Congressman McFadden on the Federal Reserve

On May 23, 1933, Congressman, Louis T. McFadden, brought formal charges

against the Board of Governors of the Federal Reserve Bank system, The

Comptroller of the Currency and the Secretary of United States Treasury for

numerous criminal acts, including but not limited to, CONSPIRACY,

FRAUD, UNLAWFUL CONVERSION, AND TREASON

The petition for Articles of Impeachment was thereafter referred to the

Judiciary Committee and has

YET TO BE ACTED ON.

So, this ELECTRONIC BOOKLET should be reprinted, reposted,

set up on web pages and circulated far and wide.

Congressman McFadden
on the Federal Reserve Corporation

Remarks in Congress, 1934
AN ASTOUNDING EXPOSURE

Reprinted by permission 1978 Arizona Caucus Club

Congressman McFadden's Speech
On the Federal Reserve Corporation

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

The Federal Reserve-A Corrupt Institution

"Mr. Chairman, we have in this Country one of the most corrupt institutions
the world has ever known. I refer to the Federal Reserve Board and the
Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the

Government of these United States and the people of the United States out of
enough money to pay the Nation's debt. The depredations and iniquities of the
Fed has cost enough money to pay the National debt several times over.

"This evil institution has impoverished and ruined the people of these United
States, has bankrupted itself, and has practically bankrupted our Government.
It has done this through the defects of the law under which it operates, through
the maladministration of that law by the Fed and through the corrupt practices
of the moneyed vultures who control it.

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

"These twelve private credit monopolies were deceitfully and disloyally
foisted upon this Country by the bankers who came here from Europe and
repaid us our hospitality by undermining our American institutions. Those
bankers took money out of this Country to finance Japan in a war against
Russia. They created a reign of terror in Russia with our money in order to
help that war along. They instigated the separate peace between Germany and
Russia, and thus drove a wedge between the allies in World War. They
financed Trotsky's passage from New York to Russia so that he might assist in
the destruction of the Russian Empire. They fomented and instigated the
Russian Revolution, and placed a large fund of American dollars at Trotsky's
disposal in one of their branch banks in Sweden so that through him Russian
homes might be thoroughly broken up and Russian children flung far and
wide from their natural protectors. They have since begun breaking up of
American homes and the dispersal of American children. "Mr. Chairman,
there should be no partisanship in matters concerning banking and currency
affairs in this Country, and I do not speak with any.

"In 1912 the National Monetary Association, under the chairmanship of the
late Senator Nelson W. Aldrich, made a report and presented a vicious bill
called the National Reserve Association bill. This bill is usually spoken of as
the Aldrich bill. Senator Aldrich did not write the Aldrich bill. He was the
tool, if not the accomplice, of the European bankers who for nearly twenty
years had been scheming to set up a central bank in this Country and who in
1912 has spent and were continuing to spend vast sums of money to
accomplish their purpose.

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

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

PRESIDENT JACKSON'S TIME

"One of the greatest battles for the preservation of this Republic was fought
out here in Jackson's time; when the second Bank of the United States,
founded on the same false principles of those which are here exemplified in
the Fed was hurled out of existence. After that, in 1837, the Country was
warned against the dangers that might ensue if the predatory interests after
being cast out should come back in disguise and unite themselves to the
Executive and through him acquire control of the Government. That is what
the predatory interests did when they came back in the livery of hypocrisy and
under false pretenses obtained the passage of the Fed.

"The danger that the Country was warned against came upon us and is shown
in the long train of horrors attendant upon the affairs of the traitorous and
dishonest Fed. Look around you when you leave this Chamber and you will
see evidences of it in all sides. This is an era of misery and for the conditions
that caused that misery, the Fed are fully liable. This is an era of financed
crime and in the financing of crime the Fed does not play the part of a
disinterested spectator.

"It has been said that the draughts man who was employed to write the text of
the Aldrich bill because that had been drawn up by lawyers, by acceptance
bankers of European origin in New York. It was a copy, in general a
translation of the statues of the Reichsbank and other European central banks.
One-half million dollars was spent on the part of the propaganda organized by
these bankers for the purpose of misleading public opinion and giving
Congress the impression that there was an overwhelming popular demand for
it and the kind of currency that goes with it, namely, an asset currency based
on human debts and obligations. Dr. H. Parker Willis had been employed by
Wall Street and propagandists, and when the Aldrich measure failed- he

obtained employment with Carter Glass, to assist in drawing the banking bill
for the Wilson administration. He appropriated the text of the Aldrich bill.
There is no secret about it. The test of the Federal Reserve Act was tainted
from the first.

"A few days before the bill came to a vote, Senator Henry Cabot Lodge, of
Massachusetts, wrote to Senator John W. Weeks as follows:

New York City,
December 17, 1913

"My Dear Senator Weeks:

"'Throughout my public life I have supported all measures designed
to take the Government out of the banking business. This bill puts the
Government into the banking business as never before in our history.
"'The powers vested in the Federal Reserve Board seen to me highly
dangerous especially where there is political control of the Board. I
should be sorry to hold stock in a bank subject to such dominations.
The bill as it stands seems to me to open the way to a vast inflation of
the currency. '"I had hoped to support this bill, but I cannot vote for
it cause it seems to me to contain features and to rest upon principles
in the highest degree menacing to our prosperity, to stability in
business, and to the general welfare of the people of the United
States.

Very Truly Yours,
Henry Cabot Lodge. '"

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

THE GREAT DEPRESSION

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

"Recently in one of our States, 60,000 dwelling houses and farms were
brought under the hammer in a single day. 71,000 houses and farms in
Oakland County, Michigan, were sold and their erstwhile owners
dispossessed. The people who have thus been driven out are the wastage of
the Fed. They are the victims of the Fed. Their children are the new slaves of
the auction blocks in the revival of the institution of human slavery.

The Scheme of the Fed

"In 1913, before the Senate Banking and Currency Committee, Mr. Alexander
Lassen made the following statement: "The whole scheme of the Fed with its
commercial paper is an impractical, cumbersome machinery- is simply a
cover to secure the privilege of issuing money, and to evade payment of as
much tax upon circulation as possible and then control the issue and maintain,
instead of reducing interest rates. It will prove to the advantage of the few and
the detriment of the people. It will mean continued shortage of actual money
and further extension of credits, for when there is a shortage of money people
have to borrow to their cost.' "A few days before the Fed passed, Senator Root
denounced the Fed as an outrage on our liberties. He predicted: 'Long before
we wake up from our dream of prosperity through an inflated currency, our
gold- which alone could have kept us from catastrophe- will have vanished
and no rate of interest will tempt it to return. 1

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

"The Fed became law the day before Christmas Eve, in the year 1913, and
shortly afterwards, the German International bankers, Kuhn, Loeb and Co.
sent one of their partners here to run it.

"The Fed Note is essentially unsound. It is the worst currency and the most
dangerous that this Country has ever known. When the proponents of the act
saw that the Democratic doctrine would not permit them to let the proposed
banks issue the new currency as bank notes, they should have stopped at that.
They should not have foisted that kind of currency, namely, an asset currency,
on the United States Government. They should not have made the
Government [liable on the private] debts of individuals and corporations, and,
least of all, on the private debts of foreigners. "As Kemerer says: 'The Fed
Notes, therefore, in form, have some of the qualities of Government paper
money, but in substance, are almost a pure asset currency possessing a
Government guarantee against which contingency the Government has made
no provision whatever.'

"Hon. L.J.Hill, a former member of the House, said, and truly: "They are
obligations of the Government for which the United States received nothing
and for the payment of which at any time, it assumes the responsibility:
looking to the Fed to recoup itself

"If this United States is to redeem the Fed Notes, when the General Public
finds it costs to deliver this paper to the Fed, and if the Government has made
no provisions for redeeming them, the first element of unsoundness is not far
to seek.

"Before the Banking and Currency Committee, when the bill was under
discussion Mr. Crozier of Cincinnati said: 'The imperial power of elasticity of
the public currency is wielded exclusively by the central corporations owned
by the banks. This is a life and death power over all local banks and all
business. It can be used to create or destroy prosperity, to ward off or cause
stringencies and panics. By making money artificially scarce, interest rates
throughout the Country can be arbitrarily raised and the bank tax on all
business and cost of living increased for the profit of the banks owning these
regional central banks, and without the slightest benefit to the people. The 12
Corporations together cover y and monopolize and use for private gain- every
dollar of the public currency and all public revenue of the United States. Not a
dollar can be put into circulation among the people by their Government,
without the consent of and on terms fixed by these 12 private money trusts.'

"In defiance of this and all other warnings, the proponents of the Fed created
the 12 private credit corporations and gave them an absolute monopoly of the
currency of these United States- not of the Fed Notes alone- but of all other
currency! The Fed Act providing ways and means by which the gold and
general currency in the hands of the American people could be obtained by
the Fed in exchange for Fed Notes- which are not money- but mere promises
to pay.

"Since the evil day when this was done, the initial monopoly has been
extended by vicious amendments to the Fed and by the unlawful and
treasonable practices of the Fed.

Money for the Scottish Distillers

"Mr. Chairman, if a Scottish distiller wishes to send a cargo of Scotch
whiskey to these United States, he can draw his bill against the purchasing
bootlegger in dollars and after the bootlegger has accepted it by writing his
name across the face of it, the Scotch distiller can send that bill to the
nefarious open discount market in New York City where the Fed will buy it
and use it as collateral for a new issue of Fed Notes. Thus the Government of
these United States pay the Scotch distiller for the whiskey before it is
shipped, and if it is lost on the way, or if the Coast Guard seizes it and
destroys it, the Fed simply write off the loss and the government never
recovers the money that was paid to the Scotch distiller.

"While we are attempting to enforce prohibition here, the Fed are in the
distillery business in Europe and paying bootlegger bills with public credit of

these United States. "Mr. Chairman, by the same process, they compel our
Government to pay the German brewer for his beer. Why should the Fed be
permitted to finance the brewing industry in Germany either in this way or as
they do by compelling small and fearful United States Banks to take stock in
the Isenbeck Brewery and in the German Bank for brewing industries? "Mr.
Chairman, if Dynamit Nobel of Germany, wishes to sell dynamite in Japan to
use in Manchuria or elsewhere, it can drew its bill against the Japanese
customers in dollars and send that bill to the nefarious open discount market
in New York City where the Fed will buy it and use it as collateral for a new
issue of Fed Notes- while at the same time the Fed will be helping Dynamit
Nobel by stuffing its stock into the United States banking system.

"Why should we send our representatives to the disarmament conference at
Geneva- while the Fed is making our Government pay Japanese debts to
German Munitions makers?

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

"Mr. Chairman, why should the currency of these United States be issued on
the strength of German Beer? Why should it be issued on the crop of
unplanted beans to be grown in Chili for Japanese consumption? Why should
these United States be compelled to issue many billions of dollars every year
to pay the debts of one foreigner to another foreigner? "Was it for this that our
National Bank depositors had their money taken out of our banks and shipped
abroad? Was it for this that they had to lose it? Why should the public credit
of these United States and likewise money belonging to our National Bank
depositors be used to support foreign brewers, narcotic drug vendors, whiskey
distillers, wig makes, human hair merchants, Chilean bean growers, to finance
the munition factories of Germany and Soviet Russia?

THE UNITED STATES HAS BEEN RANSACKED

"The United States has been ransacked and pillaged. Our structures have been
gutted and only the walls are left standing. While being perpetrated,
everything the world would rake up to sell us was brought in here at our
expense by the Fed until our markets were swamped with unneeded and
unwanted imported goods priced far above their value and make to equal the
dollar volume of our honest exports, and to kill or reduce our favorite balance
of trade. As Agents of the foreign central banks the Fed try by every means in

their power to reduce our favorable balance of trade. They act for their foreign
principal and they accept fees from foreigners for acting against the best
interests of these United States. Naturally there has been great competition
among among foreigners for the favors of the Fed.

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

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

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

"We need to destroy the Fed wherein our national reserves are impounded for
the benefit of the foreigners. "We need to save America for Americans.

SPURIOUS SECURITIES

"Mr. Chairman, when you hold a $10.00 Fed Note in your hand, you are
holding apiece of paper which sooner or later is going to cost the United
States Government $10.00 in gold (unless the Government is obliged to go off
the gold standard). It is based on limburger cheese (reported to be in foreign
warehouses) or in cans purported to contain peas (but may contain salt water
instead), or horse meat, illicit drugs, bootleggers fancies, rags and bones from
Soviet Russia (of which these United States imported over a million dollars
worth last year), on wines whiskey, natural gas, goat and dog fur, garlic on the
string, and Bombay ducks.

"If you like to have paper money- which is secured by such commodities- you
have it in Fed Note. If you desire to obtain the thing of value upon which this
paper currency is based, that is, the limburger cheese, the whiskey, the illicit
drugs, or any of the other staples- you will have a very hard time finding
them.

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

"On April 27, 1932, the Fed outfit sent $750,000 belonging to American bank
depositors in gold to Germany. A week later another $300,000 in gold was
shipped to Germany. About the middle of May $12,000,000 in gold was
shipped to Germany by the Fed. Almost every week there is a shipment of
gold to Germany. These shipments are not made for profit on the exchange
since the German marks are blow parity with the dollar.

"Mr. Chairman, I believe that the National Bank depositors of these United
States have a right to know what the Fed are doing with their money. There
are millions of National Bank depositors in the Country who do not know that
a percentage of every dollar they deposit in a Member Bank of the Fed goes
automatically to American Agents of the foreign banks and that all their
deposits can be paid away to foreigners without their knowledge or consent by
the crooked machinery of the Fed and the questionable practices of the Fed.

[Ed. Note- Problem with next paragraph in original] "Mr. Chairman, the
American people should be told the truth by their servants in office. In 1930,
we had over a half billion dollars outstanding daily to finance foreign goods
stored in or shipped between several billion dollars. What goods are these on
which the Fed yearly pledge several billions of dollars. In its yearly total, this
item amounts to several billions of dollars of the public credit of these United
States?

"What goods are those which are hidden in European and Asiatic stores have
not been seen by any officer of our Government but which are being financed
on the public credit of the United States Government? What goods are those
upon which the 17 United States Government is being obligated by the Fed to
issue Fed Notes to the extent of several billions of dollars a year?

The Bankers' Acceptance Racket

"The Fed have been International Banks from the beginning, with these
United States as their enforced banker and supplier of currency. But it is none
the less extraordinary to see these these twelve private credit monopolies,
buying the debts of foreigners against foreigners, in all parts of the world and
asking the Government of these United States for new issues of Fed notes in
exchange for them. "The magnitude of the acceptance racket as it has been
developed by the Fed, their foreign correspondents, and the predatory
European born bankers, who set up the Fed here and taught your own, by and
of pirates, how to loot the people: I say the magnitude of this racket is
estimated to be in the neighborhood of 9,000,000,000 per year. In the past ten
years it is said to have amounted to $90,000,000,000.00. In my opinion it has
amounted to several times that much, coupled to this you have to the extent of
billions of dollars, the gambling in the United States securities, which takes
place in the same open discount market- a gambling on which the Fed is now
spending $100,000,000.00 per week.

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

"They are trying to do that now. They are trying to take $100,000,000.00 of
the public credit of the United States every week, in addition to all their other
seizures and they are sending that money to the nefarious open market in a
desperate gamble to reestablish their graft as a going concern.

"They are putting the United States Government in debt to the extent of
$100,000,000 a week, and with the money they are buying our Government
securities for themselves and their foreign principals. Our people are disgusted
with the experiences of the Fed. The Fed is not producing a loaf of bread, a
yard of cloth, a bushel of corn, or a pile of cordwood by its check-kiting
operations in the money market.

"Mr. Speaker, on the 13th of January of this year I addressed the House on the
subject of the Reconstruction Finance Corporation. In the course of my
remarks I made the following statement: In 1928 the member banks of the Fed
borrowed $60,598,690,000. from the Fed on their fifteen-day promissory
notes. Think of it. Sixty billion dollars payable on demand in gold in the
course of one single year. The actual amount of such obligations called for six
times as much monetary gold as there is in the world. Such transactions
represent a grant in the course of one single years of about $7,000,000 to
every member of the Fed.

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

"In 1930 while the speculating banks were getting out of the stock market at
the expense of the general public, the Fed advanced them $13,022,782,000.
This shows that when the banks were gambling on the public credit of these
United States as represented by the Fed currency they were subsidized to any
amount they required by the Fed. When the swindle began to fall, the bankers
knew it in advance and withdrew from the market. They got out with whole
skins- and left the people of these United States to pay the piper. "My friend
from Kansas, Mr. McGugin, has stated that he thought the Fed lent money on
rediscounting. So they do, but they lend comparatively little that way. The real

discounting that they do has been called a mere penny in the slot business. It is
too slow for genuine high flyers. They discourage it. They prefer to subsidize
their favorite banks by making them $60,000,000,000 advances and they
prefer to acquire assistance in the notorious open discount market in New
York, where they can use it to control the price of stocks and bonds on the
exchanges.

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

The John Law Swindle

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

"The government and the people of these United States have been swindled by
swindlers deluxe to whom the acquisition of American or a parcel of Fed
Notes presented no more difficulty than the drawing up of a worthless
acceptance in a Country not subject to the laws of these United States, by
sharpers not subject to the jurisdiction of these United States, sharpers with
strong banking "fence" on this side of the water, a "fence" acting as a receiver
of a worthless paper coming from abroad, endorsing it and getting the
currency out of the Fed for it as quickly as possible exchanging that currency
for gold and in turn transmitting the gold to its foreign confederates.

Ivar Kreuger, the Match King!

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

"They have been peddling the credit of this Government and the [signature of
this] Government to the swindlers and speculators of all nations. That is what
happens when a Country forsakes its Constitution and gives its sovereignty
over the public currency to private interests. Give them the flag and they will
sell it.

"The nature of Kreuger 1 s organized swindle and the bankrupt condition of
Kreuger's combine was known here last June when Hoover sought to exempt

Krueger's loan to Germany of $125,000,000 from the operation of the Hoover
Moratorium. The bankrupt condition of Krueger's swindle was known her last
summer when $30,000,000 was taken from the American taxpayers by certain
bankers in New York for the ostensible purpose of permitting Krueger to
make a loan to Colombia. Colombia never saw that money.

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

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

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

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

Thieves Go Scot Free

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

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

"Is there one law for the Baltimore and Ohio Railroad and another for the
hungry veterans it threw off its freight cars the other day? Is there one law for
sleek and prosperous swindlers who call themselves bankers and another law
for the soldiers who defended the flag? "The R.F.C. is taking over these

worthless securities from the Investment Trusts with United States Treasury
money at the expense of the American taxpayer and the wage earner.

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

"The Fed lately conducted an anti-hoarding campaign here. They they took
that extra money which they had persuaded the American people to put into
the banks- they sent it to Europe- along with the rest. In the last several
months, they have sent $1,300,000,000 in gold to their foreign employers,
their foreign masters, and every dollar of that gold belonged to the people of
these United States and was unlawfully taken from them.

Fiat Money

"Mr. Chairman, within the limits of the time allowed me, I cannot enter into a
particularized discussion of the Fed. I have singled out the Fed currency for a
few remarks because there has lately been some talk here of "fiat money".
What kind of money is being pumped into the open discount market and
through it into foreign channels and stock exchanges? Mr. Mills of the
Treasury has spoken here of his horror of the printing presses and his horror of
dishonest money. He has no horror of dishonest money. If he had, he would
be no party to the present gambling of the Fed in the nefarious open discount
market of New York, a market in which the sellers are represented by 10
discount corporations owned and organized by the very banks which own and
control the Fed.

"Fiat money, indeed!

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

"Mr. Chairman, last December, I introduced a resolution here asking for an
examination and an audit of the Fed and all related matters. If the House sees
fit to make such an investigation, the people of these United States will obtain
information of great value. This is a Government of the people, by the people,
for the people. Consequently, nothing should be concealed from the people.
The man who deceives the people is a traitor to these United States.

"The man who knows or suspects that a crime has been committed and who
conceals and covers up that crime is an accessory to it. Mr. Speaker, it is a
monstrous thing for this great nation of people to have its destinies presided

over by a traitorous government board acting in secret concert with
international usurers.

"Every effort has been made by the Fed to conceal its powers- but the truth is-
the Fed has usurped the Government. It controls everything here and it
controls all of our foreign relations. It makes and breaks governments at will.

"No man and no body of men is more entrenched in power than the arrogant
credit monopoly which operated the Fed. What National Government has
permitted the Fed to steal from the people should now be restored to the
people. The people have a valid claim against the Fed. If that claim is
enforced the Americans will not need to stand in the bread line, or to suffer
and die of starvation in the streets. Women will be saved, families will be kept
together, and American children will not be dispersed and abandoned.

"Here is a Fed Note. Immense numbers of the notes are now held abroad. I am
told that they amount to upwards of a billion dollars. They constitute a claim
against our Government and likewise a claim against our peoples' money to
the extent of $1,300,000,000 which has within the last few months been
shipped abroad to redeem Fed Notes and to pay other gambling debts of the
traitorous Fed. The greater part of our money stock has been shipped to other
lands.

"Why should we promise to pay the debts of foreigners to foreigners? Why
should the Fed be permitted to finance our competitors in all parts of the
world? Do you know why the tariff was raised? It was raised to shut out the
flood of Fed Goods pouring in here from every quarter of the globe- cheap
goods, produced by cheaply paid foreign labor, on unlimited supplies of
money and credit sent out of this Country by the dishonest and unscrupulous
Fed.

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

World Enslavement Planned

"Mr. Chairman, when the Fed was passed, the people of these United States
did not perceive that a world system was being set up here which would make
the savings of the American school teacher available to a narcotic-drug vendor
in Acapulco. They did not perceive that these United States was to be lowered
to the position of a coolie country which has nothing but raw material and
heart, that Russia was destined to supply the man power and that this country

was to supply the financial power to an "international superstate". A
superstate controlled by international bankers, and international industrialists
acting together to enslave the world for their own pleasure?

"The people of these United States are being greatly wronged. They have been
driven from their employments. They have been dispossessed from their
homes. They have been evicted from their rented quarters. They have lost
their children. They have been left to suffer and die for lack of shelter, food,
clothing and medicine.

"The wealth of these United States and the working capital have been taken
away from them and has either been locked in the vaults of certain banks and
the great corporations or exported to foreign countries for the benefit of the
foreign customers of these banks and corporations. So far as the people of the
United States are concerned, the cupboard is bare.

"It is true that the warehouses and coal yards and grain elevators are full, but
these are padlocked, and the great banks and corporations hold the keys.

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

"Mr. Chairman, a serious situation confronts the House of Representatives
today. We are trustees of the people and the rights of the people are being
taken away from them. Through the Fed the people are losing the rights
guaranteed to them by the Constitution. Their property has been taken from
them without due process of law. Mr. Chairman, common decency requires us
to examine the public accounts of the Government and see what crimes
against the public welfare have been committed.

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

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

"Asset currency, the devise of the swindler, should be done away with. The
Fed should be abolished and the State boundaries should be respected. Bank
reserves should be kept within the boundaries of the States whose people own
them, and this reserve money of the people should be protected so that the
International Bankers and acceptance bankers and discount dealers cannot
draw it away from them.

"The Fed should be repealed, and the Fed Banks, having violated their
charters, should be liquidated immediately. Faithless Government officials

who have violated their oaths of office should be impeached and brought to
trial.

"Unless this is done by us, I predict, that the American people, outraged,
pillaged, insulted and betrayed as they are in their own land, will rise in their
wrath, and will sweep the money changers out of the temple.

"Mr. Chairman, the United States is bankrupt: It has been bankrupted by the
corrupt and dishonest Fed. It has repudiated its debts to its own citizens. Its
chief foreign creditor is Great Britain, and a British bailiff has been at the
White House and the British Agents are in the United States Treasury making
inventory arranging terms of liquidations!

Great Britain, Partner in Blackmail

"Mr. Chairman, the Fed has offered to collect the British claims in full from
the American public by trickery and corruption, if Great Britain will help to
conceal its crimes. The British are shielding their agents, the Fed, because
they do not wish that system of robbery to be destroyed here. They wish it to
continue for their benefit! By means of it, Great Britain has become the
financial mistress of the world. She has regained the position she occupied
before the World War.

"For several years she has been a silent partner in the business of the Fed.
Under threat of blackmail, or by their bribery, or by their native treachery to
the people of the United States, the officials in charge of the Fed unwisely
gave Great Britain immense gold loans running into hundreds of millions of
dollars. They did this against the law! Those gold loans were not single
transactions. They gave Great Britain a borrowing power in the United States
of billions. She squeezed billions out of this Country by means of her control
of the Fed.

"As soon as the Hoover Moratorium was announced, Great Britain moved to
consolidate her gains. After the treacherous signing away of American rights
at the 7-power conference at London in July, 193 1, which put the Fed under
the control of the Bank of International Settlements, Great Britain began to
tighten the hangman's noose around the neck of the United States.

"She abandoned the gold standard and embarked on a campaign of buying up
the claims of foreigners against the Fed in all parts of the world. She has now
sent her bailiff, Ramsey MacDonald, here to get her war debt to this country
canceled. But she has a club in her hands! She has title to the gambling debts
which the corrupt and dishonest Fed incurred abroad.

"Ramsey MacDonald, the labor party deserter, has come here to compel the
President to sign on the dotted line, and that is what Roosevelt is about to do!

Roosevelt will endeavor to conceal the nature of his action from the American
people. But he will obey the International Bankers and transfer the war debt
that Great Britain should pay to the American people, to the shoulders of the
American taxpayers.

"Mr. Chairman, the bank holiday in the several States was brought about by
the corrupt and dishonest Fed. These institutions manipulated money and
credit, and caused the States to order bank holidays.

"These holidays were frame-ups! "They were dress rehearsals for the national
bank holiday which Franklin D. Roosevelt promised Sir Ramsey MacDonald
that he would declare.

"There was no national emergency here when Franklin D. Roosevelt took
office excepting the bankruptcy of the Fed- a bankruptcy which has been
going on under cover for several years and which has been concealed from the
people so that the people would continue to permit their bank deposits and
their bank reserves and their gold and the funds of the United States Treasury
to be impounded in these bankrupt institutions.

"Under cover, the predatory International Bankers have been stealthily
transferring the burden of the Fed debts to the people's Treasury and to the
people themselves. They the farms and the homes of the United States to pay
for their thievery! That is the only national emergency that there has been here
since the depression began.

"The week before the bank holiday ws declared in New York State, the
deposits in the New York savings banks were greater than the withdrawals.
There were no runs on New York Banks. There was no need of a bank holiday
in New York, or of a national holiday.

Roosevelt and the International Bankers

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

"Do not deceive yourself, Mr. Chairman, or permit yourself to be deceived by
others into the belief that Roosevelt's dictatorship is in any way intended to
benefit the people of the United States: he is preparing to sign on the dotted
line! "He is preparing to cancel the war debts by fraud!

"He is preparing to 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.

"It is the money of slaves, not of free men. If the people of the United States
permit it to be imposed upon them at the will of their credit masters, the next
step in their downward progress will be their acceptance of orders on
company stores for what they eat and wear. Their case will be similar to that
of starving coal miners. They, too, will be paid with orders on Company stores
for food and clothing, both of indifferent quality and be forced to live in
Company-owned houses from which they may be evicted at the drop of a hat.
More of them will be forced into conscript labor camps under supervision.

"At noon on the 4th of March, 1933, FDR with his hand on the Bible, took an
oath to preserve, protect and defend the Constitution of the U.S. At midnight
on the 5th of March, 1933, he confiscated the property of American citizens.
He took the currency of the United States standard of value. He repudiated the
internal debt of the Government to its own citizens. He destroyed the value of
the American dollar. He released, or endeavored to release, the Fed from their
contractual liability to redeem Fed currency in gold or lawful money on a
parity with gold. He depreciated the value of the national currency.

"The people of the U.S. are now using unredeemable paper slips for money.
The Treasury cannot redeem that paper in gold or silver. The gold and silver
of the Treasury has unlawfully been given to the corrupt and dishonest Fed.
And the Administration has since had the effrontery to raid the country for
more gold for the private interests by telling our patriotic citizens that their
gold is needed to protect the currency.

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

Dictatorship

"The International Bankers set up a dictatorship here because they wanted a
dictator who would protect them. They wanted a dictator who would protect
them. They wanted a dictator who would issue a proclamation giving the Fed
an absolute and unconditional release from their special currency in gold, or
lawful money of any Fed Bank.

"Has Roosevelt relieved any other class of debtors in this country from the
necessity of paying their debts? Has he made a proclamation telling the

farmers that they need not pay their mortgages? Has he made a proclamation
to the effect that mothers of starving children need not pay their milk bills?
Has he made a proclamation relieving householders from the necessity of
paying rent?

Roosevelt's Two Kinds of Laws

"Not he! He has issued one kind of proclamation only, and that is a
proclamation to relieve international bankers and the foreign debtors of the
United States Government.

"Mr. Chairman, the gold in the banks of this country belongs to the American
people who have paper money contracts for it in the form of national
currency. If the Fed cannot keep their contracts with United States citizens to
redeem their paper money in gold, or lawful money, then the Fed must be
taken over by the United States Government and their officers must be put on
trial.

"There must be a day of reckoning. If the Fed have looted the Treasury so that
the Treasury cannot redeem the United States currency for which it is liable in
gold, then the Fed must be driven out of the Treasury.

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

"Now comes Roosevelt who seeks to render the money of the United States
worthless by unlawfully declaring that it may No Longer be converted into
gold at the will of the holder.

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

"Next in order are the veterans of all wars, many of whom are aged and
inform, and other sick and disabled. These men had their lives adjusted for
them by acts of Congress determining the amounts of the pensions, and, while
it is meant that every citizen should sacrifice himself for the good of the
United States, I see no reason why those poor people, these aged Civil War
Veterans and war widows and half-starved veterans of the World War, should
be compelled to give up their pensions for the financial benefit of the
International vultures who have looted the Treasury, bankrupted the country
and traitorously delivered the United States to a foreign foe.

"There are many ways of raising revenue that are better than that barbaric act
of injustice.

"Why not collect from the Fed the amount they owe the U.S. Treasury in
interest on all the Fed currency they have taken from the Government? That
would put billions of dollars into the U.S. Treasury.

"If FDR is as honest as he pretends to be, he will have that done immediately.
And in addition, why not compel the Fed to disclose their profits and to pay
the Government its share?

"Until this is done, it is rank dishonesty to talk of maintaining the credit of the
U.S. Government. "My own salary as a member of Congress has been
reduced, and while I am willing to give my part of it that has been taken away
from me to the U.S. Government, I regret that the U.S. has suffered itself to be
brought so low by the vultures and crooks who are operating the roulette
wheels and faro tables in the Fed, that is now obliged to throw itself on the
mercy of its legislators and charwomen, its clerks, and it poor pensioners and
to take money out of our pockets to make good the defalcations of the
International Bankers who were placed in control of the Treasury and given
the monopoly of U.S. Currency by the misbegotten Fed. "I am well aware that
the International Bankers who drive up to the door of the United States
Treasury in their limousines, look down with scorn upon members of
Congress because we work for so little, while they draw millions a year. The
difference is that we earn, or try to earn, what we get- and they steal the
greater part of their takings.

Enemies of the People They Rob

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

"The fact that they made that assertion while they were fomenting their
conspiracy against the United States that they like to see a human being,
especially an American, stumbling from hunger when he walks. "Something
should be done about it, they say. Five-cent meals, or something! "But FDR
will not permit the House of Representatives to investigate the condition of
the Fed. FDR will not do that. He has certain International Bankers to serve.
They not look to him as the man Higher Up who will protect them from the
just wrath of an outraged people.

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

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

"Before he was elected, Mr. Roosevelt advocated a return to the earlier
practices of the Fed, thus admitting its corruptness. The Democratic platform
advocated a change in the personnel of the Fed. These were campaign bait. As
a prominent Democrat lately remarked to me; "There is no new deal. The
same old crowd is in control."

"The claims of foreign creditors of the Fed have no validity in law. The
foreign creditors were the receivers- and the willing receivers- of stolen
goods! They have received through their banking fences immense amounts of
currency, and that currency was unlawfully taken from the United States
Treasury by the Fed.

"England discovered the irregularities of the Fed quite early in its operations
and through fear, apparently, the Fed have for years suffered themselves to be
blackmailed and dragooning England to share in the business of the Fed. "The
Fed have unlawfully taken many millions of dollars of the public credit of the
United States and have given it to foreign sellers on the security of the Debt
paper of foreign buyers in purely foreign transactions, and when the foreign
buyers refused to meet their obligations and the Fed saw no honest way of
getting the stolen goods back into their possession, they decided by control of
the executive to make the American people pay their losses!

Conspiracy of War Debts

"They likewise entered into a conspiracy to deprive the people of the U.S. of
their title to the war debts and not being able to do that in the way they
intended, they are now engaged in an effort to debase the American dollar so
that foreign governments will have their debts to this country cut in two, and
then by means of other vicious underhanded arrangements, they propose to
remit the remainder.

"So far as the U.S. is concerned, the gambling counters have no legal
standing. The U.S. Treasury cannot be compelled to make good the gambling
ventures of the corrupt and dishonest Fed. Still less should the bank deposits
of the U.S. be used for that purpose. Still less should the national currency
have been made irredeemable in gold so that the gold which was massed and
stored to redeem the currency for American citizens may be used to pay the
gambling debts of the Fed for England's benefit. "The American people
should have their gold in their own possession where it cannot be held under
secret agreement for any foreign control bank, or world bank, or foreign
nation. Our own citizens have the prior claim to it. The paper [money men]
have in their possession deserves redemption far more than U.S. currency and
credit which was stolen from the U.S. Treasury and bootlegged abroad.

"Why should the foreigners be made preferred creditors of the bankrupt U.S.?
Why should the U.S. be treated as bankrupt at all? This Government has
immense sums due it from the Fed. The directors of these institutions are men
of great wealth. Why should the guilty escape the consequences of their
misdeeds? Why should the people of these U.S. surrender the value of their
gold bank deposits to pay off the gambling debts of these bankers? Why
should Roosevelt promise foreigners that the U.S. will play the part of a good
neighbor, 'meeting its obligations'?

"Let the Fed meet their own obligations.

"Every member of the Fed should be compelled to disgorge, and every
acceptance banker and every discount corporation which has made illegal
profits by means of public credit unlawfully bootlegged out of the U.S.
Treasury and hired out by the crooks and vultures of the Fed should be
compelled to disgorge.

Federal Reserve Pays No Taxes

"Gambling debts due to foreign receivers of stolen goods should not be paid
by sacrificing our title to our war debts, the assets of the U.S. Treasury- which
belong to all the people of the U.S. and which it is our duty to preserve
inviolate in the people's treasury.

"The U.S. Treasury cannot be made liable for them. The Fed currency must be
redeemed by the Fed banks or else these Fed banks must be liquidated.

"We know from assertions made here by the Hon. John N. Garner, Vice-
President of the U.S. that there is a condition in the [United States such]
would cause American citizens, if they knew what it was, to lose all
confidence in their government.

"That is a condition that Roosevelt will not have investigated. He has brought
with him from Wall Street, James Warburg, the son of Paul M. Warburg. Mr.
Warburg, alien born, and the son of an alien who did not become naturalized
here until several years after this Warburg's birth, is a son of a former partner
of Kuhn, Loeb and Co., a grandson of another partner, a nephew of a former
partner, and a nephew of a present partner.

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

Preferred Treatment for Foreigners

"The text of the Executive order which seems to place an embargo on
shipments of gold permits the Secretary of the Treasury, a former director of
the corrupt, to issue licenses at his discretion for the export of gold coin, or
bullion, earmarked or held in trust for a recognized foreign government or
foreign central bank for international settlement. Now, Mr. Chairman, if gold
held in trust for those foreign institutions may be sent to them, I see no reason
why gold held in trust for American as evidenced by their gold certificates and
other currency issued by the U.S. Government should not be paid to them. "I
think that American citizens should be entitled to treatment at least as good as
that which the person is extending to foreign governments, foreign central
banks, and the bank of International Settlements. I think a veteran of the world
war, with a $20.00 gold certificate, is at least as much entitled to receive his
own gold for it, as any international banker in the city of New York or
London.

"By the terms of this executive order, gold may be exported if it is actually
required, for the fulfillment of any contract entered into prior to the date of
this order by an applicant who, in obedience to the executive order of April 5,
1933, has delivered gold coin, gold bullion, or gold certificates. "This means
that gold may be exported to pay the obligations abroad of the Fed which were
incurred prior to the date of the order, namely, April 20, 1933.

"If a European Bank should send 100,000,000 dollars in Fed currency to a
bank in this country for redemption, that bank could easily ship gold to
Europe in exchange for that currency. Such Fed currency would represent
"contracts" entered into prior to the date of the order. If the Bank of
International Settlements or any other foreign bank holding any of the present
gambling debt paper of the Fed should draw a draft for the settlement of such
obligation, gold would be shopped to them because the debt contract would
have been entered into prior to the date of order.

Crimes and Criminals

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

"Whereas, I charge. . Eugene Meyer, Roy A. Young, Edmund 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 $80,000,000,000 from the U.S. Government in the year 1928, the
said unlawful taking consisting of the unlawful creation of claims against the
U.S. Treasury to the extent of over $80,000,000,000 in the year 1928; and I
charge them with similar thefts committed in 1929, 1930, 1931, 1932 and
1933, and in years previous to 1928, amounting to billions of dollars; and

"Whereas I charge them, jointly and severally with having unlawfully created
claims against the U.S. Treasury by unlawfully placing U.S. Government
credit in specific amounts to the credit of foreign governments and foreign
central banks of issue; private interests and commercial and private banks of
the U.S. and foreign countries, and branches of foreign banks doing business
in the U.S., to the extent of billions of dollars; and with having made unlawful
contracts in the name of the U.S. Government and the U.S. Treasury; and with
having made false entries on books of account; and

"Whereas I charge them jointly and severally, with having taken Fed Notes
from the U.S. Treasury and with having put Fed Notes into circulation without
obeying the mandatory provision of the Fed Act which requires the Fed Board
to fix an interest rate on all issues of Fed Notes supplied to Fed Banks, the
interest resulting therefrom to be paid by the Fed Banks to the government of
the U.S. for the use of the Fed Notes, and I charge them of having defrauded
the U.S. Government and the people of the U.S. of billions of dollars by the
commission of this crime, and

"Whereas I charge them, jointly and severally, with having purchased U.S.
Government securities with U.S. Government credit unlawfully taken and
with having sold the said U.S. Government securities back to the people of the
U.S. for gold or gold values and with having again purchased U.S.
Government securities with U.S. Government credit unlawfully taken and
with having again sold the said U.S. Government security for gold or gold
values, and I charge them with having defrauded the U.S. Government and the
people of the U.S. by this rotary process; and

"Whereas I charge them, jointly and severally, with having unlawfully
negotiated U.S. Government securities, upon which the Government liability
was extinguished, as collateral security for Fed Notes and with having
substituted such securities for gold which was being held as collateral security
for Fed Notes, and with having by the process defrauded the U.S. Government
and the people of the U.S., and I charge them with the theft of all the gold and
currency they obtained by this process; and

"Whereas I charge them, jointly and severally, with having unlawfully issued
Fed currency on false, worthless and fictitious acceptances and other
circulating evidence of debt, and with having made unlawful advances of Fed
currency, and with having unlawfully permitted renewals of acceptances and
renewals of other circulating evidences of debt, and with having permitted

acceptance bankers and discount dealer corporations and other private bankers
to violate the banking laws of the U.S.; and

"Whereas I charge them, jointly and severally, with having conspired to have
evidences of debt to the extent of $1,000,000,000 artificially created at the end
of February, 1933, and early in March 1933, and with having made unlawful
issues and advances of Fed currency on the security of said artificially created
evidences of debt for a sinister purpose, and with having assisted in the
execution of said sinister purpose; and

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

"Whereas I charge them, jointly and severally, with having unlawfully
substituted Fed currency and other irredeemable paper currency for gold in the
hands of the people after the decision to repudiate the Fed currency and the
national currency was made known to them, and with thus having obtained
money under false pretenses; and

"Whereas I charge them, jointly and severally, with having brought about a
repudiation of the notes of the U.S. in order that the gold value of the said
currency might be given to private interests, foreign governments, foreign
central banks of issues, and the Bank of International Settlements, and the
people of the U.S. to be left without gold or lawful money and with no
currency other that a paper currency irredeemable in gold, and I charge them
with having done this for the benefit of private interests, foreign governments,
foreign central banks of issue, and the bank of International Settlements; and

"Whereas I charge them, jointly and severally, with conniving with the Edge
Law banks, and other Edge Law institutions, accepting banks, and discount
corporations, foreign central banks of issue, foreign commercial banks,
foreign corporations, and foreign individuals with funds unlawfully taken
from the U.S. Treasury; and I charge them with having unlawfully permitted
and made possible 'new financing' for foreigners at the expense of the U.S.
Treasury to the extent of billions of dollars and with having unlawfully
permitted and made possible the bringing into the United States of immense
quantities of foreign securities, created in foreign countries for export to the
U.S. and with having unlawfully permitted the said foreign securities to be
imported into the U.S. instead of gold, which was lawfully due to the U.S. on

trade balances and otherwise, and with having lawfully permitted and
facilitated the sale of the said foreign securities in the U.S., and

"Whereas I charge them, jointly and severally, with having unlawfully
exported U.S. coins and currency for a sinister purpose, and with having
deprived the people of the U.S. of their lawful medium of exchange, and I
charge them with having arbitrarily and unlawfully reduced the amount of
money and currency in circulation in the U.S. to the lowest rate per capita in
the history of the Government, so that the great mass of the people have been
left without a sufficient medium of exchange, and I charge them with
concealment and evasion in refusing to make known the amount of U.S.
money in coins and paper currency exported and the amount remaining in the
U.S. as a result of which refusal the Congress of the U.S. is unable to ascertain
where the U.S. coins and issues of currency are at the present time, and what
amount of U.S. currency is now held abroad; and

"Whereas I charge them, jointly and severally, with having arbitrarily and
unlawfully raised and lowered the rates of money and with having arbitrarily
increased and diminished the volume of currency in circulation for the benefit
of private interests at the expense of the Government and the people of the
U.S. and with having unlawfully manipulated money rates, wages, salaries
and property values both real and personal, in the U.S. by unlawful operations
in the open discount market and by resale and repurchase agreements
unsanctioned by law, and

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

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

interests, and private and commercial banks, both foreign and domestic, and
the Bank of International Settlements, and

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

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

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

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

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

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

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

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

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

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

"Whereas I charge them, jointly and severally, with unlawfully allowing Great
Britain to share in the profits of the Fed at the expense of the Government and
the people of the U.S.; and

"Whereas I charge them, jointly and severally, with having entered into secret
agreements and illegal transactions with Montague Norman, Governor of the
Bank of England; and

"Whereas I charge them, jointly and severally, with swindling the U.S.
Treasury and the people of the U.S. in pretending to have received payment
from Great Britain of the amount due on the British ware debt to the U.S. in
December, 1932; and

"Whereas I charge them, jointly and severally, with having conspired with
their foreign principals and others to defraud the U.S. Government and to
prevent the people of the U.S. from receiving payment of the war debts due to
the U.S. from foreign nations; and

"Whereas I charge them, jointly and severally, with having robbed the U.S
Government and the people of the U.S. by their theft and sale of the gold
reserves of the U.S. and other unlawful transactions created a deficit in the
U.S. Treasury, which has necessitated to a large extent the destruction of our
national defense and the reduction of the U.S. Army and the U.S. Navy and
other branches of the national defense; and

"Whereas I charge them, jointly and severally, of having reduced the U.S.
from a first class power to one that is dependent, and with having reduced the
U.S. from a rich and powerful nation to one that is internationally poor; and

"Whereas I charge them, jointly and severally, with the crime of having
treasonable conspired and acted against the peace and security of the U.S. and
with having treasonable conspired to destroy constitutional Government in the
U.S.

"Resolve, That the Committee on the Judiciary is authorized and directed as a
whole or by subcommittee, to investigate the official conduct of the Fed
agents to determine whether, in the opinion of the said committee, they have
been guilty of any high crime or misdemeanor which in the contemplation the
Constitution requires the interposition of the Constitutional powers of the
House. Such Committee shall report its finding to the House, together with
such resolution or resolutions of impeachment or other recommendations as it
deems proper.

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

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

"Attacks on McFadden's Life Reported"

Commenting on Former Congressman Louis T. McFaddens's "heart-failure
sudden-death" on Oct. 3, 1936, after a "dose" of "intestinal flu," "Pelley's
Weekly" of Oct. 14 said:

Now that this sterling American patriot has made the
Passing, it can be revealed that not long after his
public utterance against the encroaching powers of
Judah, it became known among his intimates that he
had suffered two attacks against his life. The first
attack came in the form of two revolver shots fired
at him from ambush as he was alighting from a cab in
front of one of the Capital hotels. Fortunately both
shots missed him, the bullets burying themselves in
the structure of the cab.

"He became violently ill after partaking of food at
a political banquet at Washington. His life was only
saved from what was subsequently announced as a
poisoning by the presence of a physician friend at
the banquet, who at once procured a stomach pump and
subjected the Congressman to emergency treatment."

/s/ Robert Edward Edmondson (Publicist-Economist)

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. "

Congressional Record: January 8, 1934:

Congressman McFadden: "The Congress of the United States must immediately
throw the searchlight of investigation into this dark corner, or we are going to be
swamped with political influences that are manufactured in foreign countries and
that will lead us to the surrender of our heritage of living, just as has been done on
former occasions.

Just as we did, for example, when we entered into the Jay Treaty with England,
which was ratified on June 24, 1795, whereby we needlessly surrendered our right
to the freedom of the seas.

We fought the War of 1812 to regain this right, but the same political influences
prevented even a discussion of this subject at the treaty which terminated that war.
President Wilson vowed to regain the freedom of the seas at the Treaty of
Versailles; but did we regain it? Is the Jay Treaty still in force?...."

"I stand here and say to you that I have studied these records, and not only did
we adopt this monetary policy without debate, not only did we adopt it without
consideration but we adopted it without even knowledge of what we were doing!

It was a piece of legislative trickery; it was a piece of work in the committee
that was silent and secretive. Even members of the committee did not know what
was being done, according to their own declarations. The President and Members
of the House did not know they were acting on such a measure. But, as I have said
before, the shadow of the hand of England rests over this enactment." (C R, January
8, 1934)

Congressional Record: January 8, 1934

Congressman Fiesinger: "You will recall the gentleman spoke about Professor
Sprague, who was in the Treasury Department as adviser to the Treasury after he
came as adviser for the Bank of England. He was also monetary adviser to the
Economic Conference in London."

Congressman Fiesinger: "I was just going to remark that very thing, that the power
to "coin and fix the value of money" is solely within the power of the Congress of
the United States and it cannot be delegated to anybody else in the world."

Congressman McFadden: "Will the gentleman yield further?"

Congressman Fiesinger: " I do."

Congressman McFadden: "What does the gentleman say in regard to the
delegation of that power to the Federal Reserve System?"

Congressman Fiesinger: "I say it is illegal. I say it is unconstitutional, as far as it
affects the value of basic money. Power to control credits may be in a different
class."

Congressman McFadden: "The gentleman recognizes that that was done, does he
not?"

Congressman Fiesinger: "Well, I think I recognize that fact; but it may be that
Congress intended to delegate banking and credit control and not the control of the
basic money values."

Congressman McFadden: " The Federal Reserve System has the power to issue
Federal Reserve notes, which circulate as money?"

Congressman Fiesinger: "It has. Of course, they are promises to pay. They are
credits or IOU's of the bank."

Congressman McFadden: "And that power was delegated by Congress in the
Federal Reserve Act."

Congressman Fiesinger: "Yes, sir; with the intent to regulate the volume of
credit."

Congressman McFadden: "And is being pursued by them, which gives the Federal
Reserve System control over the money and credit in the United States."....

Congressman Mott: "What does the gentleman say about the delegation by
Congress to the President to fix the value of money, under the farm bill?"

Congressman Fiesinger: "I think it was illegal, and the President did not want it.
It was forced upon him. He never asked to have the amendment attached to the
farm bill. It was forced upon him, and he is exercising the power because he was
forced to exercise it; a power that he never wanted, and I say it is all illegal and
unconstitutional."

Congressman McFadden: "If the gentleman has been familiar with the activities
of Dr. Sprague over the history of the Federal Reserve System, he well knows that
Dr. Sprague has been in all of the conferences, practically, between the Bank of
England, officers of the Federal Reserve bank in New York and other central banks,
which have had for their purpose the dealing with national and international price
levels. That was one of the functions that he was exercising as expert adviser of the
Bank of England."

Congressman Fiesinger: " Now, I understand that Dr. Sprague at the London
conference was willing to peg the dollar to the British pound at $3.50, and, if he had
done that, the price levels in America would have been in the control of the Bank of
England, and it would have been so low it would have wrecked our national
economy. "

Congressman Lamneck: "Will the gentleman please insert at this point what Dr.
Sprague said about who should control the price level?"

Congressman Fiesinger: "I may say-I did not expect to answer that question, but
Dr. Sprague, in a conference he had, stated he believed that the value of gold should
be controlled by the British, because they were more competent, from banking
experience, so to do." (CR, 1-8- 1934)

Congressional Record, January 20, 1934

Congressman McFadden: " I am quoting from the President's message to
Congress on this very measure. I quote:

"That the title of all gold be in the Government. The total stock will serve
as a permanent and fixed metallic reserve which will change in amount only as
far as necessary for the settlement of international balances or as may be
required by future agreement among nations of the world for a redistribution
of the world stock of monetary gold."

Congressman McFadden: "I say again what I have repeatedly said, that there is a
definite plan for the redistribution of the gold of this country and of the world's
gold. The plan has been known ever since the establishment of the Bank for
International Settlements that through that medium, or one similar to it, eventually
the redistribution of gold would take place." CR, 1-20-1934)

Congressional Record: January 30, 1934

Congressman McFadden: "The gentleman, of course, is aware of the fact that the
Council of the Federation of Churches of Christ is an offshoot of the Carnegie
Foundation which is operating in this country as a British-propaganda
organization , tied up with all of the other subversive organizations which are trying
to hold down proper preparedness in the United States. [Applause] (CR, 1-30-1934

Congressional Record: February 20, 1934

Congressman McFadden: "Why should the United States be buying gold and
paying $35 an ounce for it? Why Should the United States be making Great Britain
a present of $14.33 an ounce on the hundreds of millions of dollars of British gold
that is being shipped to the United States through this process be favoring four
London gold brokers?

Why should the United States set a price of $35 and pay Great Britain an
increase of $14.33 on every ounce of gold? This is interesting when you consider
that three fourths of all the gold produced in the world is produced in the British
Empire. Did we do this because Great Britain demanded it? Is it possible that this
$14.33 profit to Great Britain on every ounce of gold shipped into the United States
is for settlement of a debt that the United States owes to Great Britain? (CR 2-20-
1934

Congressional Record: March 3, 1934

Congressman Weideman: "So the paramount issue of today is this: Shall the
Government of the United States be run for the benefit of the international
bankers or shall the citizens of the United States be given the right to 'life,
liberty, and the pursuit of happiness 1 ? Shall we replace the Statue of Liberty
with the golden statue erected to the god of greed? Shall we forget that the only
time our Saviour used force was when he drove the money changers from the
temple? Let us reestablish the principle that we all believe in: That all men are
entitled to a right to work, to own their own homes, to reap a just reward for their
labors, and to enjoy nature's sunshine as God intended. We owe it to our children
that we shall not depart and leave them in a condition of bondage and slavery to
organized greed and gold."

Congressman Lemke: "....This nation is bankrupt; every State in this Union is
bankrupt; the people of the United States, as a whole, are bankrupt.

The public and private debts of this Nation, which are evidenced by bonds,
mortgages, notes, or other written instruments amount to about $250,000,000,000,

and it is estimated that there is about $50,000,000,000 of which there is no record,

making in all about $300,000,000,000 of public and private debts.

The total physical cash value of all the property in the United States is now
estimated at about $70,000,000,000. That is more than it would bring if sold at
public auction. In this we do not include debts or the evidence of debts, such as
bonds, mortgages, and so forth. These are not physical property. They will have to
be paid out of the physical property.

How are we going to pay $300,000,000,000 with only $70,000,000,000?" (CR,
3-3-1934)

Congressional Record, March 13, 1934

Congressman McFadden: "In view of what the gentleman has just said, recall that
Theodore Roosevelt, the year that he passed on, made a statement to the effect that
Felix Frankfurter is the most dangerous man in the United States to our form of
government." (CR, 3-13-1934)

Congressional Record, March 15, 1934

Congressman McFadden: "It is right in line with the plan which is now being
worked out in England. I want to point out to the House that there is a concerted
movement not only in England but in the United States. In the United States this
movement is in charge of certain men now engaged in writing legislation in
Department of Agriculture. I refer to Mr. Tugwell . Mr. Mordecai Ezekiel, and Mr.
Frank, and their immediate associates, some of whom are in other departments and
some of whom are outside; and I may even go so far as to say that they are aided
and abetted in this matter apparently by the Secretary of Agriculture.

Their action in this matter is also assisted and aided through the agency of the
Foreign Policy Association of the United States, which is directly connected with
the Fabian Society, or a branch of it, in England, which at the present time is
attempting to take over the control of agriculture and its operation in England, as
well as the industries therein located. I call your especial attention to the recent
article, America Must Choose, by Secretary of Agriculture Wallace, a syndicated
article put out under the auspices of the Foreign Policy Association of New York
and copyrighted by them. This article is quite in keeping with the plan of the
British offspring of the Fabian group.

One of the stalwarts against the move in England is Stanley Baldwin. Mr.
Baldwin issued a statement which was printed in the United States recently. It was

a statement made over the radio, and, if I have time, I will read it to you, because he
is standing today against the movement in England that I am speaking against now,
and that movement is evidenced by this legislation and any other kind of legislation
following, which have for their purpose the regimenting of all production in the
United States, leading up to an absolute dictatorship.

The quotation I refer to from Mr. Baldwin is as follows:

"Our freedom did not drop down like manna from heaven. It has been fought for
from the beginning of our history and the blood of men has been shed to obtain it.
It is the result of centuries of resistance to the power of the executive and it has
brought us equal justice, trial by jury, freedom of worship, and freedom of religious
and political opinion. Democracy is far the most difficult form of government
because it requires for perfect functioning the participation of everybody.

"Democracy wants constant guarding, and for us to turn to a dictatorship would be
an act of consummate cowardice, of surrender, of confession that our strength and
courage alike had gone. It is quite true the wheels of our state coach may be
creaking in heavy ground, but are you sure the wheels of the coach are not creaking
in Moscow, Berlin, and Vienna, and even in the United States?

"The whole tendency of a dictatorship is to squeeze out the competent and
independent man and create a hierarchy accustomed to obeying. Chaos often
results when the original dictator goes. The rise of communism or fascism-both
alike believe in force as a means of establishing their dictatorship — would kill
everything that had been grown by our people for the last 800 or 1,000 years."

The plan in England to which I am referring is the "political economic plan",
drawn up by Israel Moses Sief, the director of a chain-store enterprise in England
called Marks & Spencer. This enterprise declared a dividend of 40 percent for 1933,
and was enabled to do so by the fact that it has until now handled almost
exclusively all imports from Soviet Russia, which has enabled this house to
undersell competitors

The political economic plan is in operation in the British Government by the
means of a tariff advisory board. This organization has gathered all data and
statistics obtained by governmental and private organization in administrative,
industrial, trade, social, educational, agricultural, and other circles. Air-force
statistics are in their hands, as well as those of the law and medical professions, this
organization or group have had access to all archives of the British Government,
just as the 'brain trust 1 here in the United States have had access to archives of our
Government departments.

Through the tariff advisory board, which was created in February of 1933, and
headed by Sir George May, the control of industry and trade is being firmly
established in the British Empire.

This tariff advisory board works in direct connection with the Treasury, and
together with it devises the tariff policy. In this bill and the tariff bill which follows
it is proposed to set up just such a board, under the direction of the President, as the
tariff advisory board of England. The tariff board in England has been granted the
powers of a law court and can exact under oath that all information concerning
industry and trade be given it.

Iron and steel, as also cotton and industrials, in England have been ordered by the
tariff advisory board to prepare and submit plans for the reorganization of their
industries and warned that should they fail to do so, a plan for complete
reconstruction would be imposed upon them. May I suggest to you the similarity of
this plan with the N.R.A., and also suggest to you that the tariff advisory board in
England has been granted default powers and can, therefore, impose its plan.

The tariff board is composed, in addition to Sir George May, of Sir Sidney
Chapman, professor of economics and statistics, and Sir George Allen Powell, of
the British Food Board and Food Council. And it is a well-known fact that this
particular political economic group has close connection with the Foreign Policy
Association in New York. I wish to quote from a letter from a correspondent of
mine abroad, as follows:

"It appears that the alleged 'brain trust' is supposed to greatly influence the
present United States policy. Neither you nor I are particularly interested in what
takes place in England, but what should interest us both, it seems to me, is that there
is a strong possibility that certain members of the 'brain trust' around our President
are undoubtedly in touch with this British organization and possibly are working to
introduce a similar plan in the United States.

"I understand the brain trust' is largely composed of Professor Frankfurter,
Professor Moley, Professor Tugwell, Adolph Berle, William C. Bullitt and the
mysterious Mordecai Ezekiel.

"I think there is no doubt that these men all belong to this particular organization
with distinct Bolshevik tendencies. So it is quite possible that should this political
economic plan be developed in the United States, if this alleged 'brain trust' has
really a serious influence over the judgment of our President, this plan may be
attempted in our country."

Need I point out to you, who have been observing the activities of the so-called
'brain trust' in the writing and sending to the Congress of legislation, that this
legislation has for its purpose the virtual setting up in the United States of a plan
similar to that which is being worked out in England. I am assured by serious
people who are in a position to know that this organization practically controls the
British Government, and it is the opinion of those who do know that this highly
organized and well-financed movement is intended to practically Sovietize the
English-speaking race. I wish to quote again from my correspondent, as follows:

Some two months ago when Israel Moses Sieff, the present head of this
organization, was urged to show more activity by the members of his committee, he
said, "Let us go slowly for a while and wait until we see how our plan carries out in
America." (CR, 3-15-1934}

Congressional Record, April 9, 1934

Congressman Patman: "...A Federal Reserve bank has a great privilege. It has
the right to issue a blanket mortgage on all the property of all the people of this
country. It is called a Federal Reserve note.

For that privilege section 16 of the act provides that when the Government prints
a Federal Reserve note and guarantees to pay that note and delivers it to a Federal
Reserve bank, that Federal Reserve bank shall pay — it seems to be mandatory — the
rate of interest that is set by the Federal Reserve Board.

The law has never been put into effect. The Federal Reserve Board sets the zero
rate. Instead of charging an interest rate which the law says they shall charge, they
set no rate at all. Therefore, for the use of this great Government credit, these
blanket mortgages that are issued against all the property of all the people of this
Nation and against the incomes of all the people of this Nation, they do not pay one
penny.

Not one penny of the stack of the Federal Reserve banks is owned by the
Government or the people, but it is owned by private banks exclusively. They do
not pay one penny for the use of that great privilege, to the people or to the
Government. (CR, 4-9-1934)

Congressional Record, June 14, 1934 Congressman

McFadden: "I hope that is the case, but I may say to the gentleman that during the
sessions of this Economic Conference in London there is another meeting taking
place in London. We were advised by reports from London last Sunday of the
arrival of George L. Harrison, Governor of the Federal Reserve Bank of New York,
and we were advised that accompanying him was Mr. Crane, the Deputy Governor,
and James P. Warburg, of the Kuhn- Loeb banking family, of New York and
Hamburg, Germany, and also Mr. O. M. W. Sprague, recently in the pay of Great
Britain as chief economic and financial adviser of Mr. Norman, Governor of the
Bank Of England, and now supposed to represent our Treasury.

These men landed in England and rushed to the Bank of England for private
conference, taking their luggage with them, before even going to their hotel. We
know this conference has been taking place for the past 3 days behind closed doors

in the Bank of England with these gentlemen meeting with heads of the Bank of
England and the Bank for International Settlements, of Basel, Switzerland, and the
head of the Bank France, Mr. Maret. They are discussing war debts; they are
discussing stabilization of exchanges and the Federal Reserve System, I may say to
the Members of the House.

The Federal reserve System, headed by George L. Harrison, is our premier, who
is dealing with debts behind the closed doors of the Bank of England; and the
United States Treasury is there, represented by O. M. W. Sprague, who until the last
10 days was the representative of the Bank of England, and by Mr. James P.
Warburg, who is the son of the principal author of the federal Reserve Act. Many
things are being settled behind the closed doors of the Bank of England by this
group.

No doubt this group were pleased to hear that yesterday the Congress passed
amendments to the Federal Reserve Act and that the President signed the bill which
turns over to the Federal Reserve System the complete total financial resources of
money and credit in the United States. Apparently the domination and control of the
international banking group is being strengthened....

We are being led by the international Jews operating through Great Britain and
the Bank of England, and it is the purpose of those who are directing and
cooperating that debts be reduced to 10 percent or canceled entirely....

Then there is James P. Warburg, who was called in by the President and who has
sat in on all of the conferences here in Washington participated in by the foreign
representatives recently, and he is the financial adviser at the Economic Conference
and at the conferences in the Bank of England to which I have referred. Mr.
Warburg, you undoubtedly know, is the head of the international Jewish financial
group who were largely responsible for the loaning abroad of the vast billions of
dollars by the people of the United States and which loans are now frozen.

We must not overlook the fact, however, that J. P. Morgan & Co. were close
seconds in these transactions, and in connection with this I wish to point out that
George L. Harrison, Governor of the Federal Reserve Bank of New York, is closely
identified with the Morgan House in all of the undertakings internationally in which
the Federal Reserve banks participated. (CR-6-14-1934)

Congressional Record, June 14, 1934

Congressman McFadden: "....Whereas the lobbying activities of the said British
Ambassador, Sir Ronald lindsay, carried on in the halls of the Capitol, at the British
Embassy, in the houses of citizens of the United States, in the offices of predatory
international bankers, on shipboard, on the trains, and elsewhere, have for their

purpose the taking from the United States Treasury of assets which it is the sworn
duty of this Government to protect by every means within its power, not stopping
short of war, if need be; and whereas the said Lindsay's lobbying activities likewise
have for their purpose the defeat of measures enacted into law by the Government
of the United States to insure the repayment of moneys advanced to Great Britain
on her written promise to repay them; and whereas the lobbying activities of Sir
Ronald Lindsay likewise have for their object the overthrow of the Government of
the United States and its reorganization as a part of the British Empire:.... (CR, 6-
14-1934

Congressional Record: June 15, 1934

Congressman McFadden: "At that time a man named Jacob Schiff came to this
country as the agent of certain foreign money lenders. His mission was to get
control of American railroads. This man was a Jew. He was the son of a rabbi. He
was born in one of the Rothschilds's houses in Frankfort, Germany. He was a small
fellow with a pleasant face and, if I remember correctly, his eyes were blue. At an
early age he set out from Frankfort to seek his fortune and went to Hamburg,
Germany. At Hamburg he entered the Warburg banking establishment. The
Warburgs of Hamburg are bankers of long standing, with branches in Amsterdam
and Sweden

Sometime before Schiff s arrival there was a firm of Jewish peddlers or
merchants in Lafayette, Ind., by the name of Kuhn & Loeb. I think they were there
about 1850. Probably they made money out of the new settlers who passed through
Indiana on their way to the Northwest. This firm of Jews had finally moved to New
York and had set themselves up as private bankers and had grown rich.

Jacob Schiff married Teresa Loeb and became the head of Kuhn, Loeb & Co.
Schiff made a great deal of money here for himself and for the Jewish money
lenders of London, he began to give orders to Presidents almost as a matter of
course. He appears to have been a man who would stop at nothing to gain his own
ends. I do not blame him for being a Jew. I blame him for being a trouble maker.

Russia had a powerful enemy in this man, Jacob Schiff. The people of the United
States were to believe that this enmity of his was caused by wrongs done to Russian
Jews. I look elsewhere for the motives which animated him. In the 1890's Schiff
was the agent in this country of Ernest Cassell and other London money lenders.
These money lenders were looking forward to a war between England and Russia
and were making preparations for propaganda designed to support England in the
United States.

This country was then a debtor nation, paying a high yearly tribute to Schiff and
his principals. Schiff accordingly took it upon himself to create a prejudice in the
United States against Russia. He did this by presenting the supposed wrongs of the

Russian Jews to the American public. Unpleasant tales began to appear in print.
School children in this country were told the Jewish children were crippled for life
by Russian soldiers wielding the knout. By unfair means a wedge was driven
between Russia and the United States.

One of Schiff s schemes was a sort of wholesale importation of Russian Jews
into the United States. He drew up divers and sundry regulations for the temporary
transplantation of these Jewish emigrants. He would not, he said, have them enter
this country through the port of New York, because they might like New York too
well to leave it for the outposts he had selected for them. He said it would be best
to have them come in at New Orleans and to have them stay there two weeks, "so
that they could pick up a few words of English and get a little money" before setting
off for what he called the "American hinterland."

How they were to get the money he did not say. Aided by Schiff and his
associates, many Russian Jews came to this country about that time and were
naturalized here. A number of these naturalized Jews then returned to Russia.
Upon their return to that country, they immediately claimed exemption there from
the regulations of domicile imposed on Jews; that is, they claimed the right to live
on purely Russian soil because they were American citizens, or "Yankee" Jews.

Disorders occurred and were exploited in the American press. Riots and
bombings and assassinations, for which somebody furnished money, took place.
The perpetrators of these outrages appear to have been shielded by powerful
financial interests. While this was going on in Russia, a shameless campaign of
lying was conducted here, and large sums of money were spent to make the general
American public believe that the Jews in Russia were a simple and guileless folk
ground down by the Russians and needing the protection of the great benefactor, of
all the world-Uncle Sam.

In other words, we were deceived. We were so deceived that we allowed them to
come in here and to take the bread out of the mouths of our own American citizens.
I come now to the time when war was declared between Russia and Japan. This
was bought about by a skillful use of Japan so that England would not have to fight
Russia in India. It was cheaper and more convenient for England to have Japan
fight Russia than to do it herself.

As was to be expected, Schiff and his London associates financed Japan. They
drew immense quantities of money out of the United States for that purpose. The
background for the loans they floated in this country had been skillfully prepared.
The "sob stuff, of which Schiff was a master, had sunk into the hearts of
sympathetic Americans. The loans were a great success. Millions of American
dollars were sent to Japan by Schiff and his London associates. England's
stranglehold on India was made secure. Russia was prevented form entering the
Khyber Pass and falling on India from the northwest. Japan at the same time was

built up and became a great world power, and as such is now facing us in the
Pacific.

All this was accomplished by control of the organs of American publicity,
releases to the effect that Russian Jews and "Yankee" Jews were being persecuted
in Russia, and by the selling of Japanese war bonds to American citizens. While the
Russo-Japanese War was in progress President Theodore Roosevelt offered to act as
peacemaker, and a conference between representatives of the belligerents was
arranged to take place at Portsmouth, N.H. When the Portsmouth Conference took
place, Jacob Schiff attended it and used such influence as he had with Theodore
Roosevelt to win favors for Japan at the expense of Russia.

His main object, then as always, was humiliation of Russians, whose only crime
was that they were Russians and not Jews. He endeavored to humiliate the
Russians, but Count Witte, the Russian plenipotentiary, did not allow him to
succeed in this attempt. Schiff s power and the power of his organized propaganda
were well understood by Count Witte, however. Consequently he was not surprised
when President Roosevelt, who was often deceived, twice asked him to have Russia
treat Russian Jews who had become naturalized in the United States and who had
thereafter returned to live in Russia with special consideration; that is, not as Jews
but as Americans.

Witte carried home a letter from Roosevelt embodying this plea. Mr. Speaker,
the restrictions upon Jews in Russia at that time may or may not have been onerous.
But onerous or not, before the Russians had time to change them, Schiff had the
80-year-old-treaty of friendship and good will between Russia and the United States
denounced. Speaking of this matter, Count Witte says in his autobiography: "The
Russians lost the friendship of the American people."

Mr. Speaker, I cannot believe that those people — the real Russians — ever lost
the true friendship of the American people. They were done away with to suit the
ambitions of those who intend to be the financial masters of the world, and some of
us were deceived into thinking that in some mysterious way they, themselves, were
to blame. The chasm that suddenly opened between ourselves and our old friends
and well-wishers in Russia was a chasm created by Schiff the vindictive in his
inhuman greed, and he created it in the name of the Jewish religion....

Mr. Speaker, the people of the United States should not permit financial interests
or any other special interests to dictate the foreign policy of the United States
Government. But in this connection history is now repeating itself. You have
heard, no doubt, of the so-called persecutions of Jews in Germany. Mr. Speaker,
there is no real persecution of Jews in Germany. Hitler and the Warburgs, the
Mendelssohns and the Rothschilds, appear to be on the best of terms.

There is no real persecution of the Jews in Germany, but there has been a
pretended persecution of them because there are 200,000 unwanted Communistic

Jews in Germany, largely Galician Jews who entered Germany after the World
War, and Germany is very anxious to get rid of those particular Communistic Jews.
The Germans wish to preserve the purity of their own blond racial stock. They are
willing to keep rich Jews like Max Warburg and Franz Mendel ssohns, whose
families have lived in Germany so long that they have acquired some German
national characteristics. But the Germans are not willing to keep the Galician Jews,
the Upstarts.

So a great show is put on, largely by German Jews themselves, in the hope that
Uncle Sam will prove himself to be as foolish as he was before and that we will
allow those Galician and Communistic Jews to come in here. That is why Miss
Perking has been placed in charge of the Department of Labor. She is there to
lower the immigration bars. It is thought that, being a woman, she may disarm
criticism. She is and old hand with the international Jewish bankers. If she were
not, she would not be here in a Jewish-controlled administration.

When the so-called "anti-Semitic campaign" designed for American
consumption was launched in Germany, France was alarmed because she feared the
Galician Jews might be dumped on French soil. French newspapers published
articles concerning the menace, but now that France has been shown that the
purpose of the anti-Semitic campaign is to dump the 200,000 communistic Jews on
the United States she is worried no longer. "Ah", she says, "01' Uncle Sam, he is to
be the goat. Very good."

Mr. Speaker, I regard it as a pity that there are Americans who love to fawn upon
the money Jews and to flatter them. Some of these unfortunates are under
obligations to Jewish money changers and dare not cross them....

You have witnessed the unlawful seizure by Franklin D. Roosevelt of gold
reserves and other values belonging to the people of the United States, the
destruction of banks, the attempted whitewashing of the Federal Reserve Board and
Federal Reserve banks, the corruption of which he admitted in his campaign
harangues; and you may have noticed that what was confiscated is not in the hands
of the present constitutional Government but in the hands of the international
bankers who are the nucleus of the new government Roosevelt is seeking to
establish here.

Roosevelt's actions are not in accordance with the Constitution of the United
States. They are in accordance with the plans of the Third International.

At one time Trotzky was a favorite with Jacob Schiff During the war Trotzky
edited Novy Mir and conducted mass meetings in New York. When he left the
United States to return to Russia, he is said upon good authority to have traveled on
Schiff s money and under Schiff s protection. He was captured by the British at
Halifax and immediately, on advice from a highly placed personage, set free.
Shortly after his arrival in Russia he was informed that he had credit in Sweden at

the Swedish branch of the bank owned by Max Warburg, of Hamburg. This credit
helped to finance the seizure of the Russian revolution by the international Jewish
bankers. It assisted them in subverting it to their own ends.

At the present time the Soviet Union is in debt. From the date of Trotzky's
return to Russia the course of Russian history has, indeed, been greatly affected by
the operations of international bankers. They have acted through German and
English institutions and have kept Russia in bondage to themselves. Their relatives
in Germany have drawn immense sums of money from the United States and have
in turn financed their agents in Russia at a handsome profit. The Soviet
Government has been given United States Treasury funds by the Federal Reserve
banks acting through the Chase Bank and the Guaranty Trust Co. and other banks in
New York City.

England, no less than Germany, has drown money from us through the Federal
Reserve banks and has re-lent it at high rates of interest to the Soviet Government
or has used it to finance her sales to Soviet Russia and her engineering works within
the Russian boundaries.

The Dnieperstroy Dam was built with funds unlawfully taken from the United
States Treasury by the corrupt and dishonest Federal Reserve Board and the Federal
Reserve banks....

Mr. Speaker, an immense amount of United States money has been used abroad
in preparations for war and in the acquisition and the manufacture of war supplies.
Germany is said to be part owner of a large poison-gas factory at Troitsk on Russian
soil. China is almost completely Sovietized, and in the Asiatic interior huge stocks
of munitions are said to be stored awaiting the day when the war lords of the United
States will ship United States troops to Asia.

Mr. Speaker, the United States should look before it leaps into another war,
especially a war in Asia. It should decide whether it is worth while to join hands
with Russia and China in a war against Japan. For myself, I say and I have said it
often that the United States should remember George Washington's advice. It
should mind its own business and stay home. It should not permit the Jewish
international bankers to drive it into another war so that they and their Gentile
fronts and sycophants by way of Louis McHenry Howe, the graftmaster, may reap
rich profits on everything an army needs from toilet kits to airplanes, submarines,
tanks gas masks, poison gas, ammunition, bayonets, guns, and other paraphernalia
and instruments of destruction. (CR, June 15, 1934)