FEDERAL RESERVE
Section 8 Article I of The Constitution
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defense and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
To borrow Money on the credit of the United States;
To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Can you find any hidden messages in this part of the Constitution? Well, are you having any luck yet? Me neither. So why in the hell do we have the Federal Reserve? The Federal Reserve is not part of Congress, and was snookered into law December 23, 1913! Can you find any hidden agenda in that date? Two damn days before Christmas and Congress along with President Wilson passed into law the Federal Reserve Act! I would venture to say, there was neither airports, nor interstates for convenient travel in those days, and most congressmen were not in Washington at the time. The ones that were left I am positive were paid off to accept the Federal Reserve. My words are very simplistic, but powerful. When do we wake up and try to take back our country from the ‘MONEY LORDS‘.
Thomas Jefferson gave us these words to live by, "Let no more be heard of confidence in man but bind him down from mischief by the chains of the Constitution."
Along with the Federal Reserve, came the evil twin brother called the IRS. 40% of your income tax goes to paying the interest of our national debt! That is a gruesome figure! No coincidence, we entered into WWI and WWII. The ‘MONEY LORDS’ backed the war with the lending of our own damn money that we have to pay interest on! Oh…. You might think this is just a conspiracy, well ask the question….“If the IRS can audit the American citizen at any time, why can’t our representatives audit the Federal Reserve?”
FDR ‘OUT-LAWED’ gold in 1933 to give way to the Federal Reserve.
By a so-called Executive Order, President Roosevelt declared on April 5, 1933 that:
"All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve Bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them."
Hmmmm…..May 1! How incredible is this date? May 1 to the Illuminati is their ‘Independence Day”. In addition, the communist celebrate this day, and this makes you wonder who was worse Stalin or Hitler. Stalin was credited with ordering the killing of over 35 million of his own countrymen! And our great FDR has been quoted as calling Stalin his “Brother”! Don’t misconstrued, Hitler was an evil man, however FDR and his “New Deal” eerily resemble communism. Don’t worry your government will provide you with everything you need propaganda bullshit…. I.e. well fare.
Not only is the Federal Reserve unconstitutional, how come Congress never declares war anymore? The Korean and Vietnam War, and presumably Iraqi Freedom cannot be declared a war with out an act of Congress. Is there anymore proof or reason that a President is put into office by the “MONEY LORDS” so he will create a conflict in which they reap the benefits from. There is no coincidence that under Article I section 8 of the Constitution, Congress is responsible for the development of our currency and declaring war. Now that power is in the hands of the Federal Reserve, which represents 12 worldwide banks.
Rothschild Bank of London
Warburg Bank of Hamburg
Rothschild Bank of Berlin
Lehman Brothers of New York
Lazard Brothers of Paris
Kuhn Loeb Bank of New York
Israel Moses Seif Banks of Italy
Goldman, Sachs of New York
Warburg Bank of Amsterdam
Chase Manhattan Bank of New York
Do you see a common thread now? We are losing our liberties and becoming slaves and our master’s name is the FEDERAL RESERVE! Below is a very interesting web site I encourage people to check out and decide for yourself!
Yeah, I state most of this on my website, but this is amazing in that it is an official at a Fed Reserve Bank stating it out right.. Very good stuff!!
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www.givemeliberty.50megs.com/
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President Andrew Jackson stated in reference to the bankers at the state of his administration: "You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out."
"Our Founding Fathers believed that it was self-evident that the God of Nature is the sovereign of the universe and everything in it (as well as mankind) and that He had endowed all mankind with "certain unalienable rights" making them self-directing sovereigns, which means that any governments instituted among men derive their just powers (only) from the consent of the governed, who are the source of earthly power and authority. Hence any attempt to exercise any powers NOT conveyed by the People is unjust and unauthorized, and any act done pursuant to such usurpation of power is void."
"If one understands that socialism is not a share-the-wealth program, but is in reality a method to consolidate and control the wealth, then the seeming paradox of super-rich men promoting socialism becomes no paradox at all. Instead, it becomes logical, even the perfect tool of power-seeking megalomaniacs. Communism or more accurately, socialism, is not a movement of the downtrodden masses, but of the economic elite." Gary Allen, Author
Re: FEDERAL RESERVE
That opening post was the biggest load of nonsense I've ever read. The Federal Reserve operates under a the same statutory grant that the Post Office and Patent Office work under.
The Federal Reserve doesn't print money. The Treasury department does that.
The Federal Reserve doesn't borrow money. The Bureau of Public Debt does that.
The Federal Reserve LENDS money. How is this unconstitutional? And hasn't the USSC ruled on this issue not once, but TWICE?
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40% of your income tax goes to paying the interest of our national debt!
Quote:That opening post was the biggest load of nonsense I've ever read. The Federal Reserve operates under a the same statutory grant that the Post Office and Patent Office work under.
The Federal Reserve doesn't print money. The Treasury department does that.
The Federal Reserve doesn't borrow money. The Bureau of Public Debt does that.
The Federal Reserve LENDS money. How is this unconstitutional? And hasn't the USSC ruled on this issue not once, but TWICE?
Your ability at splitting hairs is apparently legendary, however, none of your points are seemingly relevant. Yes, the treasury prints the actual paper bills (calling it "money" would be an injustice to the word,) and yes the Federal Reserve does not barrow money (did anyone here actually claim that it did?) It seems to me that you have resurrected some giant strawmen and then shot them down quite forcefully. Kudos!! Rats, I don't have a Kudos... would you settle for a Snickers?
The Federal Reserve doesn't "lend money", but lends credit. You should learn the difference.
The U.S. Supreme Court has become an ineffectual government body since the days of FDR's New Deal, doing little or nothing to ensure the actions of the other two branches adhere to the skeletal frame work of the original Construction, by defining everything within the boundless limitations of the "Commerce Clause." The living document that is referred to as the U.S. Constitution today is arbitrary and meaningless. The original intent of the document was quite clear up until the 1930's, when FDR threatened the legal branch of our government into tyrannical submission. It has been a useless body ever since. Would you like other instances showing how arbitrary our Constitution is?? See the Patriot Act. So it matters very little whether or not something is Constitutional, because the organic material that the Constitution is built upon has been forgotten or diluted. If the U.S. government decides that the Commerce Clause encompasses everything from what kind of toilet you have in your house to what cleaning materials you keep in your garage (the modern Supreme Court has actually ruled on these issues) and the Supremes go along with it, then the Constitution is rendered meaningless. It comes down to rule by men and not laws, and men can make it say whatever they want. That is why we must be ruled by the natural laws set forth in the organic law of this country: the Declaration of Independence. Government has no right to your labor, period.
Statutory grants are legal only under the Commerce Clause of our Constitution, where interstate commerce is clearly defined. In the cases of patents and U.S. postal services, these clearly have something to do with interstate commerce, but our ability to work and trade within the confines of our own communities should have nothing to do with the cabal that operates within the District of Columbia, nor those that hire (bribe) them. Forcing me to use a Federal Reserve Note (though the treasury may print them, they are issued by the Federal Reserve, thus they are FRNs), so that a private cabal of international bankers can control the economy, thus stealing my labor is against the Constitution and its organic law (see all case law prior to the 1930's).
Only Congress has the power to issue money, and I believe that Thomas Jefferson and Andrew Jackson adequately showed that a national bank is unconstitutional. Congress has the authority to borrow actual "money" on the credit of the U.S., but not write blank checks on all of our futures, or sign this privilege over to a small minority. A FRN is by no means money, but is a violation of all the basic principles of free and fair trade within a society. Thievery is wrong on just about every level, which is why society should not put up with it, especially from an overzealous government and those that hold its reigns.
Did you actually follow the link provided and do a little research before you posted? You should at least read a little case law in the matter in order to better inform yourself. You asked where we got this stuff, you should try and actually find out: www.maxexchange.com/ybj/chapter5.htm
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www.givemeliberty.50megs.com/
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Dirk Wittenborn, in his delightful and entertaining novel, Fierce People [1], has one of his characters say, “The brilliance of the American aristocracy is they’ve convinced the world they don’t exist... It’s safer that way. Unlike us [the old European aristocracy], they’re invisible targets...” Furthermore, “It’s very clever -- you teach them in America anyone can become rich, so that when they hate the rich, they hate themselves. It paralyzes them. All they can do is eat.”
President Andrew Jackson stated in reference to the bankers at the state of his administration: "You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out."
"If one understands that socialism is not a share-the-wealth program, but is in reality a method to consolidate and control the wealth, then the seeming paradox of super-rich men promoting socialism becomes no paradox at all. Instead, it becomes logical, even the perfect tool of power-seeking megalomaniacs. Communism or more accurately, socialism, is not a movement of the downtrodden masses, but of the economic elite." Gary Allen, Author
"For the stark choice before us always is: gold (or silver), or government."-Murray N. Rothbard
Re: FEDERAL RESERVE
Have you read the CONSTITUTION?? Do you know the history of the FEDERAL RESERVE??
Maybe you can explain to me, why they passed the Federal Reserve legislation 12-23-1913? Hmmm, seems to me most where away for the holidays, and could not catch a jet airliner to stop this piece of legislation!
Do your research , we are over taxed and you can find 40% of your income tax goes to paying interest to the national debt! I did not come up with that figure, do some research, and tell me what you find!!
Tell me pale man, can you go to a bank and get a loan and not pay interest??? Can you get a loan for more money than you bring in??? Ronald Reagan once said "the American Dollar is backed by the American worker!!" That is scary, no matter what it will the American people and their worthless fiat money to pay the antee. Ask yourself, if fiat money is not backed by anything, what good is it? Hmmm, maybe its backed by American Slaves, you and me, everyone that is not part of the elitist group!
The Federal Reserve is a tool for the powers to be to own your pale ass!!
Simply put, if the government will pay $500 for a damn $15 toilet seat, and will allow the special interest groups, to over charge, and take away from you and me, why wouldn't lobyist in 1913 working for the world banks not pay off congressmen and the President of the United States to pass an UNCONSTITUTIONAL bill allowing a seperate entity controlled by the world banks to run our economy!
Last if the Constitution allows congress to "coin, and regulate the value thereof" of our fiat money, then how is it leagal for a small amount of Congress in 1913 to vote and pass the Federal Reserve legislation into law (why not wait until all of congress is present) and usurping the power of "WE THE PEOPLE" to the hands of the banking industry!!!
Wake up man, you do not live in a perfect world, do your research, read, read, read, and then tell me the Federal reserve is constitutional or not!!!
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Do your research , we are over taxed and you can find 40% of your income tax goes to paying interest to the national debt! I did not come up with that figure, do some research, and tell me what you find!!
Back up your claims with something factual. Simply typing the same nonsense twice doesn't make it any less silly. If you don't have any source to back up this ridiculous claim, then man up and admit it. But demanding I do research to 'prove a claim' you've never bothered to research simply isn't compelling. Back up your claims, or abandon them.
As for when the federal reserve act was passed..what's your point? Once again...your INSINUATING something you know you can't back up factually. You're insinuating that if the vote had been held on a different date, the act wouldn't have passed. That might make sense...until you actually research the voting.
The house vote was 298 yeas to 60 nays with 76 not voting. The assumption that every vote not cast would have been against the bill is factually baseless. Its a mindless conspiracy theory forwarded in the absense of reality, or the desire for it. Even if EVERY congressman that didn't vote opposed the bill, it still would have passed the house. And there is absolutely NO evidence that is the case.
The senate vote 43 yeas to 25 nays with 27 not voting. Your assumption, and it is an assumption..is that 22 of the 27 that did not vote would have voted against it. If you have any factual backing for this baseless assumption, pass it along. Otherwise, you simply don't know what the hell you're talking about.
Fiat currency is backed by the full faith and credit of the United States....our ability to tax. Virtually all the world is using fiat currency, as basing our currency on some metal or ore is just as arbitrary. Gold has only the value you ASSIGN to it. Its just a glittery ore otherwise. We've replaced the antiquated perception of value of metal with the perceptoin of value of the taxation power of nations.
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Wake up man, you do not live in a perfect world, do your research, read, read, read, and then tell me the Federal reserve is constitutional or not!!!
Laughing....like the vote for federal reserve act? Nice try buddy, but you blew your credibility entirely too early with that blunder. The Federal Reserve was created by the congress, per an act of congress, after months of debate by congress and signed by the president. It meets EVERY requirement of a statutory grant....and is exactly what congress wanted it to be. Its a private corporation and creation of legislature just like the Bank of the United States was under Alexander Hamilton.
Quote:Back up your claims with something factual. Simply typing the same nonsense twice doesn't make it any less silly. If you don't have any source to back up this ridiculous claim, then man up and admit it. But demanding I do research to 'prove a claim' you've never bothered to research simply isn't compelling. Back up your claims, or abandon them.
He did, apparently you failed to follow the links that were provided. One of them was a conversation with a representative from a Fed bank. It's quite self-explanitory.
Originally, you asked whether the Supreme Court ruled on this issue... the answer is both no and yes.
ARTICLE 1, SECTION 8 OF THE CONSTITUTION STATES THAT CONGRESS SHALL HAVE THE POWER TO COIN (CREATE) MONEY AND REGULATE THE VALUE THEREOF. (Did you not read this the first time?? I agree, retyping is a drag.)
IN 1935 THE SUPREME COURT RULED THAT CONGRESS CANNOT CONSTITUTIONALLY DELEGATE ITS POWER TO ANOTHER GROUP. (Reference: www.apfn.org/apfn/reserve.htm I suggest that you read this book. It is very thoroughly researched at the Library of Congress. The proof is undeniable to all but the dellusional.
Strangely enough, there has never been a Supreme Court decision on the legality or Constitutionality of the Federal Reserve Act. Although it is on much the same shaky grounds as the National Recovery Act, or NRA, which was challenged in Schechter Poultry v. United States of America, 29 U.S. 495, 55 US 837.842 (1935), the NRA was ruled unconstitutional by the Supreme Court on the grounds that "Congress may not abdicate or transfer to others its legitimate functions. Congress cannot Constitutionally delegate its legislative authority to trade or industrial associations or groups so as to empower them to make laws."
I'll provide a few nuggets, but it is up to you to follow them where ever they may lead you. After all, I'm not going to write you a book. Since I am so generous with my time, here we go (don't make me regret it.)
The following extract is from Sir Archibald Alison's "History of Europe":-
"The Prince of Orange(King of England and Ireland in 1689) brought from the Republic of Holland, where it had been already practised and thoroughly understood, the secret of governing popular assemblies and extracting heavy taxes from popular communities. . . . His whole efforts were directed to gain the majority of the constituencies by corruption, and of votes in Parliament by patronage. . . . It was then that the National Debt began; and government was taught the dangerous secret of providing for the necessities, and maintaining the influence, of present times by borrowing money and laying its payment on posterity."
Now, I've gone all the way back to 1689 and the creation of the first central bank of the world, the Bank of England. It was born as a King's war chest, and the money powers means for subjugating the people to their will. It is a model that has been spread by the money powers (Rothschilds and their agents) across the globe, not because of its merit or efficiency compared to gold, but as a means for enslaving the people and their Kings.
Our founders new of its dangers, which is why the Constitution states that only gold could be coined as money. As you see, James Madison, Thomas Jefferson, Ben Franklin, John Adams, etc. all spoke ill of it and warned us of it. The first Bank of the US was chartered in 1794, and was so notoriously corrupt that it was not renewed in 1811. Let's start the war of 1812, burn the US Capitol along with all of its financial records. This will show them who is still King. A few years later the Second Bank of the US is Chartered. Andrew Jackson put it down. You can read his quote below.
"Government spending is always a “tax” burden on the American people and is never equally or fairly distributed. The poor and low-middle income workers always suffer the most from the deceitful tax of inflation and borrowing." -Congressman Ron Paul
"You are a den of vipers! I intend to rout you out, and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning." -President Andrew Jackson (1829-1837)
"If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered." -Thomas Jefferson (1816)
Rothschild, a London Banker, wrote a letter saying "It (Central Bank ) gives the National Bank almost complete control of national finance. The few who understand the system will either be so interested in its profits, or so dependent on its favours, that there will be no opposition from that class... The great body of the people, mentally incapable of comprehending, will bear its burden without complaint, and perhaps without even suspecting that the system is inimical (contrary) to their interests." [The bankers created the legislation for the FED]
In 1913, before the Senate Banking and Currency Committee, Mr. Alexander stated: "But the whole scheme of a Federal Reserve Bank with its commercial-paper basis is an impractical, cumbersome machinery, is simply a cover, to find a way 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 reduce, interest rates. It is a system that, if inaugurated, will prove to the advantage of the few and the detriment of the people of the United States. It will mean continued shortage of actual money and further extension of credits; for when there is a lack of real money people have to borrow credit to their cost."
How did it happen? After previous attempts to push the Federal Reserve Act through Congress, a group of bankers funded and staffed Woodrow Wilson's campaign for President. He had committed to sign this act. In 1913, a Senator, Nelson Aldrich, maternal grandfather to the Rockefellers, pushed the Federal Reserve Act through Congress just before Christmas when much of Congress was on vacation (Reference 3, 4, 5). When elected, Wilson passed the FED. Later, Wilson remorsefully replied (referring to the FED), "I have unwittingly ruined my country" (Reference 17, P. 31). Now the banks financially back sympathetic candidates. Not surprisingly, most of these candidates are elected (Reference 1, P. 208-210, Reference 12, P. 235, Reference 14, P. 36). The bankers employ members of the Congress on weekends (nickname T&T club -out Thursday...-in Tuesday) with lucrative salaries (Reference 1, P. 209). Additionally, the FED started buying up the media in the 1930's and now owns or significantly influences most of it
(Reference 3, 10, 11, P. 145).
Presidents Lincoln, Jackson, and Kennedy tried to stop this family of bankers by printing U.S. dollars without charging the taxpayers interest. Today, if the government runs a deficit, the FED prints dollars through the U.S. Treasury, buys the debt, and the dollars are circulated into the economy. In 1992, taxpayers paid the FED banking system $286 billion in interest on debt the FED purchased by printing money virtually cost free. Forty percent of our personal federal income taxes goes to pay this interest. The FED's books are not open to the public. Congress has yet to audit it.
Congressman Wright Patman was Chairman of the House of Representatives Committee on Banking and Currency for 40 years. For 20 of those years, he introduced legislation to repeal the Federal Reserve Banking Act of 1913. Congressman Henry Gonzales, Chairman of a banking committee, introduces legislation to repeal the Federal Reserve Banking Act of 1913 nearly every year. It's always defeated, the media remains silent, and the public never learns the truth. The same bankers who own the FED control the media and give huge political contributions to sympathetic members of Congress. THE FED FEARS THE POPULATION WILL BECOME AWARE OF THIS FRAUD AND DEMAND CHANGE. We, the People, are at fault for being passive and allowing this to continue.
Ben Franklin said in his autobiography that the inability of the colonists to get the power to issue their own money permanently out of the hands of George III and the international bankers was [one of] the PRIME reason[s] for the Revolutionary War.
Congressman Charles A. Lindbergh of Minnesota said: "This [Federal Reserve] Act establishes the most gigantic trust on Earth. When the President [Wilson] signs this bill, the invisible government of the Monetary Power will be legalized... the worst legislative crime of the ages, perpetuated by this banking and currency bill."
Robert H. Hemphill (Credit Manager, Federal Reserve Bank in Atlanta): "We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It [the banking problem] is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects are remedied very soon."
Napoleon, a sympathizer for the international bankers, turned against them in the last years of his rule. He said: "When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."
Congresspeople have referred to Federal Reserve Notes as "FIAT" (no- backing) money. (Reference 1, P. 128, 169)
In 1879 the Supreme Court declared that the U.S. Government can legally issue United States Notes, debt and interest-free, just as Lincoln and Kennedy attempted. (Reference 1, P. 233)
A bank that attempted to repossess property on the basis of default faced Judge Mahoney in a jury trial. Jerome Daly was found innocent. The bank could not foreclose on the property because it created the loan money from thin air, as many banks do. Use this as a precedent the next time any bank tries to foreclose on your house. (Reference 17, P. 82, 83 for court records)
The FED violates Security & Exchange Commission (SEC) rules. (Reference 17, P. 96-9
California 9th Circuit Court declared FED banks are private, not government. (Reference 17, P. 273)
Mr. Marriner Eccles, who was Chairman of the board of Governors of the Federal Reserve System longer than any other man, testified before the Joint Economic Committee in August 1962. When Chairman Rep. Wright Patman asked whether it was not a fact that the Federal Reserve System has more power than either the Congress or the President, Eccles replied: "In the field of money and credit, yes." (Reference 1, P. 206)
Dr. Hans F. Sennholz, Chairman of the Department of Economics at Grove City (PA) College stated: "The Federal Reserve System facilitates the government's own inflationary financing in "periods of emergency." It makes easy the inflationary financing of budget deficits and the inflationary refunding of government loans. It stabilizes the government bond market through inflationary methods and manipulates this market to the advantage of the government. It does all this by wrecking the purchasing power of the dollar; by subtly stealing from the people of this country what it thus provides for the government, through a process exactly on par with the coin-clipping of ancient kings - but much more diabolical because it's so much less visible." (Reference 1, P. 250, 251)
Source: Banking Act of 1935, Hearings before a Subcommittee of the Banking and Currency Committee, U.S. Senate, 74th Congress, 1st Session, on S.1715, May 1935, pp 871-2. "The Federal Reserve System is in the wrong hands. No Constitutional republic can function when the government's money powers are in the hands of the financial oligarchy such as New York financiers.
A Republican Senator, who preferred to remain unnamed, stated: "Congress is too much motivated by fears and anxieties concerning pressure groups and the "non election." (Reference 1, P. 210)
By controlling Congress, the FED has been able to control the nominating conventions of both political parties. In this way, it has been able to hand-pick the presidential nominees so that no matter which party wins, their nominee for President is under definite obligations to the FED... (Reference 1, P. 210; Reference 22)
In 1975, the Rockefeller Foundation Report discussed the "Interdependence" of the countries of the world on each other. It stated we are one world and America shall become a nation-state under one government. They also say we must reach a zero state population growth. The Rockefeller Foundation stated that they have in excess of 747 million dollars to achieve this with. (Reference 3)
Congressman John R. Rarick states that the Council on Foreign Relations (CFR) is dedicated to a one world government. The media remains conspicuously quiet. The CFR wants to convert the U.S. from a sovereign, constitutional republic into a servile member state of a one world dictatorship. On February 17, 1950, CFR member James Warburg (banker, and architect of the Federal Reserve System) stated before a Senate Foreign Relations Committee, "We shall have one world government whether or not you like it, by conquest or consent." Again, the media remained silent. In the April 1974 issue of the CFR journal, "Foreign Affairs", page 558, Richard Gardener states that the new world order "will be built... but an end run around national sovereignty, eroding it piece by piece, will accomplish much more than the old fashioned frontal assault." Congressman McDonald, Heinz and Tower stated that this is a conspiracy. Again, the media remained silent. (Reference 14, P. 17, 18, 32, 33). THE CFR WANTS TO ABOLISH THE CONSTITUTION. (Reference 14) WE MUST STOP THEM!!
In a letter to Thomas Jefferson, John Adams wrote: "All the perplexities, confusions, and distresses in America arise, not from defects in the Constitution or confederation, not from want of honor or virtue, as much as from downright ignorance of the nature of coin, credit, and circulation". Responding, Thomas Jefferson wrote:... "And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by prosperity, under the same name of funding is swindling futurity on a large scale." (Reference 1, P. 199)
British bankers have stated "Those that create and issue money and credit direct the policies of government and hold in their hands the destiny of the people". (Reference 1, P. 200-214)
Adams, Jefferson, and Lincoln believed that banker capitalism was more dangerous to our liberties than standing armies. In a republic, banks would lend money but could not create or manufacture it. (Reference 1, P. 215)
Later, Jefferson used stronger language and denounced the institution as "one of the most deadly hostilities against the principles and form of our Constitution." Some have said that Jefferson did not favor a strong central bank. What he did not favor was the delivery of our monetary system into private hands to be run for private profit. (Reference 1, P. 230)
President James A. Garfield said: "Whoever controls the money in any country is absolute master of industry [legislation] and commerce". (Reference 1, P. 247, Reference 4)
Without the Federal Reserve System, there can be no continuing march towards socialism, and with it there can be no free economy. (Reference 1, P. 251)
By controlling our own money, Thomas Jefferson expected that the government would incur no debt, as had occurred in the European system. (Reference 1, P. 243) European banks are like the FED.
The FED system is the death of our Constitution. (Reference 1, P. 250)
From the autobiography of Ben Franklin as reported by Gertrude Coogan in "Money Creators":
...the inability of the colonists to get the power to issue their own money permanently out of the hands of George III and the international bankers was the PRIME reason for the Revolutionary War. (Reference 4).
Ben Franklin answering a question about the booming economy of the young colonies: "That is simple. In the colonies we issue our own money. It is called Colonial Scrip. We issue it in proper proportions to the demands of trade and industry." (Colonial Scrip had no debt or interest attached.) (Reference 4)
REFERENCES:
(1) "The Federal Reserve Bank", by H.S. Kenan, published by The Noontide Press (2) National Committee to Repeal the Federal Reserve Act, P.O. Box 156, Westmont, IL 60559 (3) "The New World Order, Saving America", P.O. Box 1205, Middleburg, FL 32050-1205 (4) "Bulletin", February 1989 & November 1991 issues, P.O. Box 986, Ft. Collins, CO 80522 (Newsletter; $3 each) (5) "The Most Secret Science", Betsy Ross Press, P.O. Box 986, Ft. Collins, CO 80522 (Book) States attempt to abolish the FED. $12.00 (6) "Insider Report", P.O. Box 84903, Phoenix, AZ 85071 (7) "Phoenix Journal Express", P.O. Box 986, Tehachap, CA 93581 ( $16 trillion in government and private debt, much of which the FED printed and collected interest on (Reference 3) (9) Northpoint Tactical Team, P.O. Box 129, Topton, NC 28781 (10) Christian Defense League, Box 449, Arabi, LA 70023 (11) "Bulletin", June 1992 issue, P.O. Box 986, Ft. Collins, CO 80522 (Newsletter; $3 each) (12) "Savings and Loan Unethical Bailout" by Rev. Casimir F. Gierut (13) "Dark Secrets of the New Age" by Texe Marrs (14) "En Route to Global Occupation" by Gary H. Kah (15) "One World" by John Amkerberg & John Weldon (16) "The Spotlight", Liberty Lobby, 300 Independence Ave. S.E., Washington, D.C. 20003 (Newspaper) (17) "Repeal the Federal Reserve Banks" by Rev. Casimir Frank Gierut (1 The Constitution of the United States (19) "Walls in Our Minds" by M.J. Red Beckman, Common Sense Press, P.O. Box 1544, Billings, MT 59103. A must read book - $2.50 (20) "The Law That Never Was" Volume I, Bill Benson & M.J. Red Beckman, P.O. Box 1544, Billings, MT 59103 or write to Bill Benson, P.O. Box 550, South Holland, IL 60473. Proof that the 16th Amendment (income tax) was never properly ratified. (21) "New World Order: The Ancient Plan of Secret Societies" by William T. Still (22) "The Secrets of the Federal Reserve" by Mullins (23) "The Social Security & Pension Conspiracy" by Metz (24) "The History of the Federal Reserve. How to Replace It or How to Reform It" by Metz - for references 23 & 24 write to Howard Metz, P.O. Box 341, Malverne, LI 11565 (25) "The New World Order" by Pat Robertson. On page 131 he states that we must abolish the FED. (26) "Operation Vampire Killer 2000", highly recommended book. $6.00 ($8.00 for 2) from ACLA, P.O. Box 8712, Phoenix, AZ 85066 This is a must read book with quotes from well known people. This book proves conspiracy. Your local police needs to read this book so they will protect you - not become United Nations Agents against you. This book will stop the New World Order plan to take over the U.S.A. "America Betrayed", Center For Action, 652 N. Glenview, Nesa, AZ 85213 For references 1, 12, and 17, contact The National Committee to Repeal the Federal Reserve Act (Reference 2)
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Dirk Wittenborn, in his delightful and entertaining novel, Fierce People [1], has one of his characters say, “The brilliance of the American aristocracy is they’ve convinced the world they don’t exist... It’s safer that way. Unlike us [the old European aristocracy], they’re invisible targets...” Furthermore, “It’s very clever -- you teach them in America anyone can become rich, so that when they hate the rich, they hate themselves. It paralyzes them. All they can do is eat.”
President Andrew Jackson stated in reference to the bankers at the state of his administration: "You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out."
"If one understands that socialism is not a share-the-wealth program, but is in reality a method to consolidate and control the wealth, then the seeming paradox of super-rich men promoting socialism becomes no paradox at all. Instead, it becomes logical, even the perfect tool of power-seeking megalomaniacs. Communism or more accurately, socialism, is not a movement of the downtrodden masses, but of the economic elite." Gary Allen, Author
"For the stark choice before us always is: gold (or silver), or government."-Murray N. Rothbard
He is wrong about the 40%... The actual number is 100% You see, when the government can print money from nothing at will, it has no real need for the income tax. The Reagan administration did a study back in 1984 called the Grace Commission. According to this study, "... 100% of what is collected is absorbed solely by interest on the Federal Debt ... all individual income tax revenues are gone before one nickel is spent on the services taxpayers expect from government".-- 1984 Grace Commission report submitted to President Ronald Reagan
Do you know what the number one pillar of the Communist Manifesto is?? That's right, central banking followed by an income tax. It was no coincidence that the 16th Amendment was passed in 1913, the same year as the Federal Reserve. But you seem like someone that believes in nothing but coincidence.
Quote:The house vote was 298 yeas to 60 nays with 76 not voting. The assumption that every vote not cast would have been against the bill is factually baseless. Its a mindless conspiracy theory forwarded in the absense of reality, or the desire for it. Even if EVERY congressman that didn't vote opposed the bill, it still would have passed the house. And there is absolutely NO evidence that is the case.
The senate vote 43 yeas to 25 nays with 27 not voting. Your assumption, and it is an assumption..is that 22 of the 27 that did not vote would have voted against it. If you have any factual backing for this baseless assumption, pass it along. Otherwise, you simply don't know what the hell you're talking about.
First of all, this Act was pushed through Congress on Christmas Holiday and then supposedly passed by the Senate. I don't know where you get your numbers, but by your own numbers you have proven yourself wrong. It takes two thirds of the Senate to pass a bill. According to your numbers, 58% of those that voted passed it. That is not two thirds and thus the Act is unconstitutional. Besides, it takes two thirds of the entire Senate. Twenty two, according to your numbers, weren't even there. They were all off with their families for Christmas, because they were lied to and told that the vote wouldn't take place until after Christmas holiday, just as Wilson was told this.
They did the same thing with the 16th Amendment, which was never legally ratified by two thirds of the States, as is required by the Constitution. Strange that the powers that be have a nasty habit of claiming that bills and Amendments have passed, when they clearly haven't? Must be some very powerful people to pull this off.
These are the facts concerning the atmosphere apon which the Federal Reserve Act was passed, as witnessed by those that were there at the time...
"Unprecedented speed", says The New York Times. One sees the fine hand of Paul Warburg in this final strategy. Some of the bill’s most vocal critics had already left Washington. It was a long-standing political courtesy that important legislation would not be acted upon during the week before Christmas, but this tradition was rudely shattered in order to perpetrate the Federal Reserve Act on the American people.
The Times buried a brief quote from Congressman Lindbergh that "the bill would establish the most gigantic trust on earth," and quoted Representative Guernsey of Maine, a Republican on the House Banking and Currency Committee, that "This is an inflation bill, the only question being the extent of the inflation."
Congressman Lindbergh said on that historic day, to the House:
"This Act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized. The people may not know it immediately, but the day of reckoning is only a few years removed. The trusts will soon realize that they have gone too far even for their own good. The people must make a declaration of independence to relieve themselves from the Monetary Power. This they will be able to do by taking control of Congress. Wall Streeters could not cheat us if you Senators and Representatives did not make a humbug of Congress. . . . If we had a people’s Congress, there would be stability.
The greatest crime of Congress is its currency system. The worst legislative crime of the ages is perpetrated by this banking bill. The caucus and the party bosses have again operated and prevented the people from getting the benefit of their own government."
The December 23, 1913 New York Times editorially commented, in contrast to Congressman Lindbergh’s criticism of the bill, "The Banking and Currency Bill became better and sounder every time it was sent from one end of the Capitol to the other. Congress worked under public supervision in making the bill."
By "public supervision", The Times apparently meant Paul Warburg, who for several days had maintained a small office in the Capitol building, where he directed the successful pre-Christmas campaign to pass the bill, and where Senators and Congressmen came hourly at his bidding to carry out his strategy.
The "unprecedented speed" with which the Federal Reserve Act had been passed by Congress during what became known as "the Christmas massacre" had one unforeseen aspect. Woodrow Wilson was taken unaware, as he, like many others, had been assured the bill would not come up for a vote until after Christmas. Now he refused to sign it, because he objected to the provisions for the selection of Class B. Directors. William L. White relates in his biography of Bernard Baruch that Baruch, a principal contributor to Wilson’s campaign fund, was stunned when he was informed that Wilson refused to sign the bill. He hurried to the White House and assured Wilson that this was a minor matter, which could be fixed up later through "administrative processes". The important thing was to get the Federal Reserve Act signed into law at once. With this reassurance, Wilson signed the Federal Reserve Act on December 23, 1913. History proved that on that day, the Constitution ceased to be the governing covenant of the American people, and our liberties were handed over to a small group of international bankers.
Quote:Fiat currency is backed by the full faith and credit of the United States....our ability to tax.
Yeah, that's the problem..
Quote:as basing our currency on some metal or ore is just as arbitrary. Gold has only the value you ASSIGN to it. Its just a glittery ore otherwise. We've replaced the antiquated perception of value of metal with the perceptoin of value of the taxation power of nations.
Not quite You need to learn the difference between tangible intrinsic value vs. nontangible value. Gold has intrinsic value in that it is a precious metal (you can wear it as jewelry or as a medium of exchange.) It's value lies in more than just its trade value. Fiat credit "money" has real tangible value as my toilet paper... that's about it. It takes time and effort to go dig some gold ore up (labor,) whereas paper money can be printed up for nothing with practically nothing. Which do you think is a more stable commodity to base your economy on? Which do you think is easier to debase or defraud? This gold is antiquated argument is as bogus as the FRN in your wallet, and was first espoused by the bankster money powers as propaganda in favor of the Federal Reserve System. There is a reason that Fascism, Communism, Monarchy, and totalitarianism are all dependent apon central banking. Every tyrant and despot since its creation has wanted one.
"Taxation power of nations..." Taxation of what?? Money?? There is no money. So, it is taxation of human labor, time, production, etc., slavery, Chattel. Great idea.. We should just go back to 1859 and get ourselves a black person or five. Talk about antiquated.
What we have replaced here is free and fair trade (gold or silver) with fraud (fiat credit money.)
Quote:after months of debate by congress
You're really stretching here... most of the congressmen and Senators never even read it or were bought off. Check the Congressional record. Several asked to read the bill and were denied access... Much like the current Patriot Act, they were voting for a bill that most had never seen, and when they asked to see it they were told to shut up and vote yea.
Quote:Its a private corporation and creation of legislature just like the Bank of the United States was under Alexander Hamilton.
Yes, and it is was as illegal then as it is today. Like I showed earlier, it was not renewed in 1811 and largely despised by the majority.
The fact of the matter is that the bill was secretly (not even the President knew about it) pushed through while the opposition was on holiday. With no debate and no opposition, it passed the Congress, but even by your numbers never passed the Senate and is thus a void law. Infact, the speed at which this bill was passed was unprecidented. And you should note that it had been attempted to pass under a different name (the Aldrich Plan) prior to 1913. This was a wide failure, which is why they changed its name and then rammed it through (cloak and dagger style) in 1913.
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Dirk Wittenborn, in his delightful and entertaining novel, Fierce People [1], has one of his characters say, “The brilliance of the American aristocracy is they’ve convinced the world they don’t exist... It’s safer that way. Unlike us [the old European aristocracy], they’re invisible targets...” Furthermore, “It’s very clever -- you teach them in America anyone can become rich, so that when they hate the rich, they hate themselves. It paralyzes them. All they can do is eat.”
President Andrew Jackson stated in reference to the bankers at the state of his administration: "You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out."
"If one understands that socialism is not a share-the-wealth program, but is in reality a method to consolidate and control the wealth, then the seeming paradox of super-rich men promoting socialism becomes no paradox at all. Instead, it becomes logical, even the perfect tool of power-seeking megalomaniacs. Communism or more accurately, socialism, is not a movement of the downtrodden masses, but of the economic elite." Gary Allen, Author
"For the stark choice before us always is: gold (or silver), or government."-Murray N. Rothbard
Re: FEDERAL RESERVE
Rep. Louis T. McFadden (R. Pa.) rose from office boy to become cashier and then President of the First National Bank in Canton Ohio. For 12 years he served as Chairman of the Committee on Banking and Currency, making him one of the foremost financial authorities in America. He fought continuously for fiscal integrity and a return to constitutional government (Reference 1). The following are portions of Rep. McFadden's speech, quoted from the Congressional Record, pages 12595-12603:
"THE FEDERAL RESERVE BOARD, A GOVERNMENT BOARD, HAS CHEATED THE GOVERNMENT OF THE UNITED STATES AND THE PEOPLE OF THE UNITED STATES OUT OF ENOUGH MONEY TO PAY THE NATIONAL DEBT. The depredations and the iniquities of the Federal Reserve Board and the Federal Reserve banks acting together have cost this country ENOUGH MONEY TO PAY THE NATIONAL DEBT SEVERAL TIMES OVER."
About the Federal Reserve banks, Rep. McFadden said, "They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; the rich and predatory money lenders. This is an era of economic misery and for the reasons that caused that misery, the Federal Reserve Board and the Federal Reserve banks are fully liable."
On the subject of media control he state, "Half a million dollars was spent on one part of the propaganda organized by those same European bankers for the purpose of misleading public opinion in regard to it."
Rep. McFadden continued, "Every effort has been made by the Federal Reserve Board to conceal its power but the truth is the Federal Reserve Board has USURPED THE GOVERNMENT OF THE UNITED STATES. IT CONTROLS EVERYTHING HERE AND IT CONTROLS ALL 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 operates the Federal Reserve Board and the Federal Reserve banks. These evil-doers have robbed this country of more than enough money to pay the national debt. What the Government has permitted the Federal Reserve Board to steal from the people should now be restored to the people."
"Our people's money to the extent of $1,200,000,000 has within the last few months been shipped abroad to redeem Federal Reserve Notes and to pay other gambling debts of the traitorous Federal Reserve Board and the Federal Reserve banks. The greater part of our monetary stock has been shipped to foreigners. Why should we promise to pay the debts of foreigners to foreigners? Why should American Farmers and wage earners add millions of foreigners to the number of their dependents? Why should the Federal Reserve Board and the Federal Reserve banks be permitted to finance our competitors in all parts of the world?" Rep. McFadden asked.
"The Federal Reserve Act should be repealed and the Federal Reserve banks, having violated their charters, should be liquidated immediately. FAITHLESS GOVERNMENT OFFICERS WHO HAVE VIOLATED THEIR OATHS SHOULD BE IMPEACHED AND BROUGHT TO TRIAL", Rep. McFadden concluded (Reference 1, contains an entire chapter on Rep. McFadden's speech).
If the media is unbiased, independent and completely thorough, why haven't they discussed the FED? Currently, half the states have at least a grass roots movement in action to abolish the FED, but there's no press coverage. In July, 1968, the House Banking Subcommittee reported that Rockefeller, through Chase Manhattan Bank, controlled 5.9% of the stock in CBS. Furthermore, the bank had gained interlocking directorates with ABC. In 1974, Congress issued a report stating that the Chase Manhattan Bank's stake in CBS rose to 14.1% and NBC to 4.5% (through RCA, the parent company of NBC). The same report said that the Chase Manhattan Bank held stock in 28 broadcasting firms. After this report, the Chase Manhattan Bank obtained 6.7% of ABC, and today the percentage could be much greater. It only requires 5% ownership to significantly influence the media (Reference 14, P. 56-57). This is only one of 300 wealthy shareholders of the FED. It is believed other FED owners have similar holdings in the media. To control the media, FED bankers call in their loans if the media disagrees with them (Reference 25, P. 134-137).
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Dirk Wittenborn, in his delightful and entertaining novel, Fierce People [1], has one of his characters say, “The brilliance of the American aristocracy is they’ve convinced the world they don’t exist... It’s safer that way. Unlike us [the old European aristocracy], they’re invisible targets...” Furthermore, “It’s very clever -- you teach them in America anyone can become rich, so that when they hate the rich, they hate themselves. It paralyzes them. All they can do is eat.”
President Andrew Jackson stated in reference to the bankers at the state of his administration: "You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out."
"If one understands that socialism is not a share-the-wealth program, but is in reality a method to consolidate and control the wealth, then the seeming paradox of super-rich men promoting socialism becomes no paradox at all. Instead, it becomes logical, even the perfect tool of power-seeking megalomaniacs. Communism or more accurately, socialism, is not a movement of the downtrodden masses, but of the economic elite." Gary Allen, Author
"For the stark choice before us always is: gold (or silver), or government."-Murray N. Rothbard
Re: FEDERAL RESERVE
Hoth, great post. What more can a man ask for, you have once again delivered a wealth of information. However I believe the pale man just can’t comprehend. I admire him, one time I was like him. I thought I knew just how things worked and things were; simply put ‘black or white.’ I believe the American economy was the best in the world, and it probably is, but once I started to follow the money trail I learned that most politicians are bought and paid for. For example, I would love to ad to your post and talk about JFK’s Executive Order 11110. With the stroke of his pen JFK declared the Federal Reserve “will be out of business” after signing Executive Order 11110!
President Kennedy's Executive Order 11110 "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This means that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation based on the silver bullion physically held there. As a result, more than $4 billion in United States Notes were brought into circulation in $2 and $5 denominations. $10 and $20 United States Notes were never circulated but were being printed by the Treasury Department when Kennedy was assassinated. It appears obvious that President Kennedy knew the Federal Reserve Notes being used as the purported legal currency were contrary to the Constitution (Article 8, Section 1)of the United States of America.
Furthermore, 10 days before Kennedy was assassinated he said:
"The high office of the President has been used to foment a plot to
destroy the Americans freedom and before I leave office I must inform the
Citizen of his plight." PRESIDENT JOHN F. KENNEDY(10 days before he was
murdered)
As Hoth pointed out about Woodrow Wilson’s statement on his death bead!
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."
Strangely enough to me President Kennedy's Executive Order 11110 is still on the books. After his assassination all U.S. notes were recalled. Could this be a warning for all future Presidents to fall in line or else….
Coining and regulating the value of money, assigned only to Congress, has a history with the Constitution's authors that is stunningly large and stunningly unambiguous. Their main man of money-first-people-last, Alexander Hamilton, remarked -- "To emit an unfunded paper as the sign of value ought not to continue as a formal part of the Constitution, nor ever hereafter to be employed; being, in its nature, repugnant with abuses and liable to be made the engine of imposition and fraud."
Hamilton knew the Bank of England well. He knew that it had been the model for, and, often, the controller of, the other central banks of Europe. With a bad track record stretching back to 1694, he knew about its debt-based money created out of thin air. He knew about its "fractional reserve banking", which allowed it to create multiples of its thin-air, fiat money with every loan that it entered into its books -- straightforward usury in its most depraved and treasonous form. He knew about its monetary and political machinations in the creation of war, during which it funded both sides, maximizing its creation of debt. He knew that it worked only to benefit its private owners, never its civil society.
Thus Pale man, what is your point with Alexander Hamilton and the United States Bank??? The bank was also opposed on constitutional grounds. Hmmm, we already covered that one! Adopting a position known as "strict constructionism," Thomas Jefferson and James Madison charged that a national bank was unconstitutional since the Constitution did not specifically give Congress the power to create a bank.
You suggested I man up….son, you have been given a road map, if you continue to be lost and can’t find your way….well what more can I say…but good luck man,
Re: FEDERAL RESERVE
The Federal Reserve: Jekyll Island Monster
March 1, 2007
by Stephen Neitzke.
In November 1910, seven wealthy men left the Northeastern US on trains to do some duckhunting on an island off Brunswick, Georgia. They carried all their duckhunting gear in plain sight, so that any snooping reporter could see that they were going duckhunting. And reporters really snooped in those days. The Reform Era muckrakers were still at their 1890s-1912 peak, producing exposés that still startled everybody.
On arrival, the duckhunters moved into a posh resort owned by JP Morgan -- on Jekyll Island.
In later years, at least one of the men admitted that he had never shot a duck, and never intended to. Another of the men later punned that the duckhunting was "a blind".
The seven wealthy men were surrogates of national government and powerful financiers. The financiers were seeming competitors, subordinate to and regulated by the government. However the surrogates were not at Jekyll Island to sharpen their apparent relationships. They were there to agree on unconstitutional collusions between private corporations and government, which would restrict their lesser competitors and allow them to create debt-based money secured by nothing but thin air, from which they and their cronies could get rich by endless multiplication of debt-created money in the financial treason called "fractional reserve banking". They were there to bring the deceits, corruptions, frauds, and murderous machinations of centuries-old European central banking to the US. They were there to keep the rabble down and to keep the right people up.
They were -- Nelson W. Aldrich (Republican whip in the Senate and father-in-law to John D. Rockefeller, Jr.) -- A. Piat Andrew (Asst Secretary of the Treasury) -- Henry P. Davison, Sr. (partner in JP Morgan Company) -- Charles D. Norton (President, 1st National Bank of New York) -- Benjamin Strong (head of JP Morgan's Bankers Trust, later chairman of the Federal Reserve) -- Frank A. Vanderlip (President, National City Bank of New York, representing William Rockefeller) -- Paul M. Warburg (partner in Kuhn, Loeb & Company, representing the Rothschilds and Warburgs in Europe).
US national circumstances were such that the class-race elite -- the superrich -- desperately needed new and extraordinary mechanisms to keep the rabble down and to give the elites increased control. Citizens of nine states had already rammed direct democracy's I&R (initiative and referendum petition process citizen lawmaking) into their state constitutions -- Arkansas, Colorado, Maine, Missouri, Montana, Oklahoma, Oregon, South Dakota, and Utah. Citizens in many other states were heavily organized and threatening to institute their own citizen lawmaking. Class-race elite desperation is probably an understatement.
Across the country, elites were being threatened and driven off decades-old corruptions that held vast profits and power for them. The losses of those profit-power corruptions made the wider elites community more than a little crazy. In the I&R states, November 1910, elites had already resorted to the wholesale illegality of overturning the people's rights as given in constitutional law with inferior and unconstitutional statutes.
I&R "administrative law", passed by state legislatures for the regulation of I&R citizen petitions -- proposed law -- had been filled with "separation of powers" constitutional violations, as well as "binding judicial review of proposed law" constitutional violations. Executive branch officials were instructed by statute to arbitrarily delay, alter, and/or reject constitutionally defined, citizen-proposed law. Judges were instructed to arbitrarily delay, alter, and/or reject citizen-proposed law with binding court rulings.
No constitution in the country allows executive branch officials to interfere in proposed law. No constitution in the country allows judges to perform binding review on proposed law.
Any of those violations against legislature-proposed law would find the violators impeached and removed before dinner. But doing those same constitutional violations against citizen-proposed law is just what's necessary to keep the rabble down. It's just what's necessary to gain the profits and power that is theirs alone.
Those delays, alterations, and/or rejections could be applied to any citizen-proposed law. However, the predator politicians have been cunning enough to selectively apply them only to those citizen-proposed laws that are offensive to money-power. Anything else slides right through. This unconstitutional I&R gauntlet remains largely undiscovered these hundred years later.
The natural law of elitists' profits and power had trumped the laws of nations for thousands of years. It would not any more be set aside by the direct democracy of American rabble than it had by English rabble gathering around the Magna Carta or Republican Roman rabble gathering around the citizen lawmaking of the Council of Plebs.
The Jekyll Island Duck Hunting Society was amazingly successful, for all the wrong reasons, and at huge expense to ordinary Americans.
The Jekyll Island Good Ol' Boys Club saw their labors writ in the stone of federal statute when a compliant and complicit Woodrow Wilson signed the Federal Reserve Act, 23 December 1913. Mental giant that Wilson was, we can hold him responsible for knowing that his signature was not creating law, but instead was creating an unconstitutional anti-law regime -- null and void from its first moment, enforced under color of law only in constantly repeating felony violations of a broad spectrum of valid federal statutes. Nearly a hundred years later, the felony violations stack beyond imagination, every second of every day.
(Article Continues Below)
Here's what Wilson and the powerful predators of Congress got away with:
Constitution, Article 1, section 8 -- The Congress shall have power -- paragraph 5 -- To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.
With the 1913 FRA, Congress and the President unconstitutionally delegated Congress' specifically assigned duty to coin debt-free money secured by its precious metals. They delegated that duty to a privately owned corporation whose expressed intent was to print debt-based, fiat money secured only by thin air, and whose many other expressed intents were the interests of private financial corporate ownership, not the interests of civil society or its Constitutional governance.
There is nothing in the Constitution that allows the give-away or delegation of any expressed duty/power to any other branch or institution. The Federal Reserve act was unconstitutional, felonious, and treasonous from its first moment of existence -- and remains exactly that today.
As with the unconstitutional statutes that overturn the constitutional rights of citizens in the I&R states, the Federal Reserve Act is a federal statute that overturns the constitutional rights of citizens at the national level. This hundred-year-old trick of the super-bigoted class-race elite, their corporate sleaze, and their predator politicians is purely unacceptable. In today's mega-corruption the old trick is a growing enterprise. The 2-party, 3-branch, Bush-Cheney Usurpation has made it a chief tenet of their political science.
Between Jekyll Island and the weeks leading up to the Wilson signing, citizens in another eight states had forced I&R citizen lawmaking into their state constitutions -- Arizona, California, Idaho, Michigan, Nebraska, Nevada, Ohio, and Washington. It was not at all clear to the elites in 1913 that the interstate citizen action groups increasing direct democracy could be stopped. The class-race elite had become desperately crazy.
We shouldn't wonder that Congess' majority of predator politicians went along with the rules-violating rush-through of the FRA's passage. The powerful predators of Congress knew what had to be done to keep the rabble down. And they were being leaned on by their most important clients -- the superrich.
In our time, we need to look back across the history of US money and banking, and create hard-biting remedies to these financial problems that daily now threaten to destroy us as a nation.
The Constitution's authors had many good reasons for granting expressed duty/powers to specific branches and institutions.
Coining and regulating the value of money, assigned only to Congress, has a history with the Constitution's authors that is stunningly large and stunningly unambiguous. Their main man of money-first-people-last, Alexander Hamilton, remarked -- "To emit an unfunded paper as the sign of value ought not to continue as a formal part of the Constitution, nor ever hereafter to be employed; being, in its nature, repugnant with abuses and liable to be made the engine of imposition and fraud."
Hamilton knew the Bank of England well. He knew that it had been the model for, and, often, the controller of, the other central banks of Europe. With a bad track record stretching back to 1694, he knew about its debt-based money created out of thin air. He knew about its "fractional reserve banking", which allowed it to create multiples of its thin-air, fiat money with every loan that it entered into its books -- straightforward usury in its most depraved and treasonous form. He knew about its monetary and political machinations in the creation of war, during which it funded both sides, maximizing its creation of debt. He knew that it worked only to benefit its private owners, never its civil society.
And yet, that "unfunded paper", fiat money secured by nothing more than thin air, is exactly what the 1913 Federal Reserve was commissioned to do -- by the same Congress whose members vow to uphold the Constitution. You might send them a note, "asking them when they intend to start", quips G. Edward Griffin, author of the smooth-reading, history-intense book, The Creature from Jekyll Island: A Second Look at the Federal Reserve.
The Creature from Jekyll Island, 4th edition, 2002, should be required reading for every American over the age of 15. Required viewing is Aaron Russo's 2006 film, America: Freedom to Fascism.
In 1935, SCOTUS slapped down the Congressional give-away of its legislative authority in Schechter Poultry Corporation v. US (295 U.S. 495). After citing the basic tenets of the Constitution's Article 1, the court ruled, "The Congress is not permitted to abdicate or to transfer to others the essential legislative functions with which it is thus vested."
Some were quick to apply that SCOTUS ruling to the Federal Reserve. There were howlings, political explosions, and much noisy gibberish -- and then every criminality of the Federal Reserve simply continued.
(Make a note. That 1935 SCOTUS ruling also applies to Congress' unconstitutional transfer of its exclusive war powers to Bush, prior to Bush's unconstitutional invasion of Iraq. For that unconstitutional transfer, all 373 assenting members and senators are co-conspirators in the felony conspiracy against our soldiers' rights to be sent to war ONLY at the expressed order of Congress. For his invasion order, Bush and his admirals and generals round out that felonious pack of co-conspirators, as defined in the federal statute, 18 USC 241. Felony forfeits all immunities, legislative, executive, and judicial. All of them should have been criminally prosecuted immediately after the illegal invasion. Because that felony violation of our soldiers' rights has resulted in death and maiming, penalties can include life imprisonment or death -- as specified in 18 USC 241.)
Our $8.5 trillion national debt, a direct result of debt-based money creation, held by nations and foreign central banks who, history shows, will destroy our nation without a second thought when their profits picture is good enough, is just one measure of the Federal Reserve's success.
The Federal Reserve's only concerns are the profits and power of its private owners. In a conflict between the interests of their private owners and the US citizenry, they have no concerns for the US citizenry. Disintegration of the US economy will be induced the day that it provides enough profit to the Euro-American central bank cabal.
The FRA is the most financially and politically powerful of the corruption machines that rule the everyday lives of Americans. This is the overarching corruption machine that gives confidence and arrogance to the operators of all the other corruption machines. This is the one that makes every other corruption machine possible.
The omnibus corruption engine would be gutted and near lifeless without the Federal Reserve's multi-faceted "central banking" scam. We desperately need to abolish the Federal Reserve system.
We have many reasons for abolishing the Federal Reserve and for setting a heavily regulated, governmental central banking system in its place. A pro-people, pro-sustainability-economics central banking system that will issue debt-free money and do fully secured banking is the key to a species-mature governance.
Perpetual indebtedness and perpetual war are two giant keys for civil society's control by the superrich. their corporate sleaze, and their predator politicians. Those two giant keys are just part of the anti-democracy, anti-people arsenal that is firmly held by the Federal Reserve and its inbred partner, the international central banking cabal.
Until you understand the reasons for abolishing the Federal Reserve system, you are simply part of the problem.
The seven reasons for abolishing the Fed, as given by Griffin in his book, The Creature from Jekyll Island, "sound absurd to the casual observer" when stated without their supporting facts and arguments. The purpose of his book, he says, is to show that all seven bare-bones statements "are all-too-easy to substantiate". Clearly, his book delivers the substantiation.
Griffin's seven reasons for abolishing the Fed are --
(1) It is incapable of accomplishing its stated objectives.
(2) It is a cartel operating against the public interest.
(3) It is the supreme instrument of usury [with its treason of "fractional reserve banking", endlessly multiplying the money supply, endlessly multiplying debt, endlessly multiplying inflation].
(4) It generates our most unfair tax [inflation due to constantly increasing money supply].
(5) It encourages war.
(6) It destabilizes the economy.
(7) It is an instrument of totalitarianism.
Those who are laboring to renovate the Democratic Party so that government can save us should make a note. It is very probable that the international banking cabal's many levers threatening the existence of our country is the cause of the Democratic Party's terminal waffle, flip-flop, and treasonous support of neocon treasons.
Better ask yourselves whether those behaviors show any evidence that a newly strong Democratic Party -- still saddled with a majority of its old-school corruption machine operators -- could be brought to face down the central banking cabal's threats. Could they be brought to abolish the Fed, just when they've gained the power to obscenely excessive profits from the Fed's horrendous defrauding of the American people?
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Jeckyll Island and the Federal Reserve
By John Pounders, Paradigm Publishing, Copyright 1996
My wife and I visited Jekyll Island, Georgia, in April, 1996. It immediately took on a fascination because I remembered that Jekyll is known as the birthplace of the Federal Reserve. In fact, the Clubhouse/hotel on the island has two conference rooms named for the "Federal Reserve."
In 1886, a group of millionaires purchased Jekyll Island and converted it into a winter retreat and hunting ground, the USA's most exclusive club. By 1900, the club's roster represented 1/6th of the world's wealth. Names like Astor, Vanderbilt, Morgan, Pulitzer and Gould filled the club's register. Non- members, regardless of stature, were not allowed. Dignitaries like Winston Churchill and President McKinley were refused admission.
In 1908, the year after a national money panic purportedly created by J. P. Morgan, Congress established, in 1908, a National Monetary Authority. In 1910 another, more secretive, group was formed consisting of the chiefs of major corporations and banks in this country. The group left secretly by rail from Hoboken, New Jersey, and traveled anonymously to the hunting lodge on Jekyll Island.
The meeting was so secret that none referred to the other by his last name. Why the need for secrecy? Frank Vanderlip wrote later in the Saturday Evening Post, "...it would have been fatal to Senator Aldrich's plan to have it known that he was calling on anybody from Wall Street to help him in preparing his bill...I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System."
At Jekyll Island, the true draftsman for the Federal Reserve was Paul Warburg. The plan was simple. The new central bank could not be called a central bank because America did not want one, so it had to be given a deceptive name. Ostensibly, the bank was to be controlled by Congress, but a majority of its members were to be selected by the private banks that would own its stock.
To keep the public from thinking that the Federal Reserve would be controlled from New York, a system of twelve regional banks was designed. Given the concentration of money and credit in New York, the Federal Reserve Bank of New York controlled the system, making the regional concept initially nothing but a ruse.
The board and chairman were to be selected by the President, but in the words of Colonel Edward House, the board would serve such a term as to "put them out of the power of the President." The power over the creation of money was to be taken from the people and placed in the hands of private bankers who could expand or contract credit as they felt best suited their needs.
Why the opposition to a central bank?
Americans at the time knew of the destruction to the economy the European central banks had caused to their respective countries and to countries who became their debtors. They saw the large- scale government deficit spending and debt creation that occurred in Europe.
Shortly after the United States gained its freedom, the Rothschilds attempted to saddle the country with a private central bank. This Bank of the United States was abolished by President Andrew Jackson with these words:
The bold effort the present bank has made to control the government, the distress it had wantonly produced...are but premonitions of the fate that awaits the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.
But European financial moguls didn't rest until the New World was within their orbit. In 1902, Paul Warburg, a friend and associate of the Rothschilds and an expert on European central banking, came to this country as a partner in Kuhn, Loeb and Company. He married the daughter of Solomon Loeb, one of the founders of the firm. The head of Kuhn, Loeb was Jacob Schiff, whose gift of $20 million in gold to the struggling Russian communists in 1917 no doubt saved their revolution.
The Fed controls the banking system in the USA, not the Congress nor the people indirectly (as the Constitution dictates). The U.S. central bank strategy is a product of European banking interests.
* * *
Back to Jekyll, the Island
National and world events of the 1930s led ultimately to the Club's closing in 1942. Jekyll Island was purchased by the state of Georgia in 1947. 33 of the Club member cottages and Clubhouse still stand. Many have been restored to their former grandeur and are open for tours.
It is amazing what one can learn on vacation with little effort.
Re: FEDERAL RESERVE
The founder of the Rothschild dynasty, Mayer Amschel Bauer, told the secret of controlling the government of a nation over 200 years ago. He said,
Quote:"Permit me to issue and control the money of a nation and I care not who makes its laws."
Get the picture? Your freedom hinges first on the nation's banks and money system. Only a fool would advocate the Federal Reserve as our friend. From my previous post, how can one not understand the Rothchilds connection. Furthermore, how can one question or argue with Hoth's post on this important matter.
I pride myself as a free thinker! I do not take a man's word. No matter how controversial the topic is, I research it. I advise people to do the same! As the previous article I posted stated " 1/6th of the worlds wealth belonged to the Jeckyll Island club and dignitaries such as Churchill not being allowed....just a coincidence! Edited by: new world order1977 at: 7/18/07 22:18
Re: FEDERAL RESERVE
Secrets of the Federal Reserve
by Eustace Mullins
Table of Contents
CHAPTER ONE
Jekyll Island
"The matter of a uniform discount rate was discussed and settled at Jekyll Island."
-Paul M. Warburg 1
On the night of November 22, 1910, a group of newspaper reporters stood disconsolately in the railway station at Hoboken, New Jersey. They had just watched a delegation of the nation's leading financiers leave the station on a secret mission. It would be years before they discovered what that mission was, and even then they would not understand that the history of the United States underwent a drastic change after that night in Hoboken.
The delegation had left in a sealed railway car, with blinds drawn, for an undisclosed destination. They were led by Senator Nelson Aldrich, head of the National Monetary Commission. President Theodore Roosevelt had signed into law the bill creating the National Monetary Commission in 1908, after the tragic Panic of 1907 had resulted in a public outcry that the nation's monetary system be stabilized. Aldrich had led the members of the Commission on a two-year tour of Europe, spending some three hundred thousand dollars of public money. He had not yet made a report on the results of this trip, nor had he offered any plan for banking reform.
Accompanying Senator Aldrich at the Hoboken station were his private secretary, Shelton; A. Piatt Andrew, Assistant Secretary of the Treasury, and Special Assistant of the National Monetary Commission; Frank Vanderlip, president of the National City Bank of New York, Henry P. Davison, senior partner of J.P. Morgan Company, and generally regarded as Morgan's personal emissary; and Charles D. Norton, president of the Morgan-dominated First National Bank of New York. Joining the group just before the train left the station were Benjamin Strong, also known as a lieutenant of J.P. Morgan; and Paul Warburg, a recent immigrant from Germany who had joined the banking house of Kuhn, Loeb and Company, New York as a partner earning five hundred thousand dollars a year.
Six years later, a financial writer named Bertie Charles Forbes (who later founded the Forbes Magazine; the present editor, Malcom Forbes, is his son), wrote:
"Picture a party of the nation's greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily hieing hundred of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written . . . . The utmost secrecy was enjoined upon all. The public must not glean a hint of what was to be done. Senator Aldrich notified each one to go quietly into a private car of which the railroad had received orders to draw up on an unfrequented platform. Off the party set. New York's ubiquitous reporters had been foiled . . . Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry . . . . Warburg is the link that binds the Aldrich system and the present system together. He more than any one man has made the system possible as a working reality." 2
The official biography of Senator Nelson Aldrich states:
"In the autumn of 1910, six men went out to shoot ducks, Aldrich, his secretary Shelton, Andrews, Davison, Vanderlip and Warburg. Reporters were waiting at the Brunswick (Georgia) station. Mr. Davison went out and talked to them. The reporters dispersed and the secret of the strange journey was not divulged. Mr. Aldrich asked him how he had managed it and he did not volunteer the information." 3
Davison had an excellent reputation as the person who could conciliate warring factions, a role he had performed for J.P. Morgan during the settling of the Money Panic of 1907. Another Morgan partner, T.W. Lamont, says:
"Henry P. Davison served as arbitrator of the Jekyll Island expedition." 4
From these references, it is possible to piece together the story. Aldrich's private car, which had left Hoboken station with its shades drawn, had taken the financiers to Jekyll Island, Georgia. Some years earlier, a very exclusive group of millionaires, led by J.P. Morgan, had purchased the island as a winter retreat. They called themselves the Jekyll Island Hunt Club, and, at first, the island was used only for hunting expeditions, until the millionaires realized that its pleasant climate offered a warm retreat from the rigors of winters in New York, and began to build splendid mansions, which they called "cottages", for their families' winter vacations. The club building itself, being quite isolated, was sometimes in demand for stag parties and other pursuits unrelated to hunting. On such occasions, the club members who were not invited to these specific outings were asked not to appear there for a certain number of days. Before Nelson Aldrich's party had left New York, the club's members had been notified that the club would be occupied for the next two weeks.
The Jekyll Island Club was chosen as the place to draft the plan for control of the money and credit of the people of the United States, not only because of its isolation, but also because it was the private preserve of the people who were drafting the plan. The New York Times later noted, on May 3, 1931, in commenting on the death of George F. Baker, one of J.P. Morgan's closest associates, that "Jekyll Island Club has lost one of its most distinguished members. One-sixth of the total wealth of the world was represented by the members of the Jekyll Island Club." Membership was by inheritance only.
The Aldrich group had no interest in hunting. Jekyll Island was chosen for the site of the preparation of the central bank because it offered complete privacy, and because there was not a journalist within fifty miles. Such was the need for secrecy that the members of the party agreed, before arriving at Jekyll Island, that no last names would be used at any time during their two week stay. The group later referred to themselves as the First Name Club, as the last names of Warburg, Strong, Vanderlip and the others were prohibited during their stay. The customary attendants had been given two week vacations from the club, and new servants brought in from the mainland for this occasion who did not know the names of any of those present. Even if they had been interrogated after the Aldrich party went back to New York, they could not have given the names. This arrangement proved to be so satisfactory that the members, limited to those who had actually been present at Jekyll Island, later had a number of informal get-togethers in New York.
Why all this secrecy? Why this thousand mile trip in a closed railway car to a remote hunting club? Ostensibly, it was to carry out a program of public service, to prepare banking reform which would be a boon to the people of the United States, which had been ordered by the National Monetary Commission. The participants were no strangers to public benefactions. Usually, their names were inscribed on brass plaques, or on the exteriors of buildings which they had donated. This was not the procedure which they followed at Jekyll Island. No brass plaque was ever erected to mark the selfless actions of those who met at their private hunt club in 1910 to improve the lot of every citizen of the United States.
In fact, no benefaction took place at Jekyll Island. The Aldrich group journeyed there in private to write the banking and currency legislation which the National Monetary Commission had been ordered to prepare in public. At stake was the future control of the money and credit of the United States. If any genuine monetary reform had been prepared and presented to Congress, it would have ended the power of the elitist one world money creators. Jekyll Island ensured that a central bank would be established in the United States which would give these bankers everything they had always wanted.
As the most technically proficient of those present, Paul Warburg was charged with doing most of the drafting of the plan. His work would then be discussed and gone over by the rest of the group. Senator Nelson Aldrich was there to see that the completed plan would come out in a form which he could get passed by Congress, and the other bankers were there to include whatever details would be needed to be certain that they got everything they wanted, in a finished draft composed during a onetime stay. After they returned to New York, there could be no second get together to rework their plan. They could not hope to obtain such secrecy for their work on a second journey.
The Jekyll Island group remained at the club for nine days, working furiously to complete their task. Despite the common interests of those present, the work did not proceed without friction. Senator Aldrich, always a domineering person, considered himself the chosen leader of the group, and could not help ordering everyone else about. Aldrich also felt somewhat out of place as the only member who was not a professional banker. He had had substantial banking interests throughout his career, but only as a person who profited from his ownership of bank stock. He knew little about the technical aspects of financial operations. His opposite number, Paul Warburg, believed that every question raised by the group demanded, not merely an answer, but a lecture. He rarely lost an opportunity to give the members a long discourse designed to impress them with the extent of his knowledge of banking. This was resented by the others, and often drew barbed remarks from Aldrich. The natural diplomacy of Henry P. Davison proved to be the catalyst which kept them at their work. Warburg's thick alien accent grated on them, and constantly reminded them that they had to accept his presence if a central bank plan was to be devised which would guarantee them their future profits. Warburg made little effort to smooth over their prejudices, and contested them on every possible occasion on technical banking questions, which he considered his private preserve.
"In all conspiracies there must be great secrecy." 5
The "monetary reform" plan prepared at Jekyll Island was to be presented to Congress as the completed work of the National Monetary Commission. It was imperative that the real authors of the bill remain hidden. So great was popular resentment against bankers since the Panic of 1907 that no Congressman would dare to vote for a bill bearing the Wall Street taint, no matter who had contributed to his campaign expenses. The Jekyll Island plan was a central bank plan, and in this country there was a long tradition of struggle against inflicting a central bank on the American people. It had begun with Thomas Jefferson's fight against Alexander Hamilton's scheme for the First Bank of the United States, backed by James Rothschild. It had continued with President Andrew Jackson's successful war against Alexander Hamilton's scheme for the Second Bank of the United States, in which Nicholas Biddle was acting as the agent for James Rothschild of Paris. The result of that struggle was the creation of the Independent Sub-Treasury System, which supposedly had served to keep the funds of the United States out of the hands of the financiers. A study of the panics of 1873, 1893, and 1907 indicates that these panics were the result of the international bankers' operations in London. The public was demanding in 1908 that Congress enact legislation to prevent the recurrence of artificially induced money panics. Such monetary reform now seemed inevitable. It was to head off and control such reform that the National Monetary Commission had been set up with Nelson Aldrich at its head, since he was majority leader of the Senate.
The main problem, as Paul Warburg informed his colleagues, was to avoid the name "Central Bank". For that reason, he had decided upon the designation of "Federal Reserve System". This would deceive the people into thinking it was not a central bank. However, the Jekyll Island plan would be a central bank plan, fulfilling the main functions of a central bank; it would be owned by private individuals who would profit from ownership of shares. As a bank of issue, it would control the nation's money and credit.
In the chapter on Jekyll Island in his biography of Aldrich, Stephenson writes of the conference:
"How was the Reserve Bank to be controlled? It must be controlled by Congress. The government was to be represented in the board of directors, it was to have full knowledge of all the Bank's, affairs, but a majority of the directors were to be chosen, directly or indirectly, by the banks of the association." 6
Thus the proposed Federal Reserve Bank was to be "controlled by Congress" and answerable to the government, but the majority of the directors were to be chosen, "directly or indirectly" by the banks of the association. In the final refinement of Warburg's plan, the Federal Reserve Board of Governors would be appointed by the President of the United States, but the real work of the Board would be controlled by a Federal Advisory Council, meeting with the Governors. The Council would be chosen by the directors of the twelve Federal Reserve Banks, and would remain unknown to the public.
The next consideration was to conceal the fact that the proposed "Federal Reserve System" would be dominated by the masters of the New York money market. The Congressmen from the South and the West could not survive if they voted for a Wall Street plan. Farmers and small businessmen in those areas had suffered most from the money panics. There had been great popular resentment against the Eastern bankers, which during the nineteenth century became a political movement known as "populism". The private papers of Nicholas Biddle, not released until more than a century after his death, show that quite early on the Eastern bankers were fully aware of the widespread public opposition to them.
Paul Warburg advanced at Jekyll Island the primary deception which would prevent the citizens from recognizing that his plan set up a central bank. This was the regional reserve system. He proposed a system of four (later twelve) branch reserve banks located in different sections of the country. Few people outside the banking world would realize that the existing concentration of the nation's money and credit structure in New York made the proposal of a regional reserve system a delusion.
Another proposal advanced by Paul Warburg at Jekyll Island was the manner of selection of administrators for the proposed regional reserve system. Senator Nelson Aldrich had insisted that the officials should be appointive, not elected, and that Congress should have no role in their selection. His Capitol Hill experience had taught him that congressional opinion would often be inimical to the Wall Street interests, as Congressmen from the West and South might wish to demonstrate to their constituents that they were protecting them against the Eastern bankers.
Warburg responded that the administrators of the proposed central banks should be subject to executive approval by the President. This patent removal of the system from Congressional control meant that the Federal Reserve proposal was unconstitutional from its inception, because the Federal Reserve System was to be a bank of issue. Article 1, Sec. 8, Par. 5 of the Constitution expressly charges Congress with "the power to coin money and regulate the value thereof.". Warburg's plan would deprive Congress of its sovereignty, and the systems of checks and balances of power set up by Thomas Jefferson in the Constitution would now be destroyed. Administrators of the proposed system would control the nation's money and credit, and would themselves be approved by the executive department of the government. The judicial department (the Supreme Court, etc.) was already virtually controlled by the executive department through presidential appointment to the bench.
Paul Warburg later wrote a massive exposition of his plan, The Federal Reserve System, Its Origin and Growth 7 of some 1750 pages, but the name "Jekyll Island" appears nowhere in this text. He does state (Vol. 1, p. 5 :
"But then the conference closed, after a week of earnest deliberation, the rough draft of what later became the Aldrich Bill had been agreed upon, and a plan had been outlined which provided for a 'National Reserve Association,' meaning a central reserve organization with an elastic note issue based on gold and commercial paper."
On page 60, Warburg writes, "The results of the conference were entirely confidential. Even the fact there had been a meeting was not permitted to become public." He adds in a footnote, "Though eighteen [sic] years have since gone by, I do not feel free to give a description of this most interesting conference concerning which Senator Aldrich pledged all participants to secrecy."
B.C. Forbes' revelation8 of the secret expedition to Jekyll Island, had had surprisingly little impact. It did not appear in print until two years after the Federal Reserve Act had been passed by Congress, hence it was never read during the period when it could have had an effect, that is, during the Congressional debate on the bill. Forbes' story was also dismissed, by those "in the know," as preposterous, and a mere invention. Stephenson mentions this on page 484 of his book about Aldrich. 9
"This curious episode of Jekyll Island has been generally regarded as a myth. B.C. Forbes got some information from one of the reporters. It told in vague outline the Jekyll Island story, but made no impression and was generally regarded as a mere yarn."
The coverup of the Jekyll Island conference proceeded along two lines, both of which were successful. The first, as Stephenson mentions, was to dismiss the entire story as a romantic concoction which never actually took place. Although there were brief references to Jekyll Island in later books concerning the Federal Reserve System, these also attracted little public attention. As we have noted, Warburg's massive and supposedly definite work on the Federal Reserve System does not mention Jekyll Island at all, although he does admit that a conference took place. In none of his voluminous speeches or writings do the words "Jekyll Island" appear, with a single notable exception. He agreed to Professor Stephenson's request that he prepare a brief statement for the Aldrich biography. This appears on page 485 as part of "The Warburg Memorandum". In this excerpt, Warburg writes, "The matter of a uniform discount rate was discussed and settled at Jekyll Island."
Another member of the "First Name Club" was less reticent. Frank Vanderlip later published a few brief references to the conference. In the Saturday Evening Post, February 9, 1935, p. 25, Vanderlip wrote:
"Despite my views about the value to society of greater publicity for the affairs of corporations, there was an occasion near the close of 1910, when I was as secretive, indeed, as furtive, as any conspirator. . . . Since it would have been fatal to Senator Aldrich's plan to have it known that he was calling on anybody from Wall Street to help him in preparing his bill, precautions were taken that would have delighted the heart of James Stillman (a colorful and secretive banker who was President of the National City Bank during the Spanish-American War, and who was thought to have been involved in getting us into that war) . . . I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System."
In a Travel feature in The Washington Post, March 27, 1983, "Follow The Rich to Jekyll Island", Roy Hoopes writes:
"In 1910, when Aldrich and four financial experts wanted a place to meet in secret to reform the country's banking system, they faked a hunting trip to Jekyll and for 10 days holed up in the Clubhouse, where they made plans for what eventually would become the Federal Reserve Bank."
Vanderlip later wrote in his autobiography, From Farmboy to Financier: 10
"Our secret expedition to Jekyll Island was the occasion of the actual conception of what eventually became the Federal Reserve System. The essential points of the Aldrich Plan were all contained in the Federal Reserve Act as it was passed."
Professor E.R.A. Seligman, a member of the international banking family of J. & W. Seligman, and head of the Department of Economics at Columbia University, wrote in an essay published by the Academy of Political Science, Proceedings, v. 4, No. 4, p. 387-90:
"It is known to a very few how great is the indebtedness of the United States to Mr. Warburg. For it may be said without fear of contradiction that in its fundamental features the Federal Reserve Act is the work of Mr. Warburg more than any other man in the country. The existence of a Federal Reserve Board creates, in everything but in name, a real central bank. In the two fundamentals of command of reserves and of a discount policy, the Federal Reserve Act has frankly accepted the principle of the Aldrich Bill, and these principles, as has been stated, were the creation of Mr. Warburg and Mr. Warburg alone. It must not be forgotten that Mr. Warburg had a practical object in view. In formulating his plans and in advancing in them slightly varying suggestions from time to time, it was incumbent on him to remember that the education of the country must be gradual and that a large part of the task was to break down prejudices and remove suspicion. His plans therefore contained all sorts of elaborate suggestions designed to guard the public against fancied dangers and to persuade the country that the general scheme was at all practicable. It was the hope of Mr. Warburg that with the lapse of time it might be possible to eliminate from the law a few clauses which were inserted largely at his suggestion for educational purposes."
Now that the public debt of the United States has passed a trillion dollars, we may indeed admit "how great is the indebtedness of the United States to Mr. Warburg." At the time he wrote the Federal Reserve Act, the public debt was almost nonexistent.
Professor Seligman points out Warburg's remarkable prescience that the real task of the members of the Jekyll Island conference was to prepare a banking plan which would gradually "educate the country" and "break down prejudices and remove suspicion". The campaign to enact the plan into law succeeded in doing just that.
NOTES:
1. Prof. Nathaniel Wright Stephenson, Paul Warburg's Memorandum, Nelson Aldrich A Leader in American Politics, Scribners, N.Y. 1930
2. "CURRENT OPINION", December, 1916, p. 382.
3. Nathaniel Wright Stephenson, Nelson W. Aldrich, A Leader in American Politics, Scribners, N.Y. 1930, Chap. XXIV "Jekyll Island"
4. T.W. Lamont, Henry P. Davison, Harper, 1933
5. Clarendon, Hist. Reb. 1647
6. Nathaniel Wright Stephenson, Nelson W. Aldrich, A Leader in American Politics, Scribners, N.Y. 1930, Chap. XXIV "Jekyll Island" p. 379
7. Paul Warburg, The Federal Reserve System, Its Origin and Growth, Volume I, p. 58, Macmillan, New York, 1930
8. CURRENT OPINION, December, 1916, p. 382
9. Nathaniel Wright Stephenson, Nelson W. Aldrich, A Leader in American Politics, Scribners, N.Y. 1930, Chap. XXIV "Jekyll Island" p. 379
10. Frank Vanderlip, From Farmboy to Financier
Re: FEDERAL RESERVE
Secrets of the Federal Reserve
by Eustace Mullins
Table of Contents
CHAPTER THREE
The Federal Reserve Act
"Our financial system is a false one and a huge burden on the people . . . This Act establishes the most gigantic trust on earth."
-Congressman Charles Augustus Lindbergh, Sr.
The speeches of Senator LaFollette and Congressman Lindbergh became rallying points of opposition to the Aldrich Plan in 1912. They also aroused popular feeling against the Money Trust. Congressman Lindbergh said, on December 15, 1911, "The government prosecutes other trusts, but supports the money trust. I have been waiting patiently for several years for an opportunity to expose the false money standard, and to show that the greatest of all favoritism is that extended by the government to the money trust."
Senator LaFollette publicly charged that a money trust of fifty men controlled the United States. George F. Baker, partner of J.P. Morgan, on being queried by reporters as to the truth of the charge, replied that it was absolutely in error. He said that he knew from personal knowledge that not more than eight men ran this country.
The Nation Magazine replied editorially to Senator LaFollette that "If there is a Money Trust, it will not be practical to establish that it exercises its influence either for good or for bad."
Senator LaFollette remarks in his memoirs that his speech against the Money Trust later cost him the Presidency of the United States, just as Woodrow Wilson's early support of the Aldrich Plan had brought him into consideration for that office.
Congress finally made a gesture to appease popular feeling by appointing a committee to investigate the control of money and credit in the United States. This was the Pujo Committee , a subcommittee of the House Banking and Currency Committee, which conducted the famous "Money Trust" hearings in 1912, under the leadership of Congressman Arsene Pujo of Louisiana, who was regarded as a spokesman for the oil interests. These hearings were deliberately dragged on for five months, and resulted in six-thousand pages of printed testimony in four volumes. Month after month, the bankers made the train trip from New York to Washington, testified before the Committee and returned to New York. The hearings were extremely dull, and no startling information turned up at these sessions. The bankers solemnly admitted that they were indeed bankers, insisted that they always operated in the public interest, and claimed that they were animated only by the highest ideals of public service, like the Congressmen before whom they were testifying.
The paradoxical nature of the Pujo Money Trust Hearings may better be understood if we examine the man who single-handedly carried on these hearings, Samuel Untermyer. He was one of the principal contributors to Woodrow Wilson's Presidential campaign fund, and was one of the wealthiest corporation lawyers in New York. He states in his autobiography in "Who's Who" of 1926 that he once received a $775,000 fee for a single legal transaction, the successful merger of the Utah Copper Company and the Boston Consolidated and Nevada Company, a firm with a market value of one hundred million dollars. He refused to ask either Senator LaFollette or Congressman Lindbergh to testify in the investigation which they alone had forced Congress to hold. As Special Counsel for the Pujo Committee, Untermyer ran the hearings as a one-man operation. The Congressional members, including its chairman, Congressman Arsene Pujo, seemed to have been struck dumb from the commencement of the hearings to their conclusion. One of these silent servants of the public was Congressman James Byrnes, of South Carolina, representing Bernard Baruch's home district, who later achieved fame as "Baruch's man", and was placed by Baruch in charge of the Office of War Mobilization during the Second World War.
Although he was a specialist in such matters, Untermyer did not ask any of the bankers about the system of interlocking directorates through which they controlled industry. He did not go into international gold movements, which were known as a factor in money panics, or the international relationships between American bankers and European bankers. The international banking houses of Eugene Meyer, Lazard Freres, J. & W. Seligman, Ladenburg Thalmann, Speyer Brothers, M. M. Warburg, and the Rothschild Brothers did not arouse Samuel Untermyer's curiosity, although it was well known in the New York financial world that all of these family banking houses either had branches or controlled subsidiary houses in Wall Street. When Jacob Schiff appeared before the Pujo Committee, Mr. Untermyer's adroit questioning allowed Mr. Schiff to talk for many minutes without revealing any information about the operations of the banking house of Kuhn Loeb Company, of which he was senior partner, and which Senator Robert L. Owen had identified as the representative of the European Rothschilds in the United States.
The aging J.P. Morgan, who had only a few more months to live, appeared before the Committee to justify his decades of international financial deals. He stated for Mr. Untermyer's edification that "Money is a commodity." This was a favorite ploy of the money creators, as they wished to make the public believe that the creation of money was a natural occurrence akin to the growing of a field of corn, although it was actually a bounty conferred upon the bankers by governments over which they had gained control.
J.P. Morgan also told the Pujo Committee that, in making a loan, he seriously considered only one factor, a man's character; even the man's ability to repay the loan, or his collateral, were of little importance. This astonishing observation startled even the blas members of the Committee.
The farce of the Pujo Committee ended without a single well-known opponent of the money creators being allowed to appear or testify. As far as Samuel Untermyer was concerned, Senator LaFollette and Congressman Charles Augustus Lindbergh had never existed. Nevertheless, these Congressmen had managed to convince the people of the United States that the New York bankers did have a monopoly on the nation's money and credit. At the close of the hearings, the bankers and their subsidized newspapers claimed that the only way to break this monopoly was to enact the banking and currency legislation now being proposed to Congress, a bill which would be passed a year later as the Federal Reserve Act. The press seriously demanded that the New York banking monopoly be broken by turning over the administration of the new banking system to the most knowledgeable banker of them all, Paul Warburg.
The Presidential campaign of 1912 records one of the more interesting political upsets in American history. The incumbent, William Howard Taft, was a popular president, and the Republicans, in a period of general prosperity, were firmly in control of the government through a Republican majority in both houses. The Democratic challenger, Woodrow Wilson, Governor of New Jersey, had no national recognition, and was a stiff, austere man who excited little public support. Both parties included a monetary reform bill in their platforms: The Republicans were committed to the Aldrich Plan, which had been denounced as a Wall Street plan, and the Democrats had the Federal Reserve Act. Neither party bothered to inform the public that the bills were almost identical except for the names. In retrospect, it seems obvious that the money creators decided to dump Taft and go with Wilson. How do we know this? Taft seemed certain of reelection, and Wilson would return to obscurity. Suddenly, Theodore Roosevelt "threw his hat into the ring." He announced that he was running as a third party candidate, the "Bull Moose". His candidacy would have been ludicrous had it not been for the fact that he was exceptionally well-financed. Moreover, he was given unlimited press coverage, more than Taft and Wilson combined. As a Republican ex-president, it was obvious that Roosevelt would cut deeply into Taft's vote. This proved the case, and Wilson won the election. To this day, no one can say what Theodore Roosevelt's program was, or why he would sabotage his own party. Since the bankers were financing all three candidates, they would win regardless of the outcome. Later Congressional testimony showed that in the firm of Kuhn Loeb Company, Felix Warburg was supporting Taft, Paul Warburg and Jacob Schiff were supporting Wilson, and Otto Kahn was supporting Roosevelt. The result was that a Democratic Congress and a Democratic President were elected in 1912 to get the central bank legislation passed. It seems probable that the identification of the Aldrich Plan as a Wall Street operation predicted that it would have a difficult passage through Congress, as the Democrats would solidly oppose it, whereas a successful Democratic candidate, supported by a Democratic Congress, would be able to pass the central bank plan. Taft was thrown overboard because the bankers doubted he could deliver on the Aldrich Plan, and Roosevelt was the instrument of his demise.*
To further confuse the American people and blind them to the real purpose of the proposed Federal Reserve Act, the architects of the Aldrich Plan, powerful Nelson Aldrich, although no longer a senator, and Frank Vanderlip, president of the National City Bank, set up a hue and cry against the bill. They gave interviews whenever they could find an audience denouncing the proposed Federal Reserve Act as inimical to banking and to good government. The bugaboo of inflation was raised because of the Act's provisions for printing Federal Reserve notes. The Nation, on October 23, 1913, pointed out, "Mr. Aldrich himself raised a hue and cry over the issue of government "fiat money", that is, money issued without gold or bullion back of it, although a bill to do precisely that had been passed in 1908 with his own name as author, and he knew besides, that the 'government' had nothing to do with it, that the Federal Reserve Board would have full charge of the issuing of such moneys."
Frank Vanderlip's claims were so bizarre that Senator Robert L. Owen, chairman of the newly formed Senate Banking and Currency Committee, which had been formed on March 18, 1913, accused him of openly carrying on a campaign of misrepresentation about the bill. The interests of the public, so Carter Glass claimed in a speech on September 10, 1913 to Congress, would be protected by an advisory council of bankers. "There can be nothing sinister about its transactions. Meeting with it at least four times a year will be a bankers' advisory council representing every regional reserve district in the system. How could we have exercised greater caution in safeguarding the public interests?"
Glass claimed that the proposed Federal Advisory Council would force the Federal Reserve Board of Governors to act in the best interest of the people.
Senator Root raised the problem of inflation, claiming that under the Federal Reserve Act, note circulation would always expand indefinitely, causing great inflation. However, the later history of the Federal Reserve System showed that it not only caused inflation, but that the issue of notes could also be restricted, causing deflation, as occurred from 1929 to 1939.
One of the critics of the proposed "decentralized" system was a lawyer from Cleveland, Ohio, Alfred Crozier: Crozier was called to testify for the Senate Committee because he had written a provocative book in 1912, U.S. Money vs. Corporation Currency**. He attacked the Aldrich-Vreeland Act of 1908 as a Wall Street instrument, and he pointed out that when our government had to issue money based on privately owned securities, we were no longer a free nation.
Crozier testified before the Senate Committee that, "It should prohibit the granting or calling in of loans for the purpose of influencing quotation prices of securities and the contracting of loans or increasing interest rates in concert by the banks to influence public opinion or the action of any legislative body. Within recent months, William McAdoo, Secretary of the Treasury of the United States was reported in the open press as charging specifically that there was a conspiracy among certain of the large banking interests to put a contraction upon the currency and to raise interest rates for the sake of making the public force Congress into passing currency legislation desired by those interests. The so-called administration currency bill grants just what Wall Street and the big banks for twenty-five years have been striving for, that is, PRIVATE INSTEAD OF PUBLIC CONTROL OF CURRENCY. It does this as completely as the Aldrich Bill. Both measures rob the government and the people of all effective control over the public's money, and vest in the banks exclusively the dangerous power to make money among the people scarce or plenty. The Aldrich Bill puts this power in one central bank. The Administration Bill puts it in twelve regional central banks, all owned exclusively by the identical private interests that would have owned and operated the Aldrich Bank. President Garfield shortly before his assassination declared that whoever controls the supply of currency would control the business and activities of the people. Thomas Jefferson warned us a hundred years ago that a private central bank issuing the public currency was a greater menace to the liberties of the people than a standing army."
It is interesting to note how many assassinations of Presidents of the United States follow their concern with the issuing of public currency; Lincoln with his Greenback, non-interest-bearing notes, and Garfield, making a pronouncement on currency problems just before he was assassinated.
We now begin to understand why such a lengthy campaign of planned deception was necessary, from the secret conference at Jekyll Island to the identical "reform" plans proposed by the Democratic and Republican parties under different names. The bankers could not wrest control of the issuance of money from the citizens of the United States, to whom it had been designated through its Congress by the Constitution, until the Congress granted them their monopoly for a central bank. Therefore, much of the influence exerted to get the Federal Reserve Act passed was done behind the scenes, principally by two shadowy, non-elected persons: The German immigrant, Paul Warburg, and Colonel Edward Mandell House of Texas.
Paul Warburg made an appearance before the House Banking and Currency Committee in 1913, in which he briefly stated his background: "I am a member of the banking house of Kuhn, Loeb Company. I came over to this country in 1902, having been born and educated in the banking business in Hamburg, Germany, and studied banking in London and Paris, and have gone all around the world. In the Panic of 1907, the first suggestion I made was 'Let us get a national clearing house.' The Aldrich Plan contains some things which are simply fundamental rules of banking. Your aim in this plan (the Owen-Glass bill) must be the same--centralizing of reserves, mobilizing commercial credit, and getting an elastic note issue."
Warburg's phrase, "mobilization of credit" was an important one, because the First World War was due to begin shortly, and the first task of the Federal Reserve System would be to finance the World War. The European nations were already bankrupt, because they had maintained large standing armies for almost fifty years, a situation created by their own central banks, and therefore they could not finance a war. A central bank always imposes a tremendous burden on the nation for "rearmament" and "defense", in order to create inextinguishable debt, simultaneously creating a military dictatorship and enslaving the people to pay the "interest" on the debt which the bankers have artificially created.
In the Senate debate on the Federal Reserve Act, Senator Stone said on December 12, 1913,
"The great banks for years have sought to have and control agents in the Treasury to serve their purposes. Let me quote from this World article, 'Just as soon as Mr. McAdoo came to Washington, a woman whom the National City Bank had installed in the Treasury Department to get advance information on the condition of banks, and other matters of interest to the big Wall Street group, was removed. Immediately the Secretary and the Assistant Secretary, John Skelton Williams, were criticized severely by the agents of the Wall Street group.'"
"I myself have known more than one occasion when bankers refused credit to men who opposed their political views and purposes. When Senator Aldrich and others were going around the country exploiting this scheme, the big banks of New York and Chicago were engaged in raising a munificent fund to bolster up the Aldrich propaganda. I have been told by bankers of my own state that contributions to this exploitation fund had been demanded of them and that they had contributed because they were afraid of being blacklisted or boycotted. There are bankers of this country who are enemies of the public welfare. In the past, a few great banks have followed policies and projects that have paralyzed the industrial energies of the country to perpetuate their tremendous power over the financial and business industries of America."
Carter Glass states in his autobiography that he was summoned by Woodrow Wilson to the White House, and that Wilson told him he intended to make the reserve notes obligations of the United States. Glass says, "I was for an instant speechless. I remonstrated. There is not any government obligation here, Mr. President. Wilson said he had had to compromise on this point in order to save the bill."
The term "compromise" on this point came directly from Paul Warburg. Col. Elisha Ely Garrison, in Roosevelt, Wilson and the Federal Reserve Law wrote,
"In 1911, Lawrence Abbot, Mr. Roosevelt's private officer at 'The Outlook' handed me a copy of the so-called Aldrich Plan for currency reform. I said, I could not believe that Mr. Warburg was the author. This plan is nothing more than the Aldrich-Vreeland legislation which provided for currency issue against securities. Warburg knows that as well as I do. I am going to see him at once and ask him about it. All right, the truth. Yes, I wrote it, he said. Why? I asked. It was a compromise, answered Warburg."13
Garrison says that Warburg wrote him on February 8, 1912:
"I have no doubt that at the end of a thorough discussion, either you will see it my way or I will see it yours--but I hope you will see it mine."
This was another famous Warburg saying when he secretly lobbied Congressmen to support his interest, the veiled threat that they should "see it his way". Those who did not found large sums contributed to their opponents at the next elections, and usually went down in defeat.
Col. Garrison, an agent of Brown Brothers bankers, later Brown Brothers Harriman, had entree everywhere in the financial community. He writes of Col. House, "Col. House agreed entirely with the early writing of Mr. Warburg." Page 337, he quotes Col. House:
"I am also suggesting that the Central Board be increased from four members to five and their terms lengthened from eight to ten years. This would give stability and would take away the power of a President to change the personnel of the board during a single term of office."
House's phrase, "take away the power of a President" is significant, because later Presidents found themselves helpless to change the direction of the government because they did not have the power to change the composition of the Federal Reserve Board to attain a majority on it during that President's term of office. Garrison also wrote in this book,
"Paul Warburg is the man who got the Federal Reserve Act together after the Aldrich Plan aroused such nationwide resentment and opposition. The mastermind of both plans was Baron
Alfred Rothschild of London."
Colonel Edward Mandell House was referred to by Rabbi Stephen Wise in his autobiography, Challenging Years as "the unofficial Secretary of State". House noted that he and Wilson knew that in passing the Federal Reserve Act, they had created an instrument more powerful than the Supreme Court. The Federal Reserve Board of Governors actually comprised a Supreme Court of Finance, and there was no appeal from any of their rulings.
In 1911, prior to Wilson's taking office as President, House had returned to his home in Texas and completed a book called Philip Dru, Administrator. Ostensibly a novel, it was actually a detailed plan for the future government of the United States, "which would establish Socialism as dreamed by Karl Marx", according to House. This "novel" predicted the enactment of the graduated income tax, excess profits tax, unemployment insurance, social security, and a flexible currency system. In short, it was the blueprint which was later followed by the Woodrow Wilson and Franklin D. Roosevelt administrations. It was published "anonymously" by B. W. Huebsch of New York, and widely circulated among government officials, who were left in no doubt as to its authorship. George Sylvester Viereck, who knew House for years, later wrote an account of the Wilson-House relationship, The Strangest Friendship in History.14 In 1955, Westbrook Pegler, the Hearst columnist from 1932 to 1956, heard of the Philip Dru book and called Viereck to ask if he had a copy. Viereck sent Pegler his copy of the book, and Pegler wrote a column about it, stating:
"One of the institutions outlined in Philip Dru is the Federal Reserve System. The Schiffs, the Warburgs, the Kahns, the Rockefellers and Morgans put their faith in House. The Schiff, Warburg, Rockefeller and Morgan interests were personally represented in the mysterious conference at Jekyll Island. Frankfurter landed on the Harvard law faculty, thanks to a financial contribution to Harvard by Felix Warburg and Paul Warburg, and so we got Alger and Donald Hiss, Lee Pressman, Harry Dexter White and many other protgs of Little Weenie."***
House's openly Socialistic views were forthrightly expressed in Philip Dru, Administrator; on pages 57-58, House wrote:
"In a direct and forceful manner, he pointed out that our civilization was fundamentally wrong, inasmuch, among other things, as it restricted efficiency; that if society were properly organized, there would be none who were not sufficiently clothed and fed. The result, that the laws, habits and ethical training in vogue were alike responsible for the inequalities in opportunity and the consequent wide difference between the few and the many; that the results of such conditions was to render inefficient a large part of the population, the percentage differing in each country in the ratio that education and enlightenment and unselfish laws bore to ignorance, bigotry and selfish laws."15
In his book, House (Dru) envisions himself becoming a dictator and forcing on the people his radical views, page 148: "They recognized the fact that Dru dominated the situation and that a master mind had at last risen in the Republic." He now assumes the title of General. "General Dru announced his purpose of assuming the powers of a dictator . . . they were assured that he was free from any personal ambition . . . he proclaimed himself 'Administrator of the Republic.'"(*)
This pensive dreamer who imagined himself a dictator actually managed to place himself in the position of the confidential advisor to the President of the United States, and then to have many of his desires enacted into law! On page 227, he lists some of the laws he wishes to enact as dictator. Among them are an old age pension law, laborers insurance compensation, cooperative markets, a federal reserve banking system, cooperative loans, national employment bureaus, and other "social legislation", some of which was enacted during Wilson's administration, and others during the Franklin D. Roosevelt's administration. The latter was actually a continuation of the Wilson Administration, with many of the same personnel, and with House guiding the administration from behind the scenes.
Like most of the behind-the-scenes operators in this book, Col. Edward Mandell House had the obligatory "London connection". Originally a Dutch family, "Huis", his ancestors had lived in England for three hundred years, after which his father settled in Texas, where he made a fortune in blockade-running during the Civil War, shipping cotton and other contraband to his British connections, including the Rothschilds, and bringing back supplies for the beleaguered Texans. The senior House, not trusting the volatile Texas situation, prudently deposited all his profits from his blockade-running in gold with Baring banking house in London(**). At the close of the Civil War, he was one of the wealthiest men in Texas. He named his son "Mandell" after one of his merchant associates. According to Arthur Howden Smith, when House's father died in 1880, his estate was distributed among his sons as follows: Thomas William got the banking business; John, the sugar plantation; and Edward M. the cotton plantations, which brought him an income of $20,000 a year.16
At the age of twelve, the young Edward Mandell House had brain fever, and was later further crippled by sunstroke. He was a semi-invalid, and his ailments gave him an odd Oriental appearance. He never entered any profession, but used his father's money to become the kingmaker of Texas politics, successively electing five governors from 1893 to 1911. In 1911 he began to support Wilson for president, and threw the crucial Texas delegation to him which ensured his nomination. House met Wilson for the first time at the Hotel Gotham, May 31, 1912.
In The Strangest Friendship In History, Woodrow Wilson and Col. House, by George Sylvester Viereck, Viereck writes:
"What," I asked House, "cemented your friendship?" "The identity of our temperaments and our public policies," answered House. "What was your purpose and his?" "To translate into legislation certain liberal and progressive ideas."17
House told Viereck that when he went to Wilson at the White House, he handed him $35,000. This was exceeded only by the $50,000 which Bernard Baruch had given Wilson.
The successful enactment of House's programs did not escape the notice of other Wilson associates. In Vol. 1, page 157 of The Intimate Papers of Col. House, House notes, "Cabinet members like Mr. Lane and Mr. Bryan commented upon the influence of Dru with the President.
'All that the book has said should be,' wrote Lane, 'comes about. The President comes to 'Philip Dru' in the end.'"18
House recorded some of his efforts on behalf of the Federal Reserve Act in The Intimate Papers of Col. House,
"December 19, 1912. I talked with Paul Warburg over the phone concerning currency reform. I told of my trip to Washington and what I had done there to get it in working order. I told him that the Senate and the Congressmen seemed anxious to do what he desired, and that President-elect Wilson thought straight concerning the issue."19
Thus we have Warburg's agent in Washington, Col. House, assuring him that the Senate and Congressmen will do what he desires, and that the President-elect "thought straight concerning the issue." In this context, representative government seems to have ceased to exist. House continues in his "Papers":
"March 13, 1913. Warburg and I had an intimate discussion concerning currency reform.
March 27, 1913. Mr. J.P. Morgan, Jr. and Mr. Denny of his firm came promptly at five.
McAdoo came about ten minutes afterward. Morgan had a currency plan already printed. I suggested he have it typewritten, so it would not seem too prearranged, and send it to Wilson and myself today.
July 23, 1913. I tried to show Mayor Quincy (of Boston) the folly of the Eastern bankers taking
an antagonistic attitude towards the Currency Bill. I explained to Major Henry Higginson(***) with what care the bill had been framed. Just before he arrived, I had finished a review by Professor Sprague of Harvard of Paul Warburg's criticism of the Glass-Owen Bill, and will transmit it to Washington tomorrow. Every banker known to Warburg, who knows the subject practically, has been called up about the making of the bill.
October 13, 1913. Paul Warburg was my first caller today. He came to discuss the currency measure. There are many features of the Owen-Glass Bill that he does not approve. I promised to put him in touch with McAdoo and Senator Owen so that he might discuss it with them.
November 17, 1913. Paul Warburg telephoned about his trip to Washington. Later, he and Mr. Jacob Schiff came over for a few minutes. Warburg did most of the talking. He had a new suggestion in regard to grouping the regular reserve banks so as to get the units welded together and in easier touch with the Federal Reserve Board."
George Sylvester Viereck in The Strangest Friendship in History, Woodrow Wilson and Col. House wrote: "The Schiffs, the Warburgs, the Kahns, the Rockefellers, the Morgans put their faith in House. When the Federal Reserve legislation at last assumed definite shape, House was the intermediary between the White House and the financiers."20
On page 45, Viereck notes, "Col. House looks upon the reform of the monetary system as the crowning internal achievement of the Wilson Administration."21
The Glass Bill (the House version of the final Federal Reserve Act) had passed the House on September 18, 1913 by 287 to 85. On December 19, 1913, the Senate passed their version by a vote of 54-34. More than forty important differences in the House and Senate versions remained to be settled, and the opponents of the bill in both houses of Congress were led to believe that many weeks would yet elapse before the Conference bill would be ready for consideration. The Congressmen prepared to leave Washington for the annual Christmas recess, assured that the Conference bill would not be brought up until the following year. Now the money creators prepared and executed the most brilliant stroke of their plan. In a single day, they ironed out all forty of the disputed passages in the bill and quickly brought it to a vote. On Monday, December 22, 1913, the bill was passed by the House 282-60 and the Senate 43-23.
On December 21, 1913, The New York Times commented editorially on the act, "New York will be on a firmer basis of financial growth, and we shall soon see her the money centre of the world."
The New York Times reported on the front page, Monday, December 22, 1913 in headlines: MONEY BILL MAY BE LAW TODAY--CONFEREES HAD ADJUSTED NEARLY ALL DIFFERENCES AT 1:30 THIS MORNING--NO DEPOSIT GUARANTEES--SENATE YIELDS ON THIS POINT BUT PUTS THROUGH MANY OTHER CHANGES "With almost unprecedented speed, the conference to adjust the House and Senate differences on the Currency Bill practically completed its labours early this morning. On Saturday the Conferees did little more than dispose of the preliminaries, leaving forty essential differences to be thrashed out Sunday. . . . No other legislation of importance will be taken up in either House of Congress this week. Members of both houses are already preparing to leave Washington."
"Unprecedented speed", says The New York Times. One sees the fine hand of Paul Warburg in this final strategy. Some of the bill's most vocal critics had already left Washington. It was a long-standing political courtesy that important legislation would not be acted upon during the week before Christmas, but this tradition was rudely shattered in order to perpetrate the Federal Reserve Act on the American people.
The Times buried a brief quote from Congressman Lindbergh that "the bill would establish the most gigantic trust on earth," and quoted Representative Guernsey of Maine, a Republican on the House Banking and Currency Committee, that "This is an inflation bill, the only question being the extent of the inflation."
Congressman Lindbergh said on that historic day, to the House:
"This Act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized. The people may not know it immediately, but the day of reckoning is only a few years removed. The trusts will soon realize that they have gone too far even for their own good. The people must make a declaration of independence to relieve themselves from the Monetary Power. This they will be able to do by taking control of Congress. Wall Streeters could not cheat us if you Senators and Representatives did not make a humbug of Congress. . . . If we had a people's Congress, there would be stability. The greatest crime of Congress is its currency system. The worst legislative crime of the ages is perpetrated by this banking bill. The caucus and the party bosses have again operated and prevented the people from getting the benefit of their own government."
The December 23, 1913 New York Times editorially commented, in contrast to Congressman Lindbergh's criticism of the bill, "The Banking and Currency Bill became better and sounder every time it was sent from one end of the Capitol to the other. Congress worked under public supervision in making the bill."
By "public supervision", The Times apparently meant Paul Warburg, who for several days had maintained a small office in the Capitol building, where he directed the successful pre-Christmas campaign to pass the bill, and where Senators and Congressmen came hourly at his bidding to carry out his strategy.
The "unprecedented speed" with which the Federal Reserve Act had been passed by Congress during what became known as "the Christmas massacre" had one unforeseen aspect. Woodrow Wilson was taken unaware, as he, like many others, had been assured the bill would not come up for a vote until after Christmas. Now he refused to sign it, because he objected to the provisions for the selection of Class B. Directors. William L. White relates in his biography of Bernard Baruch that Baruch, a principal contributor to Wilson's campaign fund, was stunned when he was informed that Wilson refused to sign the bill. He hurried to the White House and assured Wilson that this was a minor matter, which could be fixed up later through "administrative processes". The important thing was to get the Federal Reserve Act signed into law at once. With this reassurance, Wilson signed the Federal Reserve Act on December 23, 1913. History proved that on that day, the Constitution ceased to be the governing covenant of the American people, and our liberties were handed over to a small group of international bankers.
The December 24, 1913 New York Times carried a front page headline "WILSON SIGNS THE CURRENCY BILL!" Below it, also in capital letters, were two further headlines, "PROSPERITY TO BE FREE" and "WILL HELP EVERY CLASS". Who could object to any law which provided benefits to everyone? The Times described the festive atmosphere while Wilson's family and government officials watched him sign the bill. "The Christmas spirit pervaded the gathering," exulted The Times.
In his biography of Carter Glass, Rixey Smith states that those present at the signing of the bill included Vice President Marshall, Secretary Bryan, Carter Glass, Senator Owen, Secretary McAdoo, Speaker Champ Clark, and other Treasury officials. None of the real writers of the bill, the draftees of Jekyll Island, were present. They had prudently absented themselves from the scene of their victory. Rixey Smith also wrote, "It was as though Christmas had come two days early." On December 24, 1913, Jacob Schiff wrote to Col. House,
"My dear Col. House. I want to say a word to you for the silent, but no doubt effective work you have done in the interest of currency legislation and to congratulate you that the measure has finally been enacted into law. I am with good wishes, faithfully yours, JACOB SCHIFF."
Representative Moore of Kansas, in commenting on the passage of the Act, said to the House of Representatives:
"The President of the United States now becomes the absolute dictator of all the finances of the country. He appoints a controlling board of seven men, all of whom belong to his political party, even though it is a minority. The Secretary of the Treasury is to rule supreme whenever there is a difference of opinion between himself and the Federal Reserve Board. AND, only one member of the Board is to pass out of office while the President is in office."
The ten year terms of office of the members of the Board were lengthened by the Banking Act of 1935 to fourteen years, which meant that these directors of the nation's finances, although not elected by the people, held office longer than three presidents.
While Col. House, Jacob Schiff and Paul Warburg basked in the glow of a job well done, the other actors in this drama were subject to later afterthoughts. Woodrow Wilson wrote in 1916, National Economy and the Banking System, Sen. Doc. No. 3, No. 223, 76th Congress, 1st session, 1939: "Our system of credit is concentrated (in the Federal Reserve System). The growth of the nation, therefore, and all our activities, are in the hands of a few men."
When he was asked by Clarence W. Barron whether he approved of the bill as it was finally passed. Warburg remarked, "Well, it hasn't got quite everything we want, but the lack can be adjusted later by administrative processes."
Woodrow Wilson and Carter Glass are given credit for the Act by most contemporary historians, but of all those concerned, Wilson had least to do with Congressional action on the bill. George Creel, a veteran Washington correspondent, wrote in Harper's Weekly, June 26, 1915:
"As far as the Democratic Party was concerned, Woodrow Wilson was without influence, save for the patronage he possessed. It was Bryan who whipped Congress into line on the tariff bill, on the Panama Canal tolls repeal, and on the currency bill." Mr. Bryan later wrote, "That is the one thing in my public career that I regret--my work to secure the enactment of the Federal Reserve Law."
On December 25, 1913, The Nation pointed out that "The New York Stock Market began to rise steadily upon news that the Senate was ready to pass the Federal Reserve Act."
This belies the claim that the Federal Reserve Act was a monetary reform bill. The New York Stock Exchange is generally considered an accurate barometer of the true meaning of any financial legislation passed in Washington. Senator Aldrich also decided that he no longer had misgivings about the Federal Reserve Act. In a magazine which he owned, and which he called The Independent, he wrote in July, 1914: "Before the passage of this Act, the New York bankers could only dominate the reserves of New York. Now we are able to dominate the bank reserves of the entire country."
H.W. Loucks denounced the Federal Reserve Act in The Great Conspiracy of the House of Morgan,
"In the Federal Reserve Law, they have wrested from the people and secured for themselves the constitutional power to issue money and regulate the value thereof." On page 31, Loucks writes, "The House of Morgan is now in supreme control of our industry, commerce and political affairs. They are in complete control of the policy making of the Democratic, Republican and Progressive parties. The present extraordinary propaganda for 'preparedness' is planned more for home coercion than for defense against foreign aggression."22
The signing of the Federal Reserve Act by Woodrow Wilson represented the culmination of years of collusion with his intimate friend, Col. House, and Paul Warburg. One of the men with whom House became acquainted in the Wilson Administration was Franklin D. Roosevelt, Assistant Secretary of Navy. As soon as he obtained the Democratic nomination for President, in 1932, Franklin D. Roosevelt made a "pilgrimage" to Col. House's home at Magnolia, Mass. Roosevelt, after the Republican hiatus of the 1920s, filled in the goals of Philip Dru, Administrator,23 which Wilson had not been able to carry out. The late Roosevelt achievements included the enactment of the social security program, excess profits tax, and the expansion of the graduated income tax to 90% of earned income.
House's biographer, Charles Seymour, wrote: "He was wearied by the details of party politics and appointments. Even the share he had taken in constructive domestic legislation (the Federal Reserve Act, tariff revision, and the Income Tax amendment) did not satisfy him. From the beginning of 1914 he gave more and more of his time to what he regarded as the highest form of politics and that for which he was particularly suited--international affairs."24
In 1938, shortly before he died, House told Charles Seymour, "During the last fifteen years I have been close to the center of things, although few people suspect it. No important foreigner has come to the United States without talking to me. I was close to the movement that nominated Roosevelt. He has given me a free hand in advising him. All the Ambassadors have reported to me frequently."
A comparative print of the Federal Reserve Act of 1913 as passed by the House of Representatives and amended by the Senate shows the following striking change:
The Senate struck out, "To suspend the officials of Federal Reserve banks for cause, stated in writing with opportunity of hearing, require the removal of said official for incompetency, dereliction of duty, fraud or deceit, such removal to be subject to approval by the President of the United States." This was changed by the Senate to read "To suspend or remove any officer or director of any Federal Reserve Bank, the cause of such removal to be forthwith communicated in writing by the Federal Reserve Board to the removed officer or director and to said bank." This completely altered the conditions under which an officer or director might be removed. We no longer know what the conditions for removal are, or the cause. Apparently incompetency, dereliction of duty, fraud or deceit do not matter to the Federal Reserve Board. Also, the removed officer does not have the opportunity of appeal to the President. In answer to written inquiry, the Assistant Secretary of the Federal Reserve Board replied that only one officer has been removed "for cause" in the thirty-six years, the name and details of this matter being a "private concern" between the individual, the Reserve Bank concerned, and the Federal Reserve Board.
The Federal Reserve System began its operations in 1914 with the activity of the Organization Committee, appointed by Woodrow Wilson, and composed of Secretary of the Treasury William McAdoo, who was his son-in-law, Secretary of Agriculture Houston and Comptroller of the Currency John Skelton Williams.
On January 6, 1914. J.P. Morgan met with the Organizing Committee in New York. He informed them that there should not be more than seven regional districts in the new system.
This committee was to select the locations of the "decentralized" reserve banks. They were empowered to select from eight to twelve reserve banks, although J.P. Morgan had testified he thought that not more than four should be selected. Much politicking went into the selection of these sites, as the twelve cities thus favored would become enormously important as centers of finance. New York, of course, was a foregone conclusion. Richmond was the next selection, as a payoff to Carter Glass and Woodrow Wilson, the two Virginians who had been given political credit for the Federal Reserve Act. The other selections of the Committee were Boston, Philadelphia, Cleveland, Chicago, St. Louis, Atlanta, Dallas, Minneapolis, Kansas City, and San Francisco. All of these cities later developed important "financial districts" as the result of this selection.
These local battles, however, paled in view of the complete dominance of the Federal Reserve bank of New York in the system. Ferdinand Lundberg pointed out, in America's Sixty Families, that, "In practice, the Federal Reserve Bank of New York became the fountainhead of the system of twelve regional banks, for New York was the money market of the nation. The other eleven banks were so many expensive mausoleums erected to salve the local pride and quell the Jacksonian fears of the hinterland. Benjamin Strong, president of the Bankers Trust (J.P. Morgan) was selected as the first Governor of the New York Federal Reserve Bank. Adept in high finance, Strong for many years manipulated the country's monetary system at the discretion of directors representing the leading New York banks. Under Strong, the Reserve System was brought into interlocking relations with the Bank of England and the Bank of France. Benjamin Strong held his position as Governor of the Federal Reserve Bank of New York until his sudden death in 1928, during a Congressional investigation of the secret meetings between Reserve Governors and
heads of European central banks which brought on the Great Depression of 1929-31."25
Strong had married the daughter of the President of Bankers Trust, which brought him into the line of succession in the dynastic intrigues which play such an important role in the world of high finance. He also had been a member of the original Jekyll Island group, the First Name Club, and was thus qualified for the highest position in the Federal Reserve System, as the Governor of the Federal Reserve Bank of New York which dominated the entire system.
Paul Warburg also is mentioned in J. Laurence Laughlin's definitive volume, The Federal Reserve Act, Its Origins and Purposes,
"Mr. Paul Warburg of Kuhn, Loeb Company offered in March, 1910 a fairly well thought out plan to be known as the United Reserve Bank of the United States. This was published in The New York Times of March 24, 1910. The group interested in the purposes of the National Monetary Commission met secretly at Jekyll Island for about two weeks in December, 1910, and concentrated on the preparation of a bill to be presented to Congress by the National Monetary Commission. The men who were present at Jekyll Island were Senator Aldrich, H. P. Davison of J.P. Morgan Company, Paul Warburg of Kuhn, Loeb Company, Frank Vanderlip of the National City Bank, and Charles D. Norton of the First National Bank. No doubt the ablest banking mind in the group was that of Mr. Warburg, who had had a European banking training. Senator Aldrich had no special training in banking."26
A mention of Paul Warburg, written by Harold Kelloch, and titled, "Warburg the Revolutionist" appeared in the Century Magazine, May, 1915. Kelloch writes:
"He imposed his ideas on a nation of a hundred million people . . . Without Mr. Warburg there would have been no Federal Reserve Act. The banking house of Warburg and Warburg in Hamburg has always been strictly a family business. None but a Warburg has been eligible for it, but all Warburgs have been born into it. In 1895 he married the daughter of the late Solomon Loeb of Kuhn Loeb Company. He became a member of Kuhn Loeb Company in 1902. Mr. Warburg's salary from his private business has been approximately a half million a year. Mr. Warburg's motives had been purely those of patriotic self-sacrifice."
The true purposes of the Federal Reserve Act soon began to disillusion many who had at first believed in its claims. W. H. Allen wrote in Moody's Magazine, 1916,
"The purpose of the Federal Reserve Act was to prevent concentration of money in the New York banks by making it profitable for country bankers to use their funds at home, but the movement of currency shows that the New York banks gained from the interior in every month except December, 1915, since the Act went into effect. The stabilization of rates has taken place in New York alone. In other parts, high rates continue. The Act, which was to deprive Wall Street of its funds for speculation, has really given the bulls and the bears such a supply as they have never had before. The truth is that far from having clogged the channel to Wall Street, as Mr. Glass so confidently boasted, it actually widened the old channels and opened up two new ones. The first of these leads directly to Washington and gives Wall Street a string on all the surplus cash in the United States Treasury. Besides, in the power to issue bank-note currency, it furnishes an inexhaustible supply of credit money; the second channel leads to the great central banks of Europe, whereby, through the sale of acceptances, virtually guaranteed by the United States Government, Wall Street is granted immunity from foreign demands for gold which have precipitated every great crisis in our history."
For many years, there has been considerable mystery about who actually owns the stock of the Federal Reserve Banks. Congressman Wright Patman, leading critic of the System, tried to find out who the stockholders were. The stock in the original twelve regional Federal Reserve Banks was purchased by national banks in those twelve regions. Because the Federal Reserve Bank of New York was to set the interest rates and direct open market operations, thus controlling the daily supply and price of money throughout the United States, it is the stockholders of that bank who are the real directors of the entire system. For the first time, it can be revealed who those stockholders are. This writer has the original organization certificates of the twelve Federal Reserve Banks, giving the ownership of shares by the national banks in each district. The Federal Reserve Bank of New York issued 203,053 shares, and, as filed with the Comptroller of the Currency May 19, 1914, the large New York City banks took more than half of the outstanding shares. The Rockefeller Kuhn, Loeb-controlled National City Bank took the largest number of shares of any bank, 30,000 shares. J.P. Morgan's First National Bank took 15,000 shares. When these two banks merged in 1955, they owned in one block almost one fourth of the shares in the Federal Reserve Bank of New York, which controlled the entire system, and thus they could name Paul Volcker or anyone else they chose to be Chairman of the Federal Reserve Board of Governors. Chase National Bank took 6,000 shares. The Marine Nation Bank of Buffalo, later known as Marine Midland, took 6,000 shares. This bank was owned by the Schoellkopf family, which controlled Niagara Power Company and other large interests. National Bank of Commerce of New York City took 21,000 shares. The shareholders of these banks which own the stock of the Federal Reserve Bank of New York are the people who have controlled our political and economic destinies since 1914. They are the Rothschilds, of Europe, Lazard Freres (Eugene Meyer), Kuhn Loeb Company, Warburg Company, Lehman Brothers, Goldman Sachs, the Rockefeller family, and the J.P. Morgan interests. These interests have merged and consolidated in recent years, so that the control is much more concentrated. National Bank of Commerce is now Morgan Guaranty Trust Company. Lehman Brothers has merged with Kuhn, Loeb Company, First National Bank has merged with the National City Bank, and in the other eleven Federal Reserve Districts, these same shareholders indirectly own or control shares in those banks, with the other shares owned by the leading families in those areas who own or control the principal industries in these regions. The "local" families set up regional councils, on orders from New York, of such groups as the Council on Foreign Relations, The Trilateral Commission, and other instruments of control devised by their masters. They finance and control political developments in their area, name candidates, and are seldom successfully opposed in their plans.
With the setting up of the twelve "financial districts" through the Federal Reserve Banks, the traditional division of the United States into the forty-eight states was overthrown, and we entered the era of "regionalism", or twelve regions which had no relation to the traditional state boundaries.
These developments following the passing of the Federal Reserve Act proved every one of the allegations Thomas Jefferson had made against a central bank in 1791: that the subscribers to the Federal Reserve Bank stock had formed a corporation, whose stock could be and was held by aliens; that this stock would be transmitted to a certain line of successors; that it would be placed beyond forfeiture and escheat; that they would receive a monopoly of banking, which was against the laws of monopoly; and that they now had the power to make laws, paramount to the laws of the states. No state legislature can countermand any of the laws laid down by the Federal Reserve Board of Governors for the benefit of their private stockholders. This board issues laws as to what the interest rate shall be, what the quantity of money shall be and what the price of money shall be. All of these powers abrogate the powers of the state legislatures and their responsibility to the citizens of those states.
The New York Times stated that the Federal Reserve Banks would be ready for business on August 1, 1914, but they actually began operations on November 16, 1914. At that time, their total assets were listed at $143,000,000, from the sale of shares in the Federal Reserve Banks to stockholders of the national banks which subscribed to it.
The actual part of this $143,000,000 which was paid in for these shares remains shrouded in mystery. Some historians believe that the shareholders only paid about half of the amount in cash; others believe that they paid in no cash at all, but merely sent in checks which they drew on the national banks which they owned. This seems most likely, that from the very outset, the Federal Reserve operations were "paper issued against paper", that bookkeeping entries comprised the only values which changed hands.
The men whom President Woodrow Wilson chose to make up the first Federal Reserve Board of Governors were men drawn from the banking group. He had been nominated for the Presidency by the Democratic Party, which had claimed to represent the "common man" against the "vested interests". According to Wilson himself, he was allowed to choose only one man for the Federal Reserve Board. The others were chosen by the New York bankers. Wilson's choice was Thomas D. Jones, a trustee of Princeton and director of International Harvester and other corporations. The other members were Adolph C. Miller, economist from Rockefeller's University of Chicago and Morgan's Harvard University, and also serving as Assistant Secretary of the Interior; Charles S. Hamlin, who had served previously as an Assistant Secretary to the Treasury for eight years; F.A. Delano, a Roosevelt relative, and railroad operator who took over a number of railroads for Kuhn, Loeb Company, W.P.G. Harding, President of the First National Bank of Atlanta; and Paul Warburg of Kuhn, Loeb Company. According to The Intimate Papers of Col. House, Warburg was appointed because "The President accepted (House's) suggestion of Paul Warburg of New York because of his interest and experience in currency problems under both Republican and Democratic Administrations."27 Like Warburg, Delano had also been born outside the continental limits of the United States, although he was an American citizen. Delano's father, Warren Delano, according to Dr. Josephson and other authorities, was active in Hong Kong in the Chinese opium trade, and Frederick Delano was born in Hong Kong in 1863.
In The Money Power of Europe, Paul Emden writes that "The Warburgs reached their outstanding eminence during the last twenty years of the past century, simultaneously with the growth of Kuhn, Loeb Company in New York, with whom they stood in a personal union and family relationship. Paul Warburg with magnificent success carried through in 1913 the reorganization of the American banking system, at which he had with Senator Aldrich been working since 1911, and thus most thoroughly consolidated the currency and finances of the United States."28
The New York Times(****) had noted on May 6, 1914 that Paul Warburg had "retired" from Kuhn, Loeb Company in order to serve on the Federal Reserve Board, although he had not resigned his directorships of American Surety Company, Baltimore and Ohio Railroad, National Railways of Mexico, Wells Fargo, or Westinghouse Electric Corporation, but would continue to serve on these boards of directors. "Who's Who" listed him as holding these directorships and in addition, American I.G. Chemical Company (branch of I.G. Farben), Agfa Ansco Corporation, Westinghouse Acceptance Company, Warburg Company of Amsterdam, chairman of the Board of International Acceptance Bank, and numerous other banks, railways and corporations. "Kuhn Loeb & Co. with Warburg have four votes or the majority of the Federal Reserve Board."29
Despite his retirement from Kuhn, Loeb Company in May of 1914 to serve on the Federal Reserve Board of Governors, Warburg was asked to appear before a Senate Subcommittee in June of 1914 and answer some questions about his behind-the-scenes role in getting the Federal Reserve Act through Congress. This might have meant some questions about the secret conference in Jekyll Island, and Warburg refused to appear. On July 7, 1914 he wrote a letter to G.M. Hitchcock, Chairman of the Senate Banking and Currency Committee, stating that it might impair his usefulness on the Board if he were required to answer any questions, and that he would therefore withdraw his name. It seemed that Warburg was prepared to bluff the Senate Committee into confirming him without any questions asked. On July 10, 1914, The New York Times defended Warburg on the editorial page and denounced the "Senatorial Inquisition". Since Warburg had not yet been asked any questions, the term "Inquisition" seemed remarkably inappropriate, nor was there any real danger that the Senators were preparing to use instruments of torture on Mr. Warburg. The imbroglio was resolved when the Senate Committee, in abject surrender, agreed that Mr. Warburg would be given a list of questions in advance of his appearance so that he could go over them, and that he could be excused from answering any questions which might tend to impair his service on the Board of Governors. The Nation reported on July 23, 1914 that "Mr. Warburg finally had a conference with Senator O'Gorman and agreed to meet the members of the Senate Subcommittee informally, with a view to coming to an understanding, and to giving them any reasonable information they might desire. The opinion in Washington is that Mr. Warburg's confirmation is assured." The Nation was correct. Mr. Warburg was confirmed, the way having been smoothed by his "fixer", Senator O'Gorman of New York, more familiarly known as "the Senator from Wall Street". Senator Robert L. Owen had previously charged that Warburg was the American representative of the Rothschild family, but questioning him about this would indeed have smacked of the mediaeval "Inquisition", and his fellow Senators were too civilized to indulge in such barbarity(*-*).
During the Senate Hearings on Paul Warburg before the Senate Banking and Currency Committee, August 1, 1914, Senator Bristow asked,
"How many of these partners (of Kuhn, Loeb Company) are American citizens?"
WARBURG: "They are all American citizens except Mr. Kahn. He is a British subject."
BRISTOW: "He was at one time a candidate for Parliament, was he not?"
WARBURG: "There was talk about it, it had been suggested and he had it in his mind."
Paul Warburg also stated to the Committee, "I went to England, where I stayed for two years, first in the banking and discount firm of Samuel Montague & Company. After that I went to France, where I stayed in a French bank."
CHAIRMAN: "What French bank was that?"
WARBURG: "It is the Russian bank for foreign trade which has an agency in Paris."
BRISTOW: "I understand you to say that you were a Republican, but when Mr. Theodore Roosevelt came around, you then became a sympathizer with Mr. Wilson and supported him?"
WARBURG: "Yes."
BRISTOW: "While your brother (Felix Warburg) was supporting Taft?"
WARBURG: "Yes."
Thus three partners of Kuhn, Loeb Company were supporting three different candidates for President of the United States. Paul Warburg was supporting Wilson, Felix Warburg was supporting Taft, and Otto Kahn was supporting Theodore Roosevelt. Paul Warburg explained this curious situation by telling the Committee that they had no influence over each other's political beliefs, "as finance and politics don't mix."
Questions about Warburg's appointment vanished in a hue and cry with Wilson's sole appointment to the Board of Governors, Thomas B. Jones. Reporters had discovered that Jones, at the time of his appointment, was under indictment by the Attorney General of the United States. Wilson leaped to the defense of his choice, telling reporters that "The majority of the men connected with what we have come to call 'big business' are honest, incorruptible and patriotic." Despite Wilson's protestations, the Senate Banking and Currency Committee scheduled hearings on the fitness of Thomas D. Jones to be a member of the Board of Governors. Wilson then wrote a letter to Senator Robert L. Owen, Chairman of that Committee:
White House
June 18, 1914
Dear Senator Owen:
Mr. Jones has always stood for the rights of the people against the
rights of privilege. His connection with the Harvester Company was a
public service, not a private interest. He is the one man of the whole
number who was in a peculiar sense my personal choice.
Sincerely,
Woodrow Wilson
Woodrow Wilson said, "There is no reason to believe that the unfavorable report represents the attitude of the Senate itself." After several weeks, Thomas D. Jones withdrew his name, and the country had to do without his services.
The other members of the first Board of Governors were Secretary of the Treasury, William McAdoo, Wilson's son-in-law, and President of the Hudson-Manhattan Railroad, a Kuhn, Loeb Company controlled enterprise, and Comptroller of the Currency John Skelton Williams.
When the Federal Reserve Banks were opened for business on November 16, 1914, Paul Warburg said, "This date may be considered as the Fourth of July in the economic history of the United States."
NOTES:
*The final electoral vote in 1912 was Wilson - 409; Roosevelt - 167; and Taft - 15.
** Crozier's book exposed the financiers plan to substitute "corporation currency" for the lawful money of the U.S. as guaranteed by Article I, Sec. 8 Para. 5, of the Constitution.
*** The present writer was with Viereck in his suite at the Hotel Belleclaire when Pegler called and asked for the book. Viereck sent it over by his secretary. He grinned and said Pegler seemed very excited. "He ought to get a good column out of that," Viereck told me. Indeed Pegler did get a good column out of it. Unfortunately for him, he had gone too far in mentioning the Warburgs. As long as he confined his attacks to La Grand Bouche (Eleanor Roosevelt), and her spouse, he had been permitted to continue, but now that he had exposed the Warburg connection with the Communist spy ring in Washington, his column was immediately dropped by the big city dailies, and Pegler's long run was over.
(*) This quotation from Philip Dru, Administrator, written by Col. House in 1912, is included here to show his totalitarian Marxist philosophy. House was to become for 8 years with Wilson, the President's closest advisor. Later he continued his influence in the Franklin D. Roosevelt administration. From his home in Magnolia, Mass., House advised FDR through frequent trips of Felix Frankfurter to the White House. Frankfurter was later appointed to the Supreme Court by F.D.R.
(**) Dope, Inc., identifies Barings as follows: "Baring Brothers, the premier merchant bank of the opium trade from 1783 to the present day, also maintained close contact with the Boston families . . . The group's leading banker became, at the close of the 19th century, the House of Morgan--which also took its cut in Eastern opium traffic . . . Morgan's Far Eastern operations were the officially conducted British opium traffic . . . Morgan's case deserves special scrutiny from American police and regulatory agencies, for the intimate associations of Morgan Guaranty Trust with the identified leadership of the British dope banks."
(***) The most prominent banker in Boston.
(****) The New York Times April 30, 1914, reported that the 12 districts had subscriptions of $74,740,800 and that the subscribing banks would pay one-half of this sum in six months.
(*-*) Warburg was confirmed August 8, 1914, 38-11, and principally opposed by Sen. Bristow of Kansas, who was denounced by The New York Times as a "radical Republican", and whose excellent library of rare books on banking were acquired by the present writer in 1983 for research on this work.
13. Elisha Ely Garrison, Roosevelt, Wilson and the Federal Reserve Law, Christopher Publications, Boston, 1931
14. George Sylvester Viereck, The Strangest Friendship in History, Woodrow Wilson and Col. House, Liveright, New York, 1932
15. Col. Edward M. House, Philip Dru, Administrator, B. W. Heubsch, New York, 1912.
16. Arthur Howden Smith, The Real Col. House, Doran Company, New York, 1918
17. George Sylvester Viereck, The Strangest Friendship in History, Woodrow Wilson and Col. House, Liveright, New York, 1932
18. Col. Edward Mandell House, The Intimate Papers of Col. House, edited by Charles Seymour, Houghton Mifflin Co., 1926-28, Vol. 1, p. 157
19. Ibid. Vol. 1, p. 163
20. George Sylvester Viereck, The Strangest Friendship In History, Woodrow Wilson and Col. House, Liveright, New York, 1932
21. Ibid.
22. H.W. Loucks, The Great Conspiracy of the House of Morgan, Privately printed, 1916
23. E.M. House, Philip Dru, Administrator, B. W. Heubsch, N.Y., 1912
24. Col. E.M. House, The Intimate Papers of Col. House, 4 v. 1926-1928, Houghton Mifflin Co.
25. Ferdinand Lundberg, America's Sixty Families, 1937
26. J. Laurence Laughlin, The Federal Reserve Act, Its Origins and Purposes
27. Charles Seymour, The Intimate Papers of Col. House, 4 v. 1926-1928, Houghton Mifflin Co.
28. Paul Emden, The Money Power of Europe in the 19th and 20th Century, S. Low, Marston Co., London, 1937
29. Clarence W. Barron, More They Told Barron, Arno Press, New York Times, 1973, June 12, 1914. p. 204
Re: FEDERAL RESERVE
Hmmm.....back your statements up! Will you read, probably not, the only resource you are capable of is Wikepedia! What a joke! Hmmm....just a guess that is where you get your source of information.
Hoth and I, as I have said have given you a road map. Use it! Researching the Fed, you will find that it is undeniably corrupt and unconstitutional!
We have only given you a small amount of info, now the ball is your court
Federal Reserve Directors: A Study of Corporate and Banking Influence
Published 1976
Chart 1 reveals the linear connection between the Rothschilds and the Bank of England, and the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock and their subsidiary firms in New York. The two principal Rothschild representatives in New York, J. P. Morgan Co., and Kuhn,Loeb & Co. were the firms which set up the Jekyll Island Conference at which the Federal Reserve Act was drafted, who directed the subsequent successful campaign to have the plan enacted into law by Congress, and who purchased the controlling amounts of stock in the Federal Reserve Bank of New York in 1914. These firms had their principal officers appointed to the Federal Reserve Board of Governors and the Federal Advisory Council in 1914. In 1914 a few families (blood or business related) owning controlling stock in existing banks (such as in New York City) caused those banks to purchase controlling shares in the Federal Reserve regional banks. Examination of the charts and text in the House Banking Committee Staff Report of August, 1976 and the current stockholders list of the 12 regional Federal Reserve Banks show this same family control.
N.M. Rothschild , London - Bank of England
______________________________________
| |
| J. Henry Schroder
| Banking | Corp.
| |
Brown, Shipley - Morgan Grenfell - Lazard - |
& Company & Company Brothers |
| | | |
--------------------| -------| | |
| | | | | |
Alex Brown - Brown Bros. - Lord Mantagu - Morgan et Cie -- Lazard ---|
& Son | Harriman Norman | Paris Bros |
| | / | N.Y. |
| | | | | |
| Governor, Bank | J.P. Morgan Co -- Lazard ---|
| of England / N.Y. Morgan Freres |
| 1924-1938 / Guaranty Co. Paris |
| / Morgan Stanley Co. | /
| / | \Schroder Bank
| / | Hamburg/Berlin
| / Drexel & Company /
| / Philadelphia /
| / /
| / Lord Airlie
| / /
| / M. M. Warburg Chmn J. Henry Schroder
| | Hamburg --------- marr. Virginia F. Ryan
| | | grand-daughter of Otto
| | | Kahn of Kuhn Loeb Co.
| | |
| | |
Lehman Brothers N.Y -------------- Kuhn Loeb Co. N. Y.
| | --------------------------
µ
| | | |
8
| | | |
Lehman Brothers - Mont. Alabama Solomon Loeb Abraham Kuhn
| | __|______________________|_________
Lehman-Stern, New Orleans Jacob Schiff/Theresa Loeb Nina Loeb/Paul Warburg
------------------------- | | |
| | Mortimer Schiff James Paul Warburg
_____________|_______________/ |
| | | | |
Mayer Lehman | Emmanuel Lehman \
| | | \
Herbert Lehman Irving Lehman \
| | | \
Arthur Lehman \ Phillip Lehman John Schiff/Edith Brevoort Baker
/ | Present Chairman Lehman Bros
/ Robert Owen Lehman Kuhn Loeb - Granddaughter of
/ | George F. Baker
| / |
| / |
| / Lehman Bros Kuhn Loeb (1980)
| / |
| / Thomas Fortune Ryan
| | |
| | |
Federal Reserve Bank Of New York |
|||||||| |
______National City Bank N. Y. |
| | |
| National Bank of Commerce N.Y ---|
| | \
| Hanover National Bank N.Y. \
| | \
| Chase National Bank N.Y. \
| |
| |
Shareholders - National City Bank - N.Y. |
----------------------------------------- |
| /
James Stillman /
Elsie m. William Rockefeller /
Isabel m. Percy Rockefeller /
William Rockefeller Shareholders - National Bank of Commerce N. Y.
J. P. Morgan -----------------------------------------------
M.T. Pyne Equitable Life - J.P. Morgan
Percy Pyne Mutual Life - J.P. Morgan
J.W. Sterling H.P. Davison - J. P. Morgan
NY Trust/NY Edison Mary W. Harriman
Shearman & Sterling A.D. Jiullard - North British Merc. Insurance
| Jacob Schiff
| Thomas F. Ryan
| Paul Warburg
| Levi P. Morton - Guaranty Trust - J. P. Morgan
|
|
Shareholders - First National Bank of N.Y.
-------------------------------------------
J.P. Morgan
George F. Baker
George F. Baker Jr.
Edith Brevoort Baker
US Congress - 1946-64
|
|
|
|
|
Shareholders - Hanover National Bank N.Y.
------------------------------------------
James Stillman
William Rockefeller
|
|
|
|
|
Shareholders - Chase National Bank N.Y.
---------------------------------------
George F. Baker
Federal Reserve Directors: A Study of Corporate and Banking Influence
- Published 1983
The J. Henry Schroder Banking Company chart encompasses the entire history of the twentieth century, embracing as it does the program (Belgium Relief Commission) which provisioned Germany from 1915-1918 and dissuaded Germany from seeking peace in 1916; financing Hitler in 1933 so as to make a Second World War possible; backing the Presidential campaign of Herbert Hoover ; and even at the present time, having two of its major executives of its subsidiary firm, Bechtel Corporation serving as Secretary of Defense and Secretary of State in the Reagan Administration.
The head of the Bank of England since 1973, Sir Gordon Richardson, Governor of the Bank of England (controlled by the House of Rothschild) was chairman of J. Henry Schroder Wagg and Company of London from 1963-72, and director of J. Henry Schroder,New York and Schroder Banking Corporation,New York,as well as Lloyd's Bank of London, and Rolls Royce. He maintains a residence on Sutton Place in New York City, and as head of "The London Connection," can be said to be the single most influential banker in the world.
J. Henry Schroder
-----------------
|
|
|
Baron Rudolph Von Schroder
Hamburg - 1858 - 1934
|
|
|
Baron Bruno Von Schroder
Hamburg - 1867 - 1940
F. C. Tiarks |
1874-1952 |
| |
marr. Emma Franziska |
(Hamburg) Helmut B. Schroder
J. Henry Schroder 1902 |
Dir. Bank of England |
Dir. Anglo-Iranian |
Oil Company J. Henry Schroder Banking Company N.Y.
|
|
J. Henry Schroder Trust Company N.Y.
|
|
|
___________________|____________________
| |
Allen Dulles John Foster Dulles
Sullivan & Cromwell Sullivan & Cromwell
Director - CIA U. S. Secretary of State
Rockefeller Foundation
Prentiss Gray
------------
Belgian Relief Comm. Lord Airlie
Chief Marine Transportation -----------
US Food Administration WW I Chairman; Virgina Fortune
Manati Sugar Co. American & Ryan daughter of Otto Kahn
British Continental Corp. of Kuhn,Loeb Co.
| |
| |
M. E. Rionda |
------------ |
Pres. Cuba Cane Sugar Co. |
Manati Sugar Co. many other |
sugar companies. _______|
| |
| |
G. A. Zabriskie |
--------------- | Emile Francoui
Chmn U.S. Sugar Equalization | --------------
Board 1917-18; Pres Empire | Belgian Relief Comm. Kai
Biscuit Co., Columbia Baking | Ping Coal Mines, Tientsin
Co. , Southern Baking Co. | Railroad,Congo Copper, La
| Banque Nationale de Belgique
Suite 2000 42 Broadway | N. Y |
__________________________|___________________________|_
| | |
| | |
Edgar Richard Julius H. Barnes Herbert Hoover
------------- ---------------- --------------
Belgium Relief Comm Belgium Relief Comm Chmn Belgium Relief Com
Amer Relief Comm Pres Grain Corp. U.S. Food Admin
U.S. Food Admin U.S. Food Admin Sec of Commerce 1924-28
1918-24, Hazeltine Corp. 1917-18, C.B Pitney Kaiping Coal Mines
| Bowes Corp, Manati Congo Copper, President
| Sugar Corp. U.S. 1928-32
|
|
|
John Lowery Simpson
-------------------
Sacramento,Calif Belgium Relief |
Comm. U. S. Food Administration Baron Kurt Von Schroder
Prentiss Gray Co. J. Henry Schroder -----------------------
Trust, Schroder-Rockefeller, Chmn Schroder Banking Corp. J.H. Stein
Fin Comm, Bechtel International Bankhaus (Hitler's personal bank
Co. Bechtel Co. (Casper Weinberger account) served on board of all
Sec of Defense, George P. Schultz German subsidiaries of ITT . Bank
Sec of State (Reagan Admin). for International Settlements,
| SS Senior Group Leader,Himmler's
| Circle of Friends (Nazi Fund),
| Deutsche Reichsbank,president
|
|
Schroder-Rockefeller & Co. , N.Y.
---------------------------------
Avery Rockefeller, J. Henry Schroder
Banking Corp., Bechtel Co., Bechtel
International Co. , Canadian Bechtel
Company. |
|
|
|
Gordon Richardson
-----------------
Governor, Bank of England
1973-PRESENT C.B. of J. Henry Schroder N.Y.
Schroder Banking Co., New York, Lloyds Bank
Rolls Royce
Federal Reserve Directors: A Study of Corporate and Banking Influence
- Published 1976
The David Rockefeller chart shows the link between the Federal Reserve Bank of New York,Standard Oil of Indiana,General Motors and Allied Chemical Corportion (Eugene Meyer family) and Equitable Life (J. P. Morgan).
DAVID ROCKEFELLER
----------------------------
Chairman of the Board
Chase Manhattan Corp
|
|
______|_______________________
Chase Manhattan Corp. |
Officer & Director Interlocks|---------------------
------|----------------------- |
| |
Private Investment Co. for America Allied Chemicals Corp.
| |
Firestone Tire & Rubber Company General Motors
| |
Orion Multinational Services Ltd. Rockefeller Family & Associates
| |
ASARCO. Inc Chrysler Corp.
| |
Southern Peru Copper Corp. Intl' Basic Economy Corp.
| |
Industrial Minerva Mexico S.A. R.H. Macy & Co.
| |
Continental Corp. Selected Risk Investments S.A.
| |
Honeywell Inc. Omega Fund, Inc.
| |
Northwest Airlines, Inc. Squibb Corporation
| |
Northwestern Bell Telephone Co. Olin Foundation
| |
Minnesota Mining & Mfg Co (3M) Mutual Benefit Life Ins. Co. of NJ
| |
American Express Co. AT & T
| |
Hewlett Packard Pacific Northwestern Bell Co.
| |
FMC Corporation BeachviLime Ltd.
| |
Utah Intl' Inc. Eveleth Expansion Company
| |
Exxon Corporation Fidelity Union Bancorporation
| |
International Nickel/Canada Cypress Woods Corporation
| |
Federated Capital Corporation Intl' Minerals & Chemical Corp.
| |
Equitable Life Assurance Soc U.S. Burlington Industries
| |
Federated Dept Stores Wachovia Corporation
| |
General Electric Jefferson Pilot Corporation
| |
Scott Paper Co. R. J. Reynolds Industries Inc.
| |
American Petroleum Institute United States Steel Corp.
| |
Richardson Merril Inc. Metropolitan Life Insurance Co.
| |
May Department Stores Co. Norton-Simon Inc.
| |
Sperry Rand Corporation Stone-Webster Inc.
| |
San Salvador Development Company Standard Oil of Indiana
Federal Reserve Directors: A Study of Corporate and Banking Influence
- Published 1976
This chart shows the interlocks between the Federal Reserve Bank of New York J. Henry Schroder Banking Corp., J. Henry Schroder Trust Co., Rockefeller Center, Inc., Equitable Life Assurance Society ( J.P. Morgan), and the Federal Reserve Bank of Boston.
Alan Pifer, President
Carnegie Corporation
of New York
----------------------
|
|
----------------------
Carnegie Corporation
Trustee Interlocks --------------------------
---------------------- |
| |
Rockefeller Center, Inc J. Henry Schroder Trust Company
| |
The Cabot Corporation Paul Revere Investors, Inc.
| |
Federal Reserve Bank of Boston Qualpeco, Inc.
|
Owens Corning Fiberglas
|
New England Telephone Co.
|
Fisher Scientific Company
|
Mellon National Corporation
|
Equitable Life Assurance Society
|
Twentieth Century Fox Corporation
|
J. Henry Schroder Banking Corporation
Federal Reserve Directors: A Study of Corporate and Banking Influence
- Published 1976
This chart shows the link between the Federal Reserve Bank of New York, Brown Brothers Harriman,Sun Life Assurance Co. (N.M. Rothschild and Sons), and the Rockefeller Foundation.
Maurice F. Granville
Chairman of The Board
Texaco Incorporated
----------------------
|
|
Texaco Officer & Director Interlocks ---------------- Liggett & Myers, Inc.
------------------------------------ |
| |
| |
L Arabian American Oil Company St John d'el Ray Mining Co. Ltd.
O | |
N Brown Brothers Harriman & Co. National Steel Corporation
D | |
O Brown Harriman & Intl' Banks Ltd. Massey-Ferguson Ltd.
N | |
American Express Mutual Life Insurance Co.
| |
N. American Express Intl' Banking Corp. Mass Mutual Income Investors Inc.
M. | |
Anaconda United Services Life Ins. Co.
R | |
O Rockefeller Foundation Fairchild Industries
T | |
H Owens-Corning Fiberglas Blount, Inc.
S | |
C National City Bank (Cleveland) William Wrigley Jr. Co
H | |
I Sun Life Assurance Co. National Blvd. Bank of Chicago
L | |
D General Reinsurance Lykes Youngstown Corporation
| |
General Electric (NBC) Inmount Corporation
** Source: Federal Reserve Directors: A Study of Corporate and Banking Influence. Staff Report,Committee on Banking,Currency and Housing, House of Representatives, 94th Congress, 2nd Session, August 1976.
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, we are over taxed and you can find 40% of your income tax goes to paying interest to the national debt! I did not come up with that figure, do some research, and tell me what you find!!
Ronald Reagan once said "the American Dollar is backed by the American worker!!" That is scary, no matter what it will the American people and their worthless fiat money to pay the antee. Ask yourself, if fiat money is not backed by anything, what good is it? Hmmm, maybe its backed by American Slaves, you and me, everyone that is not part of the elitist group!
Yeah, that's the problem..
told the secret of controlling the government of a nation over 200 years ago. He said, 
