 |
| Louis T. McFadden |
The
petition for Articles of Impeachment was thereafter referred to the
Judiciary Committee and has YET TO BE ACTED ON. So, this ELECTRONIC
BOOKLET should be reprinted, reposted, set up on web pages and
circulated far and wide. [sic]
Congressman
McFadden on the Federal Reserve Corporation
Remarks
in Congress, 1934
Quotations
from several speeches made on the Floor of the House of
Representatives by the Honorable Louis T. McFadden of Pennsylvania.
Mr. McFadden, due to his having served as Chairman of the Banking and
Currency Committee for more than 10 years, was the best posted man on
these matters in America and was in a position to speak with
authority of the vast ramifications of this gigantic private credit
monopoly. As Representative of a State which was among the first to
declare its freedom from foreign money tyrants it is fitting that
Pennsylvania, the cradle of liberty, be again given the credit for
producing a son that was not afraid to hurl defiance in the face of
the money-bund. Whereas Mr. McFadden was elected to the high office
on both the Democratic and Republican tickets, there can be no
accusation of partisanship lodged against him. Because these speeches
are set out in full in the Congressional Record, they carry weight
that no amount of condemnation on the part of private individuals
could hope to carry. 1
"Mr.
Chairman, the United States is bankrupt: It has been bankrupted by
the corrupt and dishonest Fed. It has repudiated its debts to its own
citizens. Its chief foreign creditor is Great Britain, and a British
bailiff has been at the White House and the British Agents are in the
United States Treasury making inventory arranging terms of
liquidations!
Great
Britain, Partner in Blackmail
"Mr.
Chairman, the Fed has offered to collect the British claims in full
from the American public by trickery and corruption, if Great Britain
will help to conceal its crimes. The British are shielding their
agents, the Fed, because they do not wish that system of robbery to
be destroyed here. They wish it to continue for their benefit! By
means of it, Great Britain has become the financial mistress of the
world. She has regained the position she occupied before the World
War.
"For
several years she has been a silent partner in the business of the
Fed. Under threat of blackmail, or by their bribery, or by their
native treachery to the people of the United States, the officials in
charge of the Fed unwisely gave Great Britain immense gold loans
running into hundreds of millions of dollars. They did this against
the law! Those gold loans were not single transactions. They gave
Great Britain a borrowing power in the United States of billions. She
squeezed billions out of this Country by means of her control of the
Fed.
"As
soon as the Hoover Moratorium was announced, Great Britain moved to
consolidate her gains. After the treacherous signing away of American
rights at the 7-power conference at London in July, 1931, which put
the Fed under the control of the Bank of International Settlements,
Great Britain began to tighten the hangman's noose around the neck of
the United States.
"She
abandoned the gold standard and embarked on a campaign of buying up
the claims of foreigners against the Fed in all parts of the world.
She has now sent her bailiff, Ramsey MacDonald, here to get her war
debt to this country canceled. But she has a club in her hands! She
has title to the gambling debts which the corrupt and dishonest Fed
incurred abroad.
"Ramsey
MacDonald, the labor party deserter, has come here to compel the
President to sign on the dotted line, and that is what Roosevelt is
about to do!
Roosevelt
will endeavor to conceal the nature of his action from the American
people. But he will obey the International Bankers and transfer the
war debt that Great Britain should pay to the American people, to the
shoulders of the American taxpayers.
"Mr.
Chairman, the bank holiday in the several States was brought about by
the corrupt and dishonest Fed. These institutions manipulated money
and credit, and caused the States to order bank holidays.
"These
holidays were frame-ups! "They were dress rehearsals for the
national bank holiday which Franklin D. Roosevelt promised Sir Ramsey
MacDonald that he would declare.
"There
was no national emergency here when Franklin D. Roosevelt took office
excepting the bankruptcy of the Fed- a bankruptcy which has been
going on under cover for several years and which has been concealed
from the people so that the people would continue to permit their
bank deposits and their bank reserves and their gold and the funds of
the United States Treasury to be impounded in these bankrupt
institutions.
"Under
cover, the predatory International Bankers have been stealthily
transferring the burden of the Fed debts to the people's Treasury and
to the people themselves. They the farms and the homes of the United
States to pay for their thievery! That is the only national emergency
that there has been here since the depression began.
"The
week before the bank holiday was declared in New York State, the
deposits in the New York savings banks were greater than the
withdrawals. There were no runs on New York Banks. There was no need
of a bank holiday in New York, or of a national holiday.
Roosevelt
and the International Bankers
"Roosevelt
did what the International Bankers ordered him to do!
"Do
not deceive yourself, Mr. Chairman, or permit yourself to be deceived
by others into the belief that Roosevelt's dictatorship is in any way
intended to benefit the people of the United States: he is preparing
to sign on the dotted line! "He is preparing to cancel the war
debts by fraud!
"He
is preparing to internationalize this Country and to destroy our
Constitution itself in order to keep the Fed intact as a money
institution for foreigners. "Mr. Chairman, I see no reason why
citizens of the United States should be terrorized into surrendering
their property to the International Bankers who own and control the
Fed. The statement that gold would be taken from its lawful owners if
they did not voluntarily surrender it, to private interests, show
that there is an anarchist in our Government.
"The
statement that it is necessary for the people to give their gold- the
only real money- to the banks in order to protect the currency, is a
statement of calculated dishonesty!
"By
his unlawful usurpation of power on the night of March 5, 1933, and
by his proclamation, which in my opinion was in violation of the
Constitution of the United States, Roosevelt divorced the currency of
the United States from gold, and the United States currency is no
longer protected by gold. It is therefore sheer dishonesty to say
that the people's gold is needed to protect the currency.
"Roosevelt
ordered the people to give their gold to private interests- that is,
to banks, and he took control of the banks so that all the gold and
gold values in them, or given into them, might be handed over to the
predatory International Bankers who own and control the Fed.
"Roosevelt
cast his lot with the usurers. "He agreed to save the corrupt
and dishonest at the expense of the people of the United States.
"He
took advantage of the people's confusion and weariness and spread the
dragnet over the United States to capture everything of value that
was left in it. He made a great haul for the International Bankers.
"The
Prime Minister of England came here for money! He came here to
collect cash!
"He
came here with Fed Currency and other claims against the Fed which
England had bought up in all parts of the world. And he has presented
them for redemption in gold.
"Mr.
Chairman, I am in favor of compelling the Fed to pay their own debts.
I see no reason why the general public should be forced to pay the
gambling debts of the International Bankers.
Roosevelt
Seizes the Gold
"By
his action in closing the banks of the United States, Roosevelt
seized the gold value of forty billions or more of bank deposits in
the United States banks. Those deposits were deposits of gold values.
By his action he has rendered them payable to the depositors in paper
only, if payable at all, and the paper money he proposes to pay out
to bank depositors and to the people generally in lieu of their hard
earned gold values in itself, and being based on nothing into which
the people can convert it the said paper money is of negligible value
altogether. 2
"It
is the money of slaves, not of free men. If the people of the United
States permit it to be imposed upon them at the will of their credit
masters, the next step in their downward progress will be their
acceptance of orders on company stores for what they eat and wear.
Their case will be similar to that of starving coal miners. They,
too, will be paid with orders on Company stores for food and
clothing, both of indifferent quality and be forced to live in
Company-owned houses from which they may be evicted at the drop of a
hat. More of them will be forced into conscript labor camps under
supervision.
"At
noon on the 4th of March, 1933, FDR with his hand on the Bible, took
an oath to preserve, protect and defend the Constitution of the U.S.
At midnight on the 5th of March, 1933, he confiscated the property of
American citizens. He took the currency of the United States standard
of value. He repudiated the internal debt of the Government to its
own citizens. He destroyed the value of the American dollar. He
released, or endeavored to release, the Fed from their contractual
liability to redeem Fed currency in gold or lawful money on a parity
with gold. He depreciated the value of the national currency.
"The
people of the U.S. are now using unredeemable paper slips for money.
The Treasury cannot redeem that paper in gold or silver. The gold and
silver of the Treasury has unlawfully been given to the corrupt and
dishonest Fed. And the Administration has since had the effrontery to
raid the country for more gold for the private interests by telling
our patriotic citizens that their gold is needed to protect the
currency.
"It
is not being used to protect the currency! It is being used to
protect the corrupt and dishonest Fed. "The directors of these
institutions have committed criminal offense against the United
States Government, including the offense of making false entries on
their books, and the still more serious offense of unlawfully
abstracting funds from the United States Treasury! "Roosevelt's
gold raid is intended to help them out of the pit they dug for
themselves when they gambled away the wealth and savings of the
American people.
Dictatorship
"The
International Bankers set up a dictatorship here because they wanted
a dictator who would protect them. They wanted a dictator who would
protect them [sic]. They wanted a dictator who would issue a
proclamation giving the Fed an absolute and unconditional release
from their special currency in gold, or lawful money of any Fed Bank.
"Has
Roosevelt relieved any other class of debtors in this country from
the necessity of paying their debts? Has he made a proclamation
telling the farmers that they need not pay their mortgages? Has he
made a proclamation to the effect that mothers of starving children
need not pay their milk bills? Has he made a proclamation relieving
householders from the necessity of paying rent?
Roosevelt's
Two Kinds of Laws
"Not
he! He has issued one kind of proclamation only, and that is a
proclamation to relieve international bankers and the foreign debtors
of the United States Government.
"Mr.
Chairman, the gold in the banks of this country belongs to the
American people who have paper money contracts for it in the form of
national currency. If the Fed cannot keep their contracts with United
States citizens to redeem their paper money in gold, or lawful money,
then the Fed must be taken over by the United States Government and
their officers must be put on trial.
"There
must be a day of reckoning. If the Fed have looted the Treasury so
that the Treasury cannot redeem the United States currency for which
it is liable in gold, then the Fed must be driven out of the
Treasury.
"Mr.
Chairman, a gold certificate is a warehouse receipt for gold in the
Treasury, and the man who has a gold certificate is the actual owner
of a corresponding amount of gold stacked in the Treasury subject to
his order.
"Now
comes Roosevelt who seeks to render the money of the United States
worthless by unlawfully declaring that it may No Longer be converted
into gold at the will of the holder.
"Roosevelt's
next haul for the International Bankers was the reduction in the pay
of all Federal employees.
"Next
in order are the veterans of all wars, many of whom are aged and
inform, and other sick and disabled. These men had their lives
adjusted for them by acts of Congress determining the amounts of the
pensions, and, while it is meant that every citizen should sacrifice
himself for the good of the United States, I see no reason why those
poor people, these aged Civil War Veterans and war widows and
half-starved veterans of the World War, should be compelled to give
up their pensions for the financial benefit of the International
vultures who have looted the Treasury, bankrupted the country and
traitorously delivered the United States to a foreign foe.
"There
are many ways of raising revenue that are better than that barbaric
act of injustice.
"Why
not collect from the Fed the amount they owe the U.S. Treasury in
interest on all the Fed currency they have taken from the Government?
That would put billions of dollars into the U.S. Treasury.
"If
FDR is as honest as he pretends to be, he will have that done
immediately. And in addition, why not compel the Fed to disclose
their profits and to pay the Government its share?
"Until
this is done, it is rank dishonesty to talk of maintaining the credit
of the U.S. Government. "My own salary as a member of Congress
has been reduced, and while I am willing to give my part of it that
has been taken away from me to the U.S. Government, I regret that the
U.S. has suffered itself to be brought so low by the vultures and
crooks who are operating the roulette wheels and faro tables in the
Fed, that is now obliged to throw itself on the mercy of its
legislators and charwomen, its clerks, and it poor pensioners and to
take money out of our pockets to make good the defalcations of the
International Bankers who were placed in control of the Treasury and
given the monopoly of U.S. Currency by the misbegotten Fed. "I
am well aware that the International Bankers who drive up to the door
of the United States Treasury in their limousines, look down with
scorn upon members of Congress because we work for so little, while
they draw millions a year. The difference is that we earn, or try to
earn, what we get- and they steal the greater part of their takings.
Enemies
of the People They Rob
"I
do not like to see vivisections performed on human beings. I do not
like to see the American people used for experimental purposes by the
credit masters of the United States. They predicted among themselves
that they would be able to produce a condition here in which American
citizens would be completely humbled and left starving and penniless
in the streets.
"The
fact that they made that assertion while they were fomenting their
conspiracy against the United States that they like to see a human
being, especially an American, stumbling from hunger when he walks.
"Something should be done about it, they say. Five-cent meals,
or something! "But FDR will not permit the House of
Representatives to investigate the condition of the Fed. FDR will not
do that. He has certain International Bankers to serve. They do not
look to him as the man Higher Up who will protect them from the just
wrath of an outraged people.
"The
International Bankers have always hated our pensioners. A man with a
small pension is a ward of the Government. He is not dependent upon
them for a salary or wages. They cannot control him. They do not like
him. It gave them great pleasure, therefore, to slash the veterans.
"But
FDR will never do anything to embarrass his financial supporters. He
will cover up the crimes of the Fed.
"Before
he was elected, Mr. Roosevelt advocated a return to the earlier
practices of the Fed, thus admitting its corruptness. The Democratic
platform advocated a change in the personnel of the Fed. These were
campaign bait. As a prominent Democrat lately remarked to me; "There
is no new deal. The same old crowd is in control."
"The
claims of foreign creditors of the Fed have no validity in law. The
foreign creditors were the receivers- and the willing receivers- of
stolen goods! They have received through their banking fences immense
amounts of currency, and that currency was unlawfully taken from the
United States Treasury by the Fed.
"England
discovered the irregularities of the Fed quite early in its
operations and through fear, apparently, the Fed have for years
suffered themselves to be blackmailed and dragooning England to share
in the business of the Fed. "The Fed have unlawfully taken many
millions of dollars of the public credit of the United States and
have given it to foreign sellers on the security of the Debt paper of
foreign buyers in purely foreign transactions, and when the foreign
buyers refused to meet their obligations and the Fed saw no honest
way of getting the stolen goods back into their possession, they
decided by control of the executive to make the American people pay
their losses!
Conspiracy
of War Debts
"They
likewise entered into a conspiracy to deprive the people of the U.S.
of their title to the war debts and not being able to do that in the
way they intended, they are now engaged in an effort to debase the
American dollar so that foreign governments will have their debts to
this country cut in two, and then by means of other vicious
underhanded arrangements, they propose to remit the remainder.
"So
far as the U.S. is concerned, the gambling counters have no legal
standing. The U.S. Treasury cannot be compelled to make good the
gambling ventures of the corrupt and dishonest Fed. Still less should
the bank deposits of the U.S. be used for that purpose. Still less
should the national currency have been made irredeemable in gold so
that the gold which was massed and stored to redeem the currency for
American citizens may be used to pay the gambling debts of the Fed
for England's benefit. "The American people should have their
gold in their own possession where it cannot be held under secret
agreement for any foreign controlled bank, or world bank, or foreign
nation. Our own citizens have the prior claim to it. The paper [money
men] have in their possession deserves redemption far more than U.S.
currency and credit which was stolen from the U.S. Treasury and
bootlegged abroad.
"Why
should the foreigners be made preferred creditors of the bankrupt
U.S.? Why should the U.S. be treated as bankrupt at all? This
Government has immense sums due it from the Fed. The directors of
these institutions are men of great wealth. Why should the guilty
escape the consequences of their misdeeds? Why should the people of
these U.S. surrender the value of their gold bank deposits to pay off
the gambling debts of these bankers? Why should Roosevelt promise
foreigners that the U.S. will play the part of a good neighbor,
'meeting its obligations'?
"Let
the Fed meet their own obligations.
"Every
member of the Fed should be compelled to disgorge, and every
acceptance banker and every discount corporation which has made
illegal profits by means of public credit unlawfully bootlegged out
of the U.S. Treasury and hired out by the crooks and vultures of the
Fed should be compelled to disgorge.
Federal
Reserve Pays No Taxes
"Gambling
debts due to foreign receivers of stolen goods should not be paid by
sacrificing our title to our war debts, the assets of the U.S.
Treasury- which belong to all the people of the U.S. and which it is
our duty to preserve inviolate in the people's treasury.
"The
U.S. Treasury cannot be made liable for them. The Fed currency must
be redeemed by the Fed banks or else these Fed banks must be
liquidated.
"We
know from assertions made here by the Hon. John N. Garner,
Vice-President of the U.S. that there is a condition in the [United
States such] would cause American citizens, if they knew what it was,
to lose all confidence in their government.
"That
is a condition that Roosevelt will not have investigated. He has
brought with him from Wall Street, James Warburg, the son of Paul M.
Warburg. Mr. Warburg, alien born, and the son of an alien who did not
become naturalized here until several years after this Warburg's
birth, is a son of a former partner of Kuhn, Loeb and Co., a grandson
of another partner, a nephew of a former partner, and a nephew of a
present partner.
"He
holds no office in our Government, but I am told that he is in daily
attendance at the Treasury, and that he has private quarters there!
In other words, Mr. Chairman, Kuhn, Loeb and Company now has control
and occupy the U.S. Treasury.
Preferred
Treatment for Foreigners
"The
text of the Executive order which seems to place an embargo on
shipments of gold permits the Secretary of the Treasury, a former
director of the corrupt [Kuhn, Loeb and Co.], to issue licenses at
his discretion for the export of gold coin, or bullion, earmarked or
held in trust for a recognized foreign government or foreign central
bank for international settlement. Now, Mr. Chairman, if gold held in
trust for those foreign institutions may be sent to them, I see no
reason why gold held in trust for American as evidenced by their gold
certificates and other currency issued by the U.S. Government should
not be paid to them. "I think that American citizens should be
entitled to treatment at least as good as that which the person is
extending to foreign governments, foreign central banks, and the bank
of International Settlements. I think a veteran of the world war,
with a $20 gold certificate, is at least as much entitled to receive
his own gold for it, as any international banker in the city of New
York or London.
"By
the terms of this executive order, gold may be exported if it is
actually required, for the fulfillment of any contract entered into
prior to the date of this order by an applicant who, in obedience to
the executive order of April 5, 1933, has delivered gold coin, gold
bullion, or gold certificates. "This means that gold may be
exported to pay the obligations abroad of the Fed which were incurred
prior to the date of the order, namely, April 20, 1933.
"If
a European Bank should send 100 million dollars in Fed currency to a
bank in this country for redemption, that bank could easily ship gold
to Europe in exchange for that currency. Such Fed currency would
represent "contracts" entered into prior to the date of the
order. If the Bank of International Settlements or any other foreign
bank holding any of the present gambling debt paper of the Fed should
draw a draft for the settlement of such obligation, gold would be
shipped to them because the debt contract would have been entered
into prior to the date of order.
Crimes
and Criminals
"Mr.
Speaker, I rise to a question of constitutional privilege.
"Whereas,
I charge. . Eugene Meyer, Roy A. Young, Edmund Piatt, Eugene B.
Black, Adolph Casper Miller, Charles S. Hamlin, George R. James,
Andrew W. Mellon, Ogden L. Mills, William H. Woo W. Poole, J.F.T.
O'Connor, members of the Federal Reserve Board; F. H. Curtis, J.H.
Chane, R.L. Austin, George De Camp, L.B. Williams, W.W. Hoxton, Oscar
Newton, E.M. Stevens, J.S. Wood, J.N. Payton, M.L. McClure, C.C.
Walsh, Isaac B. Newton, Federal Reserve Agents, jointly and
severally, with violations of the Constitution and laws of the United
States, and whereas I charge them with having taken funds from the
U.S Treasury which were not appropriated by the Congress of the
United States, and I charge them with having unlawfully taken over
$80 billion from the U.S. Government in the year 1928, the said
unlawful taking consisting of the unlawful creation of claims against
the U.S. Treasury to the extent of over $80 billion in the year 1928;
and I charge them with similar thefts committed in 1929, 1930, 1931,
1932 and 1933, and in years previous to 1928, amounting to billions
of dollars; and "Whereas I charge them, jointly and severally
with having unlawfully created claims against the U.S. Treasury by
unlawfully placing U.S. Government credit in specific amounts to the
credit of foreign governments and foreign central banks of issue;
private interests and commercial and private banks of the U.S. and
foreign countries, and branches of foreign banks doing business in
the U.S., to the extent of billions of dollars; and with having made
unlawful contracts in the name of the U.S. Government and the U.S.
Treasury; and with having made false entries on books of account; and
"Whereas
I charge them jointly and severally, with having taken Fed Notes from
the U.S. Treasury and with having put Fed Notes into circulation
without obeying the mandatory provision of the Fed Act which requires
the Fed Board to fix an interest rate on all issues of Fed Notes
supplied to Fed Banks, the interest resulting therefrom to be paid by
the Fed Banks to the government of the U.S. for the use of the Fed
Notes, and I charge them of having defrauded the U.S. Government and
the people of the U.S. of billions of dollars by the commission of
this crime, and
"Whereas
I charge them, jointly and severally, with having purchased U.S.
Government securities with U.S. Government credit unlawfully taken
and with having sold the said U.S. Government securities back to the
people of the U.S. for gold or gold values and with having again
purchased U.S. Government securities with U.S. Government credit
unlawfully taken and with having again sold the said U.S. Government
security for gold or gold values, and I charge them with having
defrauded the U.S. Government and the people of the U.S. by this
rotary process; and
"Whereas
I charge them, jointly and severally, with having unlawfully
negotiated U.S. Government securities, upon which the Government
liability was extinguished, as collateral security for Fed Notes and
with having substituted such securities for gold which was being held
as collateral security for Fed Notes, and with having by the process
defrauded the U.S. Government and the people of the U.S., and I
charge them with the theft of all the gold and currency they obtained
by this process; and
"Whereas
I charge them, jointly and severally, with having unlawfully issued
Fed currency on false, worthless and fictitious acceptances and other
circulating evidence of debt, and with having made unlawful advances
of Fed currency, and with having unlawfully permitted renewals of
acceptances and renewals of other circulating evidences of debt, and
with having permitted acceptance bankers and discount dealer
corporations and other private bankers to violate the banking laws of
the U.S.; and
"Whereas
I charge them, jointly and severally, with having conspired to have
evidences of debt to the extent of $1 billion artificially created at
the end of February, 1933, and early in March 1933, and with having
made unlawful issues and advances of Fed currency on the security of
said artificially created evidences of debt for a sinister purpose,
and with having assisted in the execution of said sinister purpose;
and
"Whereas
I charge them, jointly and severally, with having brought about the
repudiation of the currency obligations of the Fed Banks to the
people of the U.S. and with having conspired to obtain a release for
the Fed Board and the Fed Banks from their contractual liability to
redeem all Fed currency in gold or lawful money at the Fed Bank and
with having defrauded the holders of Fed currency, and with having
conspired to have the debts and losses of the Fed Board and the Fed
Banks unlawfully transferred to the Government and the people of the
U.S., and
"Whereas
I charge them, jointly and severally, with having unlawfully
substituted Fed currency and other irredeemable paper currency for
gold in the hands of the people after the decision to repudiate the
Fed currency and the national currency was made known to them, and
with thus having obtained money under false pretenses; and
"Whereas
I charge them, jointly and severally, with having brought about a
repudiation of the notes of the U.S. in order that the gold value of
the said currency might be given to private interests, foreign
governments, foreign central banks of issues, and the Bank of
International Settlements, and the people of the U.S. to be left
without gold or lawful money and with no currency other than a paper
currency irredeemable in gold, and I charge them with having done
this for the benefit of private interests, foreign governments,
foreign central banks of issue, and the bank of International
Settlements; and
"Whereas
I charge them, jointly and severally, with conniving with the Edge
Law banks, and other Edge Law institutions, accepting banks, and
discount corporations, foreign central banks of issue, foreign
commercial banks, foreign corporations, and foreign individuals with
funds unlawfully taken from the U.S. Treasury; and I charge them with
having unlawfully permitted and made possible 'new financing' for
foreigners at the expense of the U.S. Treasury to the extent of
billions of dollars and with having unlawfully permitted and made
possible the bringing into the United States of immense quantities of
foreign securities, created in foreign countries for export to the
U.S. and with having unlawfully permitted the said foreign securities
to be imported into the U.S. instead of gold, which was lawfully due
to the U.S. on trade balances and otherwise, and with having lawfully
permitted and facilitated the sale of the said foreign securities in
the U.S., and
"Whereas
I charge them, jointly and severally, with having unlawfully exported
U.S. coins and currency for a sinister purpose, and with having
deprived the people of the U.S. of their lawful medium of exchange,
and I charge them with having arbitrarily and unlawfully reduced the
amount of money and currency in circulation in the U.S. to the lowest
rate per capita in the history of the Government, so that the great
mass of the people have been left without a sufficient medium of
exchange, and I charge them with concealment and evasion in refusing
to make known the amount of U.S. money in coins and paper currency
exported and the amount remaining in the U.S. as a result of which
refusal the Congress of the U.S. is unable to ascertain where the
U.S. coins and issues of currency are at the present time, and what
amount of U.S. currency is now held abroad; and
"Whereas
I charge them, jointly and severally, with having arbitrarily and
unlawfully raised and lowered the rates of money and with having
arbitrarily increased and diminished the volume of currency in
circulation for the benefit of private interests at the expense of
the Government and the people of the U.S. and with having unlawfully
manipulated money rates, wages, salaries and property values both
real and personal, in the U.S. by unlawful operations in the open
discount market and by resale and repurchase agreements unsanctioned
by law, and
"Whereas
I charge them jointly and severally, with having brought about the
decline in prices on the New York Stock Exchange and other exchanges
in October, 1929, by unlawful manipulation of money rates and the
volume of U.S. money and currency in circulation: by theft of funds
from the U.S. Treasury by gambling in acceptances and U.S. Government
securities; by service rendered to foreign and domestic speculators
and politicians, and by unlawful sale of U.S. gold reserves abroad,
and
"Whereas
the unconstitutional inflation law imbedded in the so-called Farm
Relief Act by which the Fed Banks are given permission to buy U.S.
Government securities to the extent of $3 billion and to drew forth
currency from the people's Treasury to the extent of $3 billion is
likely to result in connivance on the part of said accused with
others in the purchase by the Fed of the U.S. Government securities
to the extent of $3 billion with U.S. Government's own credit
unlawfully taken, it being obvious that the Fed do no not intend to
pay anything of value to the U.S. Government for the said U.S.
Government securities no provision for payment in gold or lawful
money appearing in the so-called Farm Relief bill- and the U.S.
Government will thus be placed in a position of conferring a gift of
$3 billion in the U.S. Government securities on the Fed to enable
them to pay more on their bad debts to foreign governments, foreign
central banks of issue, private interests, and private and commercial
banks, both foreign and domestic, and the Bank of International
Settlements, and
"Whereas
the U.S. Government will thus go into debt to the extent of $3
billion and will then have an additional claim of $3 billion in
currency unlawfully created against it and whereas no private
interest should be permitted to buy U.S. Government securities with
the Government's own credit unlawfully taken and whereas currency
should not be issued for the benefit of said private interest or any
interests on U.S. Government securities so acquired, and whereas it
has been publicly stated and not denied that the inflation amendment
of the Farm Relief Act is the matter of benefit which was secured by
Ramsey MacDonald, the Prime Minister of Great Britain, upon the
occasion of his latest visit to the U.S. Treasury, and whereas there
is grave danger that the accused will employ the provision creating
U.S. Government securities to the extent of $3 billion and three
millions in currency to be issuable thereupon for the benefit of
themselves and their foreign principals, and that they will convert
the currency so obtained to the uses of Great Britain by secret
arrangements with the Bank of England of which they are the agents,
and for which they maintain an account and perform services at the
expense of the U.S. Treasury, and that they will likewise confer
benefits upon the Bank of International Settlements for which they
maintain an account and perform services at the expense of the U.S.
Treasury; and
"Whereas
I charge them, jointly and severally, with having concealed the
insolvency of the Fed and with having failed to report the insolvency
of the Fed to the Congress and with having conspired to have the said
insolvent institutions continue in operation, and with having
permitted the said insolvent institutions to receive U.S. Government
funds and other deposits, and with having permitted them to exercise
control over the gold reserves of the U.S. and with having permitted
them to transfer upward of $100 billion of their debts and losses to
the general public and the Government of the U.S., and with having
permitted foreign debts of the Fed to be paid with the property, the
savings, the wages, and the salaries of the people of the U.S. and
with the farms and the homes of the American people, and whereas I
charge them with forcing the bad debts of the Fed upon the general
public covertly and dishonestly and with taking the general
wealth and savings of the people of the U.S. under false pretenses,
to pay the debts of the Fed to foreigners; and
"Whereas
I charge them, jointly and severally, with violations of the Fed Act
and other laws; with maladministration of the h evasions [sic] of the Fed
Law and other laws; and with having unlawfully failed to report
violations of law on the part of the Fed Banks which, if known, would
have caused the Fed Banks to lose their charters, and
"Whereas
I charge them, jointly and severally, with failure to protect and
maintain the gold reserves and the gold stock and gold coinage of the
U.S. and with having sold the gold reserves of the U.S to foreign
Governments, foreign central banks of issue, foreign commercial and
private banks, and other foreign institutions and individuals at a
profit to themselves, and I charge them with having sold gold
reserves of the U.S. so that between 1924 and 1928 the U.S. gained no
gold on net account but suffered a decline in its percentage of
central gold reserves from the 45.9 percent in 1924 to 37.5 percent
in 1928 notwithstanding the fact that the U.S. had a favorable
balance of trade throughout that period, and
"Whereas
I charge them, jointly and severally, with having conspired to
concentrate U.S. Government securities and thus the national debt of
the U.S. in the hands of foreigners and international money lenders
and with having conspired to transfer to foreigners and international
money lenders title to and control of the financial resources of the
U.S.; and
"Whereas
I charge them, jointly and severally, with having fictitiously paid
installments on the national debt with Government credit unlawfully
taken; and
"Whereas
I charge them, jointly and severally, with the loss of the U.S.
Government funds entrusted to their care; and
"Whereas
I charge them, jointly and severally, with having destroyed
independent banks in the U.S. and with having thereby caused losses
amounting to billions of dollars to the said banks, and to the
general public of the U.S., and
"Whereas
I charge them, jointly and severally, with the failure to furnish
true reports of the business operations and the true conditions of
the Fed to the Congress and the people, and having furnished false
and misleading reports to the congress of the U.S., and
"Whereas
I charge them, jointly and severally, with having published false and
misleading propaganda intended to deceive the American people and to
cause the U.S. to lose its independence; and
"Whereas
I charge them, jointly and severally, with unlawfully allowing Great
Britain to share in the profits of the Fed at the expense of the
Government and the people of the U.S.; and
"Whereas
I charge them, jointly and severally, with having entered into secret
agreements and illegal transactions with Montague Norman, Governor of
the Bank of England; and
"Whereas
I charge them, jointly and severally, with swindling the U.S.
Treasury and the people of the U.S. in pretending to have received
payment from Great Britain of the amount due on the British war debt
to the U.S. in December, 1932; and
"Whereas
I charge them, jointly and severally, with having conspired with
their foreign principals and others to defraud the U.S. Government
and to prevent the people of the U.S. from receiving payment of the
war debts due to the U.S. from foreign nations; and
"Whereas
I charge them, jointly and severally, with having robbed the U.S
Government and the people of the U.S. by their theft and sale of the
gold reserves of the U.S. and other unlawful transactions created a
deficit in the U.S. Treasury, which has necessitated to a large
extent the destruction of our national defense and the reduction of
the U.S. Army and the U.S. Navy and other branches of the national
defense; and
"Whereas
I charge them, jointly and severally, of having reduced the U.S. from
a first class power to one that is dependent, and with having reduced
the U.S. from a rich and powerful nation to one that is
internationally poor; and
"Whereas
I charge them, jointly and severally, with the crime of having
treasonably conspired and acted against the peace and security of the
U.S. and with having treasonably conspired to destroy constitutional
Government in the U.S.
"Resolve,
That the Committee on the Judiciary is authorized and directed as a
whole or by subcommittee, to investigate the official conduct of the
Federal Reserve agents to determine whether, in the opinion of the
said committee, they have been guilty of any high crime or
misdemeanor which in the contemplation the Constitution requires the
interposition of the Constitutional powers of the House. Such
Committee shall report its finding to the House, together with such
resolution or resolutions of impeachment or other recommendations as
it deems proper.
"For
the purpose of this resolution the Committee is authorized to sit and
act during the present Congress at such times and places in the
District of Columbia or elsewhere, whether or not the House is
sitting, has recessed or has adjourned, to hold such clerical,
stenographic, and other assistants, to require of such witnesses and
the production of such books, papers, and documents, to take such
testimony, to have such printing and binding done, and to make such
expenditures as it deems necessary."
After
some discussion and upon the motion of Mr. Byrns, the resolution and
charge was referred to the Committee on the Judiciary.
Notes:
1.
The gold and silver bullion brokers are still headquartered in
London.
2. Addressing this issue is one of the main focuses of this blog. We note that McFadden almost had it right, the key factor never included in any of their systems of measuring commercial value was TIME. Failure to consider at what TME a purchasing power was of reference, whether gold or silver formed part of it or not, causes all means of exchange that we know of and use today to be literally unstable and therefore invalid as money long term.
2. Addressing this issue is one of the main focuses of this blog. We note that McFadden almost had it right, the key factor never included in any of their systems of measuring commercial value was TIME. Failure to consider at what TME a purchasing power was of reference, whether gold or silver formed part of it or not, causes all means of exchange that we know of and use today to be literally unstable and therefore invalid as money long term.
