new deal. The same old crowd is in control."

"The claims of foreign creditors of the Fed have no validity in law.

The foreign creditors were the receivers- and the willing receivers-

of stolen goods! They have received through their banking fences

immense amounts of currency, and that currency was unlawfully taken

from the United States Treasury by the Fed.

"England discovered the irregularities of the Fed quite early in its

operations and through fear, apparently, the Fed have for years

suffered themselves to be blackmailed and dragooning England to share

in the business of the Fed. "The Fed have unlawfully taken many

millions of dollars of the public credit of the United States and

have given it to foreign sellers on the security of the Debt paper of

foreign buyers in purely foreign transactions, and when the foreign

buyers refused to meet their obligations and the Fed saw no honest

way of getting the stolen goods back into their possession, they

decided by control of the executive to make the American people pay

their losses!

Conspiracy of War Debts

"They likewise entered into a conspiracy to deprive the people of the

U.S. of their title to the war debts and not being able to do that in

the way they intended, they are now engaged in an effort to debase

the American dollar so that foreign governments will have their debts

to this country cut in two, and then by means of other vicious

underhanded arrangements, they propose to remit the remainder.

"So far as the U.S. is concerned, the gambling counters have no legal

standing. The U.S. Treasury cannot be compelled to make good the

gambling ventures of the corrupt and dishonest Fed. Still less should

the bank deposits of the U.S. be used for that purpose. Still less

should the national currency have been made irredeemable in gold so

that the gold which was massed and stored to redeem the currency for

American citizens may be used to pay the gambling debts of the Fed

for England's benefit. "The American people should have their gold in

their own possession where it cannot be held under secret agreement

for any foreign control bank, or world bank, or foreign nation. Our

own citizens have the prior claim to it. The paper [money men] have

in their possession deserves redemption far more than U.S. currency

and credit which was stolen from the U.S. Treasury and bootlegged

abroad.

"Why should the foreigners be made preferred creditors of the

bankrupt U.S.? Why should the U.S. be treated as bankrupt at all?

This Government has immense sums due it from the Fed. The directors

of these institutions are men of great wealth. Why should the guilty

escape the consequences of their misdeeds? Why should the people of

these U.S. surrender the value of their gold bank deposits to pay off

the gambling debts of these bankers? Why should Roosevelt promise

foreigners that the U.S. will play the part of a good

neighbor, 'meeting its obligations'?

"Let the Fed meet their own obligations.

"Every member of the Fed should be compelled to disgorge, and every

acceptance banker and every discount corporation which has made

illegal profits by means of public credit unlawfully bootlegged out

of the U.S. Treasury and hired out by the crooks and vultures of the

Fed should be compelled to disgorge.

Federal Reserve Pays No Taxes

"Gambling debts due to foreign receivers of stolen goods should not

be paid by sacrificing our title to our war debts, the assets of the

U.S. Treasury- which belong to all the people of the U.S. and which

it is our duty to preserve inviolate in the people's treasury.

"The U.S. Treasury cannot be made liable for them. The Fed currency

must be redeemed by the Fed banks or else these Fed banks must be

liquidated.

"We know from assertions made here by the Hon. John N. Garner, Vice-

President of the U.S. that there is a condition in the [United States

such] would cause American citizens, if they knew what it was, to

lose all confidence in their government.

"That is a condition that Roosevelt will not have investigated. He

has brought with him from Wall Street, James Warburg, the son of Paul

M. Warburg. Mr. Warburg, alien born, and the son of an alien who did

not become naturalized here until several years after this Warburg's

birth, is a son of a former partner of Kuhn, Loeb and Co., a grandson

of another partner, a nephew of a former partner, and a nephew of a

present partner.

"He holds no office in our Government, but I am told that he is in

daily attendance at the Treasury, and that he has private quarters

there! In other words, Mr. Chairman, Kuhn, Loeb and Company now has

control and occupy the U.S. Treasury.

Preferred Treatment for Foreigners

"The text of the Executive order which seems to place an embargo on

shipments of gold permits the Secretary of the Treasury, a former

director of the corrupt, to issue licenses at his discretion for the

export of gold coin, or bullion, earmarked or held in trust for a

recognized foreign government or foreign central bank for

international settlement. Now, Mr. Chairman, if gold held in trust

for those foreign institutions may be sent to them, I see no reason

why gold held in trust for American as evidenced by their gold

certificates and other currency issued by the U.S. Government should

not be paid to them. "I think that American citizens should be

entitled to treatment at least as good as that which the person is

extending to foreign governments, foreign central banks, and the bank

of International Settlements. I think a veteran of the world war,

with a $20.00 gold certificate, is at least as much entitled to

receive his own gold for it, as any international banker in the city

of New York or London.

"By the terms of this executive order, gold may be exported if it is

actually required, for the fulfilment of any contract entered into

prior to the date of this order by an applicant who, in obedience to

the executive order of April 5, 1933, has delivered gold coin, gold

bullion, or gold certificates. "This means that gold may be exported

to pay the obligations abroad of the Fed which were incurred prior to

the date of the order, namely, April 20, 1933.

"If a European Bank should send 100,000,000 dollars in Fed currency

to a bank in this country for redemption, that bank could easily ship

gold to Europe in exchange for that currency. Such Fed currency would

represent "contracts" entered into prior to the date of the order. If

the Bank of International Settlements or any other foreign bank

holding any of the present gambling debt paper of the Fed should draw

a draft for the settlement of such obligation, gold would be shopped

to them because the debt contract would have been entered into prior

to the date of order.

Crimes and Criminals

"Mr. Speaker, I rise to a question of constitutional privilege.

"Whereas, I charge. . .Eugene Meyer, Roy A. Young, Edmund Platt,

Eugene B. Black, Adolph Casper Miller, Charles S. Hamlin, George R.

James, Andrew W. Mellon, Ogden L. Mills, William H. Woo W. Poole,

J.F.T. O'Connor, members of the Federal Reserve Board; F. H. Curtis,

J.H. Chane, R.L. Austin, George De Camp, L.B. Williams, W.W. Hoxton,

Oscar Newton, E.M. Stevens, J.S. Wood, J.N. Payton, M.L. McClure,

C.C. Walsh, Isaac B. Newton, Federal Reserve Agents, jointly and

severally, with violations of the Constitution and laws of the United

States, and whereas I charge them with having taken funds from the

U.S Treasury which were not appropriated by the Congress of the

United States, and I charge them with having unlawfully taken over

$80,000,000,000 from the U.S. Government in the year 1928, the said

unlawful taking consisting of the unlawful creation of claims against

the U.S. Treasury to the extent of over $80,000,000,000 in the year

1928; and I charge them with similar thefts committed in 1929, 1930,

1931, 1932 and 1933, and in years previous to 1928, amounting to

billions of dollars; and

"Whereas I charge them, jointly and severally with having unlawfully

created claims against the U.S. Treasury by unlawfully placing U.S.

Government credit in specific amounts to the credit of foreign

governments and foreign central banks of issue; private interests and

commercial and private banks of the U.S. and foreign countries, and

branches of foreign banks doing business in the U.S., to the extent

of billions of dollars; and with having made unlawful contracts in

the name of the U.S. Government and the U.S. Treasury; and with

having made false entries on books of account; and

"Whereas I charge them jointly and severally, with having taken Fed

Notes from the U.S. Treasury and with having put Fed Notes into

circulation without obeying the mandatory provision of the Fed Act

which requires the Fed Board to fix an interest rate on all issues of

Fed Notes supplied to Fed Banks, the interest resulting therefrom to

be paid by the Fed Banks to the government of the U.S. for the use of

the Fed Notes, and I charge them of having defrauded the U.S.

Government and the people of the U.S. of billions of dollars by the

commission of this crime, and

"Whereas I charge them, jointly and severally, with having purchased

U.S. Government securities with U.S. Government credit unlawfully

taken and with having sold the said U.S. Government securities back

to the people of the U.S. for gold or gold values and with having

again purchased U.S. Government securities with U.S. Government

credit unlawfully taken and with having again sold the said U.S.

Government security for gold or gold values, and I charge them with

having defrauded the U.S. Government and the people of the U.S. by

this rotary process; and

"Whereas I charge them, jointly and severally, with having unlawfully

negotiated U.S. Government securities, upon which the Government

liability was extinguished, as collateral security for Fed Notes and

with having substituted such securities for gold which was being held

as collateral security for Fed Notes, and with having by the process

defrauded the U.S. Government and the people of the U.S., and I

charge them with the theft of all the gold and currency they obtained

by this process; and

"Whereas I charge them, jointly and severally, with having unlawfully

issued Fed currency on false, worthless and fictitious acceptances

and other circulating evidence of debt, and with having made unlawful

advances of Fed currency, and with having unlawfully permitted

renewals of acceptances and renewals of other circulating evidences

of debt, and with having permitted acceptance bankers and discount

dealer corporations and other private bankers to violate the banking

laws of the U.S.; and

"Whereas I charge them, jointly and severally, with having conspired

to have evidences of debt to the extent of $1,000,000,000

artificially created at the end of February, 1933, and early in March

1933, and with having made unlawful issues and advances of Fed

currency on the security of said artificially created evidences of

debt for a sinister purpose, and with having assisted in the

execution of said sinister purpose; and

"Whereas I charge them, jointly and severally, with having brought

about the repudiation of the currency obligations of the Fed Banks to

the people of the U.S. and with having conspired to obtain a release

for the Fed Board and the Fed Banks from their contractual liability

to redeem all Fed currency in gold or lawful money at the Fed Bank

and with having defrauded the holders of Fed currency, and with

having conspired to have the debts and losses of the Fed Board and

the Fed Banks unlawfully transferred to the Government and the people

of the U.S., and

"Whereas I charge them, jointly and severally, with having unlawfully

substituted Fed currency and other irredeemable paper currency for

gold in the hands of the people after the decision to repudiate the

Fed currency and the national currency was made known to them, and

with thus having obtained money under false pretenses; and

"Whereas I charge them, jointly and severally, with having brought

about a repudiation of the notes of the U.S. in order that the gold

value of the said currency might be given to private interests,

foreign governments, foreign central banks of issues, and the Bank of

International Settlements, and the people of the U.S. to be left

without gold or lawful money and with no currency other that a paper

currency irredeemable in gold, and I charge them with having done

this for the benefit of private interests, foreign governments,

foreign central banks of issue, and the bank of International

Settlements; and

"Whereas I charge them, jointly and severally, with conniving with

the Edge Law banks, and other Edge Law institutions, accepting banks,

and discount corporations, foreign central banks of issue, foreign

commercial banks, foreign corporations, and foreign individuals with

funds unlawfully taken from the U.S. Treasury; and I charge them with

having unlawfully permitted and made possible 'new financing' for

foreigners at the expense of the U.S. Treasury to the extent of

billions of dollars and with having unlawfully permitted and made

possible the bringing into the United States of immense quantities of

foreign securities, created in foreign countries for export to the

U.S. and with having unlawfully permitted the said foreign securities

to be imported into the U.S. instead of gold, which was lawfully due

to the U.S. on trade balances and otherwise, and with having lawfully

permitted and facilitated the sale of the said foreign securities in

the U.S., and

"Whereas I charge them, jointly and severally, with having unlawfully

exported U.S. coins and currency for a sinister purpose, and with

having deprived the people of the U.S. of their lawful medium of

exchange, and I charge them with having arbitrarily and unlawfully

reduced the amount of money and currency in circulation in the U.S.

to the lowest rate per capita in the history of the Government, so

that the great mass of the people have been left without a sufficient

medium of exchange, and I charge them with concealment and evasion in

refusing to make known the amount of U.S. money in coins and paper

currency exported and the amount remaining in the U.S. as a result of

which refusal the Congress of the U.S. is unable to ascertain where

the U.S. coins and issues of currency are at the present time, and

what amount of U.S. currency is now held abroad; and

"Whereas I charge them, jointly and severally, with having

arbitrarily and unlawfully raised and lowered the rates of money and

with having arbitrarily increased and diminished the volume of

currency in circulation for the benefit of private interests at the

expense of the Government and the people of the U.S. and with having

unlawfully manipulated money rates, wages, salaries and property

values both real and personal, in the U.S. by unlawful operations in

the open discount market and by resale and repurchase agreements

unsanctioned by law, and

"Whereas I charge them jointly and severally, with having brought

about the decline in prices on the New York Stock Exchange and other

exchanges in October, 1929, by unlawful manipulation of money rates

and the volume of U.S. money and currency in circulation: by theft of

funds from the U.S. Treasury by gambling in acceptances and U.S.

Government securities; by service rendered to foreign and domestic

speculators and politicians, and by unlawful sale of U.S. gold

reserves abroad, and

"Whereas the unconstitutional inflation law imbedded in the so-called

Farm Relief Act by which the Fed Banks are given permission to buy

U.S. Government securities to the extent of $3,000,000,000 and to

drew forth currency from the people's Treasury to the extent of

$3,000,000,000 is likely to result in connivance on the part of said

accused with others in the purchase by the Fed of the U.S. Government

securities to the extent of $3,000,000,000 with U.S. Government's own

credit unlawfully taken, it being obvious that the Fed do no not

intend to pay anything of value to the U.S. Government for the said

U.S. Government securities no provision for payment in gold or lawful

money appearing in the so-called Farm Relief bill- and the U.S.

Government will thus be placed in a position of conferring a gift of

$3,000,000,000 in the U.S. Government securities on the Fed to enable

them to pay more on their bad debts to foreign governments, foreign

central banks of issue, private interests, and private and commercial

banks, both foreign and domestic, and the Bank of International

Settlements, and

"Whereas the U.S. Government will thus go into debt to the extent of

$3,000,000,000 and will then have an additional claim of

$3,000,000,000 in currency unlawfully created against it and whereas

no private interest should be permitted to buy U.S. Government

securities with the Government's own credit unlawfully taken and

whereas currency should not be issued for the benefit of said private

interest or any interests on U.S. Government securities so acquired,

and whereas it has been publicly stated and not denied that the

inflation amendment of the Farm Relief Act is the matter of benefit

which was secured by Ramsey MacDonald, the Prime Minister of Great

Britain, upon the occasion of his latest visit to the U.S. Treasury,

and whereas there is grave danger that the accused will employ the

provision creating U.S. Government securities to the extent of

$3,000,000,000 and three millions in currency to be issuable

thereupon for the benefit of themselves and their foreign principals,

and that they will convert the currency so obtained to the uses of

Great Britain by secret arrangements with the Bank of England of

which they are the agents, and for which they maintain an account and

perform services at the expense of the U.S. Treasury, and that they

will likewise confer benefits upon the Bank of International

Settlements for which they maintain an account and perform services

at the expense of the U.S. Treasury; and

"Whereas I charge them, jointly and severally, with having concealed

the insolvency of the Fed and with having failed to report the

insolvency of the Fed to the Congress and with having conspired to

have the said insolvent institutions continue in operation, and with

having permitted the said insolvent institutions to receive U.S.

Government funds and other deposits, and with having permitted them

to exercise control over the gold reserves of the U.S. and with

having permitted them to transfer upward of $100,000,000,000 of their

debts and losses to the general public and the Government of the

U.S., and with having permitted foreign debts of the Fed to be paid

with the property, the savings, the wages, and the salaries of the

people of the U.S. and with the farms and the homes of the American

people, and whereas I charge them with forcing the bad debts of the

Fed upon the general public covertly and dishonestly and and with

taking the general wealth and savings of the people of the U.S. under

false pretenses, to pay the debts of the Fed to foreigners; and

"Whereas I charge them, jointly and severally, with violations of the

Fed Act and other laws; with maladministration of the h evasions of

the Fed Law and other laws; and with having unlawfully failed to

report violations of law on the part of the Fed Banks which, if

known, would have caused the Fed Banks to lose their charters, and

"Whereas I charge them, jointly and severally, with failure to

protect and maintain the gold reserves and the gold stock and gold

coinage of the U.S. and with having sold the gold reserves of the U.S

to foreign Governments, foreign central banks of issue, foreign

commercial and private banks, and other foreign institutions and

individuals at a profit to themselves, and I charge them with having

sold gold reserves of the U.S. so that between 1924 and 1928 the U.S.

gained no gold on net account but suffered a decline in its

percentage of central gold reserves from the 45.9 percent in 1924 to

37.5 percent in 1928 notwithstanding the fact that the U.S. had a

favorable balance of trade throughout that period, and

"Whereas I charge them, jointly and severally, with having conspired

to concentrate U.S. Government securities and thus the national debt

of the U.S. in the hands of foreigners and international money

lenders and with having conspired to transfer to foreigners and

international money lenders title to and control of the financial

resources of the U.S.; and

"Whereas I charge them, jointly and severally, with having

fictitiously paid installments on the national debt with Government

credit unlawfully taken; and

"Whereas I charge them, jointly and severally, with the loss of the

U.S. Government funds entrusted to their care; and

"Whereas I charge them, jointly and severally, with having destroyed

independent banks in the U.S. and with having thereby caused losses

amounting to billions of dollars to the said banks, and to the

general public of the U.S., and

"Whereas I charge them, jointly and severally, with the failure to

furnish true reports of the business operations and the true

conditions of the Fed to the Congress and the people, and having

furnished false and misleading reports to the congress of the U.S.,

and

"Whereas I charge them, jointly and severally, with having published

false and misleading propaganda intended to deceive the American

people and to cause the U.S. to lose its independence; and

"Whereas I charge them, jointly and severally, with unlawfully

allowing Great Britain to share in the profits of the Fed at the

expense of the Government and the people of the U.S.; and

"Whereas I charge them, jointly and severally, with having entered

into secret agreements and illegal transactions with Montague Norman,

Governor of the Bank of England; and

"Whereas I charge them, jointly and severally, with swindling the

U.S. Treasury and the people of the U.S. in pretending to have

received payment from Great Britain of the amount due on the British

ware debt to the U.S. in December, 1932; and

"Whereas I charge them, jointly and severally, with having conspired

with their foreign principals and others to defraud the U.S.

Government and to prevent the people of the U.S. from receiving

payment of the war debts due to the U.S. from foreign nations; and

"Whereas I charge them, jointly and severally, with having robbed the

U.S Government and the people of the U.S. by their theft and sale of

the gold reserves of the U.S. and other unlawful transactions created

a deficit in the U.S. Treasury, which has necessitated to a large

extent the destruction of our national defense and the reduction of

the U.S. Army and the U.S. Navy and other branches of the national

defense; and

"Whereas I charge them, jointly and severally, of having reduced the

U.S. from a first class power to one that is dependent, and with

having reduced the U.S. from a rich and powerful nation to one that

is internationally poor; and

"Whereas I charge them, jointly and severally, with the crime of

having treasonable conspired and acted against the peace and security

of the U.S. and with having treasonable conspired to destroy

constitutional Government in the U.S.

"Resolve, That the Committee on the Judiciary is authorized and

directed as a whole or by subcommittee, to investigate the official

conduct of the Fed agents to determine whether, in the opinion of the

said committee, they have been guilty of any high crime or

misdemeanor which in the contemplation the Constitution requires the

interposition of the Constitutional powers of the House. Such

Committee shall report its finding to the House, together with such

resolution or resolutions of impeachment or other recommendations as

it deems proper.

"For the purpose of this resolution the Committee is authorized to

sit and act during the present Congress at such times and places in

the District of Columbia or elsewhere, whether or not the House is

sitting, has recessed or has adjourned, to hold such clerical,

stenographic, and other assistants, to require of such witnesses and

the production of such books, papers, and documents, to take such

testimony, to have such printing and binding done, and to make such

expenditures as it deems necessary."

After some discussion and upon the motion of Mr. Byrns, the

resolution and charge was referred to the Committee on the Judiciary.

"Attacks on McFadden's Life Reported"

Commenting on Former Congressman Louis T. McFaddens's "heart-failure

sudden-death" on Oct. 3, 1936, after a "dose" of "intestinal

flu," "Pelley's Weekly" of Oct. 14 said:

Now that this sterling American patriot has made the Passing, it can

be revealed that not long after his public utterance against the

encroaching powers of Judah, it became known among his intimates that

he had suffered two attacks against his life. The first attack came

in the form of two revolver shots fired at him from ambush as he was

alighting from a cab in front of one of the Capital hotels.

Fortunately both shots missed him, the bullets burying themselves in

the structure of the cab. "He became violently ill after partaking

of food at a political banquet at Washington. His life was only saved

from what was subsequently announced as a poisoning by the presence

of a physician friend at the banquet, who at once procured a stomach

pump and subjected the Congressman to emergency treatment." /s/

Robert Edward Edmondson (Publicist-Economist)

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