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336.73 Butler, Fabius Melton 

Lincoln Money Martyred 





4227 S. E. Stark St. 







PRICE $2.00 



Medical Arts Building 


Copyright, 1935 

Lincoln Publishing Company 

Medical Arts Building 

Seattle, Washington 




Chap. 1 — The Search for the Cause of Depressions Begins 5 

Chap. 2 — The Birth of Money 8 

The Birth of Usury 9 

The Cause of Pogroms and Most Revolutions 10 

Chap. 3 — The Abuse of the Use of Money 12 

Israelites - 12 

History of Money 15 

Ancient Greece _ 16 

Rome 18 

Jesus and the Money Changers 23 

The Early Protestant Leaders on Usury 27 

In Early England 27 

Chap. 4 — A History of Money and Banking in Early Europe 28 

Bank of Venice 29 

The Bank of Genoa 29 

The Bank of Amsterdam 30 

The Bank of Hamburg 30 

Usury the Persistent Cause of Sin and Crime 32 

Chap. 5 — History of the Origin of the Bank of England 34 

The English Banking System Founded 35 

Chap. 6 — The English or Money Changers' System Started 

in the United States 36 

Alexander Hamilton 37 

Chap. 7— The Birth of Lincoln Full Legal Tender Money 44 

Lincoln's Letter to Colonel Taylor _ _ 45 

Chap. 8 — The Foreign Money Changer Kills "America's 

Greatest Blessing" 46 

The Exception Clause 46 

The Hazard Circular 47 

Chap. 9 — The Money Changers Get Another Bank Law 50 

The National Banking Act 51 

Rothschild's Letters — . 51 

Senator Sherman Tells Rothschild About Bank Law 51 

Ikleheimer's Letter 52 

Chap. 10 — The National Banks Established 55 

What Secretary Chase Said of National Bank Law 56 

Lincoln's Gettysburg Address..— 57 

Lincoln's Letter to Mrs. Bixby 58 

Chap. 11— The Civil War Ends 58 

The Money Changers Start Action Again — Greenbacks Destroyed.. 59 

The Effect of Greenback Destruction 60 

The Credit Strengthening Act 64 

Chap. 12— The Gold Standard Established and Silver Coinage 

Killed— or "The Crime of '73" 65 

Luckenbach's Letters _ 66 

The Demonetizing Act 71 

CONTENTS— Coi2d/2uec/ 

Chap. 13 — The People Clamor for More Money 72 

The Money Changers Give Their Orders 73 

A Bank Letter 73 

Chap. 14 — The Money Changers Order a Panic 74 

Another Bank Letter 74 

Chap. 15 — Another Valiant Lindbergh 76 

From Lindbergh's Book ~ 77 

Chap. 16 — The Money Changers Add Another Link to the Golden Chain 79 

Chap. 17 — The Federal Reserve 81 

Privileges of the Federal Reserve Bank 83 

Whose Money Is It? 84 

Reserve Notes Redeemable in Treasury Gold 84 

United States Gold Notes Accepted as Gold 85 

Chap. 18— The World War 86 

Chap. 19 — "American Peasants" 88 

Chap. 20 — The Money Changers Take the United States to 

the Cleaners 89 

Professor Kemmerer Tells How to "Deflate" 90 

A "Deflation Party" 91 

$520,000,000 Deflation in 1920 92 

40,000 Commercial Failures Estimated in 1932 92 

"Interst" and How It Works 93 

Chap. 21— The Gold Bill 95 

Speech of Hon. Lewis T. McFadden 96 

Morgenthau and the "Blue Chips" 102 

"Sound Money" 107 

Chap. 22 — The Research Finished 109 

Chap. 23— The Virginia Plantation 112 

Chap. 24 — The Stranger's Story 114 

Lincoln's Interview with Schyler Colfax 128 

Chap. 25 — The Return to the Old Plantation 131 

Chap. 26 — The Stranger Concludes His Story 134 

Chap. 27 — The "Awakening" 136 

Chap. 28 — Conclusion 138 

Appendix 143 

McGeer's Speech 143 

Editorial of "Daily Province"of Vancouver, B. C 145 

The Super-World Government Chart 146 

Notes on "Chart" 147 

What Is Money? 149 

"Constitutional Money" 152 

Supreme Court Decision on Money 153 


THE author wishes the reader to understand from the begin- 
ning that only possibly a comparatively few of our American 
bankers are to be placed in the class of "Money Changers" here- 
after spoken of, and can only be censured for their part in con- 
sciously or unconsciously perpetuating the devastating, unchris- 
tian banking system that has been fastened upon us. 

The American bankers have taken the system as it was, feel- 
ing it was at least legal, and have used it to work out their own 
economic problems and it is likely a regretable fact that a very 
few of them ever gave their "business" very much philosophical 
thought, or speculated on the eventual effect of the system upon 
the affairs of their nation, and consequently nearly one-half of 
their number have gone down to bankruptcy and disgrace in the 
last fifteen years, caught with the rest of us in the awful whirl- 
pool of money racketeering and manipulation that is drawing 
the whole civilized world into its vortex. 

They, of course, knew that for each dollar in money deposited 
in their bank, they could loan out ten dollars worth of their 
checks, or credit, or bookkeeping money, and in return demand 
in payment MONEY, and until recently, gold money at that. The 
disastrous end of such a vile system is inevitable now, as it has 
ever been down through the centuries ; the same that caused 
Oliver Goldsmith to write : 

"111 fares the land, to hastening ills a prey. 
Where wealth accumulates and men decay." 

So we should not be surprised when we find that when the 
government of old Egypt fell, four per cent of the people owned 
all the wealth. 

When the Babylonian civilization collapsed, three per cent of 
the people owned all the wealth. 

When old Persia went down to destruction two per cent of 
the people owned all the wealth. 

When ancient Greece went down to ruin one-half of one per 
cent of the people owned all the wealth. 

When the Roman Empire fell by the wayside, two thousand 
people owned the wealth of the civilized world and then followed 
the Dark Ages from which they did not recover until wealth was 
scattered by continuous wars, a great share of it being therein 

It is said at this time that less than two (2) per cent of the 
people control ninety (90) per cent of the wealth of America. 

The foregoing disasters as well as our own present condition 
were all brought about by the same thing ; namel}^, the power in 
the hands of individuals or private groups to issue and control 
the value and volume of the money of the nation. This right, of 
course, being obtained by bribery, corruption, trickery, treason, 
murder, etc. 

Will our present citizens of America carry on in hope and 
ignorance and let our nation collapse as did the above mentioned, 

and also Russia, or will they arouse and inform themselves of 
the true conditions and stamp out the merciless system that 
always brings destruction, and do as Lincoln intended doing, 
establish a really equitable monetary system and an economic 
security for all? 

The author hopefully dedicates this volume as a help to 
America to inform herself on the subject of money, its uses and 

It has been necessary for obvious reasons, to relate in Chap- 
ters 23, 24, 25, 26, 27 of this narrative the details concerning, and 
surrounding the death of President Lincoln in the form of fiction, 
as many scattered factors, happenings and writings, must be con- 
nected up to make a completed whole ; and it is hoped the end 
to be obtained may justify the means, namely — the arousing of 
the interest of our people here in Lincoln's homeland, to a point 
where they will individually and collectively inform themselves 
of the true state of affairs in this their sorely beleagued nation, 
and correct the unholy practices that have brought about such 
detestable conditions. 

It is hoped that America may soon be able to supply such a 
remedy as will make it forever impossible for any individual or 
group to so manipulate our national affairs ; and by correctly 
applying the rugged principles of our great Constitution, so that 
our vast wealth of natural resources shall be justly distributed 
to each and all, and every man, woman, and child shall have a 
"Fully Guaranteed Economic Security from Birth to Death." 

This should bring about a condition where no one would need 
to worry or "think" of the necessities of life, which would then 
conform to the teachings of Him who was the promulgator of 
the principles on which our Constitution and Government was 
established, when He said, "Take no thought for your life, what 
ye shall drink ; or yet for your body, what ye shall put on. ' ' 

In this, the newer version of the dastardly murder of Amer- 
ica's best loved and greatest citizen, friend and champion of the 
common people may be found not only the story of the greatest 
crime ever committed against the people of this great common- 
wealth, but the knowledge that it was the forging of the most 
important link in the chain which greed, special privilege, and 
money manipulation have fastened around the throats of all 
Americans, and bound us in a limitless morass of bonded debt 
and mortgages. 

Without his premature death the future actions of the im- 
mortal Lincoln might well have brought about the revision or 
repeal of the vicious laws forced upon him in the emergency of 
civil war; and the establishment of a real National Currency 
System, based on a full legal tender "Greenback" which he had 
called, "America's Greatest Blessing," that would have enabled 
our beloved country to forge ahead to a brilliant future, a great 
united nation of happy people for which he worked so faithfully 
to the last, and to have us established as he would have wished 
us to be— FOREVER FREE. 


The Search for the Cause of Depressions 


IT WAS in the spring of 1933, that I had gone to Washington, 
D. C, for a number of months to do research work, and to be 
in close touch with the daily political happenings and to avail 
myself of the wealth of information to be had in the Congres- 
sional Library, which was especially rich in the material needed 
for a book I was planning on the subject of economics, banking, 
and the money question. 

That was the fourth year of the great world depression, which, 
up to then, had caused such financial conditions as the world 
had never before experienced. Numerous business failures of 
all kinds, increasing in volume as time went on; hundreds of 
thousands of farms and homes lost by foreclosure of mortgages ; 
thousands of banks, trust companies, and savings and loan com- 
panies forced to close their doors, with all the misery and losses 
to the masses that this entailed. 

Many were the scandals uncovered by the closing of some of 
these banks ; the looting of practically all ready assets by officers 
of the institutions. Some were allowed to go free, others were 
given various prison terms and fines, but public confidence in 
banking was generally badly shaken and private hoarding be- 
came more general. Safety deposit boxes were in great demand 
and in many instances male attendants had to be put on at the 
safety vaults to help handle the heavy deposit boxes. 

The outlook was bad, indeed, and prophecies of a possible 
revolution were heard on every hand. 

Much gold had been exported to Europe, and especially to 
France, with the largest military establishment. The "big boys" 
with the gold felt it would be safest there in case of trouble. 

The "Happiness Boys," who in the early months of 1929, had 
glibly told us that this was a "New Era" of prosperity and never 
again would we have panics and bad times, and who, in the latter 
part of 1929 had tried hard to "laugh off" the idea that we could 
ever have much of a panic or depression, assured us the Federal 
Reserve System had been erected for that special purpose, and 
that a very few months would see things bounding forward again. 


When those months had passed, conditions were gradually 
getting worse, they having been aided and reinforced by the 
higher-ups in the financial world as well as high government 
officials who had assured us that "Prosperity" was now "just 
around the corner," and then had for the next few years been 
extremely busy, with dodging us and the bill collectors, between 
other and still other assurances, excuses, etc., while they, them- 
selves, were hunting for "the corner." 

Finally, by this time, most of the people had begun to wake 
up to the fact that there really had been a corner, but it had been 
a "corner" on money, and that maybe prosperity was just around 
that comer after all ; how far around, however, no one seemed 
to know. 

Roosevelt and the Democratic Party in general, had been 
given a large plurality in their promised "New Deal" with the 
Reconstruction Finance Corporation, relief to banks, railroads, 

Independent students had been trying for many moons to find 
some real facts on the subject of money and finance, for a com- 
prehensive story, but none worth while had broken into print 
as yet. 

Especially I had a particular interest in the subject, for in 
the heyday of the boom of 1929, I had been persuaded by some 
of my banking friends to convert most of my savings (which I 
had carefully put into government bonds and like security) into 
cash and invest it in a "real-sure fire" proposition that would 
make me supposedly independent for life. They explained, of 
course, that this being an absolutely "new era," one of continu- 
ous prosperity, I stood no chance to lose ; and besides that. I was 
getting in on the "ground floor." "Well, when the "new era" 
ended in October, 1929, our "sure thing," of course, collapsed 
with all the rest, and I awakened to find that, although I had 
been in on the "ground floor" another crowd had been let into 
the "basement," and they had made away with all the money and 

It had been done legally, of course ! Someone seemed to have 
had a law made especially to fit that kind of a case. Anyway it 
seemed that way to me, who had not been let in with the base- 
ment crowd. 

I right then and there determined to begin an investigation 
and research into whether it was possible that the "Happiness 
Boys" and the "money interests," whoever they might be, had 
built up like situations all over the country and taken the whole 
country to the "cleaners." 

I reasoned that the losses had been so general all over the 
country that a good long article or book on the subject might 
be of real service to the country in awakening a wider interest 
in such proceedings, and that if enough genuine exposure could 


be made, that adequate laws might be passed to control activ- 
ities in the future that would prevent a recurrence of this 
"Boom," "Crash," "Depression" business. 

The research work has been practically completed and I had 
unearthed some of the most astounding information imaginable. 
The trail had led me back through the pages of our ovm history 
of America, through the early English history, the French Revo- 
lution, to Rome, Greece, and even back to the Old Testament 

Once started on the research there seemed no stopping place, 
if I wanted to get right do\\Ti to the bottom of the situation. The 
deeper I dug into the maze of information and history, the more 
clearly it could be seen that not only our America, but all the 
civilized countries of the world were up against a situation so 
grave that none but the most sound and basic matter and con- 
elusions could be used. 

I also became convinced that panics and depressions were 
always manifested in mainly one way — namely, a shortage of 
money or a medium of exchange in circulation. AVhy? What was 
money for ? Why money at all ? If we must use money, why could 
we not always have a sufficient supply? What made the shortage? 
Was there something w^rong with our money or our system of 
handling it? These and other allied questions I decided, must be 
answered if I were to come to a basic analysis of the demoraliz- 
ing and devastating depression. 

Many were the records of sordid and sorrowful tragedies of 
former panics, depressions, business failures, the growth of large 
"business" institutions over the charred and broken ruins of 
the many smaller ones ; the rise, disgrace, and fall of many busi- 
ness and political figures of State, National, and International 
renown ; I was led through the trials and persecutions of the 
early Christians ; through the court of Pilate, to the cross on 
Calvary; and on back into the early beginning of the Tribal 

I had found, to my own enlightenment and conviction, that 
the desire for money, together with the power it carries with its 
possession and its uses and abuses, had been at the very founda- 
tions of most of the world's greatest crimes, tragedies, and mur- 
ders of many ages and nations, causing the fall of one civiliza- 
tion after another, right down to the present time. I had also 
become convinced that some vital principle must be corrected 
before we could ever be rid of crimes, wars, panics, etc., and I 
had, therefore, come to feel that the basic faults might well be 
looked for in times when Individual Property Rights were first 
recognized and accepted as an institution, and money was first 
used as a medium of trading, or exchange of goods, labor and 
services between people. 



The Birth of Money 

IN THE early beginnings, of course, only pretty and rare rocks, 
and shells, and certain animals' teeth and claws were used as 
money or a medium of exchange. Later iron pieces and knives, 
and still later silver and gold were used. These metals, of course, 
were much harder to obtain. In the first place, it took much work 
and hardship to mine and work them into suitable pieces of 
money, which still, tended to enhance the value and attractive- 
ness of the tokens which were a medium bj^ which all "things" 
and labor could be obtained. 

It seems that by this time, in the lives of the Nations, the idea 
had become fixed in the minds of certain types of people, to the 
effect that the possession of money in quantity gave the possessor 
certain power, station, and prestige, and the command of men, 
no matter in what way they became possessed of the money. As 
money was exchangeable for all things and labor, men who pos- 
sessed money could, of course, command things in direct propor- 
tion to the amount of money they were able to accumulate. 
Money, you see, had even then taken on a fictitious value and 
significance, far beyond the original purpose for which it was 
intended, namely — just an easily carried and cared for medium 
in the exchange of property and labor. 

As this fictitious, distorted, but definite idea of the value and 
use of, and the possession of money became more set in the minds 
of this certain type of people, the more they would concentrate 
on ways and means, either fair or foul, to obtain it, and resort to 
all kinds of practices of attaining their ends. 

This knowledge of money along with the tricks and prac- 
tices of obtaining it and keeping it was, it seemed, handed down 
from father to son (of the money changer class) each generation 
adding its bit of learning and sharp dealings, and handing it 
on to descendants. Now this type of individual or class would, 
as time wore on finally become "money minded" as it were, and 
very adept, in the art of acquiring, accumulating and keeping 

The exact time or place of the starting of the practice of 
manipulating money is rather obscure and uncertain; but it is 
more than likely that it began at a time when some community 
was in the throes of a great crop shortage, by continued drought, 
and famine. At such a time people with much money found that, 
while they could not eat the money, they could command men 
with it, and had been able to buy and store away for their use 
vastly more than their just share of foodstuffs, and furthermore, 
that they could trade their gold to other nations for much needed 
foods and stores of goods. 


Although there seems to be no record left of the beginning 
of the practice, it seems most probable in view of what we now 
know of the present ways of moneyed men, that it was during 
one of these times of famine and stress that certain individuals 
with much money conceived the idea of trading this gold to other 
nations for foodstuffs and in turn selling the foodstuffs to their 
own fellow countrymen, in their dire need, at a great profit to 

This foreign trading becoming extremely hazardous, it fol- 
lowed that the men with money, not wanting to risk their own 
lives, would hire men to go and do this trading for them, paying 
them for their time and expense, and adding this to the cost of 
the goods, to be passed on to the consumer to pay, plus the profit. 
Later on these men hired to do the trading, became traders in 
their own right ; and finally the most vicious and diabolical curse 
of all the practices growing out of the use and abuse of money 
was to result from this trading in time of famine and stress. 

That practice was, simply, that the man with money loaned 
the use of his money to the traders in whom he had confidence, 
for them to do the trading in foreign countries, and to sell the 
foodstuff's at home, for which he, the man with the money, would 
get a certain part or per cent of the profits. In other words, he 
could sit at home, in ease, safety and comfort, and let the use of 
his money bring him more money without any effort on his part 
whatever, except possibly the worry as to whether he would get 
his money back safely. 

This practice once started, was, of course, quickly expanded 
into lending monej' to various persons in need, or in time of 
stress, for a stated time, with an added amount to be returned 
with the money loaned. 


This practice, then, the abuse of the use of money, which we 
know today as interest, but which in the beginning was called 
usury, was destined to become the greatest curse of the civilized 
world, and the history of its course of practice down through 
the ages traces the rise, decay, and fall of one civilization after 

Through the centuries, until the last one hundred and fifty 
years or so, the practice of this most vicious and destructive 
procedure or system of dealing in money, the medium of ex- 
change, or as called by some, the "Life Blood of the Nation," 
has been very largely confined to a certain type of mind, which 
deals practically exclusively in the realm of the material, that is, 
a mind that is only interested in selfish accumulation of money, 
"things," or property and the domination of others, and not in 
the principle of live and let live, a spirit of fair play, or an equal 
chance for all, but always seeking an advantage of the other 


From the very earliest records, we find this money complex 
type of mind constantly present, and as it is an expression of a 
selfish trait, in that it deals most exclusively in the realm of the 
material world, or of things, and is strictly an economic applica- 
tion of mind, it is used to enable a person or group to use these 
practices to take advantage of others among whom they are liv- 
ing at the time. 

It follows then, as a reasonable presumption, that this most 
vicious of human practices must have been and was handed down 
from father to son as a priceless heritage of knowledge adverse 
to the rest of humanity, to be used and guarded as a sacred 

The Cause of Pogroms and Most Revolutions 

THE creed of this type of person or people has always been 
the same, very simple, but most religiously adhered to and 
practiced. In a few words it is as follows : Buy low — sell high — 
accumulate money — lend the money at high usury, or interest, to 
the people in need and distress ; eventually getting complete con- 
trol of nearly the entire money of the country ; then hoarding 
the money ; causing artificial shortage of it and consequently 
higher interest rates ; in turn forcing prices of commodities and 
wages to a low point, where none but men with money could 
survive for long. 

Suffering and starvation would eventually breed rioting and 
finally a great uprising would occur, ending in either one of two 
ways : the mob or rioters would strike directly at the money 
lenders, or against the Government. 

First : When the country was small and the amount of money 
in circulation was very limited, it was more easily and more 
quickly "cornered" by the money lenders and the attention of 
the people easily directed to the real cause of the money shortage, 
for, of course, the people would know who they could get money 
from, and the rioting was consequently launched directly at the 
money lenders. 

Second: If the country was large and if the money lenders' 
control had gone far enough for them to corrupt legislators and 
gain control of the government, then the uprising would be di- 
rected against the government ; and, that overthrown, the money 
and lands would be re-distributed to the people again. This of 
course, with a great loss of life due to the money lenders being 
in control of the army and law enforcement officers, and direct- 
ing them against the people as long as possible. 

When the uprising occurred against the money lenders them- 
selves, it was called a Pogrom, and a great massacre of the 
money-lending classes would occur along with great numbers 
of their more or less innocent relations. These great massacres 
would end in the bulk of the money of the country being taken 
back by the people, from the money lenders, or usurers, as they 


were then called, and the country would after a time quiet down 
again to the regular tempo of existence ; money, the life blood of 
the country, having been returned to its natural function — that 
of a free, floating medium of exchange for labor and commodities. 

When the uprisings occurred against the Government, and it 
was overthrown, and a different set of officials installed who, for 
the time being at least, were not controlled by the usurers, that 
would be called a revolution. 

The intervals of time between these uprisings, j^ogroms, or 
revolutions would vary according to the size of the country, the 
amount of money in the country, and the number of money- 
changers or lenders operating at the time, and also upon the rate 
of interest or usury they chose or could "get away with." 

The interest rate and the ease of operations of the money 
lenders was again varied by the extent they were able to get into 
the good graces of the rulers of the country by loans to them 
personally, or gifts of money, or a share of usurious interest 
obtained from the people. 

All of these things had a direct bearing upon the time interval 
between pogroms or revolutions. If the usury rate was allowed 
to be high, it would not take so long to "corner" the money and 
have all the property mortgaged. If it was low, it would take 

One of the most peculiar phases of the money "cornering" 
craze of the money changers is that generally speaking their 
minds run only to getting, lending, manipulating and keeping 
money. Unless they can get a large usury rate, they never 
seem to realize the seriousness of the situation or the condition 
they are creating, nor do they care. Once in possession of the 
money they hang on until they die or are killed or it has been 
otherwise taken from them. 

This thing has happened innumerable times down through 
the centuries, but always with the same ending. It would seem 
that they would learn that in the end that usury, like other 
crimes, does not pay; but they never have done so. In times of 
panic or money shortage, when they become the victims of mobs, 
they are always loud in their wailings that they are being perse- 

It is also said that many times when the money lenders have 
seen a crisis in money matters approaching, they would, by con- 
nection with trade or through communication with their own 
kind of people in other countries, bring about a war to detract 
attention from the money conditions. Thus they would have the 
government borrow money (from them) to finance war. The 
money crisis would be averted by the government borrowing 
and putting money into circulation for war materials and other 
expenses. This was probably the forerunner of our present gov- 
ernment bond indebtedness, as it has all been conjured up by the 
same class of people in various ways. 


Now, what does this loaning of money at usury do? And why 
was it considered a great evil by all the best minds of all times, 
including those of the churches, until very recently — say the last 
hundred and fifty years? 

In the first place we must remember that money came into 
use solely for the purpose of having "a something" easily cared 
for, that would not easily deteriorate, that all could agree to 
exchange their labor or goods or commodities for; merely a 
medium of exchange, a convenience created by law ; either by 
common law, of common consent and use, or by statutary law. 
But when money is loaned for interest or usury or for increase, 
it is thereby taken out of its normal, natural use as a medium of 
exchange and becomes a commodity to be trafficked in and a 
profit made out of it, making a slave of it, to gain an unearned 
profit for its owner, making its possession desirable, and attract- 
ive in an unnatural way. 


The Abuse of the Use of Money 

LET us turn back through the pages of history, as shown by 
research, and see what the best minds had to say about the 
practice of usury and, tracing its usage down through the cen- 
turies, see just what the "abuse" of the use of money, namely — 
the loaning of it at interest — has done for humanity; and see 
what part it has had in this, the worst depression or panic of all 
times, and decide, if we can, just where our greatest mistake was 
made and just why it was not corrected in time, but allowed to 
go on to such drastic conclusion. 

Beginning way back in the Old Testament days, we find the 
following items concerning the taking of usury, and the teachings 
against it, with the penalties therefor. 

There is practically nothing obtainable worthy of note of the 
financial history of Babylonia, Egypt, Assyria, India, China and 
even Phonecia, a manufacturing and commercial nation. But all 
of those nations, still existing, have a very low volume of cur- 
rency or money. They are known as degraded nations. 


—From "What Is Coming," by L. E. Stowe. 
We have nothing of finance until we reach Solomon's time. 
Solomon obtained much wealth from commerce, to which he gave 
much encouragement, and for several years kept his people at 
work on public works. Then he stopped, and only looked after 
the pleasures of Solomon — aping the arrogant styles of foreigners, 
taking wives from among foreigners and aping their customs to 


please them. He demonetized silver, thus reducing the volume 
of money and brought about distress and a rebellion headed by 
Jeroboam. It is said that this distress and dissatisfaction was 
brought on hy excessive taxation. People do not mind taxation 
when money is plentiful. Then there is prosperity and they can 
afford to be taxed. But this trouble came with a contraction of 
the volume of money. The Bible says of this time that silver was 
of no account. Josephus saj's of this time that silver was of no 
account. Josephus saj^s Solomon demonetized silver ; that it was 
neither used to buy or sell, but we know that it had been used 
for money before that time. Abraham used silver to pay for the 
cave of Machpelah, Avhich was used for a sepulchre for Sarah. 
Silver was used after that time, because Judas Iscariot sold 
Christ Jesus for thirty pieces of silver. It is evident that Solomon 
did what the money kings have done since; contracted the 
volume of money by demonetizing silver, and he ruined his coun- 
try. Money became so scarce that usury became the curse of the 
land. This caused old Nehemiah to cry out, "I pray you let us 
leave off this usury." Neh. V. 10. 

In Ezekiel, Chapter XXII, God tells why He drove the Jews 
out of the land He had given them. I recommend the reading 
of this whole chapter carefully, especially verses 12 and 15, 
where God says: 

"In thee have they taken gifts to shed blood. Thou has 
taken usury and increase and thou hast greedily gained of thy 
neighbors by extortion and hast forgotten me, sayeth the Lord 
God. — And I will scatter thee among the nations and disperse 
thee through countries and will consume thy filthiness out of 

"The scattering of the Jews among the nations is the spawn 
that hatched the Red Dragon, the Jew Money Power, centered 
in Lombard and Threadneedle streets, London, England, and 
which the people of the world will arise and crush out and the 
Jews with other people will be made to see that the essence of 
selfishness, deception and dishonesty lies in usury or interest 
on money." 

Leviticus : 25 C. 36-37 V. ' ' Take thou no usury of him, or 
increase; but fear thy God; that thy brother may live with 

Thou shalt not give him thy money upon usury, nor lend 
him thy victuals for increase." 

Deuteronomy: 23 C. 19 V. "Thou shalt not lend upon usury 
to thy brother ; usury of money, usury of victuals, usury of any 
thing that is lent upon usury." 

Nehemiah: 5 C. 1-13 V. "And there was a great cry of the 
people and of their wives against their brethren the Jews. For 
there were that said. We, our sons, and our daughters, are 
many; therefore, we take up corn for them, that we may eat 


and live. Some also said, We have borrowed money for the 
king's tribute and that upon our lands and vineyards. There 
were also them that said, We have mortgaged our lands, vine- 
yards, and houses, that Ave might buy corn because of the 

Yet now our flesh is as the flesh of our brethren, our children 
as their children; and lo, we bring into bondage our sons and 
our daughters to be servants, and some of our daughters are 
bought into bondage ; neither is it in our power to redeem 
them ; for other men have our lands and vineyards. 

And I was very angry, and I rebuked the nobles and the 
rules, and said unto them, Ye exact usury, every one of his 

And I set a great assembly against them. And I said unto 
them, we after our ability have redeemed our brethren, the 
Jews, which were sold unto the heathen ; and will ye even sell 
your brethren. Or shall they be sold unto us? 

Then they held their peace, and found nothing to answer. 

Also, I said. It is not good that ye do ; ought ye not to walk 
in the fear of our God because of the reproach of the heathen, 
our enemies? I likewise, and my brethren and my servants 
might exact of them money and corn ; I pray you let us leave 
off this usury. Restore, I pray thee, to them even this day, their 
lands, their vineyards, their oliveyards, and their houses, also 
the hundredth part of the money and of the corn, the vine, and 
the oil that ye exact of them." 
Nehemiah : 5 C. 1-13 V. continued : 

"Then said they, we will restore them, and will require 
nothing of them; so will we do as thou sayest. Then I called 
the priests, and took oath of them that they should do accord- 
ing to this promise ; also I shook my lap, and said, so God 
shake out every man from his house, and from his labor, that 
performeth not this promise, even thus he be shaken out and 
emptied. And all the congregation said Amen, and praised the 

And the people did according to this promise." 

Ezekiel : 18 C. 10-14 V. 

'*If he beget a son that is a robber, a shedder of blood, and 
that doetli the like to any one of these things, and that doeth 
not any of these duties, but even hath eaten upon the moun- 
tains and defiled his neighbor's wife, hath oppressed the poor 
and needy, hath spoiled by violence, hath not restored the 
pledge, and hath lifted up his eyes to the idols, hath committed 
abominations ; hath given forth upon usury and hath taken in- 
crease; shall then he live? He shall not live: he hath done all 
these abominations, he shall surely die; his blood shall be upon 


Ezekiel: 22 C. 12-13 V. 

"In thee have they taken bribes to shed blood; thou hast 
taken usury and increase, and thou hast greedily gained of thy 
neighbor by extortion, and has forgotten me, sayeth the Lord 
God. Behold therefore, I have smitten mine hand at the dis- 
honest gain which thou hast made, " 

These quotations clearly show the teachings of the religious 
leaders of those times and their laws against the practice of 
usury. Can a conscientious Christian take interest and feel com- 
fortable after reading the foregoing? 

"We will now see what early European history has to say. 


'"nr'HE first gold and silver coins were brought from Asia to 

■*• Hellas as an article of commerce. Gradually they came into 
use as money. After the State had commenced to coin its own 
money, for a long time there existed only a small amount of 
coined money in the land, and this was chiefly in the hands of 
the men of business and merchants. As soon as money ceased to 
be an article of trade like other articles coming on the market, 
when even the poorer classes could not exist without it — the laws 
of debt prevailing in the interest of the proprietors — money, like 
a poisonous plant, absorbed and consumed the strength of the 
land." — Curtius' History of Greece. 

(Sounds familiar, doesn't it? "Laws of debt prevailing in the 
interest of the proprietors." Look about you, my dear reader, and 
see if this does not fit our present condition.) 

Prescott in his "History of Peru" tells us that gold was found 
so plentiful by Pizarro that it fell in value to an enormous extent. 
The natives did not use it for money as their trading was all by 
barter, article for article. One of the Spanish soldiers traded a 
hatchet for his two handfuls of gold and the native ran away for 
fear the man would want to trade back. 

Says Prescott: "A quire of paper was sold for ten pesos-de- 
oro, eleven dollars and sixty-seven cents of our money. There- 
fore, the quire of paper exchanged for $116.70 in gold, reckoned 
in our money of today. 

A bottle of wine was sold for sixty pesos-de-oro, a sword for 
fifty, a cloak for a hundred and sometimes more, a pair of shoes 
for forty, a good horse for seventy-five hundred." 

Figuring in our money it would look so: 

A bottle of wine $ 700.20 

A sword 466.80 

A cloak 167.00 

A horse 29,175.00 

A pair of shoes 350.10 

All payable in gold and silver. 

The reader can show this to his gold standard friends and 
let them explain. 


In the times of Rome aud Greece B. C, Swinton's Outline 
History of the World, page 130, says : "The first authentic history 
of Greece as B. C. 776 and of Rome as B. C. 750, both countries 
being described as early organized republics and being normally 
republic under aristocratic rule at the time they were consoli- 
dated and the rich classes or patricians ruling except at inter- 
vals, when the people being aroused by great crisis took charge 

And of "The public land hitherto practically monopolized by 
the rich, no man should hold more than 500 jugera (250 acres), 
while the remainder should be distributed in small portions 
among the Plebians as their own property." 

— Swinton's Outline History of the World, Page 143. 
"This sort of plan was, of course, strenuously opposed by 
the rich Patricians, but they could not prevail against the trib- 
unes who were successful in preventing the election of officers 
and of military levies." 

"History tells us that with these actions began a Golden Age 
of Roman Politics and civil concord, to which a temple was dedi- 
cated, and brought with it a period of civic greatness." (See 
Swinton's Outline History, page 144.) 

"But with all their rulings they had not outlawed usury, so 
the Golden Age did not or could not last, and the practice of 
usury again built up a 'money power' which gradually under- 
mined the laws with bribery and corruption and precipitated an- 
other 'crisis'." 

The following excellent description of the financial history of 
the early European period is reprinted Avith permission from 
"What Is Coming," by L. E. Stowe. 


"We know the people were largely tinctured with Socialism, 
and undoubtedly like our Socialists of today, thought that money 
must be based on something, and that something must be labor, 
or the product of labor, consequently oxen were largely used as 
monej' and a basis for currency a cheap metal. Undoubtedly the 
Augean stables, belonging to King Augeus of Elis and said at 
one time to have contained 3,000 oxen, Avere his treasure house, 
1194 B.C. 

* ' Homer and Hesiod never speak of gold or silver money. They 
express the value of things by saying they were worth so many 
oxen. Homer values the golden armor of Glaucus at one hundred 
oxen, and the brazen armor of Democles at nine oxen. 

"Caesar issued a cheap metal money, receivable for taxes and 
based upon cattle and bearing the device of a horse, an ox, a 
hog, an ear of corn, as the case might be, to denote the value of 
different pieces. 

' * Some of the States or Colonies of ancient Greece adopted iron 
money as their medium of exchange. 


"Lycurgus, the law giver of Sparta, adopted a system of iron 
money, and that it might not be withdrawn from its legitimate 
purpose to be used in the arts (for iron was a scarce article in 
those days), he steeped it in vinegar to destroy its malleability. 

"Xenophon states that, "Most of the states of Greece have 
money which is not current except in their own territory." 

"Plato recommended a double currency in every nation: "A 
coin," said he, "for the purpose of domestic exchange it must 
have a value among the members of the state, but no value to the 
rest of the world." 

"For visiting and using in other states he proposed a coin of 
intrinsic value, which would pass current in foreign states. 

"But the money changers have always fought a cheap money, 
and when they are successful, the people must suffer. In Attica 
595 B. C. they had destroyed cheap money, and interest was high. 
There was a mortgage stone at the corner of nearly every piece 
of land, the money loaning class had their grasp on everything, 
and they and their victims were about to clash and deluge the 
land with blood. But they finally agreed to arbitrate and con- 
sented to leave the matter to the philosopher Solon. He said he 
could do nothing for them except to draw up a code of laws, 
which if they accepted and obeyed, would save Attica from ruin. 
They consented. First he abolished all interest. The foolish peo- 
ple, hoping to someday become wealthy money loaners refused 
to accept this as well as did the money loaners. He then ordered 
the mortgage stones taken up and the debt forgiven wherever 
the payments returned a sum to the loaner equal to the principal 
first loaned, then to make it possible for the debtor class to meet 
their obligations he increased the value of money by calling in 
all of the coins of the realm and recoining them and nearly doub- 
ling the volume by reducing the amount of metal in the coin. 
This saved Attica from bloodshed and ruin. 

"Solon was asked by Croesus, king of Lydia, if tlie laws, wliicli 
he had made for the Athenians, were the best that could be given 
them. He said, "Yes, the best they were capable of receiving." 

"All through the history of man there has been a continual war 
between the people and the privileged class. The privileged class 
when defeated in one locality gathered their silver and their 
gold and hied themselves to some other country where they could 
gain privileges to rob the people. 

"After losing their power in Greece many of them retreated 
to Carthage. But people were more clannish in those days than 
at the present time and foreigners could not get a foothold with 
political influence in a day. It took many years before their in- 
fluence was greatly felt in Carthage and when they did get hold 
of Carthage, their blighting influence soon destroyed the coun- 
try, as their devouring system of usury and selfishness will bring 
the most flourishing country to ruin, as surely as the army worm 


will wither and blast the most fertile and flourishing fruit tree, 
when once it gets a fair hold upon it. 

"Carthage was the most prosperous nation on the globe at that 
time. Her white sails dotted the waters of the then known world, 
if indeed they did not reach to that of the new world. Her mines 
produced $10,000.00 per day of the precious metals, yet the metals 
were not used for money at home, but were kept especially for 
trade and commerce abroad. For home use Carthage had a 
leather monej^ and to prevent successful counterfeiting, it con- 
tained a metal core, a compound of metals, the compound a secret 
of the government. 

"Carthage became very rich and powerful, but there was rising 
in the west a nation that was to eclipse her in all her glory. Rome 
was that rising power. Hannibal being a statesman as well as a 
general, determined to conquer Rome. He hired his soldiers from 
foreign countries, equipped an army, marching through a hostile 
country, he crossed the Alps, making friends of the barbarians. 
He carried on a long war, but finally was compelled to send home 
for assistance, for men and money. In pleading his cause he said, 
"It is now or never, for it is Carthage or Rome." But he had 
left an enemy in Carthage far worse than those he was fighting. 
The money power had destroyed the cheap money and come to 
a money of precious metals. They had control of all government 
offices and established many useless institutions to make room for 
their people in office, thus taxing the people heavily to meet the 
expenses. They considered only their immediate interests, so re- 
fused aid to Hannibal and recalled him. Hannibal withdrew from 
Rome, Scipio immediately followed him and was soon thundering 
at the gates of Carthage. A council of war was called and of course 
Hannibal was present, and in the discussion that followed Hanni- 
bal took no part but stood with folded arms and smiled at their 
tribulation. Senator Asdrubal Hoedus said, "Hannibal smiles 
and his country is in danger." "Yes," said Hannibal, "the smile 
of contempt for him who feels his country's loss, only, when his 
own interests are at stake, it is sorrow for Carthage." 

"With the destruction of the cheap money of Carthage came 
an era of corruption, even the judges became so corrupt that 
Hannibal Avhen made Preator was compelled to impeach the 
whole bench of judges, and he corrected other evils, and says 
Rollins the historian : ' ' They exclaimed vehemently against these 
regulations as if their own property had been forced out of their 
hands and not the sums they had plundered from the people." 

' ' We will now note the difference in the financial changes be- 
tween Carthage and Rome." 


' ' Money is always scarce in new countries and prices high and 
interest runs up to almost an unlimited extent. There is always a 
vast amount of enterprise and push among those who venture 


everything to establish a home in a new country. Rome was the 
"Star of the Empire" setting westward. She was rapidly in- 
creasing in population both by immigration and by extending her 
border by conquest. The volume of money was increasing but 
not in proportion to population, consequently, there was always 
a strife between the privileged class and the producing class. 
And here is something I wish to forciblj^ impress on the minds of 
the people ; the privileged class always tried to destroy the force 
and the power of the people's leaders. Sometimes by circulating 
false reports, sometimes through bribery, sometimes by foisting 
their own friends into positions which they misuse and so betray 
the people, and sometimes by assassination. 

"The people seldom, if ever, assassinate a ruler or leader ex- 
cept they go in mobs, but where an individual does such work 
he generally does it at the instigation of a band of conspirators. 

"Now the bone of contention was money, land, and political 
rights, or abused privileges, but interest on money was the lead- 
ing evil. Marcus Manlius, a patrician, was one of the noble de- 
fenders of the people's cause. He was a soldier of great physical 
strength and when in 530 B. C. the Gauls attacked Rome the 
poorer classes withdrew and said they had nothing to fight for. 
(This shows that oppression and poverty destroyed patriotism.) 
The soldiers retreated to the citadel on "Tarpin Rock," and one 
night when the Gauls attempted an assault, they scaled the rock, 
but before scaling the walls Marcus Manlius was awakened by 
the squawk of the sacred geese. He sprang to the wall, and being 
a powerful man, he hurled the enemy down as fast as they came 
upon the wall, and made so much noise as to awaken his com- 
rades, who came to his assistance, and thus saved Rome. This 
gave him great honor and notoriety. The Gauls were soon com- 
pelled to withdraw when the people were coaxed back with the 
promise of amelioration of the existing political evils, land limita- 
tion of ownership, etc. In this Marcus Manlius became one of the 
strongest defenders of the people's rights. The Patricians became 
enraged at this and determined to destroy him, and the foolish 
people consented to hurl him to death from the very rock where 
he gained his notoriety. 

"This narrative has no direct bearing upon the question of 
volume of money, nor have the two narratives following, but 
the reader should keep them in mind as they have a great bear- 
ing upon the historical facts that follow. 

"Notwithstanding the volume of money had been largely in- 
creased by reducing the metal in the coin, to carry on the war, 
population had increased, territory had increased, and much 
treasure was hidden and lost, consequently money was still scarce 
and prices of all commodities ranged high, as the producers were 
withdrawn from their occupations to serve in the army, so that 
the lower classes could hardly afford the humblest of food and 


clothing, while the privileged class lived in luxury. Paper print- 
ing and engraving were not then known, so Rome could only in- 
crease the volume of money by reducing the metal in the coin. 
This debasing of the coin the money loaning classes could no 
longer stand. 

"The volume of money was not adequate to the wants of 
trade, and notwithstanding the many attempts to control rates 
of interest by laws, usury was one of the greatest of the many 
abuses hea]>ed upon the people by the privileged class. 

"We are now in ]33 B. C. Tiberius Gracchus, one of the trib- 
unes, sought to enforce the long neglected agrarian laws limiting 
ownership of land to 500 acres also insisting on the wealth left 
to Rome by King Attalus of Pergamus by his will, to be distribut- 
ed equally among the poor of Rome. This excited the animosity 
of the privileged classes who again set up the cry of ambition and 
collected enough fools from among the people to go dow^n and 
murder Tiberius Grachus and three hundred of his followers. 
Again I say, note the manner of exciting the prejudices of the 
people for the purpose of using them against their own interests. 

"Ten years after the death of Tiberius Gracchus, his young and 
talented brother, Caius Gracchus being elected tribune, made a 
vigorous attempt to carry out the reform started by his elder 
brother. This included reforms in usury laws. He erected polling 
booths similar to those now used with the Australian system. At 
a new election he was counted out (just as they do these things 
nowadays). The people, indignant at this fraud and outrage, 
arose in defense of Caius Gracchus, the patricians fearing him, 
hired an assassin to kill him, and then circulated the story that 
he called one of his followers to slay him. History gives us both 
sides of the story but students of history who understand human 
nature believe the patricians murdered him. 

"We are now in 48 B. C. Julius Caesar, a successful general, 
virtually ruled Rome sometime before his dictatorship. He sought 
to correct many existing evils, among which was the limitation 
of land ownership. He saw the abuses of the money matters. Up 
to this time the issuing or coining of money had been granted to 
a few wealthy families. Caesar took this privilege from them and 
restored it to the government to whom it belonged. He also created 
a large volume of cheap metal money and started public works 
and paid it out to labor. This enraged the privileged classes. 
"The people loved Caesar," Mark Antony said, and he said 
Caesar put away the crown three times and we know history tells 
us Caesar did not like to remain in the city among the corrupt 
politicians. He was a plain soldier and preferred the tield, and 
notwithstanding this the privileged class determined to get rid 
of him, and for an excuse perpetrated their old trick, as in the 
case of Manlius and Gracchus, they charged ambition, and know- 
ing the manner of murdering these men was still fresh in the 


minds of the people, they dared not try it, so concluded it would 
be safer to murder him with their own hands, which they did 
March 15, 44 B. C. But Mark Antony said, "They are gentlemen." 
We have just such gentlemen today who would not hesitate at 
any crime to further their ends." 

"With the death of Caesar soon came the death of cheap 
money, but Caesar's successful wars had made Rome rich with 
the precious metal; they amounted to $1,800,000,000. But the 
mines now began to peter out and no new ones discovered and in 
consequence of many wars, treasures were often hidden away and 
never found, so that the contraction of the volume of money was 
very great. This continued until civilization was nearly snuffed 
out, and the Dark Ages were the consequence, in which many of 
the arts were lost and the finer feelings of man smothered." 

"The reader's attention is called to the money conditions and 
practices of Rome just before it fell, that are i)resent here in our 
own America today. Usury, high taxes, masses losing their lands 
and homes ; debasing money, or as it is called now ' ' lowering the 
value of the dollar"; the masses losing interest in and refusing 
to support the government, and now many of our unemployed 
millions listening to the fake remedy of "Russian Communism" 
instead of informing themselves of the real reason of their dis- 
tress — the manipulation and issuing and control of the nation's 
money by a private group of money changers. 

"The Roman Republic, however, was swept away to oblivion 
in another great crisis about the year 27 B. C. and resulted in 
the money power installing a dictator, Augustus Caesar, who 
soon established a policy of cruelty and violence against reforms." 

During all the time of which we have been writing the most 
learned minds and philosophers of high standing were all op- 
posed to usury (the loaning of money at interest), some of whom 
express themselves as follows : 


The Encyclopedia Britannica says of Aristotle : " In the history 
of European thought and knowledge, down to the period of the 
revival of letters, the name of Aristotle was without a rival, 
supreme — his thoughts also were, as far as possible the fore- 
runner of modern science. He was recognized as the strongest of 
the Ancients." 

We will certainly have to respect and revere the teachings 
and the thoughts of a man of that calibre, and what was his atti- 
tude on interest and usury in 350 B. C? Listen — 

"Money being naturally barren, to make it breed money is 
preposterous, and a perversion from the end of its institution, 
which was only to serve the purpose of exchange and not of 
increase. ' ' 

"Usury is most reasonably detested as the increase arises 
from the money itself, and not by employing it to the purpose 
for which it was intended." (Aristotle on Politics.) 


"Although the monarchy had been abolished, the people of 
Rome by no means enjoyed the blessings of a free government. 
All political power in the hands of the Patricians, and Plebians, 
workers and producers were kept in a condition of great social 
degradation. Obliged to borrow money of their rich neighbors, 
they were charged enormous rates of interest, and when unable 
to pay, were delivered by the cruel laws to the mercy of their 
creditors, who deprived them of their lands, and reduced them 
to the condition of serfs or slaves. * * *" 

— Anderson's New General History. 
"It is related that Napoleon, when shown an interest table 
said, after some reflection, 'The deadly facts herein revealed 
lead me to wonder that this monster, interest, has not devoured 
the whole human race. ' It would have done so long ago if bank- 
ruptcy and revolution had not acted as counter poisons." 

— Michael Flurscheim. 
"He who would give the name of robber or parricide to the 
iniquitous invention of interest would not be very far from the 
truth. What, indeed, does it signify if you have made your- 
selves masters of the wealth of another by scaling walls or by 
killing passers by, or if you have acquired what belongs to 
you by the merciless methods of the loan?" 

— St. Gregory of Nyssa. 
"Why do the masses work overtime for insufficient pay? 
Why has our transportation system broken down ? In each case 
the answer is interest. If we let the interest taker skim all the 
cream off the profits of the transportation system, of course, it 
will break down. If not arrested, interest will throw to the 
scrap heap humanity itself." 

— John Basil Barnhill. 
It is recorded that "Cato, the Second" when asked his opin- 
ion on usury, replied by asking, "What do you think of mur- 
der?" Inferring, of course, that he considered the two things 
about alike. 

It is very plain to see by the foregoing instances that when 
usury is practised, it soon builds up a powerful ring of money 
lenders who leave no stone unturned to keep and further their 
use of the practice of usury, and the power that they can attain 
by corrupting the government officials with the vast quantities 
of money that must inevitably accumulate by usury. 

They do not stop at wholesale murder, nor any degree of 
corruption, and generally end by the overthrow of free govern- 
ment and the establishment of a dictator or despot they can con- 
trol by the use of money. 

If we wish to see what eventually happens to this kind of 
dictatorship, we may read what happened to Rome. In that time 
oppression became worse and worse, and people who wanted 
liberty and freedom fled to other countries, and finally when the 


barbarians swept down in ever-increasing numbers, there was not 
enough patriotism left in the citizens for their own country to 
cause them to defend it, and it went down to destruction. (So 
Dunham tells us in his work, "The Middle Ages," Vol. 1, page 

"Cities were sacked, fortresses were leveled, churches were 

burned, monasteries of both sexes destroyed, the fields wasted, 

the country abandoned, so that wild beasts supplied the place 

of men. These are facts which no sophistry can invalidate." 

Not a very pretty picture to contemplate, but one we certainly 

want to avoid here in America. 

lesus and the Money Changers 

COMING now to the time of Christ's ministry on earth, we 
have only to refer to his action of driving the money chang- 
ers from the temple with a scourge of cords, to get his viewpoint 
on usury and the manipulation of money values, AND FOR 

For many years the people who were in the business of hand- 
ling money were called bankers, but of recent years you hear 
them referred to as "money changers," even by our highest 
government officials — the same term used by Jesus when He 
drove them from the Jewish Temple of Jerusalem and accused 
them of making the Temple a den of robbers. You will find it 
in Matthew 21 :12-13, and Mark 11 :15-19. As this seems to be 
the one and only time when Jesus used force or "direct action" 
in His ministry. He must have had a very good reason for do- 
ing so. 

In looking up the history of "banking" or practice of money 
exchanging of that time, we find the following condition existed : 
There was a "rule" or "law" that the tithes or taxes of the 
church or Temple could be paid only in one certain coin called 
the "half shekel of the sanctuary." True, they had several dif- 
ferent coins at that time, but nevertheless, the above law existed 
and all the people had to obtain this particular coin with which 
to pay their taxes or dues. (See Exodus 30:11-17, and 36:25-26.) 
And don't forget that that was one thing that they all did in 
those days — pay their Temple Taxes ! 

Can't you see the pained look on the old money changer's 
face when people asked him why such a law existed? "Why ask 
him about it ? Surely he had nothing to do with it ; he was just a 
"poor fellow trying to get along." They should go to the law- 
makers and ask them ; they were the wise ones ; they would know ; 
they made the law, not he." If the reader would like to know 
how he looked and acted, just go to your banker and ask him the 
same question concerning the Gold Standard. 


Histor}' is not altogether clear as to just how they coined their 
niouey and got it into circulation among the people in those days, 
but the chief functions of the bankers seems to have been the 
changing of the trader's foreign money into local money. This 
business probably lagged somewhat or was not very profitable in 
the interval between the arrival of different caravans from the 
foreign countries, at any rate the aforementioned law was passed 
concerning the payment of the Temple Tax in only one coin. 

Can't the reader easily imagine what happened? All the 
people had to pay their Temple Tax, and "had" to pay it in ONE 
CERTAIN COIN, and the volume of money in those days was 
never very great and especially this coin was not too plentiful. 
The money changers, having most of the money anyway, were, 
of course, soon able to "corner" all the special "Tax coins" and 
raise the price or exchange rate to whatever they wished or could 
get for them. 

Just to be good and accommodating to their customers they 
accordingly established themselves in the Temple, where the good 
people came to pay their Temple Tax and where for a "price" 
they could get the "half -shekel of the sanctuary" with which to 
pay it. It is said it cost them two or more times its actual worth, 
or the buying power of the "half -shekel" when it was used to 
buy commodities. The doves and the animals that the people 
bought for sacrifice also could be bought only with this same 
"half-shekel of the sanctuary" or "special coin" that had to be 
obtained from the money changers. 

So it becomes quite apparent that what Jesus objected to in 
the business of the bankers, at that time, was not the exchanging 
of foreign MONEY into local money, BUT THE CHANGING OF 
the people of the difference between the purchasing power and 
the tax-paying value of the coin, when they HAD to have it to 
pay the tax they HAD to pay. They had actually CHANGED 
THE VALUE of the monej^, by first making the laAV to have their 
Temple Tax paid only in ONE CERTAIN COIN, and then by 
cornering the supply and hoarding it, then CHANGING OR 
RAISING the value by charging twice its commodity value, or 
its value in buying produce. Thus they were really MONEY 
CHANGERS, as Jesus called them and for which He drove them 
from the Temple. 

Now, we will just step down through the pages of history 
to 1873 in the good old U. S. A., when silver was demonitized 
and gold was made the standard money. If you think that the 
price of MONEY can't be changed, just get your BUSINESS 
GRAPH and see what happened to the prices of "things" in the 
relation to gold from 1873 for the next seven years, the longest 
"depression" the U. S. had ever experienced up to that time. As 
it worked with the "half -shekel of the sanctuary," so also it 
worked with the Gold Standard. 


Substituting the following things in 1873, for what they were 
then, in A. D. 30, we have : 

A. D. 30 A. D. 1873 

Law Makers Our Congress 

Money Changers International Bankers 

Temple Tax money or the "half Gold 

shekel of the sanctuary" 
Temple Tax Debts, Interest, Taxes, Mort- 

A law making the Temple Tax A law making the above pay- 
])ayable only in one certain able only in gold money, 

Do you see anything changed in the pictures of the two things 
above ? 

No, just the same old game of paying the Temple Tax in ONE 
certain coin. Look at it closely and you will see that the same 
people, the same race, the same type of minds, that were the 
money changers of 2,000 years ago and had a law passed making 
the Temple tax payable in one certain coin, were the formulators 
of the Gold Standard all over the world of our day, and the 
"half-shekel of the sanctuary" becomes the ancestor of the 
"Gold Standard." It is the same old game with new surround- 
ings, new words, phrases, and practices to camouflage and con- 
fuse the minds of the people as to the "why" of such a condition 

Isn't it plain that the only mystery or complication about 
money, so far, is the maze of explanatory smokescreens spread 
bv the paid economists, and financiers to cover up the ABUSE of 
the USE of MONEY? 

History does not tell us much of the collusion of the law- 
makers, rabbis, and money-changers, in having such a law passed, 
nor of how the tax money GOT BACK into the hands of the 
money changers from the tills of the temple priests, nor at what 
exchange rate, nor who received the graft, but any nation may 
look with grave suspicion upon a group of people who will up- 
hold and work for a continuation of a system of National money 
and finance in our Christian country and in our times, that had 
such an unholy ancestry. 

In his book, "Money and Its True Function," F. R. Burch 
has the following comment : 

"As long as Christ confined his teachings to the realm of 
morality and righteousness, He was undisturbed ; it was not 
till He assailed the established economic system and 'cast out' 
the profiteers and 'overthrew the tables of the money chang- 
ers,' that He was doomed. The following day He was ques- 
tioned, betraj^ed on the second, tried on the third and on the 
fourth crucified." 
Their court procedure seems to have been much more efficient 
in those days than now. 


We now come to the disciples of Christ, and what their atti- 
tude and teachings were, on usury. 

The Apostle Peter, telling the public of his Vision, said: "And 
in another lake, full of pitch and blood and mire bubbling up, 
there stood men and women up to their knees : and these were 
usurers and those who had taken interest ..." 

Antinicene Fathers, Vol. 9, page 146. 

The Apostle Paul, in telling of his Vision, said: "And I saw 
another multitude of men and women, and worms consumed 
them. But I lamented and sighing asked the angel and said, 'Who 
are these?' And he said to me: These are those who exacted in- 
terest ON interest, and trusted in their riches and did not hope 
in God that He was their helper." 

Antinicene Fathers, Vol. 9, page 160. 

"The Apostles Paul, Peter, Stephen, and James were killed. 
Peter was struck, Stephen overwhelmed with stones, James was 
a victim of the Altar and Paul was beheaded." 

See Antinicene Fathers, Vol. 13, page 648. 

The Catholic Encyclopedia, page 235: "The early Catholic 
Church on Usury:" "In the article interest, we have reserved 
the question of the lawfulness of taking interest on money lent; 
We have here to consider first, usury as a subject of controversy; 
and secondly, usury as condemned by all honest men ..." 

And again it says, page 236, "The canonical laws of the Mid- 
dle Ages absolutely forbade the practice." 

We find in Ashley's English Economic History on page 149, 
part I, edition III. "Among the canons of the great Luthern 
Council held by Alexander III in 1179, one ran as follows : "Since 
in almost every place the crime of usury has been so prevalent 
that many persons give up all other business and become usurers, 
as if it were permitted, regarding not its prohibition in both testa- 
ments, we ordain that manifest usurers shall not be admitted to 
communion, nor if they die, in their sin receive the Christian 
burial, and that no Priest shall accept their aim. Clergy disobey- 
ing this order were to be suspended from their office until they 
had satisfied their bishop." 

The same Pope, in letters to the Arch-Bishop of Salerno and 
Bishop Priacenza, had pronounced that usurers, and even the 
heirs of usurers, ought to be compelled to restore their unjust 
gains under similar penalties. And at another place says: "It 
was at another great council, that of Lyons in 1274, that Gregory 
X ventured to make fresh advance in both these directions. In 
one he ordains that no community, corporation or individual 
should permit foreign usurers to hire houses, or indeed to dwell 
at all upon their lands, but rather should expel them within three 
months; and he forbids anyone to let houses to them." 


The next Canon ordained that the wills of unrepented usurers, 
of usurers who did not make restitution — should be without 
validity. And yet in another place the same author we find : ' ' We 
therefore decree, with the approval of this sacred council, of 
Vienne, that whatever authorities, captains, rectors, counsels, 
judges, councilors, or any others, presume to make in the future 
any statutes, either that debtors shall pay usury, or, that a usurer 
is not bound to restitution, shall incur sentence of excommunica- 

Considering our present world plight, it would seem that the 
foregoing decree was not enforced very strongly in the later 

For the opinion of Shakespeare on usury we need only to 
read "The Merchant of Venice." 


Martin Luther (Elliot on Usury, page 71) : 

"Whosoever eats up, robs, and steals the nourishment of 
another, commits as great a murder, as he who carves a man or 
utterly undoes him. Such does a usurer, and he sits the while 
on his stool, when he OUGHT to be HANGING from the gal- 
Calvin : 

"For we altogether condemn usuries, we shall impose se- 
verer restrictions upon the consciences than the Lord Himself 
desired ; while if we make the least concession, many will use 
it as a pretext and will snatch at a bridleless license, which 
can never afterward be checked by any moderation or excep- 

And again in the work of Elliot on Usury, page 262, we find : 

"In the earliest periods of which we have any records, we 
find that the doctrine, that the letting money to hire was sin- 
ful, prevailed universally over the islands of Great Britain. It 
was the prevailing opinion that interest, or usury, as it was 
then called, was unjust gain, forbidden by Divine Law, and 
which a good Christian could neither receive nor pay. In com- 
mon law the practice of taking increase was classed among 
the lowest crimes against public morals. So odious was it among 

"The laws of King Alfred, about 900 A.D., directed the 
effects of money lenders upon usury should be forfeited to the 
King, their lands to the lords upon whom they were held, and 
they should not be buried in consecrated ground. 

"By the laws of Edward the Confessor, about 1050 A.D., 
the usurer forfeited all his property and was declared an out- 
law and banished from England. In the reign of Henry II about 


the close of the twelfth century, the estates of the usurers were 
forfeited at their death and their children were disinherited. 

"His successor, Richard I, was yet more severe, forbidding 
the usurers to attend his coronation, nor would he protect them 
from mob violence. 

"During the thirteenth century the severities against the 
usurers were not relaxed. King John confiscated their gathered 
wealth without scruple. It is recorded that he exacted an enor- 
mous fine of a JEW IN BRISTOL for his usuries and when 
the JEW REFUSED TO PAY, he ordered one of his teeth to 
be drawn daily until he should pay. The Jew is said to have 
endured the pulling of seven, BUT THEN WEAKENED AND 
PAID THE PINE. It is written in the Chronicles of England, 
1251 A.D., 'By such usurers and licentious liurs as belong to 
him, the realms had already become sore corrupted.' 

"In the fourteenth century, under the three Edwards, the 
taking of interest was an indictable offense, and Edward III 
made it a capital crime. 

"Attorney General Noy, in the reign of James I, thought 
the taking of money by usury was no better than taking a 
man's life. He said, 'Usurers are well ranked with murderers' !" 



The following excellent treatise on early European banking 
practices and money is the most revealing and extensive the au- 
thor was able to obtain on this period and is reprinted with per- 
mission from the book, "What Is Coming," by Lyman E. Stowe. 
"With the destruction of Commerce, which always comes 
if the shrinkage of the volume of money is great enough, came 
poverty, distress, and loss of patriotism, and the final downfall 
of Rome. 

"With the breaking up of the great Roman Empire, came a 
swarm of small republics. Each of these tried to excel the 
others in offering protection in opposition to individual privi- 

"The Florentines guarded their political rights with such 
jealous care that they held their elections every two months. 

' ' It was Venice, one of the independent cities, that gave birth 
to the mother of our present credit system that turned the tide 
of commerce from a downward to an upward current, which 
gradually led to a higher state of civilization. 

"For many years the money center rested Avith two indepen- 
dent cities — Venice and Genoa. 

"Before I proceed further I will give a brief description of 



"This bank was established in the year 1171, and fell with 
the fall of Venice in 1812, thus standing for nearly six and a 
half centuries. 

"The Bank of Venice was a governmental bank. The Veni- 
tian government was at war and needed funds and was com- 
pelled to resort to forced loans from its wealthy citizens, for 
which it gave credits in bank. These credits were transferable 
through a sort of tally system ; in part or in whole, they were 
also receivable for taxes and dues to the government. 

"The government entered into no obligation to repay the 
money. But Colwell, in his 'Ways and Means' says : 'Reimburse- 
ment of the loan ceased to be regarded as either necessary or 
desirable.' Thus credits ran up and stood at a premium of 30 
per cent above coin, but was finally fixed at 20 per cent above 
coin, and this because of their being accepted for all dues to 
the government. At first the government paid interest on de- 
posits but this was abolished in 1423, and all bills of exchange 
payable in Venice, whether domestic or foreign, were decreed 
payable through the Bank of Venice, unless otherwise specified 
in the contract. For the long existence of this bank Colwell 
says that they never suffered one panic. He further says : ' ' That 
the inhabitants of Venice were satisfied. We cannot doubt, as 
not an objection was ever made to the bank, at least none is 
extant, neither book, nor speech, nor pamphlet have been found 
in which merchant or dweller in Venice ever put forth any 
condemnations of its theory or its practice'." 

"NoAv what have our gold bugs who scream fiat for the pur- 
pose of scaring investigators away from the grain of truth, to 
say of this bit of financial history? 

"Fiat, indeed ! It was this fiat system that fanned the dying 
spark of civilization back to life." 


"Was a sister bank of the Bank of Venice, and was established 
early in the thirteenth century. Like the Bank of Venice it had 
its origin in the necessities of the State, though loans upon which 
it was based were not forced but were the spontaneous offerings 
of the people. According to Caldwell, the Bank of Genoa was the 
first to originate the bank note. The bank fell with the overthrow 
of the government at the same time as the fall of Venice. 

"For many years these three cities, Venice, Genoa and Florence 
were the money centers of the world. But such a system of the 
people's money was not pleasant or desirable to the usurious 
class, consequently, as the "Star of Empire" drifted westward 
the money loaning class sought pastures new, and for a time lo- 
cated in Amsterdam where favorable privileges were granted. 



"Was founded in 1609, on strictl}^ commercial basis, and not 
to afford any assistance to the government. As before stated, 
Amsterdam was the commercial center of the world, and, of 
course, offered the greatest inducements for a moneyed center. 

"The bank was established on the principle that coin once de- 
posited, could never be withdrawn, but the people holding its 
notes knew that the specie was behind them, and it might just as 
well have been at the bottom of the sea, as it was not convertible. 
The bank's first capital consisted of silver coins, Spanish ducats, 
but foreign coins of all kinds soon flowed into the bank, and were 
received at nine per cent discount. These coins were melted up 
and the metal sold, which of course helped to enrich the banking 

"In 1672, when Louis XIV penetrated to Utrecht, a great fear 
arose, and people who had accounts with the bank demanded 
coin, but this was met so promptly that confidence was restored. 
But in 1790 the bank refused to return in coin a less amount 
than 250 florins. 

"Notwithstanding, it was supposed that the bank contained so 
much coin in its vaults, it became a heavy loaner to great cor- 
porations. It loaned the East Indian Trading Company more 
than 10,500,000 florins, which sum of course it was unable to 
make up to its dej)Ositors, and so it assigned its claims and ex- 
pired. So much for the first failure of a specie basis promissory 
note banking institution." 


""Was established in 1619 on the model of the Bank of Amster- 
dam. It is still in existence, and is a flourishing institution. (1896) 

"For a number of years prior to the fall of Amsterdam the 
commercial center was gradually changing from Amsterdam to 
London, England. 

"Holland had become rich and prosperous, and no great con- 
traction of the volume of money had ever taken place, and after 
the fall of the Bank of Amsterdam, Holland adopted a favorable 
currency system that has kept financial panics at bay. 

"England had for many years been a good stamping ground 
for the usurer — both Jew and Gentile. 

"The English nobility, or governing classes, were mainly the 
direct descendants of the old Vikings or Norsemen, a piratical 
class of adventurers from the far north, and of course were just 
the class to be bribed and influenced by the usurious money 
loaners, and as a nation she still pursues a piratical policy toward 
all weaker countries. But with all her faults she has always been 
a progressive country, and consequently always required a large 
volume of circulating medium. Like old Rome, for a great length 
of time she had no other means of increasing that volume than by 


reducing the amount of metal in the coin. Finally in the reign of 
Henry I., from 1100 to 1695, the tally system was adopted, a 
money fabricated out of wood. Says Jonathan Duncan, the his- 
torian: "Its intrinsic value was no more than the value of the 
wood of which it was fabricated, but its representative (or com- 
mercial) value denoted large sums." 

' ' These were called exchequer values, and the system was simi- 
lar to our greenback system, and it extended down to 1694, when 
the specie basis. Bank of England was established ; then the tally 
system was abolished and it brought ruin. The result of this sud- 
den contraction is given by Devant, as follows: 

"The government appeared like a distressed debtor who 
was daily squeezed to death by the exorbitant greediness of 
the lender. The citizens began to decline trade, and to turn 
usurers. Foreign commerce had infinite discouragement. 'We 
are going headlong to destruction with carrying on a losing 
trade with our neighbors, and what has brought us to this low 

"When paper money flourished (credits) and tallies per- 
formed all the offices of money, the great payments for land or 
rich goods, were therefore easily made, the king's duties paid, 
and all kinds of business easily transacted." 
"Read this and stick it under the nose of the knave or fool who 
howls "Fiat!" the moment you speak of a government money 
made of cheap material. 

"We must go back a little and refer once more to the de- 
basement of British coins." Says Encyclopedia Britannica : "At 
the close of the thirteenth century the pound sterling con- 
tained what its name implied, a pound weight of silver, of 112 
fineness, the penny, which was the commonest coin, containing 
a two hundred and fortieth part of a pound. Between this 
period and the Sixteenth century her penny was reduced to 
one-third its ancient weight. 

"The English pound now worth $4.84 of our money (1896), if 
expressed in our dollars, would weigh less than five ounces, and 
the commercial value of the commodity worth about $2.80. The 
above valuation shows us that silver was the standard metal of 
England down to 1817. 

"From Henry VITI. there was a continual debasement of the 
metal money down to 1551, and says the Encyclopedia Britannica : 
"An attempt was made at the conclusion of this reign to issue a 
coinage of genuine quality, but as the base money continued in 
circulation, the attempt was futile." This shows us that the 
people preferred a money that cost but little for the material of 
which it was made, and that the desire for a high priced com- 
modity came from another source, i. e., the money loaning class, 
who wished to make money out of it. To quote another : 


''Queen Mary was anxious to restore the ancient standard, 
but found it impossible to do so. However, Elizabeth called in 
her father's and brother's base money at a low fixed rate, 
which gave her a considerable profit, and put into circulation 
money of the old character and quality. This was effected in 

"The contraction of the volume of money, through this 
change, was soon felt in the war of commercial distress, but 
the dire results of a dissatisfaction did not reach its height 
until the autumn of 1642 — 82 years after the civil war broke 
out under Cromwell. Dissatisfaction and rebellion do not fol- 
low immediately upon the heels of the cause, but take years to 
reach the point of explosion. 

"The metal in the coins was reduced again in Cromwell's 
time. But look at what a cost of suffering and blood that was 
necessary before the people got back to a cheaper and more 
plentiful money. For many years the goldsmiths of England 
were the bankers." 

Usury, the Persistent Cause of Sin and Crime 

After all these experiences down through the centuries with 
the practice, and results of the practice, of usury, it would seem 
that the people of the civilized world would have banded together 
and outlawed usury once and for all. 

Such was not the case, however, and usury was to come back 
into power, stronger than ever, and has continued to gain in 
strength, until today it has the whole world in its strangling 
grasp. And there is a very definite reason why it revived and 
came back stronger than ever and continued to grow in strength 
and power throughout the centuries. 

That reason was threefold : first, there was a feeling at that 
time among most of the people that nothing but gold and silver 
could be regarded as "money." It was the common belief that 
money must have within itself a real value. This restriction 
worked to the advantage of the money lenders or usurers, in 
that the volume of money, both gold and silver being compara- 
tively small, they could and did combine and conspire together 
to hoard it and keep it out of circulation. And the effect of this 
was, as we have it here, and all over the world right now — and 
for the same reason — a strangulation or restriction of all business 
life, even to international trade. 

The second reason for usury's revival was that the Jewish 
usurers revived their age old practices of collusion with and 
bribery of lawmakers or public officials, who accepted bribes or 
loans of money in exchange for influence or privileges of usury. 

The third reason was the extension and elaboration of the 
Jewish usurer's method of transferring money to keep from 
being robbed. In those early times, usury was not lawful and 


usurers did not have the protection of the law, so they con- 
spired and agreed among themselves to take "trade acceptances" 
or certificates of credit on transferring money between them 
without transferring the money and subjecting it to robbers. If 
the transfer certificate was stolen and presented by anyone but 
the true bearer it was assigned to, it was not paid. This practice 
was in all probability the ancestor of our present checking sys- 
tem in this country, which, of course, enables commerce to be 
carried on with promises, instead of with real money, the money 
staying in the banks where it can be controlled. 

Thus the usurers or money changers could handle or manipu- 
late money between themselves to the confusion of all other 
people as to its whereabouts and as to how much there was in 
the country. 

Instead of being so clever as some people claim they are with 
their various schemes, doesn't it appear by the foregoing, and 
the temple tax and "half -shekel of the sanctuary" episode, that 
they (the money changers) are just persistent instead of clever, 
and use the same old tricks handed down for centuries? 

Turning again to early England, we find the usurers kept 
playing their nefarious game, and when repressed too strongly 
they would conspire together and hide or hoard all the gold and 
silver money and practically strangle all industry and trading 
for want of money to trade with. 

Thus by hoarding and keeping money out of circulation, 
business was strangled, or as we now say, a "Depression" oc- 
curred, and it became so bad in the time of Henry VIII, that he 
was "induced" to permit lending at interest of less than 10% in 
order to induce the money changers to let loose of enough money 
to get trade going again and people employed. This episode it 
would seem, was the real begining of the legalizing of the vicious 
and lecherous practice, which was, forever after, to continue to 
get more and more concession and "privileges" from the law- 
makers and rulers in one way or another, right down to our 
present time, when the power of money seems to rule all civilized 

Quoting again from Elliot on Usury: "Edward VI revised 
the old laws condemning interest. Mary I next following, execut- 
ed these laws with extreme severity and the usurers again re- 
newed the hoarding of gold and silver." 

The law of Henry VIII and the decree of Elizabeth, in which 
she said, "The law should be strongly construed for the repres- 
sion of usury," were the laws of England with the rate of in- 
terest reduced until the year 1854, at which time all laws on 
usury were repealed. 

In the meantime, however, the money lenders had entrenched 
and established themselves as a going "business," legalized, and 
working with the established government, in an institution of 


their own, destined to become the world's money capital for 
many years to come. 

This was brought about by the establishment of the "Bank 
of England" in 1694. 

England was in a war with France and needed money very 
badly to carr}- on the war. It is well to note right here, that be- 
ginning with this momentous event the establishment of this 
first large and governmentally recognized bank, in England, that 
its "Charter" and practically all subsequent "enlargements" of 
the activities and privileges that followed, as well as all others 
to follow in the various countries of the world, were obtained in 
times when the various governments were under conditions of 
stress, and generally in times of war, when it was absolutely 
necessary for the government to have "money" with which to 
carry on the war. 

The reader maj' find with little trouble that there are likely 
some "banking interests" allied with munition firms, in which 
they also control the policy and get the profits, being beyond a 
reasonable doubt also connected with, or instrumental in origi- 
nating, or bringing about "conditions" which cause these wars 
between peoples and nations, in such cases "banks" may and do 
"finance the government" with an economic gain to themselves 
and an enslavement, by "debt" of the producing classes of the 
nation, the debt and interest being loaded on, of course, in in- 
creased cost of commodities, and taxes, which in the end are 
always paid by the same producing classes. 


History of the Origin of the Bank of England 

In the case of the Bank of England being given a name to 
imply that the bank was owned by the Government, there was 
established a practice of misnaming Banks that has been fol- 
lowed through the ages to the present day. Deception, make be- 
lieve, do you say? Surely, but we must remember they are found 
to be two of the greatest and most effective weapons or tools of 
the "money changers" and always have been from the time of 
Moses down to the present. 

They have purposely, consistently and continuously used 
these tools to get their schemes established and fastened upon 
the people and the government by laws, and once established 
they were, and are, next to impossible to repeal or remove. Mur- 
der, in single or wholesale, has been used all down through the 
ages to remove those who have had the nerve to try to resist their 
practices, or try to repeal or remove laws once established by 
this conspiracy and bribery. 


The following historical comments on the origin of the Bank 
of England from the Encyclopedia Britannica, 14th edition, Vol. 
3, p. 52, give us a pretty clear idea of the methods of the money 
changers in getting their schemes established. The reader will 
please note that the Bank was not established by a law called a 
"Banking Law," but by an act called a "Tonnage Act." Later 
you will see that silver was demonetized in the United States in 
1873 by a bill that did not disclose its purpose in its name, and 
was, in purpose and effect, not known generally for years, but in 
that time had worked its ghastly havoc. 

Note also that the Bank of England's charter conveyed the 
privilege to the bank of issuing Bank Notes or paper money to 
the full amount of its capital ; its capital in gold being all loaned 
to the Government at 8% interest with which to carry on the 
war with France, the Bankers thus had the 8% interest on their 
capital loaned and all their money back in the issue of paper 
money to lend at interest to other people in trade and commerce. 
Pretty soft, wasn't it, for the Bankers? 


Excerpt from Encyclopedia Britannica, 14th Edition, Vol. 
3, p. 52: 

"Founders, John Thompson and Son — Samuel C, Cashier, 
Isaac W. White. 

"The Bank of England was not the original scheme of 
William Patterson, its founder. As is usual in English political 
history, it came into being almost by the back door, deriving 
its life from the Tonnage Act of 1694, of which the preamble 
read, 'An act for granting to their Majesties several acts and 
duties upon tonnages of ships and vessels, and upon beer, ale, 
and other liquors, for securing certain recompenses and ad- 
vantages in the said act mentioned to such persons as shall 
voluntarily advance the sum of fifteen hundred thousand 
pounds towards carrying on the war with France. 

"The bank clearly arose from the deal (Is this where we 
get the New Deal? — author) bet\veen the Government and its 
promoters, the former receiving cash and the latter the privi- 
leges. The capital was £1,500,000.00, the whole sum of which 
was advanced to the Government at the rate of 8% plus £4,000 
per annum for expense or £100,000 per annum in all ! 

* ' The privileges of a bank were granted for 12 years to the 
corporation, which was allowed to deal in bills or exchange or 
bullion, but not in merchandise, and to issue notes up to a 
volume equal to its capital." 



The English or Money Changers Banking 
System Started in the United States 

"VyrE now come to the banking system of our own country. In 
»▼ 1700 Mayer Amschel Rothschild is recorded as saying : 

"Permit me to issue and control the money of a nation and 
I care not who makes its laws." 

The next year, 1791, with his help, the First United States 
Bank was established in this country. That gave him and his 
henchmen just that power. 

As each of the thirteen (13) colonies were organized into 
States, they fixed a limit of 6 per cent interest that might be 
charged for loaning money and a penalty of the principal being 
forfeited by the lender if he charged more than 6 per cent. How 
times have changed money practices ! 

The people in the colonies were principally from England, 
Scotland, Ireland, and Germany, and being used to the lending 
systems there, and knowing that England had been compelled 
to surrender to the money lenders in 1694, when the Bank of 
England was established and usury legalized, they had been led 
to believe, likely through sentiment built up by usurers and their 
agents (today called propaganda), that this was the only way 
that the money question could be handled. 

There was a prevailing opinion in the newly organized States, 
as there had been in England, that nothing was real money except 
that made of gold and silver. So, the United States Congress 
passed an act establishing government owned and operated 
"Mints" where all gold and silver that was brought to them 
would be coined into money free of charge, it being deemed a 
necessary governmental duty. It was hoped that this would so 
stimulate the production of those two metals as to furnish an 
adequate supply of money. 

So-called State Banks (being privately owned, however) were 
also allowed to be incorporated and were allowed to issue paper 
money, but only to be redeemed in money of gold or silver coin- 
age. They could only loan their real money, or keep it and loan 
paper money, but not both. 

This privilege, as had been the rule with nearly all privileges 
pertaining to money and banking, was abused. In some instances 
the bankers being unable to withstand the temptation to issue 
more money (paper) than they could redeem; some, of course, 
"went broke" even as they do today when called on to redeem 
their money. 

All this time, since the establishing of the new Nation, the 
development of the country was increasing and money was never 
adequate to take care of new needs and expansion, and there 


arose a movement for the establishment of a "New Deal" in 
banking. After years of agitation and maneuvering and manipu- 
lation, in 1791, Congress was induced to pass a law (after long 
debate and strong opposition) chartering the "First Bank of 
the United States." 

The reader will please note here that the identical tactics that 
were used with the establishing and naming of the Bank of Eng- 
land were again used, namely — the naming of the new bank the 
"Bank of the United States;" making it appear to be, without 
saying so, a bank owned by the government, that, of course, 
giving it the advantage of the prestige of the government, and 
the belief of the people of its consequent safety for the money 
they were to deposit in it. 

More deception and make believe? Certainly, and as before 
mentioned, these are two of the main "stocks in trade" of the 
"money changers" or usurers. 

It is most unbelievable, even at this date, to find the vast num- 
ber of people here in the United States actually believing, and 
who will argue for hours that the Federal Reserve Banks are 
"owned" by the "Government." Such, of course, is not true, as 
they are owned by private interests as was the Bank of the 
United States in 1791. 

The first United States Bank was strongly opposed by both 
Edmund Randolph, the Attorney General of the United States, 
and the Secretary of State, Thomas Jefferson. 

This law was drafted and advocated by Alexander Hamilton. 
In looking up his record we find that he was born of a French 
Huguenot mother, Rachel Faucett Levine, in the West Indies, 
and was said at that time to be the illegitimate son of one James 
Hamilton, a Scotchman, with whom his mother had lived ; but at 
the time he was born, his mother was married to a Danish Jew 
by the name of Levine. History also says that others besides 
James Hamilton have been named as Alexander Hamilton's 

Young Hamilton was furnished plenty of money to come to 
the United States when fifteen years old and was educated in 
New Jersey in a grammar school and entered Kings College (now 
Columbia University) as a special student. Later he studied law. 

When we consider carefully his life's story together with his 
associates, and the backers in the "First Bank of the United 
States" and the tactics used in that deal, the long established 
fact of the Jewish money barons extending their help in money 
and credit to their own people, in any and all lands for obtaining 
trade and special privileges, such as was obtained in the Bank 
Charter ; and the fact also that at the time Hamilton came to the 
United States, the Jews were not allowed citizenship here, and 
furthermore, that illegitimacy was not considered such a moral 
stigma by the vast majority of Jews as by Gentiles, as witness 


the customs said to be put into operation in Jewish controlled 
Russia, since the Jewish Communists took control, and in many 
places throughout the Old Testament ; considering all these things 
carefully and thoughtfully, and Hamilton's action in after years, 
one may well be able to come to the conclusion that "deception" 
and "make-believe" were practiced by Hamilton, even before 
the "Bank of the United States" episode, and that he was, as 
some Jews are said to admit privately, and to boast of actually, 
the Jew's son to whom his mother was married and adopted the 
name of Hamilton with what stigma of illegitimacy attached to 
it, to obtain for himself the coveted citizenship of the United 
States, a most promising young nation. 

At any rate, his citizenship Avas to be a great thing for him, 
as he became a very wealthy man, with a high social position, 
something impossible for a Jew to obtain at that time. He was 
rewarded in the end with a violent death in a duel at the hands 
of Aaron Burr. (It is recorded that the United States accorded 
full citizenship to Jews in 1783, the first nation in the modern 
world to do so.) 

The first "Bank of the United States" was chartered for 
twenty (20) years, 1791-1811, and had a capital of ten million 
dollars. It did a thriving business. In 1809 a bill was put before 
Congress to renew its charter, which was to expire two years 
later. The debate in Congress on this bill was very heated, and 
the State Legislatures in both Pennsylvania and Virginia passed 
resolutions memoralizing the National Congress to prevents its 
passage. History tells us that Thomas Jefferson was violently 
opposed to the renewal bill. 

After the First Bank of the United States had been working 
a sufficient number of years to give Thomas Jefferson a chance 
to form an opinion on it, he said : 

"I believe that banking institutions are more dangerous 

to our liberties than standing armies. Already they have raised 

up a money aristocracy that has set the government at defiance. 

The issuing power (of money) should be taken from the banks, 

and restored to the Government and to the people to whom it 


He could not have said more in a thousand words, and the 

above surely places the great Jefferson on record for all to see. 

Mr. P. B. Porter, a Congressman, said : 

"Let the principle of construction or implied power be 
once established in the extent to which it must be carried, in 
order to pass the bill (the Renewal Bill) and you will have 
planted in the bosom of this Constitution a viper, which one 
day or another will sting the liberties of this country to the 
The newspapers of that time are quoted as calling the bank 
bill "A great swindle," and in other places referring to the bank 


as "A vulture," ''A viper," and "A cobra." 

It would seem that in view of the last quotations the press of 
those days enjoyed a real freedom and were not obliged to print 
only what special interests or large advertisers wished or allowed 
them to print. As far as the press is concerned — "those were 
the good old days." 

It would seem also that the majority of Congress of those 
days had a goodly quantity of real character, and the intestinal 
stamina to stand up and vote for the good of the people, for the 
"renewal bill" was killed and the first "Bank of the United 
States" ended, but with its ending did not end the activity of 
the money changers. 

The reader's attention is called at this time to two facts: 
the first, a condition of business and trade known as "good 
times" occurs when "money" is easy to obtain, and there is 
plenty of it in circulation. There is only one thing that makes 
money "easy" to get to do business with, and that is the attitude 
of mind or the "feeling" of the man or group of people that have 
the money in their possession. It is a fact that "money" as such, 
with very few exceptions, all down through history has always 
been in "few" hands, and if the possessors are permitted to do 
just what they please with it, loan it at usury, buy up and ' ' cor- 
ner" foodstuffs or other commodities, and necessities; corrupt 
politicians and lawmakers to get them to pass laws enabling the 
"money lender" or "money possessors" to have special privi- 
leges, or to control public lands for their special benefit or any 
other privilege or thing they might think of or conceive, then, 
they are well pleased and will invest or loan or let loose of their 
money, and money is then said to be "easy" and "good times 
are had by the masses." These people are well called the preda- 
tory class. 

Second, there is a condition of business and trade known as 
"hard times" as is aptly, if unintentionally, put in the good old 
American song, "My Old Kentucky Home," "Bye and bye hard 
times comes a knocking at my door, then my Old Kentucky Home 
goodnight." That is just exactly what happens when hard times 
comes to many ; for of the masses many are compelled to say 
"good night" and "good-bye" to their homes, their businesses, 
and other possessions, for which thej^ had slaved many years to 
obtain, only to lose because money was "tight" and jobs scarce. 

These "hard times" and "tight money" are real conditions. 
Money is hard to get hold of by the masses, because the money 
possessors "hold tight" to it and do not put it into, or let it get 
into circulation. Mark well, these times occur, when the money 
possessors want some special condition or special law to permit 
or enable them to loan their money at interest or usury, or get 
the rate of interest enlarged, or to get some special privilege in 
trade or commerce to enable them to get special advantages over 


competition, or (and here is a very large reason) to scare the 
masses of people, their legislators, or Government into giving 
them what they, the money lenders, want, or to "discipline" or 
get revenge upon the masses, or the government for "acts" or 
"laws" passed or established, limiting, curbing, or taking away 
some special privilege or concession they have had before, to the 
great detriment and loss to the people as a whole. 

The reader will be well advised to read and memorize these 
"reasons" for good and bad, or hard times, or times of "easy 
money" and "tight money," as the vast majority of "ups" and 
' ' downs ' ' of business and trade the world over are directly trace- 
able to the tw^o foregoing "reasons." 

We will now return to the "killing" by Congress of the "re- 
newal bill" for renewing the charter of the first "Bank of the 
United States." As before mentioned, this bank had paid-in 
capital of ten million dollars in gold and silver money, and when 
the bank's charter expired in 1811 the bank had to be liquidated 
and this "capital" was all returned in cash with interest or 
profit of something like 8 per cent. 

This was a great amount of cash to be put back into private 
hands at one time for that day and time, and one would naturally 
suppose that the money lenders would be eager and willing to 
lend it right out again to anyone with "security" who might 
want it, and "easy money" and good times would be enjoyed by 
all. But such was not the case. The reader will please remember 
the operation of the second "reason" or the reason for 
the cause of "hard times." These money changers, or usurers, 
had been deprived of a most valuable "concession and privilege" 
to loan and issue money, which was making them millions of 
dollars, ,and they w^ere not going to submit meekly to any such 
treatment. So, having been able in twenty years' operation of 
their ' ' bank, ' ' through interest ' ' compounded ' ' and the power to 
issue money themselves, also, to gather to themselves nearly all 
the actual gold and silver in the States at the time (at least that 
group and other money lenders together had), they proceeded 
to hoard it, and hold it out of circulation. 

There is, of course, no record at hand of actual conspiracy 
and collusion, but the fact remains, as records of conditions at 
that time clearly show, that the most of them began hoarding 
their gold and silver money as it came in, and to refuse to loan 
it, or let it get into circulation in any way, and soon a big 
"panic" or time of "tight money" or "hard times" was on, and 
business and trade was in a stagnant condition. For this there 
was only one reason, and the one reason that always causes it, 
namely, the shortage of money, brought about by the "money 
changers" or "money possessors" hoarding their money, refus- 
ing to either loan it out, or put it into circulation by purchase, 
or by other activities that require money. 


This hoarding by the former owners of the closed "Bank of 
the United States," and other private money lenders, not only 
stagnated business all over the country, but had taken so much 
real "money" out of circulation that the "State banks," which 
were comparatively small at that time, were unable to stand the 
strain of withdrawals, always brought about by "fear," which 
the money lenders are said to be careful to spread abroad at such 

Consequently, nearly all of the small state banks failed, and 
closed with untold suffering to the masses and more stagnation 
of business, the same as has happened since October, 1929, and 
for identically the same reason, only this last "depression," as 
will be shown later, had more complications. 

Considering the claim that much of the stock of the "Bank 
of the United States" was owned by English money changers, 
and remembering their habit of revenge and discipline on those 
who injure or thwart their plans, it may not be a very wild pre- 
sumption that they may have had something to do with provok- 
ing the cause of the war of 1812 between England and the United 
States, the year following the revoking of their Bank Charter, 
in order to discipline the "upstart" Republic for so refusing to 
let them operate. 

We can gladly remember, though the discipline was applied 
to them instead, and administered by good old Andrew Jackson 
at New Orleans, who was also to beat them again later in another 

It is a notable and significant fact in this connection, that 
the American business "activity chart" of 1931 by the Cleveland 
Trust Co., shows the amazing fact of a "war depression" at the 
time of the war of 1812, though wholesale prices are shown as 
being away up high as in other previous wars, while in all other 
wars we had a "war prosperity" era during the wars. One may 
well conclude that this "depression" in the war of 1812 was 
"managed" for the foregoing reasons. 

It is one of the saddest of facts that in those times as now, 
not a sufficient number of the National legislators understood 
the money question or the idea of a scientific money system 
whereby any government can create a good, usable, steady, stable 
money supply that will serve any and all inhabitants to the bene- 
fit of all, and the loss of none. 

So it was to happen, as it has many times since, in one way 
or another, through misinformation (in which the money lending 
fraternities are said to excel) and through bribery, persuasion, or 
social prestige, offered the National Congress, that they were 
finally prevailed upon in 1816 to grant another "charter" to the 
money lenders for the second Bank of the United States. 

And just to show you how well the first "Bank of the United 
States" functioned, and how much money had been made with 


its special privileges, and how much of the Nation's supply of 
money they had been able to get hold of through their special 
privilege interest racket, and hoard and hold out of circulation 
and cause a panic with, they were able to and did, charter the 
second "Bank of the United States" for, not ten million dollars, 

Three and one-half times as much money as they had had for 
the first one in twenty years. Not bad for those times ! 

This bank charter was to run for another twenty years, but 
the money changers were to feel the weight of the hand of one 
of America's real characters before the expiration of their char- 
ter. Right away, however, the new bank began to establish branch 
banks like its English ancestor, the Bank of England, had done, 
until it had branches in nearly all of the principal cities of the 
United States. Through the establishment of these branches, and 
the bringing into it institutions of money lenders in all parts of 
the country, and making the Banks' interest their interest also, 
their political influence was enormously increased over the nation. 

History says, "good times" were the order of the day, and 
why not? Had not the money lenders been able to get their "spe- 
cial privilege" to loan at interest "compounded" legalized, and 
the power to issue money returned to them? They soon estab- 
lished themselves on a basis never before enjoyed. And was not 
this great country all ready to be exploited, and were there not 
millions of sturdy, hard-working, honest, fearless, w^hite Chris- 
tian Americans to do the developing, with the "loans" of the 
money changers and to be themselves exploited through the in- 
terest system? 

Does not the "reason" number one of the cause of "good 
times" work in this instance, or does it not? Read it again now 
and see. Referring again to the aforementioned chart, we find 
that this era of "good times" lasted until the spring of 1819; 
then they had what is called in the aforementioned chart, a ' ' Pri- 
mary Post War Depression" until 1821, when up went business 
and a time noted in the chart as an "Era of Good Feeling" and 
from that time on, to May, 1835, there wasn't a 10 per cent varia- 
tion from normal, either good or bad. Then up went business in 
a great way, and for a reason you will soon see. 

The second "Bank of the United States" charter was to ex- 
pire in 1836, so in 1831 there was a bill presented to Congress 
for renewing the Bank's charter and it was passed by a small 

Andrew Jackson, having been elected President in 1828, im- 
mediately began to show his feelings toward the second "Bank 
of the United States" by having the money of the Government 
removed from it and depositing it in State banks. 


The president of the "Bank of the United States," Nicholas 
Biddle, had gone to President Jackson in 1832 to try to get a 
law passed giving them permission for his bank to establish 
branches in principal cities of the Nation ; explaining to the Pres- 
ident that if they could get these branches established, they 
could soon get enough prestige to be able to control the policies 
of the whole country. 

Biddle was to find that he had made a grave mistake in "char- 
acter reading" when he put such a proposition up to President 
Andrew Jackson, for no sooner had Mr. Jackson heard what 
Biddle had to say, than he promptly told him, that if such a 
thing were possible, that "that thing" was a menace to the 
Nation, and that instead of helping him get permission to estab- 
lish branches, that he, Jackson, would do all in his power to keep 
him from doing so ; and not only that, but he would also do all 
in his power to have the bank charter extension bill beaten when 
it came up. 

Mr. Biddle replied that if Jackson was going to act that way 
about the matter, he (Biddle) and other bankers would finance a 
campaign to prevent Jackson's re-election to the presidency. 
President Jackson replied to that with one of the bitterest presi- 
dential campaigns ever held ; in which he fought the bankers to 
a finish and won his re-election by a handsome majority. 

The bankers are said to have spent about three million dollars 
of the "easy money" the government had furnished them under 
the "Bank of the United States" charter, at a cost to them of 
one-half of one per cent, but even this enormous slush fund was 
not enough to beat the "Old Warrior of New Orleans" fame with 
his message of "Truth," which yet at that time the common peo- 
ple were interested in, understood, and supported. 

President Jackson said in that campaign : 

"If Congress has the right under the Constitution to issue 
paper money, it was given them to be used by themselves, not 
to be delegated to individuals or corporations." 
Another noble example of an honest and rugged character in a 
high American office. 

The money changers had been able to "reach" enough Con- 
gressmen to get this bill passed, but were unable to touch Presi- 
dent Jackson. 

The congress was not able to pass the bill over the President's 
veto, so that left the Bank's charter to expire in 1836. 

Referring again to the Cleveland Trust Company chart, we 
find a "boom" noted as a "Bank Credit Land Boom" in 1836 
and extending into 1837 ; and then all of a sudden — bang ! and 
down went business ! One may surmise that the bankers, seeing 
their "loaning days" were to be over in 1836, loaned all the 
money out, believing they could get good returns for their money 
on a land boom, and when the loans stopped suddenly and hoard- 


ing, by the money changers, was again the order of the day, 
down went business into a "tailspin" for two years. 

We next come to an interesting phase of money and its ef- 
fects on business, by noting the general prosperity of the whole 
country, from the money in gold, put into circulation from the 
great California gold fields from 1849 to 1857, showing clearly 
that as long as "new" money is adequately added to our circu- 
lating medium, in sufficient quantity, business will be "good." 

Next, we come to probably the most critical period in the 
history of our country from a money and banking standpoint, 
as well as from the grave danger of a severed Union — that during 
the Civil War from 1861 to 1865. The struggle that was to rid 
the country of human slavery of the black race, however, was 
also to fasten upon the whole nation an economic or money 
slavery, which has endured to the present time, and because of 
which our country's life is in very grave danger. 


The Birth of Lincobi Full Legal Tender Money 

ABRAHAM LINCOLN had been elected President, and in spite 
of his assurance of a sincere desire to serve all the country 
alike, the Southern States had "seceded" from the Union and 
established a government of their own, called the Southern Con- 
federate States of America, seizing Port Sumpter and other Gov- 
ernment "stores" and arsenals, and so the war was on. 

Lincoln called for volunteer soldiers for three months, think- 
ing the emergency would soon be over. Such, however, was not 
to be the case, and when the three months enlistments were up, 
it was very plain then that it was a real war, and also that the 
government had no ready money with which to equip an army 
and proceed with the war. 

It is said that Lincoln and his Secretary of the Treasury went 
to the "bankers" or money lenders of New York and applied for 
loans to the Government to carry on the war ; the bankers reply- 
ing, "Well, war is a hazardous business, but we can let you have 
it at from 2^% to 36%." 

Appleton Cyclopedia, 1861, page 296, says : 

"The money kings wanted 24% to 36% interest for loans 
to our government to conduct the Civil War." 

The President and his Secretary are said to have heatedly 
refused, and stated the terms were outrageous, scandalous, un- 
patriotic, etc., and the money lenders are said to have replied 
that, "If the government didn't want the money at that figure, 
why, they could loan it to the Southern Confederacy," and that 


is probably what they did. President Lincoln and his Secretary 
were, of course, greatly disturbed and in a quandary as to what 
to do and how to get money to prosecute the war and pay their 
soldiers. During Lincoln 's worrying over this matter, he recalled 
that he had a friend by the name of Col. Dick Taylor in Chicago, 
in whom he had great confidence ; so he sent for him and put the 
problem of finance up to him to solve. 

"Why, Lincoln," Taylor is said to have replied, "that is easy; 
just get Congress to pass a bill authorizing the printing of full 
legal tender treasury notes or greenbacks, and pay your soldiers 
with them and go ahead and win your war with them also." 

"Do you suppose the people will take them?" Lincoln is said 
to have asked. 

And to this Taylor replied : 

"The people or anyone else will not have any choice in the 
matter, if you make them full legal tender. They will have the 
full sanction of the government and be just as good as any 
money; as Congress is given that express right by the Consti- 
tution, and the stamp of full legal tender by the Government 
is the thing- that makes money good anytime, and this will al- 
ways be as good as any other money inside the borders of our 
country. ' ' 
And so it is written that that very thing was done, the soldiers 
were paid and some sixty million dollars of the full legal tender 
greenbacks were issued. All were taken at par and never appre- 
ciably fell below par at any time, as they were full legal tender 
for all debts both public and private, and the integrity and re- 
sources of the whole Nation guaranteed their value. 

President Lincoln was greatly appreciative of this help of 
Col. Taylor and just in order that the reader may have no doubt 
of the matter, Mr. Lincoln's letter to Col. Taylor in regard to 
this matter is herewith reproduced : 

"Abraham Lincoln's letter to Col. Taylor," from the New 
York Tribune, Dec. 6th, 1891. 

"My Dear Colonel Dick: I have long determined to make 
public the origin of the greenback and tell the world that it is 
Dick Taylor's creation. You had always been friendly to me, 
and when troublous times fell on us, and my shoulders, though 
broad and willing, were weak, and myself surrounded by such 
circumstances and such people that I knew not whom to trust, 
then I said in my extremity: 'I will send for Colonel Taylor; 
he will know what to do.' I think it was January, 1862, on or 
about the 16th, that I did so ; j^ou came, and I said to you : 
'What can we do?' Said you, 'Why, issue Treasury notes bear- 
ing no interest, printed on the best banking paper. Issue 
enough to pay off the Army expenses and declare it legal 


Chase thought it a hazardous thing, but we finally accom- 
plished it and gave the people of this Republic THE GREAT- 
EST BLESSING THEY EVER HAD— their own paper money 
to pay their own debts. 

It is due you, the father of the present greenback that the 
people should know it, and I take great pleasure in making it 
known. How many times I have laughed at you telling me 
plainly, that I was too lazy to be anything but a lawyer. 

Yours truly, 

A. Lincoln." 
But the wonderful condition spoken of by Mr. Lincoln was 
not to continue. Our glorious country was not to have the con- 
tinuous blessing of a paper money to pay its debts with. 

As soon as Lincoln began to issue perfectly good full legal 
tender greenbacks, good as gold anywhere in the country, the 
bankers and money changers saw that unless they could stop 
that sort of thing they were ' ' sunk ' ' so far as ever being able to 
issue money again themselves. 


The Foreign Money Changer Kills "America's 
Greatest Blessing" 

THE money changers had been able to fool and hoodwink 
England, and keep her in bondage for 168 years, and they 
wanted very much to continue, and to add the balance of the 
world to their conquest ; making the people everywhere economic 
serfs, working for them. They did not intend to give up such a 
juicy plum without a "scrap." 

So they began to polish their weapons of warfare, namely — 
bribery, corruption of law makers, deception, make-believe, po- 
litical pull, economic pressure, and all the rest ; all tied up nicely 
with what propaganda they could make use of, and commenced 
their battle for world domination through the power of gold. 

The reader must remember here, in order to get the picture 
clearly in mind that since the closing of the second United States 
Bank money had been of coined gold and silver and gold and 
silver certificates that the Mint would issue to the owner of the 
gold, for his gold and silver coins and these coins were held by 
the Government with which to redeem the certificates. In addi- 
tion to these was the paper money the bankers were allowed to 
issue but always to be redeemed in gold or silver. The idea of 
any government being so wise as to figure that whatever they 
wished to print and accept as money (the stamp of full legal 
tender, of course, making it good for all debts) was absolutely 
unheard of and the money changers certainly intended to get rid 
of such a dangerous (to them) idea. 


So they began their campaign of trying to sell the masses on 
the idea that such money was no good, a fraud, not "sound 
money," and all the rest of the "bunk" that can be and is used 
to confuse and befuddle the masses of the people. 

The following editorial printed in the London Times about 
the time Lincoln 's greenbacks were working all right, and paying 
debts the same as gold ; will give the reader an idea of their (the 
spokesmen of the money changers) opinion of "Lincoln Green- 
backs ' ' and what they felt should be done about it, 

"If this mischievous financial policy which has had its ori- 
gin in the North American Republic (greenback issue of money) 
during the late (civil) war should become endurated down to 
a fixture, then that Government will furnish its own money 
without cost. It will pay off its debts and be without debts. 
It will have all the money necessary to carry on its commerce. 
It will become prosperous beyond precedent in the history of 
the world. The brains and wealth of all countries will go to 
North America. That government must be destroyed or it will 
destroy every monarchy on the globe." (From "Who Rules 
America" by C. K. Howe.) 
And that, dear reader, should be plain enough to inform you 
just what the foreign money changers thought and expected to 
do about it. 

It is recorded that four days after the passage of the Legal 
Tender Greenback law, there was held in Washington, D. C, a 
"Bankers' Convention" where bankers from New York, Boston, 
and Philadelphia were present, and one can well imagine their 
activity was directed to obtaining the help and assistance of cer- 
tain Senators and Representatives to get that legal tender money 
law crippled or repealed, and another private banking monopoly 

Right here we will take a look through the spy glass, and see 
if we can see ' ' the helping hands across the sea, ' ' that were after 
having such a bank to help us, and sure enough, there they are ! 
The same old money changers from London Town, of the "Bank 
of England," "The Rothschild Boys" themselves. 

The money changers of ' ' good old England, ' ' the same crowd 
that helped Alexander Hamilton get his first "Bank of the United 
States" into action, got busy and a document called "The Hazard 
Circular" was distributed among the banking fraternity of 
America, which contained the following language : 

The Hazard Circular 

"Slavery is likely to be abolished by the war power, and 
chattel slavery abolished. This, I and my European friends 
are in favor of, for slavery is but the owning of labor, and 
carries with it the care of the laborers, while the European 


plan, LED ON BY ENGLAND, is that capital shall control 
labor by controlling wages." 

"The great debt that capitalists will see to it is made out 
of the war (our own Civil War) must be used to control the 
value of money. To accomplish this, the Government bonds 
must be used as a banking basis. 

"We are now waiting for the Secretary of the Treasury of 
the United States to make this recommendation. IT WILL 

Does the reader need any more evidence to prove to him just 
who was behind the enslaving "National Bank Act?" 

Does the above "circular" show a Christian attitude (that we 
hear so much about these days, and to which a special week is 
set aside to be observed by all churches) of brotherly love, in 
the helping "hands across the sea" or were they not reaching 
for our money pockets to help themselves? 

It doesn't take a Philadelphia lawyer to figure out just what 
the money changers were after. It is very plain that they were 
aiming at having the "Government's Power to issue full legal 
tender greenbacks" killed, the act and power which you will 
remember that "The Great Lincoln" had said was the "Greatest 
blessing the American people had ever had bestowed upon them," 
and in its place, the money changers also wanted to put the Gov- 
ernment into an enormous indebtedness to them for bonds and 
get back the "power" to issue the paper money themselves on 

Crooked? Criminal? Unconstitutional? Well, look around 
you today and see what the consummation of their activity at 
that time has accomplished, for right there began one of the 
blackest pages ever to be written into the history of our glorious 
country, binding our people link by link with a diabolical chain 
of economic slavery that can well be called the direct cause of 
all the grief, suffering, poverty, loss of homes, farms, business, 
and all the widespread unemployment we are laboring under 
today. Turn back and see what Thomas Jefferson, one of the men 
who helped to frame the Constitution, had to say about private 
banks issuing money. 

One of the most awful, wicked, and dastardly links of this 
chain was soon to be forged in the removal of "America's Great 
Idol" and hero, who had sprung from the ranks of the common 
people, to take the helm of government at the most critical time 
in its history, and with his great courage, honesty, and wisdom, 
to save the Union from dissolution and destruction. 


Remember, He was the man who first proved that govern- 
ment could issue its own paper money, legally, honorably, and 
rightfully, and make it full legal tender for all debts, both public 
and private, and make it work as "The Greatest Blessing 
America Had Ever Had." 

Was he a dangerous man from the money changer's point of 

Was he a thorn in their sides? 

Could they have continued their knavery, trickery, bribery, 
and destructive work and saddled upon our country a brutally 
diabolical law like they did, and make it stick, if Lincoln had 

With the help of the "Hazard Circular" and certain mem- 
bers of Congress, the moneyed interests soon were at the job of 
taking away the power of issuing full legal tender money by the 
Govermnent, and the way they were able to accomplish it was 
the following : 

The reader will remember that the money lenders are said to 
have demanded 24% to 36% interest from Lincoln for loans to 
carry on the war, an average of 30%. Well, the next time the 
President asked for an issue ($60,000,000 had been issued pre- 
viously) of greenbacks, a monkey wrench was thrown into the 
machinery in the guise of an amendment to the bill — 

February 25, 1862: "Exception Clause" Act passed, making 
the next issue of greenbacks read : Good for all debts both 
public and private except duty on imports and interest on 
Government debts. 

As the reader will readily see, this clause i)ut the government 
in the light of refusing its own money for duty on imports, and 
gave the bankers an excuse to refuse or discount that issue, which 
they promptly did, 30%, claiming that their clients would not 
take them, as they could not ])ay their import duty with them, 
therefore they were not "sound money." 

Of course, it could not be intimated that they, the bankers, 
had anything to do with making the greenbacks "that way." 
Congress did that. 

At any rate the money lenders got their "pound of flesh" in 
the form of the 30% discount. The propaganda and conspiracy 
against the greenbacks kept up and grew in strength as time 
went on, forcing the value of the greenbacks lower and lower, 
until Lincoln and his Secretary of the Treasury were compelled 
to surrender and call the money changers in, Lincoln remarking, 
so it is said, that he "could not fight two wars at the same time, 
the Confederates at the front and the bankers in the rear, and 
of the two the Confederates were the more honorable." 

One of America's greatest patriots of that time. Senator Thad- 
deus Stevens, said in one of his speeches on the bill, February 
20th, 1862: 


"Mr. Speaker, I have a very few words to say. I approach 
the subject with more depression of spirit than I have before 
approached any question. No personal motive or feeling in- 
fluences me. I have a melancholy foreboding that we are about 
to consummate a cunningly devised scheme, which will carry 
great injury to all classes of people throughout the Union. 
In talking about the matter afterwards, Senator Stevens is 
reported to have said : 

"We had to yield; we did not yield until we found that 
the country must be lost or the bankers gratified." 
Nice lot of Sunday School boys, those bankers, and the Con- 
gressmen, who put it over for them. The reader may be pardoned 
for speculating on the kind of harps they are playing now. 


The Money Changers Get Another Bank Law 

AND what does the reader suppose the bankers did want ? Sure, 
the same old thing, another bank charter and the power to 
issue paper money themselves, as if their paper money could be 
as good as full legal tender Government Greenbacks! Persistent 
"cusses," weren't they? Been working on that since 1836, and 
now that the country was so in the throes of a bloody Civil War, 
and bending every effort to save the very existence of the Union ; 
it was the most propitious time to wring such a concession from 
the Government ! A nice, patriotic, Christian way to act, do you 
say? Well, just remember that down through the centuries that 
same trick had been worked time and time again by the same 
tribe of people. 

Does the reader not recall how the Bank of England got 
started ? 

Do we hear the reader saying, "Cutthroats," "Traitors?" 
Well, maybe they were, it surely doesn't look just like what a 
patriotic Christian gentleman would be guilty of doing, that is 
sure. It does seem that the citizens at that time might have been 
short of a good strong rope and a nice, large, strong limbed tree. 
The money changers not only got away with some of the Nation's 
money; they seized and MADE AWAY WITH THE WHOLE 

The following excerpts taken from Judge Rutherford's book, 
"Vindication," pages 168 to 179, said to have appeared over 30 
years ago in a St. Louis (Mo.) magazine and their authenticity 
has never been disproved, is a most complete and revealing evi- 
dence concerning this act of Congress and men connected there- 
with, and gives a most excellent outline of the working of the 



"The National Banking Law of the United States was 
forced through Congress of the United States and enacted by 
Big Business agents. The money lords of England and Amer- 
ica dictated the conditions under which they would finance the 
Union because much financing became necessary during the 
Civil War. It is practically certain that the war between the 
North and the South was fomented by the money interests of 
Britain, the purpose being to divide the States, that the 'Old 
Mother Country' might profit thereby. John Sherman of Ohio 
was then a member of the United States Congress. . . . From 
1860 to 1890 there was scarcely a great financial measure with 
which John Sherman was not connected. . . Rothschild Broth- 
ers were then the money kings of Britain. These money chang- 
ers conspired with their allies in the United States in putting 
through the United States Congress the National Banking Act. 
Letters passed between Rothschild Brothers and Iklesheimer, 
Morton, and Vandergould, of Wall Street, New York; two of 
which letters, together with a circular appearing with them 
and which relate to the National Banking Act, are published 
below : 

Rothschild Brothers, Bankers, 
London, June 25th, 1863. 
Messrs. Ikleheimer, Morton, and Vandergould, 
No. 3 Wall St., New York, U.S.A. 

Dear Sir: A Mr. John Sherman has written us from a town in 
Ohio, U. S. A., as to the profits that may be made in the Na- 
tional Banking business under a recent act of your Congress, 
a copy of which act accompanied his letter. Apparently this 
act has been drawn upon the plan formulated here last summer 
by the British Bankers Association and by that Association 
if enacted into law, would prove highly profitable to the bank- 
ing fraternity throughout the world. 

Mr. Sherman declares that there has never been such an 
opportunity for capitalists to accumulate money, as that pre- 
sented by this act, and that the old plan of State Banks is so 
unpopular, that the new scheme will, by contrast, be most fa- 
vorably regarded, notwithstanding the fact that it gives the 
National Banks an almost absolute control of the National 



Please advise fully as to this matter and also state whether 
or not you will be of assistance to us, if we conclude to estab- 
lish a National Bank in the City of New York. If you are 
acquainted with Mr. Sherman (he appears to have introduced 
the Banking Act) we will be glad to know something of him. 
If we avail ourselves of the information he furnished, we will, 
of course, make DUE COMPENSATION." 

"Awaiting your reply, we are 

"Your respectful servants, 

"New York City, July 6, 1863. 
"Messrs. Rothschild Brothers 
London, England 

"Dear Sirs: We beg to acknowledge the receipt of your 
letter of June 25th, in which you refer to a communication re- 
ceived from the Hon. John Sherman of Ohio, with reference to 
the advantages and profits of an American investment under 
the provisions of our National Banking Act. 

"The fact that Mr. Sherman speaks well of such an invest- 
ment or of any similar one, is certainly not without weight, for 
that gentleman possesses in a marked degree, the distinguish- 
ing characteristics of the successful financier. His temperament 
is such that whatever his feelings may be they never cause him 
to lose sight of the MAIN CHANCE. He is young, shrewd, and 
ambitious. He has fixed his eyes upon the Presidency of the 
United States and is already a member of Congress. He right- 
fully thinks he has everything to gain both politically and 
financially (he has financial ambitions, too) by being friendly 
with men and institutions having large financial resources, and 
which at times, are not too particular in their METHODS, 
either of obtaining government aid, or of protecting themselves 
against unfriendly legislation. We trust him here implicitly. 
His intellect and ambition combine to make him exceedingly 
valuable to us, indeed, we predict that if his life is spared, he 
will prove to be the best friend the moneyed interests of the 
world have ever had in America. 

"As to the organization of a National Bank here, and the 
nature and profits of such an investment, we beg leave to refer 
to our printed circular enclosed herein. Inquiries by European 
Capitalists, concerning this matter, have been so numerous, 
that for convenience, we have had our views with regard to it 
put into printed form. 


"Should you determine to organize a bank in the City, we 

shall be glad to aid you. "VVe can easily find financial friends to 

make satisfactory directory, and to fill official positions not 

taken up by the personal representatives you will send over. 

"Your most obedient servants, 

This latter letter, in the paragraph next to the last, mentions 
a circular enclosed, and which circular is inserted here. 


"Private Bankers, Brokers, Financial Agents, etc. 

"3 Wall Street, New York City 

"We have had so many inquiries of late as to the method of 
organizing national banks under the recent act of Congress, 
and as to the profits that may reasonably be expected from 
such an investment, that we have thought it best to issue this 
brief circular as an answer to all questions of our friends and 
clients : 
"1 — Any number of persons, not less than five, may organize 

a national banking corporation. 
"2 — Except in cities having 6,000 inhabitants or less, a na- 
tional bank can not have less than $1,000,000 capital. 
"3 — They are private corporations organized for private 

gain, and select their own officers and employees. 
"4 — They are not subject to the control of the state laws, 

except as congress may from time to time provide. 
"5 — They can receive deposits and loan the same for their 

own benefit. 
"6 — They can buy and sell bonds, and discount paper and 

do a general banking business. 
"7 — To start a national bank on the scale of $1,000,000 will 
require the purchase of that amount (par value) of 
U. S. Government bonds. 
"8 — U. S. Government bonds can now be purchased at 50 per 
cent discount, so that a bank of $1,000,000 capital can 
be started at this time with only $500,000. 
"9 — These bonds must be deposited with the U. S. Treasury 
at Washington as security for the national Bank cur- 
rency, that on the making of the deposit will be fur- 
nished by the government to the bank. 
"10 — The U. S. Government will pay 6% interest on the bonds, 
in gold, the interest being paid semi-annually. It will be 
seen that at the present price bonds, the interest paid by 
the government itself, will of itself amount to 12 per cent 
in gold, on all the money invested. 
"11 — The U. S. Government, under the provisions of the 
national banking act, on having the bonds aforesaid 


deposited with its treasurer, will on the strength of such 
security, furnish national currency to the bank deposit- 
ing the bonds, at an annual interest of only ONE per 
cent per annum. Thus the deposit of $1,000,000 will se- 
cure the issue of $900,000 in currency. 

"12 — This currency is printed by the U. S. Government in a 
form so like greenback money, that many people do not 
detect the difference, although the currency is but a 
promise of the bank to pay — that is, it is the bank's de- 
mand note, and must be signed by the Bank's president 
before it can be used. 

"13 — The demand for money is so great that this currency 
can be readily loaned to the people across the counter 
of the bank at a discount at the rate of 10 per cent at 
30 days' to 60 days' time, making it about 12 per cent 
interest on the currency. 

"14 — The interest on the bonds, plus the interest on the cur- 
rency which the bonds secure, plus incidentals of the 
business ought to make the gross earnings of the bank 
amount to from 28 to 331/3 per cent. The amount of the 
dividends that may be declared will depend largely 
upon the salaries of the officers that the banks vote 
themselves, and the character and rental charges of the 
premises occupied by the bank as a place of business. 
In case it is thought best that the showing of profits 
should not appear too large, the now common plan of 
having the directors buy the bank buildings and then 
raising the rent and salary of the president and cashier 
may be adopted. 

"15 — National banks are privileged to either increase or con- 
tract their circulation at will, and, of course, can grant 
or withhold loans as they may see fit. As the banks have 
a national organization, and can easily act together in 
withholding loans or extending them, it follows that they 
can by united action in refusing to make loans, cause a 
stringency in the money market and in a single week or 
even in a single day cause a decline in all the products 
of the country. The tremendous possibilities of specula- 
tion involved in this control of the money of a country 
like the United States will be at once understood by all 

"16 — National banks pay no taxes on their bonds, nor on their 
capital, nor on their deposits. This exemption from tax- 
ation is based on the theory that the capital of these 
banks is invested in U. S. securities, and is a remarkable 
permission of the law. 

"17 — The secretary may deposit the public money with any 
bank at will, and to any amount. In the suit of Mr. 
Branch against the United States, reported in the 12th 


volume of the U. S. Court of Claims, Reports on Page 
287, it was decided that such 'Government deposits are 
rightfully mingled with other funds of the bank, and 
are loaned or otherwise employed in the ordinary busi- 
ness of the bank, and the bank becomes the debtor of 
the United States as it does to other depositors.' 
"Requesting that you will regard this as strictly confiden- 
tial, and soliciting any favors in our line that you may have to 
extend, we are, 

"Most respectfully yours, 


The reader may draw his own conclusions as to how much 
aid the selfish bankers had from their political allies in the 
United States. 

And the letters seem to show plainly where the scheme was 
"hatched" and RECOMMENDED to our Congress. Later in the 
story the reader will see where another agent of the foreign 
money changers was in on RECOMMENDING another wonderful 
scheme from England and the House of Rothschild. 


The National Banks Established 

The new law to be called the "National Bank Act" was to 
work like this : The money lenders would buy government bonds 
for gold (which they had, and had hoarded it, creating a short- 
age of it in the same old way) and would then deposit the bonds 
with the Federal Treasury as security for nice, new, crisp paper 
money to be issued by the Government at the cost of printing to 
the amount of 90% of the amount deposited, and this money was 
to be guaranteed redemption by the Government in gold and 
silver, and the money changers were not only to get this nice, 
new, crisp money, but were also to draw certain interest on the 
bonds. The reader should refer back now, to the Charter of the 
Bank of England and see how much the money changers had 
learned in that 168 years. Evidently these boys were showing 
their great grandfathers up in great shape and making them 
look like "pikers." 

It is found, of course, that in the Bank of England charter 
the money changers were allowed to print their own money and 
were also to redeem it themselves, but here in our country, the 
Government was to guarantee its redemption. It must be ad- 
mitted they were learning something about the "business" or 
"racket," whatever the reader prefers to call it, and then again, 
maybe our young, struggling, hard pressed nation was easier to 


deal with and needed the money worse to save its very life, than 
did England, with its enemy France across the channel and boats 

When the bill came up for passage in Congress all the old 
arguments of Jefferson, Jackson, and others, that had been used 
against the two previous acts, chartering the First, and Second, 
Banks of the United States, were used and many heated argu- 
ments and debates took place to no avail, as the vicious Act was 
finally passed and became a law, passing the Senate however, by 
only two votes. 

The Secretary of Treasury, Salmon P. Chase, said when he 
saw the great error he had committed in urging the passage of 
the bill : 

"My greatest financial mistake of my life. It has built up 
a monopoly that affects every interest in the country. It should 
be repealed, but before this can be accomplished, the people 
shall be arrayed on one side and the banks on another in a 
contest such as we have never seen before in this country." 

Chase's propliecy was to prove only too true. However, out 
of recognition of him or his heirs one of the largest banks of 
America, made possible under this law, was named for him : 
"The Chase National Bank of New York." 

This Act was sponsored in the Senate by Senator John Sher- 
man, and in the House by Congressman Samuel Hooper. It might 
be interesting for some one to look into the financial rating of 
those able statesmen and what they left when they passed on to 
where all good legislators go. 

It was a dastardly thing to do — to saddle such an iniquitous 
inhuman system onto a nation, and especially when it was right 
in the midst of a war for its very existence. But, of course, such 
a thing could have been done only under such circumstances in 
those days, for honor in statesmanship really meant a great deal, 
and not so many of our people and especially our legislators, had 
become so badly infected by the devastating bite of the "gold 
bug," and were still able to put honor above wealth. 

However, Lincoln took the gold of the money changers and 
with it fought the bloody war to a victory for the Nation, and of 
course, in doing so, as a war measure he wiped the curse of human 
chattel slavery from our list of accepted institutions, having 
WITHOUT DOUBT, in the back of his mind, that once the war 
was out of the way, he would be better able to once more turn 
his attention to the money question and the money changers, as 
later events in this story will make clear. 

Does anyone, any sane person, think for a minute that an 
honest man, a righteous man, with a love of country as Lincoln 
had, would stand for such knavery being put over on his beloved 
country, and not do something about it, just as soon as he could 
reasonably do so? 


Not in a thousand years ! Lincoln was not made of that kind 
of stuff! He was beaten for a time, but he did know that if the 
Union was to be saved (and that was his greatest worry) that 
the Government must have plenty of money to carry on the 
frightful war, to its quickest possible conclusion, as every day it 
lasted, it added its toll of human life and misery, which grieved 
Lincoln mightily, as can be seen by many of his speeches and 
writings. ; 

No one had grieved over the dreadful sacrifice of life and 
suffering more than he, and he wished the war to last as short a 
time as possible. There is possibl}^ no other index that can better 
show the deep and sympathetic grief and compassion for the suf- 
fering and the great, just, and far-reaching breadth of Lincoln's 
mind and character, and his undying love for his people, his 
country, and humanit}' at large than his Gettysburg Address, 
and his letter to a "Little Gray Mother'' who had lost five sons 
in the terrible war, which are as follows : 


November 19, 1863 

"Four score and seven years ago our fathers brought forth 
on this continent, a new nation, conceived in Liberty, and 
dedicated to the proposition that all men are created equal. 

"Now we are engaged in a great civil war, testing whether 
that nation or any nation, so conceived and so dedicated, can 
long endure. "We are met on a great battlefield of that war. 
We have come to dedicate a portion of that field, as a final 
resting place for those who here gave their lives that that 
nation might live. It is altogether fitting and proper that we 
should do this. 

"But, in a larger sense, we cannot dedicate — we cannot 
consecrate — we cannot hallow — this ground. The brave men, 
living and dead, who struggled here, have consecrated it far 
above our poor power to add or detract. The world will little 
note nor long remember what we say here, but it can never 
forget what they did here. It is for the living rather to be 
dedicated here to the unfinished work which they who fought 
here have thus far so nobly advanced. It is rather for us to be 
here dedicated to the great task remaining before us — that 
from these honored dead, we have increased devotion to that 
cause for which they gave the last full measure of devotion — 
that we here highly resolve that these dead shall not have died 
in vain — that this nation, under God, shall have a new birth 
of freedom — and that government of the people, by the people, 
and for the people, shall not vanish from the earth." 



(A mother who lost five sons in the war.) 
"Mrs. Bixby, Boston, Mass. 

"Dear Madam: I have been shown in the files of the War 
Department a statement of the Adjutant-General of Massa- 
chusetts that you are the mother of five sons who died glorious- 
ly on the field of battle. I feel how weak and fruitless must be 
any words of mine which should attempt to beguile you from 
the grief of a loss so overwhelming. But I cannot refrain from 
tendering you the consolation that may be found in the thanks 
of the Republic they died to save. I pray that our Heavenly 
Father may assuage the anguish of your bereavement, and 
leave you only the cherished memory of the loved and lost, 
and the solemn pride that must be yours to have laid so costly 
a sacrifice upon the altar of freedom. 

"Yours very sincerely and respectfully, 



The Civil War Ends 

At last the war was ended, with a sore and bleeding nation, 
the North jubilant in its glory, but hardly a hearthstone that did 
not have its share of grief and sorrow for its dead or maimed 
soldier, brother or father. The South, crushed to remain so for 
many years, for a lost cause, but one in which they believed to 
the very bottom of their hearts was a just one, but thanks to God, 
they were later to realize they really won their greatest victory 
when they lost the war, and were saved to remain a part of the 
future Greatest Nation the World has ever known. 

But, thanks to the Money Barons, the government had been 
saddled with a bonded debt of billions of dollars, to be met with 
taxes for generations to come, instead of the government having 
been allowed to continue issuing its full legal tender greenbacks 
which Lincoln lauded as "America's greatest blessing," her own 
paper money to pay her own debts. 

The suggestions of the English Money Changers in the Hazard 
Circular had been carried out to the letter, and from that time 
onward, the activity of these money changers and their hench- 
men in our Congress, were to be consistently and increasingly 
cunning, crafty, diabolical, and inhuman, in the different and 
varied laws they were to have passed; binding our people in an 
economic slavery that was to grow worse from generation to 
generation, to finally culminate in the great crash of 1929, fol- 
lowed by the most devastating depression the country has ever 



THE CONTRACTION ACT : Authorizing the Secretary of the 
Treasury to issue 5% twenty (20) year bonds and with the 
proceeds RETIRE U. S. currency including greenbacks, and 
cremate, or burn them up, which caused a regular and systematic 
contraction of the currency in circulation ; a law passed by 
Congress April 12, 1866. 

These enemies of mankind who wished to get control of all 
the money of the world were consistently busy, figuring out new 
schemes, and polishing up their old ones, that they had used 
since OLD TESTAMENT days. They had done all in their power 
to discredit, ridicule, and discount the greenback of Lincoln's 
time (the Exception Clause greenbacks) and had gotten them 
down in price, varying from 25 to 75 cents on the dollar. Why? 
Suppose you study the text of the "National Bank Act" of 1863 
and see if it doesn't permit the bankers to use greenbacks to buy 
the government bonds to use to deposit, to get their own money 
issued. Remember the Rothschild Brothers' letter said that U. S. 
Bonds could be had at 50 cents on the dollar. 

Would it pay the money changers to ridicule, discount, and 
force the exchange value of the greenback down to 35 or 50 per 
cent of its face value and then buy them in at that discount, and 
then use them at FACE VALUE to buy government bonds, on 
which they were able to issue greenbacks of their own? Well, 
dear reader, jou figure it out and see what you get. 

Again, would it help the money changers to get a law passed 
forcing the government to destroy the greenbacks, after they — 
the money changers — had exchanged them to the government for 
bonds ; would that make just so much less money in circulation, 
and make a better demand for the paper money the bankers were 
allowed to issue ? Figure that one out also, and see what you get. 
The following excerpt from "Seven Financial Conspiracies" 
by Mrs. S. E. V. Emery, printed in 1879, will give the reader a 
true and graphic record of the action and results of this, one of 
the most cruel and traitorous Acts ever enacted by Congress : 

"December 4, 1866, E. G. Spaulding, a Buffalo, N. Y., 
banker, a member of Congress, wrote to Secretary of the 
Treasury McCullough as follows : 

" 'You, no doubt now, to a certain extent, HAVE CON- 
that you will of necessity CONTRACT MODERATELY, so as 
to preserve a tolerable easy money market. There may be occa- 
sional spasms of tightness for money, but general!}^, I shall look 
for plenty of money for at least one year to come.' 

"When this letter was written the country was in posses- 
sion of $1,906,687,770.00 currency. During this year (1866) 


there were but 520 business failures in the whole country, in- 
volving a loss of but $17,625,000. Labor was well paid and 
fully employed." 

"1867 — This year the work of contraction was vigorously 
puslied and there were 2,386 failures, with a total loss of $86,- 

"1868— During this year $473,000,000 of money was de- 
stroyed and failures increased to 2,608, with a loss to creditors 
of $63,774,000. Money began to be tight and financial spasms 
were frequent. 

' ' 1869 — During this year over $500,000,000 of money passed 
into the cremation furnace, producing 2,799 failures and a loss 
of $75,054,900. Money growing tighter and wages lower. 

"1870— This year $67,000,000 of money was destroyed, and 
3,551 failures took place, involving a loss of $88,242,000. Money 
very scarce and wages of labor were reduced all over the 

"1871 — $35,000,000 of money this year was retired, with 
2,915 failures, and a loss of $85,250,000. More men out of work 
and wages cut down. 

"1872— Only about $12,000,000 was destroyed this year, 
but such had been the strain upon the business of the country 
for the past five years that this proved the last straw to 4,069 
business firms, involving a loss of $121,058,000. More cutting 
of wages and strikes talked of. 

"1873 — This year the storm reached its climax. Business 
men had hoped that with every returning season prospects 
would brighten and money would become plentiful. Instead of 
this, however, notwithstanding, but $1,609,000 was destroyed; 
the people became panic stricken, and 5,183 business firms were 
precipitated into bankruptcy, with a loss of $228,499,000.00. 
500,000 men were thrown out of employment, wages cut down 
all over the country and strikes were frequent occurrences. 

"1874 — Notwithstanding the terrible results of the past 
year, the winepress of contraction still creaks on its hinges of 
death, as round and round it sweeps out of circulation $75,- 
484,000. Certificates of indebtedness which have been made 
legal tender money, $85,760,000 Treasury notes, $6,335,045 
legal tender, $3,000,000 Fractional Currency, and $1,000,000 
Bank notes, producing 5,832 failures, and a loss of $155,239,000 
to creditors. A million idle men began to tramp in search of 
work. Wages still declined and strikes were numerous. 

"1875 — The volume of currency this year was contracted 
$40,817,418 and the failures reached 7,740 with a loss to cred- 
itors of $201,060,000. Two million laborers out of work. Famine 
and hunger began to stare them in the face, and tramping be- 
comes a profession. 


"1876 — According to the most reliable estimates, the con- 
traction of the currency this year in the destruction of green- 
backs and "withdrawal of bank currency amounts to about 
$85,000,000 with 9,092 failures and— $191,000,000 loss during 
the first quarter of the year. The aggregate failures of the year 
reached over 10,000 with losses not less than $300,000,000. This 
does not include losses to stockholders by foreclosure and sale 
of railroads. 

"What a record for ten years! Who wonders times were 
hard and men idle? 

' ' Still with all this array of wreck and ruin, with the finger- 
board of contraction at the close of each year pointing to the 
cause, the people were asleep, or on their knees praying for 
some interposition of providence in their behalf, while John 
Sherman went marching on with the torch of death, to burn 
the remaining $300,000,000 of the people's money. 

"Three million men are out of employment, bankruptcy 
multiplying with great rapidity. The tramp nuisance culmi- 
nates. Wages are cut down to starvation prices. Strikes, riots, 
and general consternation seize the people, and the circulation 
is cut down to $606,000,000. 

"1877 — The red torch of the vandal lighted up the country 
from Pittsburgh to Chicago. These are the footprints of the 
red-mouthed despots, the money power, which is still forging 
chains for the limbs of American industry, with a view to en- 
slaving the American populace by robbing them of their homes 
and firesides, and then controlling their life, liberty, and pur- 
suit of happiness by controlling their wages through the con- 
trol and monopoly of money. 

"1878 — The volume of currency shrank to $11.23 per capita 
and this year the number of failures reached 10,478 ; amount of 
liabilities $234,383,132. But this year gave us remonetization of 
silver in the Bland Bill, two to four millions a month of silver 
dollars to put in circulation which began to flow out at the 
close of the year. 

"1879 — Was the year of specie resumption; per capita, 
$12.65. The increased silver brought us the boom of 1879, fail- 
ures dropped down to 6,658; liabilities $98,000,000. 

"1880 — The boom was walking on. Increase of currency 
through silver is doing its work, the failures have shrunk to 
4,735; liabilities only $65,000,000. But the latter part of this 
year there was an attempt to frighten Congress by the bankers, 
known as the bankers' rebellion of 1880, and they contracted 
their loans very heavily and when money is scarce the con- 
traction of credits is equivalent to a contraction of volume of 
currency and the consequence was that the volume ran down 
to $10.23 per capita. 


"1881— Failures increased to 5,582, liabilities at $81,000,- 
000. But confidence was in full blast and business was booming 
on confidence, immigration was increasing and consequently 
the volume of currency was shrinking but credits were more 
than taking its place. 

"1882 — The volume had increased a little, per capita to 
$11.97 ; but the strain for money was great and failures in- 
creased to 6,738 ; liabilities $101,000,000. 

"1883 — The volume per capita was $11.48. Credit is so 
largely in excess of cash that the strain is increasing, failures 
were 9,184; liabilities, $173,000,000. 

"1884 — The volume of money per capita this year is given 
as $10.17. Failures, 10,910; liabilities, $226,000,000, and the 
country is piling up credit preparatory to a tremendous smash. 

"1885— Volume of money per capita $8.90. Failures 11,212, 
liabilities $267,340,264. The papers are declaring there is lots 
of money, but business is mainly done on expanded credit. 

"1886— Volume of money per capita $7.64. Failures 12,292; 
liabilities $229,288,238. Business is lagging, credits are not be- 
ing pushed and failures are falling off a little. 

"1887— Volume per capita $6.67. Failures, 12,042; liabilities 
$835,121,888. Credits still growing. 

"1888 — Little change in the volume of money. Credits that 
have taken place of money are being urged. Failures, 13,348 ; 
liabilities, $247,659,156. 

"1889 — No change in volume; tendency to push credits. 
Failures, 13,277; liabilities, $312,496,742. A tendency to still 
push credits. 

"1890 — The last j^ear looked dangerous, credits are enor- 
mous, but the time is not yet ripe to pluck the goose, but some- 
thing must be done. 

"John Sherman comes forward with the fourth act of his 
silver demonetizing scheme, known as the ' Sherman Bill. ' This 
repealed the 'Bland Bill' and gave to the country a forced pur- 
chase of four and a half million ounces of silver per month 
and the putting in circulation of silver certificates to that 
amount. That increased the currency two and a half million 
dollars per month over the best the secretary would do with 
the 'Bland Bill.' This increase of currency stimulated trade, 
strengthened credits and business boomed, more on credits than 
on cash by many times, yet the increase of cash had a good 
effect and brought the failures down to 10,672 ; liabilities, 

' ' 1891 — The volume of credit is expanding beyond the limit 
of reason and cash is in great demand. As a business man I find 
I can discount bills and buy goods at almost my own figures 
for cash. But I found myself warning everybody to stand from 


under, that bubble is about to burst. Increased business, from 
the stimulant of a little more money and failures increased to 
12,394; liabilities, $193,178,000. 

"1892 — There is as yet no material change except that 
everything looks shaky, like a great balloon inflated and ready 
to soar or collapse. Many business houses are shaky. There are 
signs that the business people are trying to hedge, preparing 
for the storm, failures, 10,270; liabilities, $108,595,248. 

"But the blow is yet to come. 

"Ricardo, an eminent writer on political economy said: 
'That commodities rise in price in proportion to the increase 
or diminuation of money. I hold that to be a fact that is in- 
controvertible. ' 

"John Stuart Mill, another authority, said: 'If the whole 
volume of money in circulation were doubled prices would 
double. ' 

"The Money Commission, created August 15th, 1876, con- 
sisting of three United States Senators, three members of the 
House, and three Secretaries, made a report March 2, 1877, in 
which appear these words : ' That the disaster of the Dark Ages 
was caused by decreasing money and falling prices, and that 
the recovery therefrom and the prosperity, which followed the 
discovery of America, were due to an increasing supply of the 
precious metal and rising prices will not seem surprising and 
unreasonable when the noble functions of money are consid- 

" 'Money is the great instrument of association, the very 
fibre of social organism, the vitalizing force of industry, the 
protoplasm of civilization and as essential to the existence as 
is oxygen to animal life. 

" 'Without money civilization could not have had a begin- 
ning, and with a diminishing supply it must languish and un- 
less relieved finally perish. 

" 'Falling prices and misery and destitution are insepar- 
able companions. It is universally conceded that falling prices 
result from the contraction of the money volume.' (U. S. Mone- 
tary Commission, Vol. 1, page 50.) And again on page 51: 

" 'The highest moral, intellectual and material development 
of nations is promoted b.y the use of money, UNCHANGING 

"Here we have the conclusion of nine prominent statesmen, 
who, after an exhaustive examination emphatically declare that 
the 'true and only cause' of the calamities that had befallen 
the people was the 'shrinkage of the volume of money.' 

"To whom shall we charge these calamities that have come 
upon us like a flood? Is it the extravagance of the people. Is 
it because too many of the necessaries of life have been pro- 
duced? Because the farmer has been too industrious and pru- 


dent, or the manufacturers employed too many laborers in the 
production of his commodities? Is it because millions of chil- 
dren are employed in the mines and factories of the country, 
barred every blessing and privilege of childhood? Is it because 
the saloon is sucking away the substance of thousands of fami- 
lies, and bringing desolation into their homes? Is it because 
women are selling their souls to keep their bodies from starv- 
ing, or because a band of train robbers are infesting the coun- 
try and sending terror into hearts of the people? 

"No, it is none of these circumstances that have brought 
such disaster to our country, but it is our selfishness and crimi- 
nal legislation that has overwhelmed us with these alarming 
conditions ! ' ' 
The following table taken from the "Chicago Inter-Ocean of 
Chicago," a leading Republican paper of Illinois of that time, 
will show very graphically the extent of the contraction of the 
currency during those awful years of manipulation of the Na- 
tion's money by the traitorous acts of the legislators paid to pro- 
tect the people but instead sold out to the money changers: 

Year Currency Population Capita 

1865 $1,651,282,373 34,819,581 $47.42 

1866 1,803,702,726 35,537,148 50.76 

1867 1,330,414,677 36,269,502 36.68 

1868 817,199,773 37,016,949 22.08 

1869 750,025,989 37,779,800 19.85 

1870 740,039,179 38,588,371 19.19 

1871 734,244,774 39,750,073 18.47 

1872 736,340,912 40,978,607 17.97 

1873 733,291,749 42,245,110 17.48 

1874 779,031,589 43,550,576 17.89 

1875 778,176,250 44,896,705 17.33 

1876 735,358,832 46,234,344 15.89 

1877 696,443,394 47,714,829 14.60 

The Credit Strengthening Act 

Then, again the money changers came to the rescue (?) of 
the Nation and another law was passed on March 18, 1869, called 
the Credit Strengthening Act, but just whose credit it strength- 
ened Ave shall soon see. This bill made the Bonds that the money 
changers had been able to buy up with depreciated currency, 
payable in gold, at face value ! Now whose credit was strength- 
ened? The Government that exchanged the Bonds at face value 
for depreciated currency, which was burned up, and then forced 
to redeem the Bonds in gold ; or the money changers who had 
traded depreciated greenbacks at face value for the bonds and 
then were able to get full value in GOLD for the Bonds? Figure 
that one out also. 


July 14, 1870 an Act was passed pretending to be one "Re- 
funding the National Debt." A scheme postponing the payment 
of the National Debt regardless of the fact that the United States 
Treasury had on hand one-half the needed amount to pay it off. 
This continued the usurious bonded load on the people. 

Can the reader imagine anything more rank and vile and 
crooked to have put over on a nation that trusted in the integrity 
of the citizen legislators paid by the people to aid and protect 
them, but who instead, it would seem, sold out the nation to 
the foreign money changers ? 

That sort of carrion surely deserve all that is coming to them 
both here and hereafter, and one of these tine days there is a 
bare possibility that the American people are going to be awak- 
ened to the rotten crookedness that goes on "behind the scenes" 
in the halls of Congress, and make a real housecleaning, and 
when they do there will be much "weeping and wailing and 
gnashing of teeth!" And how! 


The Gold Standard Established and Silver 
Coinage Killed— or— "The Crime of 73" 

Next came the diabolical Act, known as the "Crime of '73," 
which was called an "Act Revising and Amending the Laws 
Relative to the Mints, Assay Offices, and the Coinage of the 
United States." It passed the House May 27, 1872, and the 
Senate January 17, 1873. 

This Act, as well as the National Bank Act of 1863, was 
sponsored in the Senate by John Sherman, and in the House by 
Samuel Hooper. Practically every monetary measure of mention 
from 1860 to 1890 and especially if it was to get more privileges 
for the bankers, was sponsored by this same Senator John Sher- 
man. It might be interesting and worth while for someone to look 
into the financial standing of these two gentlemen down through 
the years and see how they fared as friends of the money chang- 
ers while being paid to serve and protect the people while in 

There are volumes of evidence to prove that this was one of 
the most vicious of the many money laws that have been slipped 
over on our Nation, by slippery money changers, and Congress- 
men, to enslave us to the foreign money changers of England 
and Germany. 

The subject is treated exhaustively and most interestingly in 
the form of a novel, in a volume called ' ' A Tale of Two Nations, ' ' 
by W. H. Harvey of Monte Ne, Arkansas, who was one of the 
staunch supporters of W. J. Bryan in 1896. 


The ruling- class and "big business" of England urged on 
and backed up by the money changers of the Bank of England 
who had never forgiven nor become reconciled to America's 
freedom after the struggle of 1776 and 1812, and who had done 
all in their power, short of actual military help to the Southern 
Confederacy, now perceived their chance to control our money 
system and thereby control our country just as effectively as 
owning it and with no responsibility, as the Hazard Circular had 
said about Chattel Slaves. 

The money changers had already been able to demonetize 
silver in England, Holland, and Germany, and thereby cut their 
volume of currenc}^ in half or more, and made all debts payable 
in gold, and they (the money changers) of course, owned the 
gold, and they decided to do likewise to America. So they sent 
an agent, Ernest Seyd, over here with $500,000.00 to do the trick, 
which was accomplished with the help and connivance of a few 
members of our National Congress and possibly a very few other 

That the reader may see for himself the truth of the above 
statement, we will quote from the speech of Senator Daniel of 
Virginia, May 22, 1890, in Congress, and to be found in the Con- 
gressional Record, page 5128, of that date. He said : 

"I take from the Bankers Magazine of August, 1873, a 

little extract. It says, 'In 1872 silver being demonetized in 

Germany, England, and Holland, a capital of 100,000 pounds 

($500,000.00) was raised and Ernest Seyd was sent to this 

countr}^ Mdth this fund as agent for foreign bond holders to 

effect the same object (demonetization of silver)'." 

With special permission from the author, Mr. Andrae B 

Nordskog, we quote from his book, "Spiking the Gold," another 

document of immense importance, which would seem to be full 

and adequate proof of the foregoing matter. 

' ' One of the most astounding documents ever to be recorded 
in connection with this legislation of 1873 is the affidavit made 
by Mr. Frederick A. Luckenbach and acknowledged before 
Mr. James A. Miller, Clerk of the Supreme Court of the State 
of Colorado. This astounding affidavit follows: 
" 'State of Colorado 
" 'County of Arapahoe 

" 'Frederick A. Luckenbach, being first duly sworn on 
oath, deposes and says : I am 62 years of age. I was born in 
Bucks County, Pennsylvania. I removed to the city of Philadel- 
phia in the year of 1864, and continued to reside there until 
1866, when I removed to the city of New York. In Philadelphia 
I was in the furniture business. In New York I branched into 
machinery and inventions, and am the patentee of Lucken- 
bach 's new pulverizer, which machines are now in use general- 
ly in the eastern part of the United States and Europe. I now 


reside in Denver, having removed from New York two years 
ago. I am well known in New York. I have been a member of 
the Produce Exchange and am well acquainted with members 
or that body. I am well known by Mr. Erastus Wyman. 

" 'In 1865, I visited London, England, for the purpose of 
placing there Pennsylvania oil properties, in which I was inter- 
ested. I took with me letters of introduction to many gentle- 
men in London, among them one to Mr. Ernest Seyd from 
Robert M. Foust, ex-treasurer of Philadelphia. I became well 
acquainted with Mr. Ernest Seyd, and with his brother, Rich- 
ard Seyd, who, I understand is still living. I visited London 
thereafter, every year, and at each visit renewed my acquaint- 
ance with Mr. Seyd, and upon each occasion became his guest 
at one or more times — joining his family at dinner or other 

" 'In February, 1874, while on one of these visits, and 
while his guest for dinner, I, among other things, alluded to 
rumors of parliamentary corruption, and expressed astonish- 
ment that such corruption existed. In reply to this, he told me 
that he could relate facts about corruption of the American 
Congress that would place it far ahead of the English Parlia- 
ment in that line. So far, the conversation was at the dinner 
table between us. His brother, Richard, and others were there 
also, but this was table talk between Mr. Ernest Seyd and 
myself. After dinner ended, he invited me into another room, 
where he resumed the conversation about legislative corrup- 
tion. He said, "If you will pledge me your honor as a gentle- 
man not to divulge what I am about to tell you while I live, I 
will convince you that what I said about American Congress is 
true." I gave him the promise and then he continued: "I went 
to America in the winter of 1872-3, authorized to secure, if I 
could, the passage of a bill demonetizing silver. It was in the 
interest of those I represented— the GOVERNORS OF THE 
BANK OF ENGLAND— to have it done. I took with me 
100,000 pounds sterling ($500,000.00 United States money) 
with instructions that if it was not sufficient to accomplish the 
object to draw for another 100,000 pounds or as much more as 
was necessary." He told me that the German bankers were 
also interested in having it accomplished. He said: "I saw the 
committees of the House and Senate and paid the money and 
stayed in America until I knew the measure was safe." I asked 
if he would give me the names of the members to whom he 
paid the money — but this he declined to do. "Your people will 
not now comprehend the far reaching extent of that measure, 
but they will in after years. Whatever you may think of the 
corruption in the English Parliament, I assure you, I would 
not have dared make such an attempt here as I did in your 
country." I expressed my shame to him, for my countrymen 


in our legislative bodies. The conversation drifted into other 
subjects and after that — though I met him many times — the 
matter was never again referred to. 

"'(Signed) Frederick A. Luckenbach. 
" 'Subscribed and sworn to before me at Denver, this ninth 
day of May, A. D. 1892. 

" '(Signed) James A. Miller 
" '(Seal) Clerk Supreme Court, 
" 'State of Colorado.' " 
The extent ajid serious consequences as pointed out b}^ Mr. 
Luckenbach, of the "Crime of 73," while one of the most vicious 
and wicked pieces of trickery ever "put over" on Congress and 
by them, onto the people, was not to be realized for a consider- 
able time by the majority of Congress, nor even by the Presi- 
dent. This was so favorable to the money changers that with the 
help of the banks, scattered throughout the country and with 
the influence they could wield with their power of loans, they 
have been able to keep Congress from repealing the law. 

That Congressman Samuel Hooper had dealings with this 
agent of the money changers, Ernest Seyd, is clearly shown by 
his own speech when introducing the bill in Congress April 9, 
1872. What he said may be found in the Congressional Globe of 
that date ; and in part is as follows : 

"Mr. Ernest Seyd, of London, a distinguished writer, who 
has given great attention to the subject of mints and coinage, 
after examining the first draft of the bill, furnished many 
valuable suggestions which have been incorporated in this 
Does that look conclusive — or — does it not? 
Of course, when the scheme was made clear to the American 
bankers that the law would destroy the free coinage of silver, 
and make it just that much easier, and advantageous for them 
to loan their National Bank Notes, the paper money that cost 
them only fifty cents for a hundred dollars, they naturally were 
for such a law and did all in their power to uphold it. 

But in order that the reader may see for himself what the 

Senators and Congressmen had to say about the bill being passed 

fraudulently, and how Samuel Hooper plainly and intentionally 

misled his brother legislators when the bill was under discussion, 

and also what the Congressmen of after years have said about 

the bill, we will quote them from the Congressional Record, 

reproduced in "Spiking the Gold" by Mr. Andrae B. Nordskog: 

"The Congressional Record of the 45th Congress, second 

session, volume 7, part 2, page 1605, records the statement of 

Judge Kelly of Pennsylvania, who said in part: 

" 'I was ignorant of the fact that it (the revision of the 
Coinage Act of 1873) would demonetize the silver dollar or of 
its dropping the silver from our system of coins as were those 


distinguished Senators, Messrs. Blaine and Voorhees, who were 
then members of the House, and each of whom, a few days 
since, interrogated the other : ' ' Did you know it was dropped 
when the bill was passed?" "No," said Mr. Blaine, "Did you?" 
"No," said Mr. Voorhees. "And I do not think there were 
three members in the House that knew it ! " ' 

"The Congressional Record, Volume 7, part 1, page 260, 
45th Congress reveals that Senator Beck of Kentucky said re- 
garding this bill: 'It (the bill demonetizing silver) never was 
understood by either House of Congress. I say that with full 
knowledge of the facts. No newspaper reporter — and they are 
the most vigilant men I ever saw in obtaining information — 
discovered that it had been done.' " 
In the Congressional Record of the 44th Congress, first ses- 
sion, volume 4, part 6, Appendix, page 197, Joseph Cannon said : 
"This legislation was had in the forty-second Congress, 
February 12, 1873, by a bill to regulate the mints of the United 
States, and practically abolish silver as money by failing to 
provide for the coinage of the silver dollar. It was not dis- 
cussed, as shown by the Record, and neither members of Con- 
gress nor the people understood the scope of the legislation." 
"And so even old Uncle Joe certifies to this generation that 
the demonetizing of silver was accomplished because our Con- 
gressmen and the people did not understand the nature of the bill. 
In the Congressional Record, volume 4, part 6, 44th Congress, 
first session. Appendix, page 193, Mr. Holman of Indiana, said: 
"I have before me the record of the proceedings of this 
House on the passage of that measure, which no man can read 
without being convinced that the measure and the method of 
its passage through this House was a 'colossal swindle.' I as- 
sert that the measure never had the sanction of this House, 
and it does not possess the moral force of law." 
The Congressional Record, July 13, 1876, volume 4, part 5, 
page 4560, reveals that Mr. Burchard of Illinois said : 

"The Coinage Act of 1873 unaccompanied by any written 
report upon the subject from any committee, and unknown to 
the members of Congress who, without opposition allowed it to 
pass under the belief, if not assurance, that it made no altera- 
tion in the value of the current coins, or changed the unit of 
value from silver to gold." 
Senator Voorhees of Indiana, Congressional Record, January 
15, 1876, page 332, declared: 

"The silver dollar is peculiarly the laboring man's dollar 
as far as he may desire specie * * * throughout all financial 
panics that have assailed this country, no man has been bold 
enough to raise his hand to strike it down ; no man has ever 
dared to whisper of a contemplated assault upon it and when 
the 12th day of February, 1873, approached the day of doom 


to the American dollar, the dollar of our fathers, how silent 
was the work of the enemy. * * * Its enactment there was as 
completely unknown to the people and indeed to four-fifths of 
Congress itself as the presence of a burglar in a house at mid- 
night to its sleeping inmates." 
The Congressional Record, volume 7, part 1, second session, 

45th Congress, page 584, reveals that Mr. Bright of Tennessee 


"It (the bill demonetizing silver) passed by fraud in the 
House, never having been printed in advance, being a substi- 
tute for the printed bill; never having been read at the Clerk's 
desk, the reading having been dispensed with by an impression 
that the bill made no material alteration in the coinage laws ; 
it was passed without discussion, being cut off by operation of 
the previous question. It was passed, to my certain informa- 
tion under such circumstances that the fraud escaped the at- 
tention of the most watchful as well as the ablest statesmen 
in Congress at the time. * * * Aye, sir, it was a fraud that 
smells to heaven." 
"On page 208 of the Congressional Record of December 14th, 

1877, is found a reproduction of a letter to Representative Mr. 

Coudray, from President Grant, dated October 13, 1873, eight 

months after the President had signed the bill, in which the 

President said in part: 

' ' I wonder that silver is not already coming into the market 
to supply the deficiency in the circulating medium. Experience 
has proved that it takes about $40,000,000 of fractional cur- 
rency to make the small change necessary for the transaction 
of the business of the country. Silver will gradually take the 
place of this currency, and further, will become the standard 
of values. * * * Our mines are now producing almost unlimited 
amounts of silver, and it is becoming a question, 'What shall 
we do with it?' I here suggest a solution which will answer 
for some years to put it into circulation, keeping it here until 
it is fixed, and then we will find other markets." 
"The Congressional Record of December 14, 1877, on page 

206, shows the statement made by Senator Herford wherein he 


"I now come to one of the most remarkable and to my 
mind one of the most fraudulent pieces of legislation this or 
any other country ever saw. I refer to the manner of the pass- 
age of the bill demonetizing silver. I will not occupy the time 
of the Senate by going over the whole history of this iniquitous 
transaction. Mr. Hooper, since deceased, was at that time 
chairman of the committee having charge of a bill which had 
been referred to his committee, and on May 27, 1872, reported 
a substitute and moved to suspend the rules and pass the sub- 
stitute, upon which motion, among other things, the following 
occurred which any Senator can find by turning to the Con- 
gressional Globe, part 5, page 3883." 


"Senator Herford then submitted the debate which took place 
between Mr. Hooper of Massachusetts and other Congressmen 
at the time that Mr. Hooper succeeded in getting action on the 
substitute bill (which had not even been printed and submitted 
to members of the House) through suspension of the rules. Mr. 
Hooper stated, when asked by other Congressmen whether or not 
this substitution bill affected the re-coinage of small coins such 
as the dollar, that: 

"This bill makes no change in the existing law in that 
regard. It does not require the re-coinage of small coins." 
On this boldly fraudulent statement, 110 members voted in 
favor of the bill and only 13 against it ; those opposing it doing 
so mainly because they did not have the privilege of hearing the 
original bill read alongside of the substitute which very trickily 
eliminated the free mintage of silver as will be shown a little 
later on. 

"The smooth Englishman who was alleged to have spent 
$500,000 bribing the American Congress in order to demonetize 
silver, did his work yery effectively ; so eft'ectively that the wisest 
at our National Capital did not detect the crime until the law 
was put into operation. 

"This law was "An Act Revising and Amending the 
Laws Relative to the Mints, Assay Offices and Coinage of the 
United States, and reads as follows: 

"(a) That the gold coin of the United States shall be one 
dollar a piece, which at the weight of twenty-five and eight- 
tenths grains shall be the unit of value. 

"(b) That the silver coins of the United States shall be a 
trade dollar, a half dollar or fifty-cent piece, a quarter-dollar 
or twenty-five-cent piece, a dime or ten-cent piece, and said 
coins shall be a leg^l tender at their nominal value for any 
amount not exceeding five dollars in any one payment. 

"(c) That no coins, either of gold or silver, or minor coin- 
age, shall hereafter be issued from the Mint, other than those 
of the denominations, standards and weights herein set forth." 
— (Statutes, 424) ("A," "B," and "C" designations by au- 

"It will be noted upon re-reading the Act above quoted in 
paragraph " c " that no coins, either of gold or silver should there- 
after be issued from the Mint, other than those of the denomina- 
tions, standards and weights herein set forth. And upon referring 
to paragraph "a" you will note that the weight of the gold was 
provided for ; but when you read paragraph " b " again, you will 
notice that the weight of the silver is very carefully eliminated. 
This was the crux of the demonetization scheme. 

"On page 258 of the Congressional Record of January 11, 
1879, we find Senator Beck of Kentucky saying: 


' ' I know that the bondholders and monopolists of this coun- 
try are seeking to destroy all the industries of this people in 
their greed to enhance the value of their gold. I know that the 
act of 1873 did more than all else to accomplish that result, 
and the demonetization act of the Revised Statutes was an 
illegal and unconstitutional consummation of the fraud. I want 
to restore that money to where it was before, and thus aid in 
preventing the consummation of their designs." 
The evidence is there from many reputable men, in govern- 
ment records, the reader may form his own conclusions. The 
shackles of Economic Serfdom grow stronger and stronger as 
years pass by, more legislation is slipped through Congress by the 
use of millions of hard earned money, filched from the hands of 
the American laborers and farmers, under crooked and branded 
unconstitutional laws, which were made for, and do operate for 
the benefit of the foreign money changers and against the inter- 
est of all American producers. Hardly a decade passes, but an- 
other link is added to the golden chain that holds us in an eco- 
nomic bondage. 

One could hardly better describe "Civilization After 20 Cen- 
turies of Christendom" than by this passage of Ferrero (Great- 
ness and Decline of the Roman Empire, Vol. 1, p. 223) : "The 
Imperial Democracy that held a world beneath its sway, from 
the Senators who have historic names, down to the humblest 
tiller of the soil, from Julius Caesar down to the smallest shop- 
keeper in a back street of Rome, was at the mercy of a small 
group of usurers." (Frederick Soddy: Wealth, Virtual Wealth 
and Debt, page 185.) 


The People Clamor for More Money 

By the time 1877 had rolled around the economic pressure 
had increased until the money changers were becoming fright- 
ened at the clamor for more money in circulation, and the talk 
of the good old full legal tender greenbacks of "Honest Abe." 

People could not get over the fact that Lincoln had produced 
that kind of greenbacks for them, and they were just as good as 
gold anywhere, and couldn't understand why it could not be 
done again. Of course, the money interests howled about its shin 
plasters of the civil war period, and how low in value they had 
sunk, not telling the people, of course, that they (the money 
changers) had caused the exception clause to be placed in the 
act creating them, and giving the money changers their excuse 
to discount them. Furthermore, do not forget, dear reader, that 
the bankers all over the country by then were issuing "their 


own" paper money or National bank notes, and they surely 
didn't want competition from Uncle Sam in manufacturing paper 
money. No, siree ! That would be "unsound" money and that 
wouldn't do at all for the "dear peepul. " 

The Money Changers Give Their Orders 

The howl of the people for more money became so great in 
1877, that the American Bankers Association of 247 Broadway, 
New York City, thought it time to be up and doing for them- 
selves. So it seems their secretary, Mr. James Buel, sent a circular 
letter to all their members that read like the following : 
"Dear Sir: 

"It is advisable to do all in your power to sustain such 
prominent daily and weekly newspapers, especially the Agri- 
cultural and Religious Press, as will oppose the greenback issue 
of paper money and that you will also withhold patronage 
from all applicants who are not willing to oppose the govern- 
ment issue of money. 

"Let the government issue the coin and the banks issue the 
paper money of the country; for then we can better protect 
each other. To repeal the Act creating bank notes, or to re- 
store to circulation the government issue of money will be to 
provide the people with money and will therefore seriously 
affect our individual profits as bankers and lenders. 

"See your Congressman at once and engage him to sup- 
port our interests that we may control legislation." (By per- 
mission from "Who Rules America," by C. K. Howe.) 
Well, there it is in all its nakedness, telling the whole story. 
The bankers all over the country must sustain the farm and re- 
ligious papers and withhold loans from the borrowers who 
wouldn't oppose the government issue of "greenbacks" which 
greenbacks would do the awful thing of providing the people 
with money without interest, and thereby keep the profits of 
usury — the "vicious," "wicked" custom that had been practiced 
by money changers and was condemned by all great thinkers 
from Moses down — from the poor bankers. 

Then again, the bankers all over the country were to work on 
their Congressmen and get them to support the interest of the 
manipulating bankers, that they might control legislation, when 
they, the Congressmen, were elected and paid by the people to 
support and protect the people's interests. 

That letter should be in the hands of every voter in America, 
or, better still, a law should be passed compelling every banker 
to have it placed in a large readable type on his front window, 
to thereby show what his real assets are, and without which he 
could not exist, namely, control of newspapers and magazines, 
and browbeating their customers to make them work on their 


Congressmen, and putting pressure on the Congressmen, them- 
selves, in order to control legislation and to have special acts 
passed, giving them (the bankers) SPECIAL PRIVILEGES. 

Some press comments of that time. (We wonder who owned 
these papers.) New York Tribune, January 10, 1878: 

"The capital of the country is organized at last, and we 
will see whether Congress will dare to fly in its face." 
The next day it says : 

"The time is near when they (the banks) will feel them- 
selves compelled to act strongly. Meanwhile a very good thing 
has been done. The machinery is now furnished by which, in 
any emergency, the financial corporations of the East can act 
together at a single day's notice, with such power that no act 
of Congress can overcome or resist their decisions." 
They knew what the contraction of the volume of money 
would do and started in to educate the people to the idea of sub- 
missive slavery. About the same time that the above appeared, 
the following appeared in the New York World : 

"The American laborer must make up his mind henceforth 
not to be so much better off than the European laborer. Men 
must be content to work for less wages. In this way the work- 
ing man will be nearer to that station in life to which it has 
pleased God to call him!" 
A little later in our story, the reader will see where the Ameri- 
can farmer was to be put in his place as a peasant. 

Following the demonetization of silver in 1873, there had been 
the worst panic the country had ever experienced, and there was 
a growing demand for money, and many indeed were clamoring 
for good old "Lincoln Greenbacks" of full legal tender. So, to 
stop them and to quiet the country there was passed in 1878 an 
act called the Sherman Law (Old John again) which allowed the 
Secretary to purchase and coin a limited amount of silver. 


The Money Changers Order a Panic 

The money changers now wanted to get rid of this and all 
other money that was not National Bank notes, so it is said, that 
on March 11, 1893, a circular letter to become known as the 
"Panic Circular of 1893," was mailed to National Banks by the 
American Bankers Association. This circular gives the reader 
the "real goods" on the operation of the legislative influence and 
control bv the money changers. The circular read as follows : 
"Dear Sir: 

The interest of the National Banks require immediate finan- 
cial legislation by Congress. Silver certificates and treasury 
notes must be retired and National Bank Notes upon a gold 


basis made the only money. This will require the authorization 
of 500 millions to 1,000 millions of new bonds as the basis of 
circulation. You will at once retire one-third of your circulation 
and call one-half of your loans. Be careful to make a monetary 
stringency among your patrons, especially among influential 
business men. Advocate an extra session of Congress to repeal 
the purchasing clause of the Sherman Law and act with other 
banks of your city in securing a large petition to Congress for 
its unconditional repeal per accompanying form. LTse personal 
influence with your Congressmen and particularly let your 
wishes be kno\\Ti to your Senators. The future life of national 
banks as fixed and safe investments, depends upon immediate 
action as there is an increasing sentiment in favor of Govern- 
ment legal tender notes and silver coinage." 

(From "Who Rules America," by C. K. Howe.) 

Does the reader begin to see just how Congressmen and Sena- 
tors come to vote for laws favoring the money changers and 
detrimental to the people? Can you still believe that they (our 
legislators) work for us, who pay them? Or can you begin to see 
how we get "sold down the river." 

The next big fight with the strongly intrenched money chang- 
ers came in 1896 when the "Great Commoner," William Jennings 
Bryan, ran for President on the "Free Silver" issue on the Demo- 
cratic Ticket. 

Mr. Byran had been in Congress from Nebraska, and was a 
delegate to the National Democratic Convention at Chicago in 
1896, and there made the great emotional appeal in his "Crown 
of Thorns and Cross of Gold" speech which won him the nomi- 
nation for the presidency. Bryan was trying to get the "crime 
of '73" law repealed and again have the government coin all the 
silver brought to the mints, free of charge, as it always had been, 
previous to 1873. 

This could not be permitted ; so the bankers showed the people 
that gold was quite sufficient for money ; there was plenty of it ; 
they shoveled out millions of dollars in gold over the country to 
prove their case. They made the psychological appeal of "the 
full dinner pail" and among other things, so it is said, induced 
the manufacturers and industrialists to inform their employees 
that if Bryan was elected all factories and plants would close 
and there would be no work. This chicanery enabled them to 
beat Bryan by the small margin of a half million votes. 

Up to 1906 the Democratic Party had alwaj's been known as 
the Party of the People, and had not been ruled entirely, at 
least, by the large interests and money changers. After that time, 
however, it made no difference which party one voted for, both 
were the same, about the only difference being the slogan used 
in their campaigns. 


Since that time botl) parties have sponsored and adopted 
measures like the Initiative and Referendum, which in former 
years had been found only in the Socialist Party platform. Many 
of these reforms, especially if they didn't amount to much and 
especially if they didn't operate against privately owned money 
systems, were tolerated. But let any man come out and start 
something against the money changers' private racket, and just 
as surely was he crucified socially and politically at least, and 
especially as to his character. This is done today the same as it 
has been practiced down through the centuries; even as Christ 
was crucified on Calvary, for driving the money changers from 
the Jewish Temple for their manipulation of money there. 


Another Valiant Lindbergh 

One of the most persecuted of these crusaders for the right 
of the masses to a decent living was none other than the father 
of America's great Ace, "Lindy," Charles A. Lindbergh, Sr. His 
books "The Economic Pinch" and "\Yhy Is Your Country at 
War?" were said to have been suppressed by the Department of 
Justice during the World War, but by his introduction of a most 
scathing and revealing resolution in Congress in December, 1912, 
concerning the investigation of the money Trust, he was instru- 
mental in defeating one of the most vicious and piratical acts of 
money legislation ever offered up to that time ; an Act to create 
what was to be known as the National Reserve Association, a 
measure somewhat like the later bill, the Federal Reserve Act. 
This was sponsored by Senator Nelson W. Aldrich of New York 
and Congressman Edward B. Vreeland, a banker of New York. 
The Bill was to confer upon this association the arbitrary and 
despotic right to issue money and control bank credit for fifty 

And does the reader ask himself if the Aldrich that is the 
son-in-law of John D. Rockefeller and chairman of the Board of 
the Chase National Bank of New York, the bank that on its 50th 
birthday had resources just 1,000 times as large as they were on 
its first statement, is the son of that Nelson W. Aldrich? Well, 
it seems that is true, and that at least one son is well taken care 
of, but possibly the last page of the history concerning our 
financier congressmen has not been written. 

An extract from Congressman Lindbergh 's book regarding the 
Aldrich-Vreeland Bill is herewith included, to show you the type 
of man and the courage of this, one of America 's most courageous 
of American servants, in the halls of Congress. Contrast him with 
some you have read about previously in this narrative and thank 
God that once in a while we get a real man in Congress. 


The following is an extract from the book, "Banking and 
Currency and The Money Trust," by Congressman Charles A. 
Lindbergh, Sr. : 

"When the Aldrich-Vreeland Emergency Bill was sprung 
in the House in its finished draft and ready for action to be 
taken, the debate was limited to three hours and Banker Vree- 
land placed in charge. It took so long for copies of the Bill to 
be gotten that many members were unable to secure a copy 
until a few minutes of the time to vote. No member who wished 
to present the people 's side of the case was given sufficient time 
to enable him to properly analyze the Bill, I asked for time 
and was told that if I woiQd vote for the Bill, it would be given 
me, but not otherwise. Others were treated in the same way. 

"Accordingly on June 20, 1908, the Money Trust won the 
first fight and the Aldrich-Vreeland Emergency Currency Law 
was placed on the statute books. Thus was the first precedent 
established for the people's guarantee of the rich man's 
watered securities, by making them a basis on which to issue 
currency. It was the entering wedge. We had already guaran- 
teed the rich man's money, noAv, by this Act, the way was 
opened, and it was intended that we should guarantee their 
watered stocks and bonds. Of course, they were too keen to 
attempt to complete it in a single act, such an enormous steal 
as it would have been if they had included all they hoped ulti- 
mately to secure. They knew that they would be caught at it if 
they did, and so it was planned that the whole thing should 
be done by a succession of Acts. The first three have taken 

"Act No. 1 w^as the manufacture, between 1896-1907, 
through stock gambling, speculation, and other devious meth- 
ods and devices of tens of billions of watered stocks, bonds, 
and securities. 

"Act No. 2 was the panic of 1907, by which method those 
not favorable to the money trust could be squeezed out of 
business and the people frightened into demanding changes in 
the banking and currency laws which the Money Trust would 
frame. (Note again reason for panics and hard times — author.) 

"The Act No. 3 was the passage of the Aldrich-Vreeland 
Emergency Currency Bill by which the money trust's interests 
would have the privilege of securing from the Government 
currency on their watered stocks and securities. But while the 
Act contained no authority to change the form of the Bank 
notes, the U. S. Treasurer (in some way that I have been 
unable to find reason for) implied authority and changed the 
form of bank notes which were issued for the banks on Gov- 
ernment bonds. These notes had hitherto printed on them, 
'This note is secured by bonds of the United States.' He 
changed it to read as follows: 'This note is secured by bonds 


of the United States and other securities.' 'Or other securities' 
is the addition that was secured by special interests. 

"The main thing, however, that the Money Trust accom- 
plished as a result of the passing of this Act was the appoint- 
ment of the National Monetary Commission, the membership 
of which was chiefly made up of bankers, agents, and attorneys, 
who have generally been educated in favor of, and to have a 
community interest with Money Trust. The National Monetary 
Commission was placed in charge of the same Senator Nelson 
W. Aldrich and Congressman Edward B. Vreeland, who re- 
spectively had charge in the Senate and House during the Act 
creating it. 

"The Act authorized this commission to spend money with- 
out stint or account. It spent over $300,000.00 in order to learn 
how to form a plan by which to create a greater money trust, 
and it afterwards recommended to Congress to give this pro- 
posed trust a fifty year charter by means of which it could rob 
all humanity. A bill for this purpose was introduced by mem- 
bers of the Monetary Commission and its passage planned to 
be the fourth and final act of the campaign to completely en- 
slave the people. 

"The fourth act, however, is in incubation only, and it is 
hoped by that time, we realize the danger that all of us are now 
in, for it is the final proposed legislation which, if it succeeds, 
will have us in the complete control of the moneyed interests. 
History records nothing so dramatic in design, nor so skillfully 
manipulated, as this attempt to create the National Reserve 
Association (writer's note: now the Federal Reserve System) 
otherwise called the Aldrich plan — and no fact or occurrence 
contemplated for the gaining of selfish ends is recorded in the 
world's records which equal the beguiling methods of this 
colossal undertaking. Men, women, and children have been 
equally unconscious of how stealthily this greatest of all giant 
octopuses — a greater Money Trust is reaching out its tentacles 
in its efforts to bind all humanity in perpetual servitude to the 
greedy will of this monster. 

"I was in Congress when the panic of 1907 occurred, but I 
had previously familiarized myself with many of the ways of 
high financiers. As a result of what I discovered in that study, 
I set about to expose the Money Trust, the world's greatest 
financial giant. I knew that I could not succeed unless I could 
bring the public sentiment to my aid. I had to secure this or 
fail. The money trust had laid its plans long before and was 
already executing them. It was then, and still is TRAINING 
EFFECT. Hundreds of thousands of dollars had already been 
spent and millions more reserved to be used in the attempt to 


bring about a condition of public mind that would cause de- 
mand of the passage of the bill. If no other methods succeeded, 
it was planned to bring on a violent panic and rush the bill 
through during the distress which would result from the panic. 
It was figured that the people would demand new banking and 
currency laws ; that it would be impossible for them to get a 
definitely practical plan before Congress when they were in 
an excited state and that as a result, the Aldrich Plan would 
slip safely through. It was planned to pass that bill in the Fall 
of 1911 or 1912." (From "Who Rules America," by C. K. 
Well, dear reader, the above from the Great Lindbergh's book 
surely gives it to us straight. No wonder it was suppressed. Sad 
to relate this bill spoken of by Lindbergh was later to be passed 
by Congress and called the Federal Reserve Act. (By others more 
properly called the Federal "Robbers" Act.) This is the law 
under which we live (or starve) today. 


The Money Changers Add Another Link 
to the Golden Chain 

Well, we find it was only a short ten years until the money 
changer was back to Congress for another big slice of special 

But how to get it? We were not at war with anybody, so the 
bankers simply drew money from circulation and called loans 
and refused new loans, and noised it about that money was tight 
— and a panic ensued. There was a brand new emergency, all 
made to order and working fine ! And ' ' Oh boy, Oh boy, ' ' say 
the bankers and money changers, "We have just got to rescue 
our country or it will all go to the dogs, BUT if we do this, we 
will just have to have more — money ; you know money is 
"tight" and hard to get, and we have just about got all the 
money from Uncle Sam on the Government bonds that we can 
(and besides, those Government bonds are too high, we simply 
can't afford them). BUT, we have a whole vault full of nice 
yellow corporation bonds that we have kindly floated in the last 
ten years and if you (to our Congress) will just permit us to 
turn these over to the Treasury and issue us nice new National 
Bank notes on these bonds, then we can loan out the nice new 
money and 'save the country.' But you will have to hurry, no 
time to lose, never can tell what will happen." 

So Congress hurried and passed the Aldrich- Vreeland Emerg- 
ency Law giving the money changers their law, and the Secretary 
of the Treasury (kindly, without any authority in the bill) 


changed the wording on the New National Bank notes to read : 
"This note is secured by bonds of the United States or other 
securities," instead of just "By the United States Bonds." 

And believe it or not he got away with it. Marvelous! Wasn't 
it? Wouldn't the reader say that trick makes him one of the 
Money Changers' Club? Can't you imagine how proud his de- 
scendents will be of him when they find out the above facts 
about him? 

The reader will please refer again to the two reasons why we 
have good times and "easy money" and hard times and "tight 
money." You can see it worked again. 

And then, that Emergency Law? Who was in a bad fix? The 
people ? No ! They were well and busy trying to make both ends 
meet, but the poor bankers, they had loaned all their money out 
at such legal usurious interest compounded that strange as it 
may seem, it not only ate up all the principal, but mortgaged all 
the available property. Then the banks had to create the emerg- 
ency so they could foreclose a lot of farms, businesses, and 
homes. In other words, they had to liquidate their self created 
jams in order to clear the decks for further loans. With the 
panic, they could scare Congress into giving them another special 

Well, some day maybe the poor dumb American people will 
wake up to this kind of "racket" and when they do — but we 
must get on — for it won't be long now before the money chang- 
ers will have all that new money loaned out and they will have 
another NEW special privilege framed up into the securing of 
which they will attempt to scare and bribe Congress. 

But who is this our long range telescope picks up at the rail 
of the Great Steamer, plowing up the Hudson into New York? 
We will just peep over his shoulder when he shows his passport. 
Jumping Jehosaphat, would you believe it? None other than 
Paul M. Warburg, himself! The Jewish banker right from the 
holy of holies of all money changers — Temples on the Rhine at 
Frankfort, Germany, the Rothschild Temple, itself ! Well, now 
maybe this fellow can "figger" out something in the way of 
money-changing for us over here, what with all our periodical 
shortage of money. Not only can he, dear reader, but he does! 
And how ! Of course, he speaks a little broken, but his arms are 
all right so he gets along first rate. 

And then 1912-1913 came along and, said the bankers to the 
people who asked loans, "You know, boys, I can let you have 
only half as much money as you will need on the new work you 
have planned; you know, money is getting pretty "tight" again, 
and you know these dreaded 'business cycles'; they just keep 
coming around, can't be helped, though, I guess. Kinda like poor 
people and taxes; guess we will always have them with us!" 

"But did you hear of that new bill up before Congress, that 


'feller' Glass tells about? Calls it the Federal Reserve Act, or 
something like that. And what do you think," said the slippery 
banker, "if we just had that law passed, we would never have 
any more 'tight money' and hard times. You fellers better write 
your Congressmen and Senators to be sure to vote for it, and 
maybe soon you can get the other half of the loan you want to 
go ahead with your work." 

And by multiplying that conversation by millions and getting 
the 'kept press' to ballyhoo night and day, and all the Chambers 
of Commerce in the front row with the boosters and greeters as- 
sociation, seconded and parroted by all the service clubs all over 
the country, the mighty Federal Reserve Act, the ultimate of 
the ultimates, the last word in banking and death to all panics 
and hard times, was passed December 23, 1913. 

And now, in 1934, who do you suppose we hear lauded as the 
father of the Federal Reserve System? Give up? Well, believe it 
or not, Mr. Paul M. Warburg, himself; none other. The gentle- 
man who was coached and trained by the high priests of the 
money changers in all the intricate and complicated money 
manipulation trickery known to the "House of Rothschild on the 
Rhine" and who had been in our country only six or eight years 
before he became the "father" of the "monstrosity" (The Fed- 
eral Robbers Act). 

And does it work, this money changers' last word in banking 
practice? Does it make panics impossible? Does it make money 
plentiful at all times? Does it keep our farmers and industries 
running at a paying rate? Well, dear reader, look about you and 
see the effect of the "last word" put over on us by the "House 
of Rothschild" and decide for yourself. 

It is said in well informed circles now that the Federal Re- 
serve System was especially prepared for us, and rushed through 
Congress just in time to have it working smoothly so WE 
WAR, that they, the Morgans, the Warburgs, the Schiffs, the 
Kuhns, Loebs, the Seligmans, the Monds, the Sassoons, the 
Rothschilds, and other Money Changers of their kind are said to 
have had in preparation boiling and stewing for years and were 
just about ready to cut loose, and which was "cut loose" in 
August, 1914. And they claim to pray to the same God that we 
do ! Certainly it must be that the same God can never favor 
them and us at the same time, under such an inhuman system as 
the Federal Reserve System has proven to be. 


The Federal Reserve 

To begin with, the Federal Reserve System in spite of the 
name, "Federal," is a PRIVATELY owned banking system. 


NOT ONE dollar of stock in the system is owned by our govern- 
ment as the name would imply. 

Will the reader kindly let his mind travel back to the found- 
ing of the FIRST big LEGAL bank spoken of in an earlier chap- 
ter, the Bank of England? Same story — privately owned. Then 
again, the First Bank of the United States — the same thing 
again. Sounded like the government owned it, didn't it? And 
again, the Second Bank of the United States, ditto — privately 
owned. Then later, a slight change, but still confusing and mis- 
leading. The National Bank Act, allowing charters of "National 
Banks." The same old thing again. Deception — make believe — 
confusion. Then the crowning glory of all "The Federal Reserve 
System" or as some people call it, "The Federal Robber System." 
The same old stuff again, and if the reader will start asking his 
acquaintances who o\\tis the Federal Reserve Bank he will 
likely be surprised at the great number of people that really be- 
lieve that they are owned, or at least controlled, by our Federal 
Government. So the idea of the name really works, and does as it 
is intended to do — confuse and mislead the people into thinking 
the banks are owned by the government. 

Well, the foreign money changers should know what will and 
what will not work. They have had uninterrupted experience 
since the establishment of the Bank of England. Deception, 
make-believe, confusion have ever been among the chief tools of 
the money changers. 

The reader's attention is again called to the ADVANCE- 
MENT in methods, and what the Money Changers had gotten 
out of the Government in the way of laws and privileges com- 
pared to what they received with their charter for the Bank of 

You will remember, of course, that at first, they were not so 
far removed from the time it was a heavy fine to loan money at 
usury, and near the time also when the old Jewish money 
changer had seven teeth extracted, one each day, until he paid 
his fine for practicing usury ; so they were naturally more timid 
in those days. But as time went on, and more and more people 
borrowed money, and also as more and more people got into the 
loaning business, it became semi-decent and finally is now con- 
sidered as "honorable" business, at least hy some. Can you beat 
it? But to get on with the matter of privileges asked of the gov- 
ernment by the money changers with the passing of the years : 

The Bank of England loaned all its capital to the government 
and was allowed to print and issue (themselves) an equal amount 
of currency but remember, the Bankers had to print their own 
money and also redeem it themselves, in gold and silver, and 
were allowed to loan it only once. 

The First and Second Banks of the United States charter 
allowed the banks to deposit government bonds with the Treas- 


urer, which the bank got interest upon, and the banks were 
allowed to issue currency on the bonds which currency was 
printed for the banks by the government at a cost of $62.50 for 
$100,000.00 in currency and they were charged only one-half (Vo) 
of one (1%) per cent by the government, so the reader can 
readily see that if the banks had not loaned a cent of the new 
money, they would have been ahead anyway. 

Then the National Bank Charter provided for the bank to 
have 90% of the value of the bonds deposited issued to them in 
currency, printed at cost by the Government and redeemable by 
the Government. This was soon changed to 100% issue of cur- 
rency. Then what? Hold on to your hat, dear reader! They were, 
through the checking system, allowed to loan this money, not 
once or twice, but seven to ten times over each year, by not 
being compelled to keep more than 10% average of the money 
on hand at any time for a reserve. 

Well, that was so easy and worked so well that they soon got 
the same privilege with their Depositor's money! Then that 
wasn 't enough ! Next, they got as you will remember, the privi- 
lege of putting up commercial or corporation bonds to issue cur- 
rency against bonds that they had been able to buy at most any 
old price from nothing to something, instead of having to buy 
government bonds. But still it was so easy, they might just as 
well have more and bigger and better "privileges." 

So comes Mr. Warburg, from the "House of Rothschild on 
the Rhine" and what small privilege does he, as a foreign money 
changer of the worst type (for us at least) figure out as a proper 
thing for the dumb American farmer and laboring man to give 
him and his gang of banketeers? 

Well, friends, this is the beginning of one of the blackest 
chapters of our beloved America's history. 

If we, as American citizens, descendants of the valiant pa- 
triots of Bunker Hill and Valley Forge and New Orleans, are 
able to extricate ourselves from this awful mess of a banking 
privilege and mire of bonded indebtedness, it will simply be be- 
cause we arise in our wrath and hurl these foreign money 
changers from the "House of Rothschild on the Rhine" and 
London right back to where they came from and with only what 
they came here with, and nothing more ! 

"Privileges" of the Federal Reserve Banks 
To begin with, the Federal Reserve Banks not only got a 
charter to do banking, but a right to make all National Banks 
join their system and also to deposit 6% of their total capital 
and surplus with the Federal Reserve Banks TO GIVE THEM 

Think of it! Such a colossal nerve. And they get away with 
it. The Act also provided that State banks may "join up" with 
the Federal Reserve System on like terms. It is a wonder they 


didn't make the State banks give them half of their capital! 

What the money changers were after, of course, was absolute 
control of all banks in the United States, and they are fast get- 
ting them, as many of the State banks, so it is said, have been 
forced into the system in one way or another. 

The following most excellent outline of the operation of the 
Federal Reserve System is quoted with permission from the 
book "Spiking the Gold" by Andrae B. Nordskog, and will give 
the reader the real "low down" on the "Act," 


"When a member bank applies to the Federal Reserve 
Bank for re-discount on its commercial paper, such paper must 
be accompanied by 40% in gold; that is, if an application is 
made for a loan of $1,000 collateral consisting of 60% com- 
mercial paper and 40% of gold must be deposited with the 
Federal Reserve Bank. On this collateral the Federal Reserve 
Bank may apply to the United States Treasurer for the issu- 
ance of $1,000 worth of Federal Reserve notes ; in exchange for 
this new currency the Treasurer may require a deposit of not 
to exceed 5% of the gold included in the 40% deposit held by 
the Federal Reserve Bank. The law does not say that the 
Treasurer may require 5%, it merely says that he may require 
not to exceed 5% ; so he may, according to law, reduce this 
requirement to one-half of one per cent, or to nothing if he 
thinks this is the discreet thing to do. And this is all of the 
protection that is given to the people of the United States in 
exchange for the billions of dollars worth of currency which 
is turned over to the private corporation, known as the Fed- 
eral Reserve Bank which is controlled by the Wall Street 


On each Federal Reserve Note is printed the following: 
'Redeemable in Gold on demand at the United States Treasury 
or in gold or lawful money at any Federal Reserve Bank.' 
and in letters many times as large is printed THE UNITED 
STATES OF AMERICA will pay to the bearer on demand 
FIVE DOLLARS. ' The Federal Reserve Bank may, within an 
hour after receiving new crisp Federal Reserve Note currency 
from our U. S. Treasury go back to the Treasury and demand 
Uncle Sam's GOLD in exchange for the currency, only an 
hour before issued to the Federal Reserve Bank for as small a 
deposit as 5% or less of gold; and this 5% of gold is kept in 
the vaults of the Federal Reserve Bank and not in the U. S. 
Treasury according to the statement made to the author by 
an officer of the Federal Reserve Bank. This 5% of gold, if that 
much is laid aside for this kind of security, is held in the 
vaults of the Federal Reserve Bank by the Federal Reserve 


Agent who acts as a go-between for the Federal Reserve Bank 
and the Government ; this agent is appointed by the Federal 
Reserve Board ; his salary is paid by the Federal Reserve Bank 
and he has his office in the Federal Reserve Bank. 

"It will be noticed that the inscription on the Federal Re- 
serve Notes provides that the notes are redeemable 'in gold on 
demand at the United States Treasury,' but they are redeem- 
able in gold or other lawful money at any Federal Reserve 
Bank.' The significance of this subtly worded but well defined 
discrimination may not be apparent at first glance ; but when 
you consider that in trying to obtain gold for these notes at 
the Federal Reserve Bank, you may be advised that you cannot 
obtain gold, and that you will have to accept other kinds of 
paper money which is termed lawful money ; you may then 
begin to see the reason for this provision in the law. The Fed- 
eral Reserve Bank may take these same notes to the United 
States Treasury and demand Uncle Sam's GOLD and get it, 
even down to the last available dollar which may be in the 
Treasury vaults. The Federal Reserve Bank may then take 
this gold from Uncle Sam's vaults and ship it to foreign coun- 
tries ; the Federal Reserve Bank has sent gold abroad to the 
tune of hundreds of millions of dollars ; having shipped at 
times, at the rate of more than 100 million dollars in gold per 
week to other countries. It has been repeatedly said by the 
daily press of this country that Uncle Sam has FIVE BILLION 
DOLLARS in gold stored in the vaults in Washington, D. C. ; 
the fact is, that it is less than that by THREE BILLIONS of 
dollars; recent reports show that it has been approximately 
one billion, seven hundred million dollars which is held by our 
U. S. Treasury, and, should the Federal Reserve Bank want to 
do so, it could call in its issue of Federal Reserve Notes and 
demand gold from our Treasury in exchange therefor and de- 
plete our gold supply." 


"The Act also provides that national banks may deposit 
U. S. Gold Notes in lieu of gold with the Federal Reserve Bank 
in exchange for an issue of Federal Reserve Notes ; in this way 
the bank making such application to the Federal Reserve Bank 
may convert a 40% currency supply into a 100% supply by 
accompanying the 40% gold deposit with 60% of commercial 
paper and by this method increase its earning power 150% 
over the old system. A bank with $100,000 worth of U. S. Gold 
Notes could increase its currency supply to $250,000 by ob- 
taining Federal Reserve Notes, and, by resorting to the com- 
mon practice of loaning out the bank's credit to the extent of 
ten dollars for each dollar it possesses, could increase its loan- 
ing powers from One Million Dollars to Two and One-Half 
Million Dollars." 


The reader can readily see by the foregoing that about all the 
"privileges" left for the money changers to ask for, would be 
to have a nice brass ring put into each one of our noses, in order 
that they could absolutely "control" the most minute action of 
each individual. But there may just be a few clauses in our good 
old Constitution, that the foreign money changers are not entire- 
ly familiar with, and then again there may yet somewhere be just 
a few sparks of the old love of home, and liberty, and country 
alive in our land, and such things may grow fast and furious 
when fanned too strenuously by the dominance, arrogance, and 
contempt of the same Foreign Money Changers. 


The World War 

The World War came on as per schedule, financed at the ex- 
pense of the American farmer, laborer and other classes that 
bought bonds "till it hurt" and all through the entire holocaust, 
the money changers were taking their millions of blood money, 
to swell their ever growing loot, and to bind the nations of the 
whole earth in a morass of indebtedness the like of which the 
world had never before witnessed, all as per schedule also. 

The War end, found Germany and her Allies prostrate and 
helpless, and the international trade of England, France, Ger- 
man}^, and other nations practically annihilated, as all efforts of 
the combatants had been exerted to win the War. Then the ter- 
ritory of the Central Powers was divided into numerous small 
nations, later to be proven also to have been engineered by and 
for the purposes of the International Money Changers. 

Russia was politically destroyed and her Royal Family and 
hundreds of thousands of intelligentsia or upper and educated 
and professional people were murdered, and other millions forced 
to starve — all in order that a serfdom might be fastened upon 
that nation in the name of "Communism," said to have been 
accomplished with money furnished by the International Money 
Changers, as part of their world plan of conquest. 

America then, of all Nations, with her greatly accelerated 
and developed "production line" factories, was in a premier 
position to be further exploited in the guise of a "Foreign Trade 

The trade of other Nations, before mentioned, at a standstill, 
our factories were "tuned up" and our most efficient "Bond 
Salesmen" were also "tuned up" and we were sold Billions of 
foreign bonds from all over the world, to enable the foreign 
countries to buy our merchandise ! We were completely propa- 
gandized into trading our "birthright" of natural resources, 


manufactured into usable articles, for a mess of Foreign Pottage 
not even of gold, but of beautifully lithographed PROMISES 
TO PAY GOLD ! And they mostly remain promises today ! 

"Will the reader pause and shut his eyes for a moment and try 
to visualize anything more ridiculous and asinine? Can't do it? 
No, and no one else can, now that it has happened. And who do 
you suppose engineered the DEAL of unloading all those Bil- 
lions of Dollars worth of Foreign Bonds upon a trusting Ameri- 
can public? Ask the Senate Investigating Committee about such 
things, they know. The House of Morgan, the Fiscal Agents for 
the Bank of England, and other foreign Money Changers, in- 
cluding Seligman Brothers, Kuhn, Loeb & Co., Dillon, Read & 
Co., together with many other "Big Money" boys were proven 
through their powerful banking connections to have apportioned 
the bonds out to smaller banks all over the country, and they 
had no choice, but accept and peddle their apportion to an un- 
suspecting and propagandized public, who had been led to trust 

And did the smaller banks come out handsomely in the end 
with their helping of the Foreign Money Changers' Racket? 
Well, to date, records show that one-third of all banks in the 
United States, some 10,000, have gone broke in the last ten years ! 
"He that lives by the sword, shall perish by the sword," seems 
to work out here, doesn't it? 

During the World War, the Federal Reserve System had 
brought about an inflation of the currency by the great power 
that the Federal Reserve Act had given them, and by 1920, on 
June 30th, the Federal Reserve "money" or "greenbacks" issued 
by them stood at $3,250,173,000.00. This had, of course, put wages 
up, and prices of all commodities as well as land values, as that 
little thing of an adequate supply of money is all that the Ameri- 
can people have ever needed to bring about so-called "Good 
Times" and prosperity. 

So, when the Federal Reserve had "dished out" the money, 
high prices and high wages were the order of the day. But this 
was not to last. The money changers had floated billions of 
stocks and bonds and they wanted to float billions more, so com- 
modities must come down, that is, what the fanner had to sell ! 

In seven years operation the Federal Reserve Banks had been 
able to do pretty well for themselves, as by 1920 they had worked 
up their net earning power to about 160 per cent as an average 
for the twelve banks. Not bad for a start, was it? 

The original Federal Reserve Act was not entirely sordid — ^in 
it was a trace of kindly feeling for poor old Uncle Sam, for he 
was to get about half of the net earnings. They soon got over 
this, however, with a series of "amendments" enacted by a 
"friendly" congress (we wonder what it cost to keep them 
friendly). The act now gives the Federal Reserve banks all their 


earnings, and leaves poor old Uncle Sam only the "privilege" of 
making for them (the Federal Reserve Banks) the nice new 
greenbacks at practically no cost, for them to loan out to Uncle 
Sam's "boys" and "girls." 


"American Peasants" 

In the meantime, however, when the World War closed, the 
American farmer was "sitting pretty," so he thought, but the 
money changers had other plans for him : Two Dollar Wheat, 
Four Hundred Dollars an Acre Land, and other prices in propor- 
tion, were not to be thought of for the farmer. Wasn't he just a 
"Clodhopper," who worked around in the dirt and raised things? 
Why should he have all these good things that such high prices 
could get for him? Automobiles, telephones, silk shirts, and some 
of them even bath tubs! The very idea of those "hicks" having 
such things! Indeed, as Mr. Barney Baruch, the "behind the 
scenes advisor" of many presidents, is said to have declared, 
ICA ? ' ' And so the money changers proceeded to start the Ameri- 
can farmers on their way to being a PEASANT CLASS ! ! 

That was in 1920, and the "modus operandi" or the "how to 
do it" was by the way of DEFLATION! 

And how do you sujjpose, dear reader, that this deflation 
business can be carried out? Your memory, at this time, must be 
refreshed again quoting paragraph 15 of the circular sent out by 
Ikelhiemer, Morton and Vandergould, bankers of New York, 
quoted previously as to the privileges of the banks, given them 
by the National Bank Laws : 

"National Banks are privileged to either increase or con- 
tract their circulation at will and, of course, grant or withhold 
loans as they see fit. As the banks have a national organization 
and can easily act together in withholding loans or extending 
them it follows that they can by united action in refusing to 
make loans, cause a stringency in the money market and in a 
single week cause a decline in all the products of the country. 
The tremendous possibilities of speculation involved in this 
control of the money of a country like the United States, will 
be at once understood by all bankers. ' ' 
The reader will see by the above article that the Money 
Changers surely had the power to do as they pleased with the 
monej^ system of our country, and also knew just what the con- 
sequences Avould be. That article, of course, was written about the 
"National Bank Act" of 1863, but, of course, it would work 
vastly better under all the increasing privileges and powers since 


obtained from Congress by the Money Changers and still better 
with all the power the Federal Reserve Banks were able to wield 
over the other banks of the Nation. 

Now to do it and not get caught at their nefarious work was 
to take a little more deception and make believe, even though it 
was to cost a few million dollars. What was a few million dollars 
to the "Federal Robbers System" (pardon our mistake) PVderal 
Reserve Sj'stem, when all they had to do was "let" the Govern- 
ment issue it for them. Besides, the reader must not forget that 
we still had at the time the highly trained (in the inner shrine of 
the Money Changers' Temple, the "House of Rothschild on the 
Rhine") Paul M. Warburg. 

He with his "sidekick," Eugene Meyer, could surely work 
out something that the dumb American public would stand for 
and not get too curious about. In this connection the reader will 
be well rewarded by turning again to the two circulars on pages 
73 and 74 of this book, said to have been ])ut out by the Secre- 
tary of the American Bankers Association from their office in 
New York, one in 1877 and the other in 1893, telling the bankers 
throughout the country just what their part would be and how 
to do it. 


The Money Changers Take the United States 
to the Cleaners 

So the Money Changers organized a "corporation" to do 
their dirty work, presumably because corporations do not have 
' ' souls, ' ' and would not have to go to hell and burn f orevermore, 
as the Money Changers might have to do. This corporation was 
called the "Bankers' Statistics Corporation" and it was to hire 
wise-looking professors "that needed the money" and other 
"economic experts" to cook up a lot of "statistics" and reports 
to use as an "Anesthetic Argument" on those little bankers and 
on the public to make the banker help, and the public believe, 
be still, and not "holler." 

This plan, of course, was to do the deflating by "classes," 
starting with the farmers, to make a "peasant" class out of them, 
knowing, of course, if thej" deflated the whole country at one 
time, some "smart guy" might get wise and "spill the beans"! 
We find a most excellent description of this episode by Mr. 
Nordskog in his book "Spiking the Gold," which we quote as 
follows : 

"The Carnegie Institute created a department of Economics 
and set aside a fund of $1,600,000.00 for this work ; Mr. War- 
burg was made one of the trustees of the fund. The Bankers 


Statistics Corporation employed Professor E. W. Kemmerer of 
Princeton University, well known economic expert, to make an 
analysis of the proposed deflation program and he presented 
his views in the form of a book which was later used by the 
Federal Reserve Board as a semi-official document to guide that 
board over the rough seas of deflation. 

"The introduction to Professor Kemmerer 's book was writ- 
ten by Frank A. Vanderlip, former president of the National 
City Bank of New York, and Mr. Vanderlip says, in part : 

" 'Professor Kemmerer shows why prices must ultimately 
are no more important questions demanding our attention today 
than these, and an effort to put them squarely before the pub- 
lic in simple, clear and conclusive manner is worthy of the 
highest praise and the great success. Professor Kemmerer 's 
book is a most useful contribution to a very vital subject.' 

''In his book (which is entitled High Prices and Deflation) 
Professor Kemmerer says : 

" 'In general it has taken it (the wealth) from the creditor 
and given it to the debtor.' 

"He was referring to the inflation of currency which was 
made possible under the Federal Reserve Act which was to 
act as a panacea for all economic ills; but they found that it 
was so good for the working people of this country and the 
business-men (shopkeepers as the Wall Street bankers called 
them) that it was deemed most expedient to take this newly- 
found wealth away from the debtor class and put it into the 
pockets of the creditor class, the bankers. The Professor, in 
referring to the dangers confronting the debtor class in deflat- 
ing currency, says: 

" 'Among the evils of falling prices so strongly featured in 
the monetary discussions of the last two decades of the nine- 
teenth century, three stood out prominently. They were : 

" *(1) The injustice of a falling price level to the debtor 

" '(2) The depressing effect of a falling price level upon 

" ' (3) The influence of a falling price level in reducing the 
demand for labor and thereby increasing unemployment and 
depressing wages. 

" 'A falling and prospectively falling price level is depress- 
ing to business. It throws a wet blanket over industry. 

" 'The third evil result of a substantial and continuing 
decline in the price level is its harmful effect upon the welfare 
of labor. This is a natural result of the depressing effect upon 
business just described. "When business holds back in antici- 
pation of falling prices, the demand for labor declines and 


men are laid off. Increasing unemployment causes hardship 
and is a potent factor in forcing down wages and weakening 
the hold of trade unions on their men. Labor naturally re- 
sists wage reductions, even though the price level is falling, 
and this means that a period of falling prices is likely to be 
characterized by many labor troubles.' " 
The reader can readily see by the foregoing that the Federal 
Reserve Bankers knew just what they were about, and knew all 
the troubles "deflation" would cause, but, of course, Professor 
Kemmerer said prices ultimately must come down and even told 
them how, so "of course it wasn't their fault" if things went 

And believe it or not, right in their "book of knowledge" by 
Professor Kemmerer as quoted, we can also see the wherefore of 
the new name for a "deflationary period." Heretofore we had 
always had just "hard times" or "panics," but since there was 
to be a "bigger and better" one, it must have a new name, so 
the Money Changers casually lifted it out of the "kindly" Pro- 
fessor's book. Note what he says are the three "evil features" 
of a deflation: "The DEPRESSING effect of a falling price level 
upon business," "DEPRESSING wages," and "DEPRESSING 
business." And that just about covered everything, thought the 
Money Changers, so they called it a "DEPRESSION!" 

On May 18, 1920, the Money Changers of the higher "Denomi- 
nation" had a "deflation party" or meeting in Washington, 
D. C. Again quoting from "Spiking the Gold" by Mr. Nordskog, 
on that meeting: 

"Mr. James A. Alexander, president of the National Bank 
of Commerce of New York City, attended this deflation meet- 
ing and urged an immediate deflation of currency by at once 
raising the re-discount rate from the prevailing rate of 6% to 
7%. Mr. John T. Scott, president of the First National Bank of 
Houston, Texas, did not agree with Mr. Alexander that 'credit 
was a luxury and hard to get,' but urged a program of defla- 
tion ; he said, ' I think we should, and must bring about a rea- 
sonable degree of deflation or contraction.' He further stated 
to his fellow bankers : 

" *I see nothing in the situation to justify the fear of such 
a commercial crisis or financial catastrophe as we had either 
in 1873 or in 1890, or 1907. If anything of that sort comes, IT 
charge of the banking and commercial interests of the country, 
and I do not believe they are GOING TO BUNGLE IT.' 

"In this we concur, we have no quarrels with the bankers 
on this point ; they stated that if their deflation program re- 
sulted in a catastrophe, THEY ALONE WOULD be to blame 
for it ; and they should be made to face the music. The loss 
to the farmers alone on account of this deflation program, con- 


sidering the drop in land values and low price levels, has been 
in excess of FIFTY BILLIONS of dollars, or nearly double the 
cost of our participation in the "World War. 

"The bankers caused our appraised property values to drop 
from more than 300 BILLION DOLLARS down to 150 BILL- 
ION DOLLARS. They thought they would not bungle it, but 
they did BUNGLE IT; and bungled it terribly; they have 
ruined our nation. If you do not think so, just take a look 
at one of our major cities, Chicago, which today is admitted 
by its own public officials to be hopelessly bankrupt. On May 
1, 1932, there was an aggregate amount of 690 million dollars 
due in taxes in Chicago and Cook County, of which 340 million 
dollars has been past due since 1928, 1929, 1930, and 1931. With 
two-thirds of the value squeezed out by the deflating-bankers 
the taxpayers are paying a tax rate three times as high as it 
was before the deflation took place, that is why it is difficult if 
not impossible for them to pay their taxes. 

•'$520,000,000 Deflation in 1920" 
"The race was on; the bankers adopted the deflation pro- 
gram ; in less than a year they had withdrawn 520 million 
dollars from circulation; that was in actual cash (currency. 
Federal Reserve notes) which was destroyed. In 1921 the same 
amount was withdrawn from circulation and destroyed in the 
same manner. Later withdrawals brought it up to a total of 
two billion, nine millions of dollars at one time ; and to these 
cash withdrawals must be added the withdrawals of the credit 
which are based on the cash ; during a period of fifteen months 
from the fall of 1930 and including the fall of 1931 the banks 
withdrew credits to the tune of more than eight billions of 
dollars. Considering that we had a total cash circulation of 
approximately five billion dollars before the deflation program 
began, the withdrawals amounted to 40% of all our cash. This 
left us but 60% of the money with which to buy goods which it 
had cost 100% to produce. The natural law caused price levels 
to drop. When the money is lifted out of one side of the scale, 
that side will go up, and the other side containing the price 
of wheat will go down. That is why $3.00 per bushel wheat 
went down to 17 cents. The index of commodity prices, com- 
pared to the pre-war index of 1, stood at 1.54 in 1920, but was 
hammered down under the pressure of the bankers' deflation 
program to .68 in 1931 ; this included a list of more than 550 
different commodities including real estate. 

40,000 Commercial Failures Estimated in 1932 

"In 1920 there were but 8,800 commercial failures in the 

United States. Following the withdrawal of one billion, forty 

millions of dollars in 1920 and 1921 and the destruction of this 

money by the Federal Reserve Bank there were 16,500 com- 


mercial failures in 1923 ; the number of failures steadily in- 
creased under the deflation program and in 1931, there were 
26,500, and according to a recent report in Dun's Review, com- 
mercial failures are taking place in the United States in 1932 
at the rate of 40,000 per year ; this includes some of the largest 
and oldest business concerns in America." 
After the reader has finished the foregoing and still is unable 
to see just how the Banker and Money Changer is able to get 
control of all the money, we will just mention the little word 
USURY, that is the heart of the whole business, as is most clearly 
shown in Elliot's work on Usury, page 182, and reads as follows: 
''One cent loaned January 1 A. D. 1, drawing interest at 
the rate of 6% compounded annually, on January 1, 1895, 
would amount to $8,498,840,000,000,000,000,000,000,000,000,000,- 
000,000,000,000. (8,497,840,000 decillions of dollars). To pay 
this in gold 23 and 1/10 grains to the dollar, using it in spheres 
of pure gold the size of the earth, would take 610,070,000.000,- 
000,000 such spheres to pay the debt." 
The following are the sums that $1.00 will amount to in 100 
years, loaned at the rates of interest mentioned and compounded 
annually : 

At 1 per cent 2.75 

At 2 per cent 19.25 

At 3 per cent 340.00 

At 10 per cent 13,809.00 

At 12 per cent 1,174,405.00 

At 18 per cent 15,145,207.00 

At 24 per cent 251,799,494.00 

And at 50 per cent it would eat up the world. 
Cannot the reader now understand upon reflection why it 
was that all through the 1920 to 1929 period, farmers were all 
having a bad time, and why all the banks in the farming com- 
munities were going broke, while manufacturers were going 
"big" and stock and bond sales and the stock market were 

The answer is that the Money Changers of the High Temple 
of the Federal Reserve ("Robber") System were deflating the 
farmers through the farm banks by forcing them to call loans 
and curtail loaning privileges. And the rest of the country was 
to follow when they, the Money Changers, had successfully prop- 
agandized them all into mortgaging all their assets and buying 
worthless foreign bonds, and time payment automobiles, and 
frigidaires, etc., etc. In October, 1929, this being effectively ac- 
complished, they set their "Bears" to work on the Stock Ex- 
change selling "short" and down went "McGinty," the Stock 
Market, to the bottom of the "Pit." 

The reader can no doubt well remember that, and the new- 
fangled "hard times" we have had ever since, euphoniously 
called the "Depression." 


Of course, there were a few who escaped the 1929 "crash" 
with a little money, so the Money Changers slowed the "crash" 
down from time to time with wonderful messages like "Pros- 
perity is just around the corner," and "Rockefeller and Morgan 
are now buying large blocks of stock," thus baiting the remain- 
ing suckers back into the market and "cleaning" them also. 

And then along comes Mr. Roosevelt with a "New Deal." 
"By Golly," says the "D. A." (Dumb American), "that sounds 
good, that may be just what we need." Not stopping to ask him- 
self if he could eat it, wear it, or otherwise raise a family on a 
"New Deal." 

Then March 4, 1933, rolls around and we find the banks in a 
race seeing who could close first ! 

Twelve to seventeen million men out of work, and one hun- 
dred and twenty million out of patience, and with not much of 
anything left but "hope." 

President Roosevelt obligingly started to work with the banks 
by closing all of them, and proceeded to "muff" the greatest 
chance a single human being has ever had, to do a grand and 
noble thing for his country, the one great thing our country has 
needed badly since 1863, when the immortal Lincoln was forced 
under the stress of a civil war to accept the accursed National 
Banking System of the Foreign Money Changers. 

And that one thing was, while he had the banks all closed, 
simply to take the whole country into his confidence on the radio 
and tell them (the people) the real truth about the Money Chang- 
ers, and their nefarious banking schemes, and ask Congress to 
pass a law taking over all banking by our government and issu- 
ing money in the form of FULL LEGAL TENDER GREEN- 
BACKS, loaning it out to business and industry at cost, and start- 
ing great public works programs with it also. 

He could have had all of the great mass of people and a great 
share of the large bankers themselves, and 75 per cent of the 
smaller ones with him body and soul, and a returning prosperity 
such as we have never before witnessed, the gratitude of the 
entire nation, and later the whole civilized world, as soon as other 
people saw how it would work. 

Does the reader ask, "Why in the world didn't he do it?" 
Well, dear reader, do not feel lonesome, other millions have asked 
and still ask, the same question, and likely future generations 
will still be asking— " Why ? " 

After a time all the banks that still had any money left were 
allowed to open, but the thousands with "frozen assets" stayed 
closed. "Frozen Assets" — now that is a new kind of an "Asset," 
in the financial field, isn't it? It is said that the way they came 
to be called "frozen assets" was when so many of the smaller 
banks ran out of money and were called on for their loans at 
the Federal Reserve, they would take various assets of corpora- 


tion stocks and bonds, and pretty foreign bonds to the Federal 
Reserve and ask for "loans" on them, or "re-discount" as it is 
called. All they received from the Federal Reserve Banker was 
an "icy stare," no cash! So those "no loan" assets became 
known as "frozen assets." Many millions of indi^'iduals seem 
to be burdened with these "frozen assets" they cannot get a 
loan on. 

The next big thing in the New Deal was labeled N.I.R.A. The 
critics of this part of the "New Deal" have this to say of its 
action: "It ruins the small business man by suspending the 
action of the Sherman Anti-Trust Act against collusion and price 
fixing; permits a great deal of the new activity known as "Chis- 
eling," raises prices of commodities to the consumer without giv- 
ing him more money with which to buy, and thereby lowers sales 
volume. Consequently it hinders instead of helps business." 

The New Deal seems to have been planned with the same idea 
as the money racket, namely, the scarcer a thing is the higher 
prices one can get for it. The "brain trust" seems never to have 
thought of a way in which a "consumer," the really "Forgotten 
Man," would be able to buy more commodities at an increased 
price, to employ more men, in factories to make more commodi- 
ties, to sell, to get more money to employ more men, etc., without 
he, himself, the consumer, getting more money with which to 
buy. But perhaps we forget! Maybe the "Brain Trust" meant to 
start the "buying" by the government borrowing money to pay 
the farmers for seven millions of hogs to be killed and put into 
fertilizer or into the river, and to plow up millions of acres of 
wheat and cotton so he (the farmer) could grow less, and have 
less income to buy more commodities, at a high price — but no, 
that doesn't make sense ! No, certainly not ! Neither do most other 
plans put forth so far, for a "planned recovery" by "evolution." 


The Gold Bill 

Then, along comes the "Gold Bill," heralded as a real measure 
to raise commodity prices (so that we can buy more of them 
without more money with which to buy), "devalue" the dollar, 
stabilize the money value in relation to foreign monej^ and what 

As this is a rather complicated matter, it may be well to leave 
its analysis to a man who has had many years of experience in 
such matters and has been paid by the people for it, and earned 
his salary, having been chairman of the Banking and Currencj' 
Committee of the House of Representatives of the United States 
Congress for some years, and should certainly know what he is 


talking about, the Hon. Louis T. McFadden, Representative from 
Pennsylvania, the same gentleman who, when opposed for re- 
nomination by the forces of the Money Changers, was, by being 
able to tell his constituents the simple truth, re-nominated, and 
returned to Congress, not only on his own ticket, the Republican, 
but also the Democrats'. 

Since fellow citizens of his home state have so much confi- 
dence in him, may we not listen to him with respect and see how 
the Gold Bill will work? This speech was made before Congress 
on January 24, 1934, and may be found in the Congressional Rec- 
ord of that date (but not in the newspapers; do you wonder 

Mr. McFadden said: 


Seventy-third Congress, Second Session 

Franklin D. Roosevelt, the Apostle of Irredeemable 

Paper Money 


of Pennsylvania 

In the House of Representatives Wednesday, January 24, 1934. 

Mr. McFadden. Mr. Chairman, a citizen of the United States 
has asked me to explain for his benefit and for the benefit of 
other United States citizens the real meaning of the Roosevelt 
gold bill, the bill which the House passed last Saturday by 360 
votes to 40, with 32 Members not voting. 

Mr. Chairman, a law against the Constitution is void. The 
gold bill creates a nullity. Old John Marshall said that the words 
of the Constitution are not to be twisted out of their plain, every- 
day meaning. The Constitution says Congress shall have power 
to coin money and to regulate the value thereof. This, Mr. Chair- 
man, means that Congress has power to make coins of metal and 
to stamp the true value upon each one of them. It does not mean 
that Congress shall refuse to furnish the people of the United 
States with an adequate coinage, and it does not mean that a 
theoretical amount of uncoined metal shall be called a coin. A 
coin is an object which may be seen and felt and even heard if 
one tests the ring of it. 

Mr. Chairman, the gold bill attempts to cut out, delete, and 
destroy that part of our great written Constitution pertaining to 
the power of Congress to coin money and to regulate ; that is, to 
stamp on the metal coin the value thereof. The bill is unconsti- 
tutional on its face because it seeks to nullify the Constitution. 
Moreover, it is a bill which is contrary to the common law and 
to the law of custom upon which the common law rests. It at- 
tempts to legalize robbery. It attempts by force to deprive the 
people of the United States of their right to the currency of the 
Constitution. It gives the international bankers power to send 
the gold belonging to the people of the United States to a place 


of deposit reserved to themselves in Europe. Mr. Chairman, the 
gold bill cannot become a valid law by any constitutional means. 

Now, Mr. Chairman, let us look at the bill to see if the legal 
hirelings of the Bank of England and their agents, the Federal 
Reserve Board and the Federal Reserve banks, have been able to 
disguise its purpose. Let us see if they were able to clothe the 
grisly skeleton of their greed with echoes of glib religiosity, 
moral precepts, economic jargon, and shop-worn tags of speech, 
according to the fashion set by the present administration. The 
first thing that meets my eye is the title. We read : 

A bill to protect the currency system of the United States, 
to provide for a better use of the monetary gold stock of the 
United States, and for other purposes. 

It is indeed a bill to protect the present currency system of 
the United States, but it is a bill to protect it from the just wrath 
of United States citizens. It is a bill to save for the Federal Re- 
serve Board and the Federal Reserve banks their gigantic monop- 
oly of a special paper currency which they steal from the Treas- 
ury and upon which they charge the people of the United States 
a heavy toll of interest. It is indeed a bill to provide for a better 
use of the monetary gold stock of the United States if better use 
means the issuance of two sets of obligations against one piece of 
security. It is indeed a bill for "other purposes," and those are 
purposes which the proponents dare not mention. 

Among the purposes of the gold bill not mentioned in the title 
is that of pretending to take into the Treasury the gold now held 
by the Federal Reserve Board and the Federal Reserve banks 
and a great effort has been made to have it appear that the Fed- 
eral Reserve banks are unwilling to surrender the gold they now 
hold to the United States Treasury. This effort is dishonest for 
two reasons. First, the Federal Reserve Board and the Federal 
Reserve banks have already made a profit of some billions of dol- 
lars out of the President's gold seizures and those billions were 
stolen from the people of the United States ; and, second, the 
transfer is fictitious. The President sought to convince Members 
of Congress that the Federal Reserve banks were resisting his 
efforts to have the Treasury take possession of the gold, but one 
of the members of the Federal Reserve Board spoiled that argu- 
ment by declaring that the Federal Reserve Board had asked the 
President to have the Treasury take the gold. 

You see, Mr. Chairman, under this bill the United States 
Treasury has to pay for the gold. Although the gold belongs to 
the people and was taken away from their bank deposits and 
their cash registers and their pocketbooks in the first place and 
put into the Federal Reserve banks, and although the Federal 
Reserve banks tricked and fooled the people into giving it to 
them for Federal Reserve currency, which they now refuse to 
redeem, and although that gold does not belong to the Federal 


Reserve Board and the Federal Reserve banks, the United States 
Treasury has to pay the Federal Reserve Board and the Federal 
Reserve banks for it. Well, how does this bill propose to pay the 
Federal Reserve outfit, how does this bill provide that the Gov- 
ernment shall take over the stolen goods? It provides that the 
United States Government shall give the Federal Reserve Board 
and the Federal Reserve banks new gold certificates to the full 
value of the loot. The gold certificates will give the Federal Re- 
serve Board and the Federal Reserve banks legal title to the gold, 
and the United States Treasury will be nothing more than its 
physical custodian. The Secretary of the Treasury will give the 
Federal Reserve banks gold for their new gold certificates when- 
ever they ask for it. It is a fraudulent transfer. 

When the individual citizens of the United States were re- 
quired to surrender their gold they were required to surrender 
their gold certificates as well as their gold coin and bullion. The 
Federal Reserve Board and the Federal Reserve banks are pri- 
vate corporations, but they did not obey the gold orders. They 
did not surrender any gold coin, gold certificates, or gold bullion. 
On the contrar3% the gold which was commandeered from the 
people was given to them as a free gift, and now, after they have 
taken into their possession all the gold belonging to the people 
they are ready to make a pretended transfer of that gold to the 
Government. Evidently there is law for the common man and 
no law for the Federal Reserve Board and the Federal Reserve 
banks. The common man must toe the mark, but the Federal 
Reserve Board and the Federal Reserve banks are the agents of 
the Bank of England, and the law, it seems, does not apply to 
them. Many of the officials of the Federal Reserve outfit have 
had charges of impeachment brought against them, but those 
charges have not been investigated. 

The Federal Reserve outfit now has in its possession gold coin, 
gold certificates, and gold bullion. But this bill does not require 
them to surrender their present holdings of gold certificates. 
After this bill becomes law, if such a catastrophe should occur, 
the Federal Reserve Board and the Federal Reserve banks will 
still hold their present gold certificates. They may exchange 
those gold certificates for gold between the time this bill becomes 
law and the day the President makes his proposed devaluation 
proclamation. Is not this gift of over $1,000,000,000 in gold a 
great treasure to bestow upon the Federal Reserve Board and the 
Federal Reserve banks — the corrupt and sinister organization 
which has bankrupted the country ? Does this not make favorites 
of the financial crooks who control it? 

Mr. Chairman, all the gold in the possession of the Federal 
Reserve Board and the Federal Reserve banks belongs to the 
people of the United States. During the last 20 years, under the 
vicious Federal Reserve Act, they have taken it from the people 


in exchange for Federal Reserve currenej" and it has not cost 
them one penny. Now they come forward to make a pretended 
transfer of the people's gold coin and bullion to the United States 
Treasury. Not one pennj' of the gold they pretend to transfer to 
the United States Treasury is owned by them ; every dollar of it 
belongs to the individual citizens of the United States. The 
United States Treasury is to buy it on credit and to pay for it 
with new gold certificates. How does this transfer title to the 
United States Treasury? Can the Congress lend itself to such 
a transaction? Last May I stated that, in my opinion, the 
people's gold, unjustly impounded in the Federal Reserve banks, 
should be placed in the people's Treasury, but I did not state 
that it should be placed there as the property of the Federal Re- 
serve Board and the Federal Reserve banks, to be withdrawn by 
them with gold certificates and to be made exportable from the 
United States Treasury to the Bank for International Settlements 
in Europe. What this bill proposes to do in connection with the 
President's message suggesting that this United States gold may 
be sent to Europe to be kept in the Bank for International Settle- 
ments with the loot of the central banks of other countries is 
one of the greatest fiscal frauds in history. It is one of the big- 
gest swindles of all time. 

Again. Mr. Chairman, as you very well know, the Federal 
Reserve Board and the Federal Reserve banks had paper cur- 
rency outstanding to the extent of about $5,000,000,000 when the 
present administration came into power. That currency was re- 
deemable in gold. It constituted the people's title to all the gold 
held by the Federal Reserve outfit. It constituted a first and para- 
mount lien on all the assets of the Federal Reserve Board and the 
Federal Reserve banks. Instead of taking over the gold and the 
assets of the Federal Reserve Board and the Federal Reserve 
banks, including the great hoard of L^nited States wealth which 
they have hidden in foreign countries, and honestly administer- 
ing those assets for the benefit of the people who had been de- 
frauded by the Federal Reserve Board and the Federal Reserve 
banks, the President of the United States unlawfully relieved 
the Federal Reserve Board and the Federal Reserve banks from 
their legal liability to redeem their Federal Reserve currency in 
gold, or in lawful money convertible into gold, and from the sur- 
render of all their assets. Every dollar that was unlawfully taken 
from the people of the United States by Roosevelt's gold order 
was given to the Federal Reserve Board and the Federal Reserve 
banks in preparation for this great steal, this wholesale robbery 
of the masses for the benefit of the privileged few. And now that 
American citizens have lost their gold, an entirely fictitious trans- 
fer has been arranged to deceive the people. Mr. Chairman, the 
President may underrate the mental capacity of the American 
people as much as he likes, but I venture to say there is no man 


in the United States so dumb that he cannot understand how this 
bill tricks and deceives him. 

The Federal Reserve Board and the Federal Reserve banks 
have profited to the extent of $5,000,000,000 or more by being 
released from their obligation to redeem their oustanding 
$5,000,000,000 of paper Federal Reserve currency in gold. They 
have profited by having had over a billion dollars in gold certifi- 
cates saved to them. They have profited during the last 20 years 
by the criminality of the Federal Reserve Board, which never 
charged them one penny in interest on the great mass of Federal 
Reserve currency they have taken from the Government. They 
have profited from their own wrongdoing by the unlawful crea- 
tion of fictitious claims against the United States Government 
and the giving of those claims to foreigners, and they have 
profited by their control of all the public revenues. And now 
they come forward with a scheme to sell the gold they have taken 
from the American people to the Treasury for new gold certifi- 
cates which will give them a legal title to that gold and permit 
them to do as they please with it. An era of corruption is cul- 
minating in one of the greatest crimes that has ever been perpe- 
trated against the people. Mark my words,, Mr. Chairman, there 
will be trouble here if this bill becomes law. 

Why, Mr. Chairman, this fiscal fraud, this crime is so stupen- 
dous that the instigators and manipulators of it did not dare to 
have all the transactions performed by one man. Each man did 
his part and then got out of Washington pretending that he dis- 
agreed with the President's money policy or pretending that he 
was ill. William H. Woodin, who sat beside Albert H. Wiggin 
on the board of the Federal Reserve Bank of New York and 
who acquiesced in and helped to perpetrate the financial mis- 
deeds which bankrupted the country, is now hiding in a western 
sanitarium. Dr. Sprague, the tool of the international bankers 
and an employee of the Bank of England, was, in my opinion, 
put into the Treasury to resign at a certain time and to create 
uncertainty in the minds of the people by the manner of his go- 
ing and his subsequent articles pleading for sound money. Mr. 
Chairman, all the bickering and the resignations and the artful 
propaganda that has been thrown around the monetary policy of 
Franklin D. Roosevelt cannot disguise the fact that he was se- 
lected by the international bankers to carry on the work they 
started with the great depression ; that is, the pauperization of 
the masses and the seizure of American property for their own 
use and benefit, and that he has lent himself to their schemes by 
unconstitutionally demanding and assuming the dictatorial pow- 
ers which will enable him to carry them out. 

Another purpose of this bill not mentioned in the title is the 
transference of a very large quantity of United States gold to 
the Bank for International Settlements. One of the chief objects 


of the gold policy of the present administration is the sending of 
gold taken by force from its lawful American owners to the Bank 
for International Settlements in Europe, where it will be kept 
with the property of the central banks of the world. According 
to the Hague convention, under which the Bank of International 
Settlements was formed, gold deposited in the vaults of the Bank 
for International Settlements is safe from seizure. Our gold, when 
it goes there, will certainly be safe from seizure by the United 
States. The Bank for International Settlements is dominated by 
the Bank of England. It is not on American soil. It is in Europe. 
American gold, therefore, will be kept in Europe. It will be 
placed where none of the wage slaves of the United States will 
ever be able to acquire any of it. It will be the capital and means 
of oppression of that international superstate, that financial 
superstate, which has been after Uncle Sam's gold money ever 
since the wealth of this country attracted the attention of greedy 
European bankers and brought them flocking over here to set up 
the suction pumps of the Federal Reserve Board and the Federal 
Reserve banks. 

The Bank for International Settlements is an international 
bankers' bank. It is a central bank of central banks. The interna- 
tional bankers, who brought about the depression, have been 
drawing gold to themselves from the common people of every 
land. It is their intention to use that gold for their own purposes. 
They propose two kinds of money. Gold — the real money — is 
what they intend to have for themselves, and paper money, which 
has no intrinsic value in itself, and which is made out of nothing 
and is worth nothing unless it can be redeemed by the holder in 
gold — that is for the common people, or, as they call us, the 

Franklin D. Roosevelt, the high priest of repudiation, the 
apostle of irredeemable paper money, and the man who intends 
to send United States gold out of the United States to a place 
where no American citizen can claim it, this Franklin D. Roose- 
velt characterizes all those who do not agree with his monetary 
policy as mules. If that is true, what an awful mule President 
Woodrow Wilson must have been. Concerning Andrew Jackson, 
Wilson said : 

"He had no idea of allowing the country to undertake the 
fatal experiment of an irredeemable paper currency." 
This is the fatal experiment Franklin D. Roosevelt has under- 
taken. This is a part of his policy of "bold experimentation." 
Not long ago he told the people at Savannah that George Wash- 
ington, like himself, was an experimenter. Mr. Chairman, there 
are no points of resemblance between George Washington and 
Franklin D. Roosevelt, experimental or otherwise. George Wash- 
ington did not take orders from money changers. He did not rob 
the people of their gold. George Washington abhorred dishonor 


in all its forms. He would have died before he would have violat- 
ed his oath of office or tampered with the Constitution of the 
United States in the manner of Franklin D. Roosevelt. * * * 

Now, Mr. Chairman, let us hear the true purpose of the 
$2,000,000,000 fund which this bill proposes to set up. I quote 
from the prophecies of Henry Morgenthau, Mr. Baruch's Secre- 
tary of the United States Treasury, as shown by the following 
article which appeared in the Washington Times of January 16, 

"Treasury Sees United States Need of Blue Chips 
"When you play poker you want just as many blue chips 
as the other fellow. 

"That, in a man's language, was the gist of Secretary Mor- 
genthau 's summing up of the Roosevelt proposal for a $2,000,- 
000,000 stabilization fund to protect the currency of the United 

"In other words, the American Government is engaged in 
probably the greatest gamble of all time. The stake is the 
credit of the United States. 

"To Equal British 

"When asked why a figure of 2,000 millions for the stabil- 
ization fund had been asked, Morgenthau said : 

' ' ' We figured we might need an amount substantially equal 
to the British stabilization fund. 

" 'If we are going to play, we must have as many chips as 
the other fellow. 

" 'We want every piece of machinery the other countries 
have. We want to be in a position to buy gold and to sell gold. ' 

"The 2,000-million stabilization fund will be derived from 
the Government's profit on the debasing of the value of the 
dollar to from 50 to 60 percent of the normal valuation. 

"Fund From Profits 

' ' If the debasement is 50 per cent, the profit to the Govern- 
ment will be $4,000,000,000 in round numbers. A 60-cent dollar 
will mean about 2,666 millions in profits. 

"Out of these profits will come the stabilization fund to be 
administered by the Secretary of the Treasury, the remainder 
being available for any Government expenditure. Morgenthau 
said : 

" 'It is possible that the mere existence of the fund will be 
sufficient to carry out the law which requires that the Secretary 
of the Treasury maintain all lawful money of the Government 
on parity with gold.' 

"The Secretary of the Treasury is charged with the re- 
sponsibility of administration of the fund to carry out that 
purpose. If any particular type of currency issued — United 
States notes, for instance — should become depreciated in value, 


the Treasury would go into the market and buy a sufficient 
quantity of that currency to maintain its parity. Operations in 
the foreign markets to protect possible depreciation of the 
dollar would be similar." 

Let this quotation from Morgenthau go down into history. 
Long from now some curious investigator of the present age of 
witchcraft and magic in the "White House may unearth it and 
reconstruct the financial history of the "new deal" from it, as 
science from a single part reconstructs the entire animal. 

Mr. Chairman, it is not the gambler's voice in Mr. Morgen- 
thau 's confession which most deserves political attention. We are 
becoming accustomed here to gambling terms as they are em- 
ployed by the executive branch of the Government, and we can 
well understand that the Executive and his favorites must of 
necessity speak the lingo of their kind. This is a gambler's ad- 
ministration, and all the "big shot" gamblers are here to revel in 
it. Mr. Roosevelt does not deny his gambling propensities. He is 
a "new dealer." He is "on his way," but he "doesn't know 
where he is going." He is for a policy of "bold experimentation," 
just as Samuel InsuU was for a policy of bold experimentation. 
He has not been Ben Smith's patron all these years for nothing. 
But, Mr. Chairman, there is something apart from the vice of 
gambling to be observed in Mr. Morgenthau 's utterance, and that 
is its entire untruthfulness. He would have us believe that the 
United States is on one side of the fence and Great Britain on the 
other. That, of course, is not the case. The United States has been 
placed in a position of financial servitude to Great Britain, and 
Mr. Morgenthau 's loud-sounding propaganda is designed to con- 
ceal that fact from the people. Great pains have been taken to 
conceal it. It would be very damaging to this administration if 
certain people in the United States should find out about the 
great sums of United States money which have been sent to 
England during the past summer. Those funds were appropriated 
by the Congress for the people of the United States. 

Mr, Chairman, why should tax money paid by American citi- 
zens be sent to London? When England makes her periodical 
gesture of insult toward the United States by paying a small 
installment on the war debt she owes us, she pays us in debased 
coins, in "token" coins, to be exact. But when Mr, Roosevelt 
sends American money to England he sends it in gold or its 
equivalent. When Mr. Morgenthau obtains his "kitty," for this, 
I have been told, is what he called the proposed stabilization 
fund at the White House a week ago last Sunday evening, Ameri- 
can funds will be fed to Europe more expeditiously and with less 
secrecy than such operations now require. If Congress puts the 
people's property into a "kitty," someone, if he cannot be the 
knight of the bedchamber, can at least pose before royalty as the 
knight of the "kitty." 


Mr. Chairman, understanding that Henry Morgenthau is re- 
lated by marriage to Herbert Lehman, Jewish Governor of the 
State of New York, and is related by marriage or otherwise to 
the Seligmans, of the international Jewish firm of J. & W. Selig, 
man, who were publicly shown before a Senate committee of in- 
vestigation to have offered a bribe to a foreign government ; and 
to the Lewissohns, a firm of Jewish international bankers ; and 
to the Warburgs, whose operations through Kuhn, Loeb & Co., 
the International Acceptance Bank, and the Bank of Manhattan 
Co. and other foreign and domestic institutions under their con- 
trol, have drained billions of dollars out of the United States 
Treasury and the bank deposits belonging to United States citi- 
zens ; and to the Strauses, proprietors of R. H. Macy & Co., of 
New York, which is an outlet for foreign goods dumped upon 
this country at the expense of the United States Government, 
which is compelled to issue paper money on the said foreign goods 
of the Strauses ; and that Mr. Morgenthau is likewise related or 
otherwise connected with various other members of the Jewish 
banking community of New York and London, Amsterdam, and 
other foreign financial centers, and that he has as his assistant, 
presiding over public funds, Earle Bailie, a member of the firm 
of J. & W. Seligman, bribe givers as aforesaid, it seems to me 
that Henry Morgenthau 's presence in the United States Treasury 
and the request that Congress now give him a $2,000,000,000 
"kitty" of the people's money for gambling purposes is a strik- 
ing confirmation of the statement made by me on the floor of the 
House on May 29, 1933, which statement was as follows : 

"* * * Now, Mr. Chairman, we have come to the place 
where we must decide whether we shall serve God or Mammon. 
Shall we nullify the Constitution at the behest of the money 
changers who have unlawfully taken all our gold and lawful 
money into their own possession or shall we take a stand here 
in defense of the faith of our fathers? Mr. Chairman, my mind 
is made up. I will stand by the Constitution. If I should fail to 
do so, I should expect to be met at the train when I go home 
to my district by a delegation of honest Pennsylvania citizens 
with 50 or 100 feet of rope. I should expect to be escorted to 
the nearest tree to be taught what it means to vote for a nulli- 
fication of the Constitution in the House of Representatives. 

"Mr. Chairman, the provisions of this repudiation bill were 
foretold by a writer in the Dearborn Independent some years 
ago. There is, therefore, nothing novel or original about them. 
The writer of the article in the Dearborn Independent made 
the following quotation prophesying some of the measures 
which have been introduced here by the President of the 
United States : 

" ' (2) Confiscation of money in order to regulate its circu- 


" ' (3) We must introduce a unit of exchange based on the 
value of labor units, regardless of whether paper or wood is 
used as the medium. We will issue money to meet the normal 
demands of every subject, adding a total sum for every birth 
and decreasing the total amount for every death. 

" ' (4) Commercial paper will be bought by the Government, 
which * * * will grant loans on a business basis. A measure of 
this character will prevent the stagnation of money, parasitism, 
and laziness, qualities which were useful to us as long as the 
Gentiles maintained their independence, but which are not 
desirable to us when our kingdom comes. 

'' * (5) We will replace stock exchanges by great Govern- 
ment credit institutions, whose functions will be to tax trade 
paper according to Government regulations. These institutions 
will be in such a position that they may market or buy as 
many as half a billion industrial shares a day. Thus all in- 
dustrial undertakings will become dependent on us. You may 
well imagine what power that will give us. 

" ' "Remember that when next you hear the Jewish plan 
that 'Gentiles' shall do business with their own bits of paper, 
while Jews keep the gold reserve safely in their own hands. K 
the crash comes, 'Gentiles' have the paper and the Jews have 
the gold. Says protocol XXII : We hold in our hands the great- 
est modern power — gold; in 2 days we could free it from our 
treasuries in any desired quantities." ' 

" 'The Jews are economists, esoteric and exoteric: They 
have one system to tangle up the "Gentile," another which 
they hope to install when "Gentile" stupidity has bankrupted 
the world. The Jews are economists. Note the number of them 
who teach economics in the State universities. Says protocol 

" ' "We will surround our Government with a whole world 
of economists. It is for this reason that the science of economics 
is the chief subject of instruction taught by the Jews." ' 

"Mr. Chairman, have not most of these predictions come to 
pass? Is it not true that, in the United States today, the 'Gen- 
tiles' have the slips of paper while the Jews have the gold and 
lawful money ? And is not this repudiation bill, a bill specifical- 
ly designed and written by the Jewish international money 
changers themselves, in order to perpetuate their power? What 
else do you make of it, Mr. Chairman? Does it not cancel the 
war debts? Does it not defraud the holders of Liberty bonds 
and every other obligation calling for the payment of money? 
Does it not defraud the veterans of the World War and take 
the value out of their adjusted-compensation certificates?" 
Mr. Chairman, do you not see in this "kitty" bill the identical 
features outlined in the Protocols of Zion? Do you not see the 
Protocols of Zion manifested in the appointment of Henry Mor- 


genthau as Secretary of the Treasury ? It is not by accident, is it, 
that a representative and a relative of the money Jews of Wall 
Street and foreign parts has been so elevated? 

Why, Mr. Chairman, this "kitty" bill takes the hitherto ob- 
scure young Henry Morgenthau and makes of him a central bank 
of the United States. It makes of him a central bank, an institu- 
tion which Jefferson declared is one of deadly hostility to the 
free institutions of the United States. It exalts him above all 
other men. Under the powers to be granted him, his conduct is 
not subject to review or control by any other officer of the United 
States Government, not even the President. 

What this "kitty" bill really does is to slide into the hands of 
Henry Morgenthau the emergency powers which Congress grant- 
ed to the President. Those powers will not lapse. Instead, they 
are being slyly and dishonestly transferred to the bankers and 
after the bankers, in the person of Henry Morgenthau, have ex- 
ercised them long enough to get the gold of the United States 
into their exclusive possession and to transfer it to their den of 
thieves, the Bank for International Settlements, Congress may 
take back its constitutional power over the currency, but it will 
have nothing left to exercise it on. The monetary gold of the 
people of the United States will, like the sons of the people, be 
buried in a foreign field. 

Mr. Chairman, if you, as one of the party in power, are think- 
ing of remaking the world so that the old America we knew and 
loved is to be no more ; if you are one of those who is counte- 
nancing the placing of this country under the British Crown and 
the pooling of all American resources with those of England and 
Soviet Russia ; if you are one of those to whom a title of nobility 
appears to be more desirable than plain citizenship in the Re- 
public founded by George Washington, I trust that you will some 
day descend from the Speaker's chair and let us know the rea- 
sons for your preference. If, on the other hand, you are not what 
these words depict, I trust that you will come down to the floor 
and tell us how constitutional government is to be maintained in 
this country if the plutocratic managers of the Democratic Party 
continue their efforts to destroy it. You, if anyone, should be able 
to give the people of the United States an answer to this question. 

Under this administration the result of the American Revolu- 
tion has been reversed. The United States has become an eco- 
nomic vassal of Great Britain. The once proud Republic of the 
United States with its great charter of human freedom, the 
Declaration of Independence, and its written Constitution, which 
had kept it free and independent for over 140 years, and its flag, 
first made by the hands of Betsy Ross in Philadelphia, and its 
national anthem, born within earshot of the British guns that 
shelled Fort McHenry — all these, like the American dollar, were 
brought down from their high estate. 


"Oh, say, can you see by the dawn's early light 
What so proudly we hailed at the twilight's last 
"Mr. Chairman, you know very well that you cannot see that 
flag there as it used to be. Others started very cautiously to pull 
it down. But it was Franklin D. Roosevelt, in his unlawful and 
unconstitutional assumption of dictatorial powers, who finally 
lowered it and tore it from its standard." 

Now that the "Gold Bill" is explained and the reader knows 
why he "turned in" his gold, and what became of it, what about 
that "Soldiers' Bonus" we used to hear so much about? Have 
our Congressmen forgotten the "boys" that "made the world 
safe for democracy," or was it safe for the Money Changers? 
We, as a nation, are pledged by law to pay them their "bonus" 
or "compensation" certificates in 1945, and they surely need it 
now if they ever will ! Will the reader please remember how 
President Lincoln issued sixty million dollars in Full Legal Ten- 
der "Greenbacks" and paid his soldiers! 

Would the reader like some real authority on this subject? 
Then listen to Robert H. Hemphill, financial authority and edi- 
torial writer on financial matters in the Hearst papers and a 
really profound student on such matters. Writing in the Hearst 
papers of March 17, 1934, Mr. Hemphill has the following to say : 

"Sound Money" 

"During the month of February, 1934, we imported $371, 
347,100 in gold. 

"We paid for it with 'fiat' money. Treasury notes of the 
United States; 'printing press money'; 'paper money'; 'green- 
backs ' ; irredeemable in gold, silver or any specific metal ; law- 
ful money of the United States — 'fiat' money in every sense 
of the word. 

"We have now no other kind of currency. 

"It is the best money in the world. 

"Despite the unlimited quantity offered in exchange for 
gold, and the threat inherent in our huge secret stabilization 
fund, it has been so far almost impossible to prevent our 'fiat' 
money from commanding a constant premium over its theo- 
retical par in exchange for the most prized possession of Euro- 
pean Nations — their gold. 

"It is very important to remember this. 

"We are rapidly approaching a situation where the gov- 
ernment MUST issue additional currency. 

"It will very soon be the only move remaining. 



"Immediately upon a revival of the demand that the gov- 
ernment increase the supply of currency, we shall again be 
subjected to a barrage of skillfully designed and cunningly 
circulated propaganda by means of which a small group of 
international bankers have been able, for two centuries to 
frighten the peoples of the civilized world against issuing their 
own good money in sufficient quantities to carry on their neces- 
sary commerce. 

"By this simple, crude, but amazingly successful device 
these 'money changers' — parasites in a busy world intent on 
creating and exchanging wealth — have been able to preserve 
for their private and exclusive right the monopoly of manu- 
facturing an inferior substitute for money which they have 
hypnotized civilized nations into using, because of their press- 
ing need to exchange goods and services. 

"We shall never recover on credit. Even if it were obtain- 
able, it is uncertain, unreliable, does not expand in accordance 
with demand, and contracts unexpectedly and for causes un- 
related to the needs of commerce and industry. 

"Demand deposits cannot be loaned to commerce and in- 

"Many bankers have known this for a long time. 

"It required this depression and the complete freezing of 
the whole banking system to teach the rest, but with a very 
few exceptions, they have all learned. 

"I am convinced that the NRA experiment is running into 
a jam. It has developed into a wholly different doctrine than 
the original conception. 

"Having failed to stimulate recovery, the present idea is 
to distribute nonexistent profits from one group to another. 

"Under any system of reasoning, the purchasing power, 
however, will remain the same. 

"Instead of providing for expansion, which means the 
creation and exchange of more wealth, its underlying philoso- 
phy is the creation and exchange of less wealth. 

"It is difficult to believe adult human beings at any stages 
in the development of civilization could be led into serious 
consideration of a system founded on such an absurd doctrine. 

"We need in circulation $250.00 per capita in permanent 
uncontractible currency, deposited in depositaries and payable 
on demand, to sustain the standard of living to which we had 
arrived in 1927-29, to pay the then prevailing prices, wages 
and costs ; to produce incomes and restore the property values 
of that period. 

' ' It makes no difference how this currency is put into circu- 
lation. We are all producers and we are likewise all consum- 
ers ; each one of us buys from all of the others. 


"If one thousand million of new currency is thrown into 
circulation anj^where in the system, it becomes almost imme- 
diately distributed throughout the nation. 

"It increases the transactions of the nation an average of 
36,000 millions per year, and because we all buy the same 
things in the same order of preference, our business increases 
in the normal manner, first the necessities of life, next the 
necessary luxuries, and lastly capital goods. 

"We are all so anxious to produce and trade our products, 
our goods and our services, with our neighbors, that we will 
accept almost any kind of money which we have a fair chance 
of passing on for the things we want. 

"In our present situation the issue of additional currency 
is the only way out. ' ' 

Is there any good reason that Congress cannot or should not 
do this now? — or pass a bill to "remonetize" silver? Is there any 
reason why that should not be done either? 

Yes, dear reader, there is, and that reason is — "The control 
of our whole country by the Foreign Money Changers through 
the Federal Reserve System of Banks, that have the power to 
issue unlimited amounts of their own "greenbacks" redeemable 
by our government, and to withhold loans and call loans and 
inflate and deflate the currency and the country at their own 
pleasure and for their own profit ! ! 

STAND FOR SUCH A CONDITION; when all they need is a 
safe, sane, reasonable plan of economic security and "United 
Action" to put it into operation? 


The Research Finished 

Well, it was a gruesome story I had been able to dig up in 
the Congressional Library and other sources, since the spring of 
1933, and it was a continuous wonder to me that the rotten 
crookedness and corrupting of Legislators and the extending of 
the grasp of the "money changers" into our financial and busi- 
ness system could have gone on year after year, and generation 
after generation getting progressively worse, with a mountain of 
bonded indebtedness growing higher and higher, with the chains 
of national mortgage debts growing closer about the life of our 
people year after year, and not to be stopped somewhere, some- 


I finally came to the conclusion that it was only for one fact 
— our country had been so vast in extent and productiveness, 
that their systems could continue to repeat until all new territory 
was exhausted. As one territory was opened up and settled and, 
then a few years later, through hardship, privations, and endless 
toil, the people had developed their lands enough to borrow 
money and mortgage them, they did so at the urge of the bankers 
and the high power sales forces of the farm machinery and other 
industries who were greedy to extend their own increasing busi- 

Then in the course of seven to ten years, with a little hard 
luck, sickness, drought, frost, hail or grasshoppers, the farmers 
failed to pay their mortgages and would have them foreclosed 
for half the value of the farm, and so be obliged to move on to 
some other new strip of territory, to repeat the process all over 
again, and their hard won farms so became "tenanted" places, 
rented out by the "Money Changers" to less progressive and 
less fearless farmers. The real crisis not coming, of course, until 
all the productive lands had been taken up and no more expan- 
sion was possible anywhere for the unfortunate victims of a 
vicious and relentlessly controlled system of money manipula- 

It took a great and fearless people to do this pioneer work 
of our glorious past. And honest, hardworking people they were ; 
Indian fighters one day and farmers the next in the earlier days, 
and the later days a class that is so graphically and excellently 
described in the book, "With a Lantern in Her Hand." The days 
that the older people will yet remember was told of in the song 
that ran something like the following: 

"You can hear the hungry coyote, 
As he sneaked up through the grass. 
Round my little old sod shanty. 
On the claim." 

How heartless ! That a system could be allowed to exist that 
could take homes from such people, by a managed shortness of 
money, after they, by hard and fearless work, had carved them 
for themselves from the wilderness. 

It was true, at times there would arise a group of people who 
seemed to have some idea of what was the matter, but they 
mostly, like the "freesoilers" and others, and finally the "Great 
Commoner," Bryan, from Nebraska, with his free silver cam- 
paign in 1896-1900, never could get their programs over, but it is 
easy for one to see now, that they, nearly one and all, were only 
seeking to treat symptoms or effects instead of causes, never 
getting clear down to the bottom and digging up the real under- 
lying cause of the whole ghastly crime that had been so ruthless- 
ly sapping the very life blood of our Nation ; THE POWER OF 



The people, of course, were being blinded, hoodwinked, and 
led away from the real menace, by insidious propaganda, grow- 
ing worse from year to year as the money interests extended their 
control of newspapers, and also their growing control of big 

With the control of business the money interests controlled 
the advertising put into the newspapers. When they could not 
own the paper, they could and most always would, control and 
influence their editorial policy, and worst of all, prohibit any- 
thing even of news value being printed that might tend to cast 
reflections or doubts on their nefarious and inhuman grasp on 
the money and commerce of the nation. 

The saddest part of all, of course, was that our 'Legislators' 
could be and were, beyond a shadow of a doubt, continually 
bribed one way or another by money changers, (with money or 
to get social advantages for themselves and their families), to 
pass and put into effect legislation to aid and further the dia- 
bolical schemes of the foreign Money Changers. 

This bribery and connivance was very adroitly done, of 
course, so that legal proceedure likely could not have been suc- 
cessfully used against them, but there is positively no other way 
than the aforementioned one of bribery and corruption of legis- 
lation, in which their infamous schemes and laws could have been 
put across. 

As time passed and more and still more banks were opened, 
these were controlled from the top of the system, and as more 
large business and manufacturing concerns came into their hands, 
the officers and employees of all these were forced to become 
henchmen and propagandists for the Money Changers, as they 
must all eat and live and have a living for their families, and 
must have work to do, so with all the help, willingly or unwill- 
ingly, given by their employees, the small bankers, the indus- 
trialists, and newspapers, and magazines, and finally the crown- 
ing glory of propaganda, the movies and radio, the Money 
Changers came into their own by leaps and bounds. 

The task which I had set myself — namely, to search out and 
assemble facts bearing upon the continuous conspiracy to en- 
slave the people everywhere through manipulation of money and 
credits — was now finished. What an aggregation of villainous 
acts were here recorded — seemingly in overabundance, but cer- 
tainly quite sufficient to convince any intelligent citizen that our 
present monetary system, and the economic wreckage caused by 
it, are the composite result of all these conspiracies operating 
against and damning society. 



The Virginia Plantation 

Fatigued as I was from long research and study, I was very 
happy to accept an invitation to spend a month with some dear 
friends who had a few years before established themselves upon 
an old Virginia plantation, within a short day's automobile 
journey from Washington. 

I arrived there the latter part of May, 1933, and a more beau- 
tiful and ideal place in which to rest and write could not have 
been found. The place was old but of fine construction, and I 
was given a beautifully situated room on the ground floor, with 
southern exposure, having a large French door that opened into 
an exquisite garden of fruit and flowers that was certainly con- 
ducive to rest and quiet I needed so badly after my strenuous 
work in Washington. 

My friend and his wife (they had no children) were fairly 
well to do, having accumulated enough to keep them comfort- 
ably, had retired there to the quiet and beautiful valley to enjoy 
a few years of life, while yet young enough to enjoy it, a thing 
most people neglect to do until it is too late. The farm made 
them a comfortable living, and as help was very reasonable, they 
did not have to overwork themselves, and were really living the 
lives of the "Gentle folks of the Old South." 

I had been there only a short while and had gotten my manu- 
script in fair shape, but was not satisfied with it myself; it 
seemed woefully incomplete and the thought occurred to me 
many times, that at sometime, this whole diabolical scheme of 
binding our Nation, in a mountainous debt of economic slavery, 
could have been stopped and a system of some kind put into 
effect, whereby our people could have gone onward and upward 
in a free and happy expression of their lives, in their own indi- 
vidual way, being always and at all times well able to earn a 
comfortable living, educate their children, and prepare a compe- 
tence for their declining years, when their earning power waned, 
and be able to enjoy the sunset of life as a reward for work well 

All this seemed wholly possible in a land of abundance, and 
especially since our producing power had increased so tremen- 
dously, and I could see no reason at all why, that the more we 
produced, the poorer we got as a nation, or to put it into a more 
truthful and definite phrase — the more we produced, and the 
more machinery we invented to do our work for us, the deeper 
into debt we went ! 

Even with the new environment I could not keep my mind 
from returning again and again to the circumstances surrounding 
the time of the "Great Emancipator" and his work and action, 


and especially that letter to Col. Taylor about the "Greenback" 
being the "Greatest Blessing" our people had ever had bestowed 
upon them. His thought upon all other matters had been so clear, 
righteous, and unselfish, that he must of necessity have had far 
different plans for our immediate future, than those under which 
our Government was operating at the close of the war, and just 
before his tragic and untimely death. 

Then also a plank in the platform on which he was elected in 
1864, declared for a National Currency. Just what kind of a 
system could he have had in mind? Or was he willing to give 
the bankers most anything they wanted if thereby he could save 
the Union? 

Again and again my mind would ponder upon the strenuous 
days and sleepless nights he spent in the early years of the war, 
with the question of financing war operations ; his jubilant and 
thankful letter to Col. Taylor for devising a way to relieve the 
situation, then soon to have the crisis arise again ; the fight in 
Congress over the "Exception Clause" in the "Greenback" 
issue with its final adoption and the excuse it offered, the Money 
Changers discounting and depreciating the greenback money 
and destroying its purchasing power and value, under a law made 
especially for the purpose, of course, then the harried and wor- 
ried President being forced to accede to the establishment of the 
same nefarious Bank Law that had twice before been killed and 
thrown out, by his illustrious predecessors in the presidency, 
Jefferson and Jackson. 

Surely, being the student that he was, with his wisdom and 
judgment, he must have known all that had gone on before, and 
the reasons for the opposition of Jefferson and Jackson and all 
the other fearless patriots of former years to such a system of 

Such a student of the Constitution as he, and so shrewd, he 
surely knew such a law was unconstitutional. If he had only 
lived — with the war over, and with four years more in which to 
do things — but he didn't live. He was killed!! Murdered!!! HE 

Such was my thinking one night as I lay on my pillow, when 
I dropped into a deep slumber. Sometime later I woke with a 
start, the room all light, and standing beside my bed was a gentle- 
man, seemingly of the old school, who bowed graciously, and 
begging my pardon for the intrusion, said he understood I was 
writing a book on the nation's economic situation, and that he 
had some information that might prove valuable to me. If I 
would allow him to do so, he would give me the information and 
be on his way. 

And this is the strange and amazing story revealed to me 
there in the wee small hours of the night, on the Old Virginia 



The Stranger's Story 

I reached for a note book and pencil that lay on a small table 
beside my bed and bade him proceed. 

"You have, of course," he began, "gone quite thoroughly into 
the money question in ancient, medieval, early English and early 
American, and also in our modern times, therefore, you must 
have seen how the thread of control, the methods of procedure, 
the schemes, and the tricks have all come down through the cen- 
turies in an unbroken chain, never becoming more humane and 
just toward the people, but always waxing more severe, more in- 
human, and more oppressive with each succeeding generation. 

"It will help you to a clearer understanding of the system 
and its application if you know and remember that the same 
class of predatory people have been continuously unbroken in 
their line of descent, the principal Money Changers and Money 
Manipulators, handing down their knowledge of money and its 
pernicious and enslaving uses to each succeeding generation, to 
do with, use, and improve upon the wicked, lecherous practices 
of the ages ; to subject other people to their rule and to take 
from them their hard earned produce of the field and factories. 

"It is true, of course, there have been at times, members of 
other peoples, who have learned and used some of the tricks and 
practices of the real money changers, but usually in the end they 
were fleeced by the others with the tricks they had not learned. 
Furthermore these outsiders were not imbued with the necessity 
of handing knowledge of these things down to their children, 
likely preferring to lock up the fact of their use, in their own 
memory, and handing down only the result, or the money and 
riches, they had been able to obtain by their use. 

' ' The members of the other classes who have used some of the 
methods of the 'Money Changers' have increased in number in 
the last few centuries, in fact, the whole civilized world has be- 
come infected with the pernicious practice and in the main have 
been a most helpful tool of the Money Changers, enabling them 
to extend their exploiting methods into fields and circumstances 
with which their type of mind could never cope and for which 
they have no liking. 

"These activities, of course, are in the realm of large scale 
exploitation of natural resources, inventions, and manufacturing 
processes. People like Rockefeller, Lipton, Harriman, Marshall 
Field, and hundreds of others, have been allowed to become very 
rich and powerful in order to produce these vast riches, to be in 
turn manipulated by the 'money changers,' either in ways of 
commerce or in the manipulation of their stocks and bonds, which 
has grown to be one of the large 'rackets' of our day. 


"Then again, in this way the 'Money Changer' can stay in the 
background and escape having the abuse and cry of 'tainted 
money' attached to him, and as he says of himself in much of his 
literature, 'work behind the scenes.' These people are also very 
adept at working 'behind the scenes' as official 'advisors' or even 
'unofficial advisors' of governmental officials in key positions, 
where their advice would accomplish their own ends without re- 
sponsibility for the consequences being laid on them if afterwards 
found out. 

"Many of these 'advisors' are being used today in our gov- 
ernment, in fact, more than in any other period of our National 
existence, which may have some bearing on the condition of chaos 
and depression in which we find ourselves today. 

"So, you will see, there are many angles to our complicated 
stage of civilization from which the 'Money Changer' can work 
his nefarious schemes. Whereas in centuries gone by he had only 
the one graft — loaning money at usury, now his various forms 
of manipulation have so covered up and obstructed the view of 
the common people that his schemes can be and are worked al- 
most unknown and unseen, and when found out, the blame gen- 
erally can be, and is, placed upon entirely different people. 

"These many and varied schemes, of course, work out so as 
to cause depression and deflation periods, to come with ever in- 
creasing frequency and seriousness. 

"You are also aware that the headquarters for all the money 
and credit manipulation of the world is located in England, 
France, Germany and Switzerland ! Orders for the world activity 
originate and are correlated there. Comparatively few men are 
involved in this 'Inner Circle' of personage who plan to rule or 
ruin the world." 

"It may be well to mention that some students of the Bible say 
that "Bible Prophecy" says that these people just mentioned, 
will actually overcome and rule the world for a time, and rule 
with utmost severity, God using them as a rod or means of chas- 
tisement of the other people of the earth, for their transgression 
of His laws and for forsaking His work, but afterward they are 
to be practically wiped off the face of the earth, by the perse- 
cuted and down-trodden people. For we must remember that God 
carries on His work pertaining to man through man's thought, 
words, and actions, and it may well be true that anyone having 
a continuous inner urge to do things for the benefit of humanity 
is receiving his "urgings" from the "Place of the Most High" 
and that he should be about his work and carry it out to the very 
best of his ability, as the light is given him to do so." 

I was awed and amazed by this strange but pleasant person; 
he seemed to have a poise and ease of expression, and a deeper 
knowledge and understanding than it had ever been my pleasure 
to contact before, and I gave him my undivided attention in order 


that I might transcribe his every word. His very being forbade 
any doubt of his slightest utterance or conclusion. 

"To get on with my story," continued the stranger, "thirty 
years previous to the Civil War, there lived not far from where 
we are now, a man, his wife, and one child, by the name of 
Andrews. Their ancestors were of the early emigration from Scot- 
land and northern Ireland, and like many others, these ancestors 
had, by fearless work and hardship, carved them a home out of 
the wilderness, and in time had become a respected family of land 
and slave owners, on their extensive plantation. 

"You are likely questioning now, their ideals and actions re- 
garding slaves, but you must remember that in the South slave 
owning was deemed by the 'best people' perfectly right and 
proper, and one of the objectives toward which the average white 
man strove to attain. Many white men believed that if they own- 
ed a negro, kept him well, let him raise his family and live in 
more or less freedom from responsibility, such a negro was much 
better off than he would have been in a state of barbarism, 
the precarious existence from which he had been taken in Africa. 
There are still some white people who think the same today. 

"This child of Andrews," he resumed, "was brought up a 
'gentleman of the Old South,' in every way; his parents being 
wealthy and he an only child. He was given every advantage and 
perhaps some that he would have been better off without. He was 
given a good education and spent a term in a military school, 
and as was the custom of many people of his class in the South, 
he was sent to England to finish his education and to absorb the 
manners of the 'gentleman.' 

"The youngster, being a good looking chap of excellent bear- 
ing and agreeable personality, with plenty of money, became 
very popular with a certain class in England, and was quite at 
home there. The clubs, as well as the drawing rooms, saw much 
of him, so milch so that he was fast becoming weaned away from 
the land of his fathers, and took on the habits and customs of the 
'leisure' class of England. 

"His graduation time having arrived, he urged his parents to 
make the trip over from the States to be present at the event, 
which they did. Naturally, they were very proud and happy to 
see their youngster grown into such a 'perfect gentleman.' 

"This meeting with their son was destined to be their last, 
however, for the ship on which they sailed for home was lost, 
far out in the Atlantic, with all on board. Thus, left with no 
relatives, the young man had less desire than ever to return to 
his native country. 

"There was a chapter in his life just before he went to Eng- 
land that may have had not a little to do with his going there. 
A love affair with a fickle young lady of Richmond, where he 
attended school, who 'threw him over' for a more dashing and 


richer chap. This experience strangely soured him on his native 
country (but its remembrance had tended to keep him single) and 
he came to look upon the old plantation as just a source of income 
to keep him in luxury without work or worry on his part, as his 
father had obtained the services of a very able superintendent 
to oversee the plantation. 

"Then came the Civil War, when all 'good men and true' 
were supposed to come to the aid of their country. As before 
mentioned, 3'oung Andrews' idea of 'his country' was a place to 
keep him in plenty of money, but he was much concerned over 
the possibility of the slaves being freed and thus losing his in- 
come. Naturally his sympathies were with the South. 

"The call to the Confederate colors of all who had received 
training in the military schools of the South caused young An- 
drews to return to Virginia, and so urgent was the need for offi- 
cers that he was at once made a colonel and put to training 

"It was not many months, however, before he was at the 
front in the thick of the fighting, and it was his misfortune in one 
of the earlier major engagements, to be severely wounded by 
shell fire and which necessitated his being taken to the hospital 
at Richmond. 

"He was much more severely injured than at first thought, 
and doomed to spend many wearj^ months in the hospital, more 
or less neglected, as he had few friends there now, and all of 
them had many friends and their families' wounded to care for, 
and if killed to grieve for. So when time came for him to leave the 
hospital, knowing that he was so crippled that it would take years 
to fully recover, he returned to England, where he could at least 
be away from the strife and immediate worry, never dreaming 
the war would be lost by the South. 

"He had been so disfigured by a scar across his face, and be- 
ing somewhat sensitive about seeing his old friends, he located 
in the south of England at a seaside village where he could have 
care and comforts at moderate cost. Even then he was beginning 
to feel the pinch of the privation of war, as he had tried to do 
his part as had all like him, having bought Southern Confederacy 
bonds and so having much of his money tied up. 

"His recovery being slow, he came to brooding over his con- 
dition, and to in some way blame the Northern States for it, 
and particularly the head of the government of the North, Abra- 
ham Lincoln, as all the papers he read were bemeaning him as a 
'nigger lover' and a man who would free the slaves if he could, 
and, of course, that act alone would practically ruin young 
Andrews, for he felt his fortune and future existence was based 
upon the 'slaves' he owned. 

"He came to feel that if Lincoln could be put out of the way 
the North and South could be induced to go their separate ways, 
and his slaves and property would be saved. 


"I see," the stranger observed, "that you are thinking what 
a very selfish view he was taking, but you must remember that 
most all human beings look at conditions or circumstances from 
their own selfish viewpoint, and I hope you will take into con- 
sideration the facts of the boy's rearing and early training, and 
his experience and state of health, for all these had a great deal 
to do with his mental attitude at that time. 

"I will tell you now, however, that he was to live to repent, 
both his attitude and action, and, before he passed on, to come 
to understand the innermost life of the 'Great Emancipator' and 
to learn to love and revere his memory above all others. 

"The final months of the war brought increased anxiety and 
diminishing income to young Andrews. Even his own plantation 
was the battleground of a major engagement and most of his 
crops and buildings were destroyed, and his slaves scattered to 
the four winds. 

"He received this news with sickening heart, particularly as 
his supply of money was running low. He therefore decided to 
return to the States to see what could be done, going to London 
at once to arrange for transportation. 

"There he chanced to meet a man he had known while in 
London attending school. This man's name was Rothberg. He 
was related to, and connected with one of the great bankers of 
England, or, as they are sometimes called, one of the 'Real Money 
Changers.' This chance meeting was to culminate in one of the 
great sorrows of young Andrews' life. 

"He mentioned his forthcoming trip to Rothberg, and in turn 
was told that he, Rothberg, was leaving on the next boat also, 
but was going to Canada. Rothberg was soon able to convince 
Andrews that he had better go to Canada also and conduct his 
investigation from there, as it looked very much like the South 
would lose the war and it might not be too 'healthy' for an 
officer of the Southern Army to be around when the war ended. 
It was soon agreed that they would go to Canada on the same 
boat, they were even able to get a stateroom together, and were 
soon out on the briny deep. 

"Their conversation soon turned to America and the condi- 
tion there, and Rothberg was more than delighted to hear young 
Andrews' view of the situation, and especially to know his atti- 
tude toward Lincoln. He sided in with Andrews at once and en- 
larged upon the desirability of removing Lincoln from the direc- 
tion of affairs, and what a good thing it would be for the South 
and for Andrews in particular. 

"Their voyage was in the early fall of 1864, and the second 
day out their ship ran into a violent storm. Andrews was not 
concerned as he was a good sailor, having crossed a number of 
times. But it was the first experience of Rothberg, who became 
violently ill, and as is usual with men of his type, he took it very 
seriously and was afraid he was going to die. 


"The storm continued in its fury and Rothberg became dan- 
gerously ill and his life was despaired of. But for the efficient 
and careful nursing of Andrews he probably would have passed 
on, with a great deal less to answer for in the last accounting 
than he had when he did pass on. 

"The mad sea had temporarily taken the self-sufficiency out 
of Rothberg. Even though he was better physically, his iron will 
had lost its temper. He was afraid — fearful he might not live to 
carry out his mission. His mission ! Ah, that was more than life 
to him. So, summoning Andrews and pledging him to secrecy, 
Rothberg revealed the nature of his stupendous undertaking. 
Would Andrews take his place — in case . . . and fulfill the mis- 
sion ? He handed him an order for gold on the Bank of Montreal, 
for his personal use, and in his other hand was another cheek 
for a fortune — payable when the mission should be accomplished. 
Andrews was stunned by the unexpected outpouring of money 
into his lap — for doing a thing which he was assured would at 
the same time be to his own personal interest, but Rothberg 
assured him that money was no object at all to his people, and 
that they had quite sufficient money to take care of any under- 
taking they felt was to their advantage. 

"Rothberg disclosed to Andrews that his relatives and their 
associates had come to the conclusion that Lincoln was not the 
right man to have in the White House, that he would not listen 
to 'reason' and could not be depended upon to do the 'right 
thing' by the moneyed interests, that he did not intend to keep 
the States on a 'Sound Money Basis' and was therefore undesir- 
able and a menace to them as well as the Southern Confederacy, 
and that his relatives were prepared to spend any amount of 
money needed to accomplish his removal. 

' ' He also disclosed to Andrews that it was his mission to go to 
Canada and from there contact someone in the States who could 
kidnap Lincoln, and turn him over to the Southern Confederacy, 
to be held to bargain with for the best terms obtainable for the 
South. Rothberg claimed his relatives had influence with officials 
of the Southern Confederacy, and that they would see to it that 
it would be put into the bargain for Lincoln's safe return, that 
he would be supplanted with a person more to their liking and 
more 'safe' on the money question. 

"Rothberg explained to Andrews that the 'Aristocrats' in the 
world must rule by the control of money, and, of course, he in- 
cluded Andrews in that class, and appealed to the selfish side of 
Andrews' nature to gain his support and help. He further ex- 
plained that the control of money must be made sure for the 
moneyed men, and that they were to get, and keep, this control 
the world over, by the same scheme they had used when the Bank 
of England had been established, namely, the power to 'issue' 
paper money as a privilege of buying Government bonds and 
depositing them with the government, and later to use 'bank 


credit' instead of money, because they could issue or withhold 
'credit' at their own pleasure, thereby being able absolutely to 
control the money or 'circulating medium' of exchange of th« 
world ; also, by being able to vary the ' quantity ' of ' circulating 
medium' they could raise or lower prices of commodities at their 
will and really control the destiny of any and all countries. 

"He told Andrews his people had 'managed' the passage of 
the National Bank Law in the States in 1863. Lincoln, he said, 
had not been in favor of it, because he had been able to see that a 
government could finance itself, by issuing full legal tender 
greenbacks, as he had done for a while, until his (Rothberg's) 
people had been able to 'persuade' certain congressmen and 
senators that the 'exception clause' should be written into the 
bill for the next issue of greenbacks. 

"This, of course, they had caused to be done, to give their 
banks an excuse for discounting them, and discrediting such 
money, and making it worthless, and which had given them a 
better chance to get their own plan adopted, which they had ac- 

"He added, however, that Lincoln was to them a rather 'un- 
known quality'; that he could not be 'dealt with,' would not 
listen to 'reason,' and was silly enough to think that the common 
people should have a voice in all things, and was therefore a very 
dangerous man, from the viewpoint of the 'Aristocrats' of both 
England and America, among which, of course, he included 
Andrews and himself. So Lincoln must be gotten out of the way 
at the earliest possible moment. 

"Lincoln, he said, was very popular with the people, there- 
fore if he should decide to do anything about the money question, 
such as repealing the national bank law, which the Money Chang- 
ers, and relatives of Rothberg, had forced upon Lincoln in the 
crisis of the war, when he couldn't help himself, or, if he should 
start issuing greenbacks of full legal tender again, his power 
might be too strong for Rothberg's relatives to overcome in the 
American Congress, as they had been able to do before. 

"Lincoln, therefore, must be removed as quickly as possible, 
before he could attempt anything, in order that no suspicion 
would be attached to the Money Changers, or banking interests ; 
as would be the case if anything happened to Lincoln during the 
controversy over money. 

"All this was quite confusing to Andrews, as he knew very 
little about money, — only that his people had always furnished 
him all he required, and he believed he was entitled to it in some 
way, by being the son of a slave and plantation owner. So he was 
easily convinced that this might all be true. 

"At any rate he figured that if they could once get Lincoln 
over the Potomac River to the Confederate lines, his plantation 
and slaves might yet be restored to him, and that was his big 


"Andrews was very short of funds, and as the scheme seemed 
to fit in with his way of thinking, he was soon prevailed upon 
to accept the order for the gold. With the sharing of his burden 
of conspiracy with another, Rothberg fell off into a deep sleep, 
to awake next day much refreshed. 

"The storm subsided somewhat and Rothberg continued to 
improve and by the time they reached Canada, he was able to be 
up and around, but still he seemed pleased to have such an able 
assistant, even if he had given him a great deal of money. What 
were a few hundred thousand pounds to his people who had mil- 
lions, and anyway, wouldn't it be returned many thousand fold 
in the years to come, when his mission was fulfilled." 

"It is very sad to relate," observed my strange visitor, "it 
has been returned to them many million fold and still is operat- 
ing more powerfully than ever at this time. But who can tell, 
perhaps this bit of information I am able to give you, may help 
in arousing the countrymen of the Great Lincoln to a realization 
of the cause of their distress and enslavement and inspire them 
to action to remove the cause. 

"I sincerely trust that such will be the case. After all is said 
and done, when real Americans know the truth, they can be de- 
pended upon to right their wrongs, and woe unto those re- 
sponsible for their suffering and losses. 

"Rothberg and Andrews had no sooner located themselves 
comfortably in Montreal," continued the stranger, "when An- 
drews began to look about for possible acquaintances from the 
States, and was soon able to find a number of officers of the Con- 
federacy, who were there, on one errand or another, as much of 
the business and conspiracy of the Confederation was carried on 
from Canada. 

"He soon discovered that there was a sentiment favorable to 
his plan among certain people in the Northern States, and that 
they could be controlled if one had the 'wherewith' to do so. 

"This 'wherewith' was no object to Rothberg, and soon ave- 
nues of approach were opening up and information coming in 
from the States. 

"By now, however, another election had been held and Lin- 
coln had been returned to the Presidency by a large majority, 
and was fast becoming a national hero to the North. Lincoln was 
letting it be known also that he was a friend of the South, and 
in the event of their surrender, he would see to it that they were 
not mistreated. 

"This was making the mission of Rothberg more difficult, 
and he was getting frantic appeals and demands for action from 
his relatives, together with new grants of gold and a free hand 
to dispense it. Rothberg now had a number of people employed 
getting newspaper and other information from both the Southern 
and Northern States. He was thus able to keep informed of events 
and make his plans and actions fit in with the prevailing condi- 


tions in the States, so that anything that was done could be laid 
on to other parties. Bold and bitter threats of assassination of 
Lincoln were appearing in various papers and places. 

"There was a paper in the South — at Selma, Alabama — that 
carried an offer to remove Lincoln, Seward, and Johnson for a 
million dollars. This advertisement was deemed by Rothberg to 
be the very thing he was looking for and on which his plan was 
laid — a plan that was discussed and put up to his accomplices as 
the 'Kidnapping Plan'." 

Note: (Excerpt from "Lincoln the President" by Henry C. 
Whitney, Vol. 11, page 320, which the author inserts for the 
readers' information.) "A Million Dollars Wanted to Have 
Peace by the First of March. " "If the citizens of the Southern 
Confederacy will furnish me with the cash or good securities, 
for the sum of $1,000,000.00, I will cause the lives of Lincoln, 
Seward, and Andrew Johnson to be taken by the 1st of March 
next. This will give us peace and satisfy the world that tyrants 
cannot live in the land of liberty. If this is not accomplished, 
nothing will be claimed beyond the sum of $50,000.00 in ad- 
vance, which is supposed to be necessary to reach and slaughter 
the three villains. I will give myself $1,000.00 toward the 
patriotic purpose. Everyone wishing to contribute will address 
H. Catawba, Ala. Dec. 1, 1864." 
"Finally the information came that a certain actor, John 
Wilkes Booth by name, was known to be very hostile toward 
Lincoln and had been heard to say while playing in McVickers' 
Theatre in Chicago, two years before, 'What a glorious oppor- 
tunity there is for a man to immortalize himself by killing Lin- 
coln. ' 

"Forthwith, the money was poured out to bring Booth to 
Canada. Booth came, and they were soon engrossed in the plan 
for the 'removal' of Lincoln from the White House." 

"You may, if you wish," said the Stranger, at this point, 
"confirm this trip of Booth's to Canada, as it is spoken of in a 
number of different books, etc., concerning that period. (Note : 
One such reference is to be found in the book, "Lincoln" by 
Emil Ludwig, page 476 : 

'When Lincoln, the enemy of his (Booth's) country was 
elected for the second time. Booth went to Canada, the source 
of activity for Southern Conspirators and spies. There it would 
seem, he hatched a plan for kidnapping Lincoln, who was to 
be carried to Richmond. 

'Getting money from unknown sources, he always insisted 
he made it himself, by successful speculations in petroleum ; he 
returned in due course to Washington with the intention of 
carrying out his design on the day of the Inauguration. He 
tried to force his way into the eastern entrance of the Capital 
and for a moment disturbed the line of police guards, but was 


rebuffed and declared later that a valuable opportunity had 
been missed on this occasion. ' 
"This Booth was a strange and emotional character," con- 
tinued the Stranger, "as were all of the Booth family, and espe- 
cially his father, who you will find well described in a book called 
'Myths After Lincoln' by Lloyd Lewis." 

Note : The following is an excerpt from the book mentioned, 
and is inserted for the information of the reader. "Religion 
played strangely through this strange man. He worshipped at 
all shrines alike, doffed his hat at every church he passed, and 
knew all the intricacies of every Faith so well that all de- 
nominations claimed him. His family were Episcopalians, the 
Masons buried him in a Baptist vault, and away back in his 
ancestry there was Jewish blood. Yet, after he died, there were 
Catholic priests who believed that Booth was of their faith, so 
deeply was he grounded in the finer details of their church 
organization. Rabbis believed that he was a Jew, pointing out 
the many times he had joined them in their synagogue services, 
"Booth returned to Washington and got the word noised 
about that he had made plenty of money in real estate and pe- 
troleum speculations, in order that there would be no suspicion 
of where he really got his gold. You must, of course, know, that 
at that time gold and silver were quite unobtainable in the 
States, and Booth's possession of this alone could make him 
popular, and he would have no trouble hiring accomplices with 

"You may also find frequent mention of Booth's having 
plenty of gold, paying his associates in gold, keeping them in the 
best Washington hotels, well supplied with money and well- 
dressed. You will also find that there has never been evidence 
produced to show that Booth ever consulted the Confederate 
authorities about the kidnapping plans, to see how they felt 
about it. 

"However," continued the .stranger, "Booth was supplied 
with a goodly quantity of gold and arrangements were made 
with certain banks to give him more, as ordered by Rothberg, 
when it was needed, and he was soon deeply immersed in his 
plans for the great tragedy. 

"The kidnapping plan was at first all that the relatives of 
Rothberg thought they could have accomplished and were will- 
ing to chance their ability to 'manage' the circumstances; as to 
where and how Lincoln would be killed once he was within the 
Southern Confederate lines. 

"This, of course, Rothberg never mentioned to Andrews, but 
had other lines of action started in the Southern States for that 
part of his plan." 


"It was somewhere about this time," continued my visitor, 
"that Lincoln made the statement in a letter to a friend or in a 
public document (it really does not matter which, as you will 
find it widely quoted in most all works on or about Lincoln) that 
was to prove to be his death-warrant." 

"AVhat a tragic thing," I said, "for one to write his own 
death-warrant. ' ' 

"Yes," said the stranger, "but such it proved to be, for 
Rothberg could plainly see by this utterance, that Lincoln fully 
realized the gravity of the money situation, and with his knowl- 
edge, would, at his first opportunity, when he could get the war 
fiiiished (which seemed to be fast drawing to a close) put through 
legislation that would not only repeal their National Bank Law, 
but would put into use a money system that would make his 
country for all time, in an economic way, the same as he had 
done for the negroes in a human way, FOREVER FREE. I will 
give you a quotation from this death-warrant in order that you 
may be able to verify and see for yourself how clear it made the 
issue to Rothberg. It begins as follows : 

" 'I see in the near future a crisis approaching that un- 
nerves me, and causes me to tremble for the safety of my coun- 
try. As a result of war, corporations have been enthroned and 
an era of corruption in high places will follow, and the money 
power will endeavor to prolong its reign by working upon the 
prejudices of the people until all the wealth is aggregated in a 
few hands, and the republic is destroyed. I feel at this moment 
more anxiety for the safety of our country than ever before, 
even in the midst of war. God grant that my forebodings may 
be groundless.' 
"The Money Changers could see," continued my visitor, 
"that Lincoln had some clear definite idea in mind and they 
knew only too well that Congress would not dare, in the face of 
the great popularity of Lincoln with the masses, to try to thwart 
any legislation on the money question that he might want passed, 
for Lincoln could go right back to the people with evidence, and 
clearly show that the really great men who had gone before in 
the new republic had been violently opposed to the principles of 
the then existing National Bank Law. 

"The principles, of course, were practically the same as the 
former Bank of the United States. The 'money changers' had 
forced Lincoln to take them in the crisis of the Civil War, with 
enemies all around him, and the Confederate Armies pounding 
at the gates of Washington. 

"So Rothberg redoubled his efforts and urged Booth to get 
action quickly, and at the same time kept the newspapers of the 
South publishing bold and bitter threats from first here and then 
there to build up the thought that the deviltry was coming from 
down there. 


"It might be well to state here," explained the stranger, 
"that the most charitable thing we can say of young Andrews 
is that he was doing his part under the impression that he was 
going to help his part of the country, and, of course, himself 
greatly, and it seems that when one's personal interest is in- 
volved to a great extent it is not very hard to sell one's self on 
the idea of doing such a thing. 

"But he was to eat his heart out in lonelj'- regret and anguish 
for his part in the conspiracy. But now he had not lived long 
enough, nor was he sufficiently familiar with money matters to 
realize the enormity of what they had helped accomplish, to the 
detriment of the whole country — North and South. Therefore, he 
was incapable of seeing what a great service he could perform 
by exposing the plot. 

"We must remember that Andrews had lost his slaves which 
he honestly believed were perfectly right for him to have, his 
plantation was ruined, his life embittered by his suffering and 
changed appearance by the wounds on his face, and then his 
bringing up as an only child had been conducive, of course, to 
making him more selfish than he otherwise might have been. So 
with these things taken into account, he probably acted about as 
most others would have in the same circumstances. 

"Events moved rapidly from that time on. Booth was con- 
tinually urged to complete his mission. He had missed one or 
two opportunities : once when Lincoln was supposed to be on a 
certain road at a given time of day as was his daily custom. 
Booth's plans had been to kidnap him then and rush him across 
the Potomac into Virginia. Booth had been there at the appointed 
time with his henchmen, waiting patiently, but wiien finally the 
President's carriage approached close enough for them to see 
clearly, they were much put out to find that instead of the tall 
gaunt figure of the President, another Government official was 
using the President's carriage. 

"This episode was verj- discouraging to Booth, as he was quite 
temperamental anyway, and it forced him to begin all over again. 
He was being prodded continually by Rothberg, who was afraid 
conditions were changing so fast that it would become more and 
more difficult to kidnap Lincoln, so he definitely decided in his 
own mind that the thing to do was to have Lincoln killed out- 
right. Through a messenger he could trust, this was communi- 
cated to Booth, who, while he talked loud and bragged much, 
when it came right down to killing, was not so anxious about it, 
and still clung to the idea of kidnapping, as that was not so 
dangerous and besides he could become more of a hero himself 
with much less danger to them all. 

"In the meantime, Rothberg was getting demands for action 
from England and he was passing them on to Booth with all the 
vehemence he could put into words. 


"Sherman had just finished his march to the sea and was 
turning North to try to capture the Confederate leader Johnson 
with his army, while General Grant was in the last stages of his 
campaign in the capture of General Lee's mangled, bleeding, and 
starving armj^ of Virginia. 

"Lincoln had made his last memorable trip to Grant's head- 
quarters, down the Potomac River in the boat 'River Queen.' It 
was while there (calling Sherman from the South to meet with 
Grant and himself) he gave them their last and secret instruc- 
tions concerning the surrender of the Confederates, the carrying 
of which into effect a short time later was to electrify the South 
and show them the true and great character of the Great Emanci- 
pator, and at the same time to mystify the political leaders of 
the North, who were eternally clamoring for vengeance on the 
rebel political leaders, as well as officers and soldiers." 

I was so amazed at the stranger's intimate knowledge of 
events surrounding the happenings of long ago, that I hardly 
uttered a sound, but did my best to take his words down in short- 
hand, as he told the startling narrative. 

"Lincoln was beset by two factions at home that were causing 
great worry," continued he, "one the Abolitionists, who feared 
Lincoln would fail to place the negro in full citizenship, the other 
those fearing that the Confederate officers and army heads which 
they called 'Traitors' would not be punished severely enough. 
Lincoln attended to the latter on the trip of the 'River Queen' 
at Grant's headquarters, and the question of the negroes, he felt, 
he could attend to after the surrender of the Confederate Armies. 

"We all, of course, well remember the action of Grant and 
Sherman in receiving the surrender of Lee and the other armies 
— paroling all (officers included), and permitting each soldier to 
take a horse or mule of his own. 

"To the people of both the North and the South," said the 
stranger, "Grant and Sherman had done a wonderful thing, but 
the radical factions desiring the 'Traitors' punished were much 
put out. But Lincoln merely reminded them that as Grant and 
Sherman had released the officers and men and gave them their 
word of honor that they were free, he (Lincoln) could do noth- 

"They had been outsmarted again. Lee's surrender had set 
the North wild with joy that the bloody war was over, and Peace 
had come once more. Loved ones who were left could come home, 
and once more take up the thread of life where it had been inter- 

"Rothberg was frantic at Booth's delay, so trusting for his 
safe passage in the laxity of the border officials in the rejoicing 
and uproar of Peace, he parted with more gold and crossed the 
border in the dead of night and made his way to Washington. 

"The eleventh of April came, and Booth, with Herold, one of 
his accomplices, were in the crowd at the White House, when 


Lincoln made one of his most famous speeches of those, his last 
days; pleading: with his people for mercy and forgiveness for 
their brethren of the South. His tired, yet sincere voice pledging 
the South to protect them from the radical revenge-seekers of the 

"He promised not to turn the former slave owners over to 
the former slaves, nor would he even let all the negroes vote, 
only the small percentage of them who could qualify. 

"These words of Lincoln were proof enough to all Southern 
sympathizers that he was the best friend the South had ; but to 
Booth, it was bitter indeed, as he saw his last chance for kid- 
napping Lincoln and delivering him to the South disappear. Turn- 
ing to Herold, he whispered, 'Shoot him on the spot.' Herold 
naturally refused, saying that they were sure to be caught there, 
as they had no chance to escape." 

"If left to his own devices." continued the stranger, "Booth 
likely would never have molested Lincoln, but on returning to 
his hotel that night, who should be waiting for him but Rothberg 
himself ! 

"Booth was greatly excited and amazed that Rothberg should 
come to Washington, but with more of Rothberg 's gold in his 
pocket and liquor flowing freely, and with the urging of Roth- 
berg, he was soon ready for the great moment whenever it should 
come. Rothberg stayed in hiding, of course, in the daytime, but 
as soon as dusk settled over the city, he was after Booth with 
liquor, and urging him to finish the job. 

"As soon as it was announced that Lincoln and Grant would 
be at Ford's Theatre on April 14th. Good Friday, they agreed 
between themselves that there would be the place to act. 

"Rothberg could readily conAanee Booth that the kidnapping 
plot was out of the question, as Booth had stalled along for 
months and had not accomplished his object, and that it was up 
to him, the great actor, to show the 'stuff' he was made of, and 
make a real name for himself! This talk and the liquor went to 
Booth's head, and he 'fell' for the theatre idea, as that was his 
natural place to work and couldn't he be the big actor, though? 

"Rothberg thought Booth would be less likely to get away 
alive from a big crowd and he was anxious to have not only 
Lincoln out of the way. but Booth also, as he was well versed in 
the idea, 'Dead men tell no tales.' Booth had never told anyone 
about his contact with Rothberg, having been coached by Roth- 
berg to accept all the credit for the schemes himself, which he, in 
his erratic mind, had been glad to do, feeling it made more of a 
hero out of himself to his accomplices." 

"I will mention right here," said the stranger emphatically, 
"that all through the turmoil, excitement and anxiety of the last 
days of the war, with all the armies surrendering, the radicals 
clamoring for the 'Southern Traitors,' and the vast and compli- 


cated duties thrust upon Lincoln at this time, he never for long 
let the question of 'money' leave his consciousness. In the morn- 
ing of his last day alive, he had an interview with Schyler Colfax 
about money and the development of the gold and silver mining 
industry of the Rocky Mountains. ' ' 

NOTE : The author verified the foregoing, and for the read- 
ers ' information, quotes the following: 

From the Constitutional Edition of Abraham Lincoln, Vol. 7, 
page 370. 

"Mr. Colfax, I want you to take a message from me to the 
miners whom you visit. I have very large ideas of the mineral 
wealth of our nation. I believe it practically inexhaustible. 
It abounds all over the Western country, from the Rocky Moun- 
tains to the Pacific, and its development has scarcely com- 
menced. During the war, when we were adding a couple of 
million dollars every day to our national debt, I did not care 
about encouraging increase in the volume of precious metals. 
We had the country to save first. 

"But now that the rebellion is overthrown, and we know 
pretty much the amount of our national debt, the more gold 
and silver we mine, we make the payment of that debt so much 
easier. Now," said he, speaking with more emphasis, "I am 
going to encourage that, every possible way. We shall have 
hundreds of thousands of disbanded soldiers, and many have 
feared that their return home might paralyze industry by fur- 
nishing suddenly a supply of labor greater than their demand 

"I am going to try to attract them to the hidden wealth of 
our mountain ranges, where there is room enough for all. Im- 
migration, which even the war has not stopped, will land upon 
our shores hundreds of thousands more per year from over- 
crowded Europe. I intend to point them to the gold and silver 
that awaits them in the West. Tell the miners for me, that I 
shall promote their interests to the utmost of my ability ; be- 
cause their prosperity is the prosperity of the nation, and, 
said he, his eyes kindling with enthusiasm, we shall prove in 
a very few years that we are indeed the treasury of the world. ' ' 
"As the fatal evening of April 14th crept around," continued 
the stranger again, "Booth rounded up his gang and gave them 
the new plan that had been impressed upon him by Rothberg, 
which followed the plan advertised in the Alabama paper some 
months before, which was to kill Lincoln, Johnson and Seward. 
"Booth's accomplices rebelled fiercely, saying that they were 
only hired to kidnap Lincoln and that was all they intended to 
do, but Booth's persuasive power, added to the power of gold 
and liquor, finally won them over, and they were assigned their 


"As Booth convinced Rothberg, in Canada, by demonstra- 
tion that he was a good shot with the pistol he was appointed, of 
course, to take the leading role and get Lincoln. This course was 
also to have the best chance to get Booth killed and out of the 
way. Powell, one of the conspirators, was assigned to kill the 
Secretary of State, Seward, and Atzeroldt, another accomplice, 
was assigned to kill Vice-President Johnson, and Herold was to 
aid in the get-away. 

''As you know, Atzeroldt fell down completely on his assign- 
ment, being too much under the influence of liquor. 

"Powell made a desperate attempt to kill Seward, and Herold, 
true to his part, made his way to a meeting place with Booth. 

"Booth, with the assistance of plenty of strong liquor bolster- 
ing up his waning courage, and with the prompting and threats 
of Rothberg ringing in his ears, and a dose of a well-known drug 
administered by Rothberg as a stimulant for courage (as Roth- 
berg so well knew), was finally ready for his act. 

' ' So shortly after ten o 'clock, while the play at Ford 's Theatre 
was in progress. Booth slipped quietly past the ticket taker, who 
knew him as a privileged character, strolled casually up to the 
back of the President's box, quietly stepped inside, and with the 
cunning and accuracy of a maniac, Booth projected his pistol for- 
ward on a level with the back of the President's head and fired. 

"The great man never spoke — only slumped forward, and 
Booth, dropping his gun and drawing a knife, slashed at the 
military aid of Lincoln who rushed at him. Then attempting his 
grandstand play as a great tragedian, he leaped from the box 
to the stage, catching his spurs in some of the bunting decorating 
the presidential box, and fell sprawling, breaking a bone in one 

"With the excitement and drug both acting, and burning 
with humiliation at his accident, he hardly paused, but brandish- 
ing his knife, he cried, 'Sic semper tyrannis,' and half ran and 
half hobbled from the stage, slashing at the orchestra leader 
with his knife as he passed near him, and reached the stage door 
on the alley where his horse was being held by a boy they called 
'Peanuts.' He grabbed his horse, and hurriedly mounted him; 
he cuffed the lad out of the way and was off for what he thought 
was Liberty and Fame, with the ending you, of course, know." 

I broke into the stranger's narrative to ask if Booth was 
really killed or if it was someone else 's body they got and buried, 
but replying the stranger said, "Yes, it was Booth, all right, and 
a queer person he was. He never mentioned the secret part of 
his conspiracy with Rothberg to the last, as he well knew what 
would happen to him, surely, if he did. 

"But Rothberg 's work was not finished. Booth had no sooner 
accomplished his ghastly deed than Rothberg was busy with his 
gold getting rumors, whisperings and confusion spread over all 
the Capital. A few words well placed, with a few money changer 


friends were all that was required to speed the search for Booth, 
to get him out of the way and hushed. Large rewards were soon 
offered and detectives, police and soldiers were soon combing 
the country about Washington, then more and still more whisper- 
ing and rumors were spread by Rothberg's men, to thoroughly 
confuse and detract all possible thought from the real source of 
the trouble. 

"Then when Booth was killed, more rumors were spread — 
that it was not Booth 's body, to more confuse the issue, keep the 
police thinking and hunting for Booth and the higher ups. This 
was all right in line with the long practiced procedure of the 
money changers. Over the centuries in such circumstances, con- 
fusion, deceit, and make-believe have been their chief tools, aside 
from the use of the power of Gold, which, of course, is their 
greatest weapon, in their drive for wealth and power. 

"As soon as Rothberg had concluded his whispering and 
rumor campaign and Booth was killed, of which lie made sure, 
he quietly slipped over to Montreal again. Here he met Andrews, 
who had in the interval that Rothberg was away, by reading 
Lincoln's late utterances and talking with other Confederate 
officers, came to the conclusion that Lincoln was the South 's 
only hope for fair play, and so informed Rothberg, and up- 
braided him for double-crossing him and dealing his Southland 
a dastardly blow. 

"Rothberg, of course, was terribly sorry (so he said) and 
blamed it all on to Booth, but he could see that Andrews mis- 
trusted him and would likely cause him trouble. They were at a 
small outlying house where they were in the habit of meeting, 
and which had been fixed up comfortably by Rothberg. They 
were still quarreling about the assassination, when Rothberg 
finally decided that the best and safest thing for him was to get 
Andrews also out of the way and forthwith suggested they open 
a bottle of old wine and sit by the fire to talk it over. 

"So saying, Rothberg proceeded to open the wine, but An- 
drews, by now thoroughly mistrusting him, was carefully watch- 
ing his actions, and after they had had a few rounds of wine, 
he thought he saw Rothberg drop something into his (An- 
drews') glass before filling it with wine. 

"Rothberg was by now slightly under the influence of the 
wine and was not as careful as he would otherwise have been. 
"When he was attracted to the window by a disturbance outside, 
Andrews changed the wine glasses, just in case he had been right 
in thinking Rothberg had slipped something into his glass. 

""When Rothberg returned to the table, Andrews was drinking 
his wine and immediately Rothberg waxed jubilant and taking 
up his glass finished it off at a gulp and urged Andrews to do the 
same and have another. He had no sooner gotten the words out 
of his mouth than a startled look came over his face, and turn- 


ing deathly pale, he seemed to realize what had happened. Know- 
ing he was finished anyway, he grabbed for his gun to finish 
Andrews also, but Andrews was the quicker of the two and 
grabbing Rothberg's arm wrenched the pistol from him before 
he could use it. 

"By now, the poison was doing its deadlj^ work, and Roth- 
berg sank to the floor, a victim of his own dastardly procedure. 
He was soon dead, and Andrews, removing all identifications 
from Rothberg's clothing and pockets, washed his own glass and 
replaced it in Rothberg's cupboard. Then he removed the poison 
receptacle he had found in Rothberg's pocket and left it open on 
the table by the glass, so all could see Rothberg had just simply 
committed suicide. 

"When this had happened, it being quite dark by then, An- 
drews quietly left the place and, quitting the hotel where he had 
been stopping, he left for Toronto. 

"Thus, Rothberg, one of the arch conspirators of the ghastly 
crime against humanity at large, and America in particular, just 
in the very prime of life, and just when he thought all was over 
but the shouting, had been paid in full with his own coin, by 
drinking the potion he had prepared for another; once more 
proving the old saying, 'THE WAGES OF SIN IS DEATH!' 


The Return to the Old Plantation 

"After a few days in Toronto," resumed the stranger, after 
a pause, "Andrews crossed the border under an assumed name 
and made his way back to his ' Old Plantation Home ' in Virginia, 
to see just what the situation was there. 

"The whole nation was in the deepest mourning over the 
death of the martyred President, and by talking to different per- 
sons and reading the papers, he was more convinced than ever 
of the enormous mistake that had been made in the assassination 
that had plunged the whole nation into despair, just when they 
were all rejoicing at the close of the war, and starting the work 
of reconstruction. 

"Andrews' features were changed greatly by scars across his 
face received in battle, when he was forced to leave the Service, 
and it only required a change to old clothes and letting his beard 
grow to some extent to make his recognition quite improbable. 
He found most of his plantation had been fought over, fences 
ruined, weeds and brush taking much of the land, and the slaves, 
of course, dispersed. 

"To his consternation, he found also, that the State author- 
ities had decided he was dead and had forfeited his estate to the 


State and some parts had been sold to small settlers. The old 
homestead, which was not greatly damaged, together with a por- 
tion of the land, had been purchased by his former overseer (who 
had been in his father's employ since childhood) and who, having 
lived there most of his life, had through thrift managed to save 
enough to make the purchase possible. 

"The overseer was nearly sixty years old now, and having no 
children, he and his wife were living in the old plantation home- 
stead, with a few of the colored servants, who after the war was 
over had straggled back to the only home they had ever known ; 
only too glad to take their old places at any terms ; the responsi- 
bility of freedom having been a greater care than they could 
easily manage. 

"It was on a beautiful May evening when Andrews came up 
to the old homestead," said the stranger, "and his old overseer 
was just coming up to the house from the stables, when Andrews 
walked into the yard, and was greeted in the friendly fashion of 
that day. Any stranger had always been welcome to a meal and 
lodging at the Andrews ' home and the new owner kept to the old 
custom. Inviting Andrews in, he proceeded to make him feel at 
home by inviting him into the 'parlor' and saying supper would 
be ready soon, and that he must stay for supper with him and 
his wife, and if he would, they would be glad to have him stay 
the night. After a bountiful supper that brought back the child- 
hood memories as nothing else could, his host had lighted a fire 
in the great fireplace and they were ready to spend the evening. 

"Andrews mentioned the fact that though he had in former 
years been familiar with that part of the country, it had been 
some years since he had been there, having been in the army, 
and asked his host to tell him the news of those parts. 

"It was not long before Andrews was made acquainted with 
all the current news, as well as an account of what had happened 
to the Andrews' homestead, which gave him plenty to occupy his 
mind for the next few days. The hour being late he was shown 
to his own room, and bid pleasant dreams. When the door was 
closed and Andrews turned to view the room of his childhood, 
he was engulfed in a torrent of memories of the years that had 

"As he wandered about the room, examining this thing and 
that, his own things, all the horrible years of war, hospitals, in- 
trigue and murder of the past year seemed to slip softly into the 
shadows of unreality, and he was just a little boy again, in his 
old home, with things of his childhood. As his memory traveled 
back over the years, he began to explore the room to see if all 
his things were in their right place, as he used to do when he had 
been away from home for a few Aveeks. And as he opened one 
drawer after another, peered into closets, and cabinets, he was 
greatly relieved and grateful to find that sure enough, all were 
there just like he had left them years ago ! His marbles, his books, 


his skates, his slingshot, his box of beautiful bird egg-shells, the 
arrowheads, his first knife that his father had given him and 
which he had loved so much he had hardly dared to use it, but 
had always saved ; yes, they were all there, and he was again 
living and enjoying the sensations of the years gone by as he 
never thought to do again. 

"Presently he was attracted to a 'presence' across the room. 
Who could that strange man be, with a straggly beard and the 
scars across his face, peering at him from the depths of shadows 
over his dresser ? He would move over a little and see if he could 
get a better look at him. But wait, how was this? When he 
moved the strange man over the dresser moved also, he moved 
back again and so did the other, and then suddenly, his mind 
flashed back over the years from childhood memories to the 
world of reality, of a middle aged man, the scarred stranger in 
the mirror over the dresser, and his whole being was convulsed 
and shaken by grief and anguish for the days and the loved ones 
that had gone, never to return. 

"The friendly eyes of a kind, but strict father, and the loving 
eyes of an indulgent mother, now looked down upon him from 
their places on the wall, and he became the little boy again, and 
his mind wandered again in the memories of the past. Finally, 
after some hours of this alternate switching of the scenes of life, 
he crept silently into bed, and was soon lost in the sleep of utter 

"But," continued the stranger, "Andrews never fully re- 
covered from the experience of that night. The wounds on the 
head he had received ; the anxiety and tragic experiences he had 
gone through recently, the great grief and condemnation he had 
felt for his part in the death of the Great Friend of his people, 
and lastly the violent emotions of that first night in his boyhood 
room, these were more than human mind could bear, and from 
that day his mind would wander. 

"During the next few days in his rational hours, he soon con- 
vinced his hosts who he was, and they in the goodness of their 
hearts insisted upon returning the old home to him, but he would 
not have it so, and insisted that he must be 'just a man' come 
to live with them. 

"He seemed to some way feel that his days were numbered, 
and he wished to do all he could to square himself. He insisted 
on his old friend, the overseer, taking all his gold that he had 
obtained from Rothberg and paying off all the indebtedness on 
the old home, and fixing it up as it used to be, and also to find 
those former slaves if he could, and settle them on farms of their 
own and start them off right, which was done. And for himself, 
he only asked to be able to live in his old room with his boyhood 
memories, and be as useful as he could. 

"After all these things mentioned had been done, Andrews* 
mind seemed to grow gradually weaker and his lapses into his 


boyhood memory more frequent and prolonged. He seemed to be 
with his mother and father and boyhood playmates for a while 
and then come back to the present with its awful memories and 
secret sorrows. 

"His old overseer cared for him kindly, and kept him away 
from all people at times when his mind wandered. He gave to 
him the care and attention he would have given his own son. 

"It was a few years after his first return, one hot summer 
afternoon, Andrews was sitting in his favorite place beneath a 
great elm tree not a great distance from the old house, the tree 
being the same under which he had played through the happy 
days of his childhood, when a thunderstorm came suddenly over 
the hills, and lightning flashed in all directions. 

"His host had called to him to come inside, but he had insisted 
it would not rain much and he was right, it did not. But right 
in the midst of the squall, a blinding flash of lightning blazed 
through the tall reaches of the old elm tree, stripping some of 
the bark from the side. Andrews, standing near the trunk of the 
tree, to be out of the rain, seemed to draw up to full height and 
then was seen to pitch forward and lie still. His host, who had 
been looking from the window, ran to his assistance, but none 
was necessary. Like the great Emancipator, over whom he con- 
tinually grieved, he 'belonged to the ages!' A merciful God had 
at last relieved him of his sins and sorrows, for which he had 
repented and asked forgiveness many times through the years. 

"They buried him beneath the old elm, where his moments of 
happiness had been greatest, and there he lies today — another 
martyr to the awful greed and lust for power and domination of 
the foreign money changers. " 


The Stranger Concludes His Story 

The stranger paused, lost in deep contemplation, for a few 
moments, of which I had taken advantage to clear my eyes of 
tears of compassion for my unfortunate countryman Andrews. 

Presently the stranger spoke again, "I wish you to have a 
very clear idea in your mind as to the reason for Lincoln's re- 
moval, and the consequences to the country, and to the whole 
world that resulted from his death. You must first realize that 
since money was first used there has always been a certain few 
people who coveted it and who through deprivations, hoarding, 
usury, and trickery later came to control all money and through 
such control, to control most all activities of man. This control, 
of course, became more and more concentrated down through 
the ages, being wrested from these people from time to time 


through pogroms, and revolutions, but eventually always return- 
ing to the control of either the same people or their descendants, 
who had either inherited, or had handed down to them as a price- 
less heritage, the money itself or the 'instructions' as to how in 
devious ways to get control of it. 

"No government, up to Lincoln's time, had ever been able 
to figure out any way for the government itself to gain and keep 
control of its own money and finances. 

"This, then, was the crux of the whole situation: Lincoln 
had, through the help of Colonel Dick Taylor, discovered that 
very thing, and had used it successfully (making full legal ten- 
der 'greenback' money), the money they made under their plan 
being absolutely good money, never falling below par at any 
time, and being even better than the much talked of 'sound 
money' of the Money Changers and their cohort legislators. 

"True, the Money Changers had been able to get this new 
power awaj"- from the Government by having their satrap legis- 
lators in Congress pass the Exception Clause Bill, making the 
next issue of greenbacks good for payment of all debts both 
public and private, EXCEPT duty on imports and interest on 
the Government bond debt, which, of course, gave the Money 
Changers and Bankers the excuse, as they planned, to 'discount' 
the next issue of bills and therefore devalue and discredit them 
in the eyes of the public. 

"Lincoln had, as you remember, been forced to compromise 
with the Money Changers (as he is said to have told friends he 
could not fight two wars at once — the Rebels in front and the 
Bankers in the rear, and of the two, the Rebels were the more 
honorable) by giving them the 'National Bank Law' in order to 
get money enough to continue the war and 'Save the Union' 
which he was bound and determined to do at any cost ; knowing, 
of course, that if and when he did save the Union and the war 
was over, he could attend to the 'business' of the Bankers and 
Money Changers. 

"He did, therefore, take the gold of the Bankers under the 
working of the National Banking Law, and won the war with it, 
and saved the Union (although he well realized it would, and 
did, plunge the nation into a maze of bonded indebtedness to the 
bankers), and by doing these things, he had become the greatest 
hero the Nation had ever had ; that came up from the people ; 
who knew their every problem and was loved by all. 

"Naturally, Congress would not have dared to refuse Lincoln 
any legislation he had deemed right and proper to have passed, 
concerning the money system. This, the money changers well 
knew he had in mind, and also the repeal of the iniquitous and 
dangerous National Bank Law, that they forced upon him in 
the crisis of the war, when he could not help himself, and also 
that he would put into operation a real sound money system that 
would not include the schemes and machinations of the Money 


Changers, but would forever make them an unnecessary quantity 
in our National monetary system, but let them stay in England 
and Germany and any other country that could tolerate their 
nefarious schemes for the economic slavery of the masses. 

"The Money Changers knowing full well that when Lincoln 
was able to show the rest of the world a money system, simple 
in action and direct and adequate in its operation, to furnish the 
masses a free floating, ever sufficient, medium of exchange with- 
out a morass of bonded indebtedness, that they, the Money 
Changers, would therefore have to eat their bread in 'the sweat 
of their own faces' instead of in the sweat of the other fellow's 

"So knowing all these things they did with Lincoln just 
what they had done many times all down through the centuries 
— had him removed from power. And now it must be clear to 
you that these same Money Changers, through the power and 
'puir which they exercised over the text book people down 
through the years permitted only a very small account of Lin- 
coln's assassination to be printed in our school histories; the 
story of the dastardly assassination of the one truly great hero 
America ever had, that came up through the ranks from the 
most humble position, through hardship, hard work, and priva- 
tion, through his own efforts, to the greatest office of honor in 
the power of the people to bestow, and which he so nobly and 
effectively filled. This has been one of their most effective ways 
of keeping their own devious actions from the people by mini- 
mizing them, and also a most effective way of spreading propa- 
ganda by putting it in school books." 

At this point, and before I had time to ask the thousand and 
one questions that had piled up in my mind, as to where he had 
been able to obtain all this startling and amazing information, 
and before I could realize what he was about to do, my strange 
visitor begged my forgiveness for having disturbed me for so 
long, saying he trusted to the goodness of God that I would be 
able to use what he had given me, for the relief of our sore be- 
leagued countrymen and all humanity, he bowed graciously and 
disappeared through the door into the outer darkness of the 

I closed my eyes and sank back into my pillow exhausted 
from anxious attention and application in taking down in short- 
hand the story of my strange visitor as he told it. Hours later 
I was awakened by the cheery voice of my friend as he knocked 
at my door and called me to get up for breakfast. 


The Awakening 

I awoke in a daze as the remembrance of the visitor and his 
story of the amazing and tragic happenings poured in upon my 


consciousness. "Heavens!" I exclaimed to myself, "I must have 
dreamed all that." And springing from my bed, I reached for 
my notebook, as I seemed to remember that I had written the 
story down as the stranger had recited it to me, and sure enough, 
there it was, page after page, clear and distinct as any notes I 
had ever taken in my life, in my own writing. 

I was so excited I could hardly dress, and as soon as I could 
make myself presentable, I rushed out to tell my friends of the 
experiences of the night. They were beginning to have a good 
laugh at my expense, when I told of the visitor and my host re- 
marked that he was afraid I had eaten too much roast for dinner 
the night before, and had been working too constantly. 

But you may imagine their surprise and consternation when I 
showed page after page of my notes and read the amazing nar- 
rative, that they vowed was impossible for me to write in one 
night! I hastened to swear to them that none of the story had 
existed the night before, and that being tired I had gone to bed 
early. When I came to the place in the story which told of the 
old Andrews' Plantation, I noticed my hostess catch her breath 
and start to say something, but then bade me proceed. As the 
story progressed she and her husband seemed to have come to a 
common agreement between themselves, as they would exchange 
glances each time new mention was made of the Andrews home. 

When I had finished, none of us seemed able to speak for a 
time. Then my host asked if I had any idea where the Andrews 
plantation might be located. I replied that the story as I read it 
to them from my notes, was all I had to go on, so, of course, I 
knew nothing more than that. 

They then asked who my strange visitor was, and only then 
I realized for the first time that he had not once spoken of him- 
self, and had not even introduced himself on entering the room, 
which I had not noticed at the time, having just awakened, which 
I explained to them. 

We then had breakfast and discussed some of the details of 
the story as we ate and when we had finished, my host, turning 
to me said, "It seems incredible, and if anyone but you should 
tell me such a thing and yet tell me that he knew nothing of the 
Andrews plantation, I would know he was just plain lying. But 
we, of course, both know that in the days you have been here, 
you have met no one and have worked incessantly, and would 
have no way of knowing, but I must tell you that this, our home, 
is the Andrews ' home spoken of by the stranger ! 

"The history of the family is, as we have had it told to us, 
substantially as you relate it, even to young Andrews being 
killed by lightning, and he is actually buried up the path a little 
way under a great elm tree with a trace of lightning blast visible 
on the trunk. But he was supposed to have returned after the 
war with a weak mind, and had been absent for a time, sufficient 


for the happenings to take place and the property to be taken by 
the State. 

"The old superintendent, who bought the place, died without 
children and it passed on to relatives, and has come down through 
the years practically unmolested, and in the parlor, where you 
have not been shown yet, hangs the picture of young Andrews, 
his father and mother, and other relatives. Come, I will show 
you." And with that we all went into the parlor. 

My hostess raised the window shades, and as my eyes became 
accustomed to the light, I started back in amazement, for there, 
looking straight at me from the opposite wall, less the scars, was 
the face of my strange visitor of the night before ! 

I was so upset for a time that I could only stand and stare 
at the picture, and my host and hostess hastened to ask what the 
matter was. I could scarcely more than utter the words to ex- 
claim that my visitor's face and the face before me, the photo- 
graph of young Andrews, were undoubtedly the same ! ! My 
friends were stunned by my words as I had been at my first 
glance at the picture, and wringing her hands, my hostess ex- 
claimed, "Heavens above! Are we all going mad?" 

"Come, let us get out into the yard into the sunshine, and 
into the world of reality where we can think." 

We gladly followed her into the yard and into the world of 
reality, only to find in the days to come that the amazing tale 
in my notebook strangely fitted into the maze of known facts 
of past history, which alone and apart from each other, could 
mean nothing, but when placed in order, as they had been by 
my strange visitor, made one of the most sinister and enlighten- 
ing disclosures in our history, and opens up to us, the de- 
scendants of those brave and honest fighters, who loved and sup- 
ported the Great Emancipator, in his valiant endeavors, a vast 
field of useful knowledge, that should enable us to immediately 
rally to the call from the murdered martyrs of the past, to for- 
ever banish from our beloved land this hideous, vulturous, treach- 
erous, murderous power of concentrated gold, that holds the 
whole civilized world in a thrall of economic slavery. 



The cries of the half starving and miserable children and 
their unemployed parents come to us from over the nation, while 
they are striving to keep going in a decent and orderly manner, 
while daily being deluded and deceived by a subsidized press 
into thinking this is "just one more depression and will soon be 
over" to keep them still, while being robbed of their last posses- 
sion and starved into submission. 

Well, dear friend, there is the picture of our America as we 
find it today. Your thought is likely; what are we going to do 


about it? If you will stop to consider the question for a few 
minutes, you must conclude that all conditions, or state of being, 
that are brought about by man, have a well thought out starting 
place, or a foundation, upon which they are established, and 
from which all policies and actions must be directed. 

Very well then, we will start with the FACT that the whole 
civilized world of today is being more or less controlled and ex- 
ploited by a group whom we will call the International Money 
Changers. We must conclude that this group did not come by, or 
attain, this control accidentally. 

If not, how did they attain it? On what foundation are their 
aims, policies and activities based? Anyone that gives this sub- 
ject careful consideration from the above standpoint, must come 
to the conclusion that in a nation where private ownership of 
property is practiced, a thing called money is very necessary to 
carry on what we call business, or the exchange of labor and the 
products of labor and services. This thing called money, there- 
fore, being exchangeable for each and everything that exists, 
including man's time at work, or labor, is the one all important 
thing in a nation that vitally affects its daily life. 

One must conclude, therefore that the Money Changers' group, 
after having decided that they wished to dominate and exploit 
the people of the world, must have come to the above conclusion 
also, and having decided that the person, or group, that could 
get hold of and control the money of a nation, could successfully 
control and exploit the people. History bears out this very con- 
clusion for we see all down through the centuries this same 
identical group getting, hoarding, lending at usury, and manipu- 
lating the money of all nations. They have consistently operated 
this racket and handed down from father to son, and family to 
family, this knowledge and practice, as a priceless heritage, to 
be guarded and used for this very purpose. 

Once the reader has definitely decided that the above con- 
clusion is correct the questions present themselves : How did they 
gain this control, and what are we going to do about it? 

You cannot have carefully read through the pages of this 
book and not know very definitely that the foreign money 
changers got control of our nation by first controlling certain of 
our National Legislators, through bribery, corruption, or other 
means, and influencing, or forcing them (the legislators) to pass 
laws giving the foreign money changer group the privileges of 
issuing and controlling our money system and establishing their 
own banks and banking system. 

History tells us that practically no great social change or re- 
form has ever taken place unless, and without, about half of the 
existing population being killed off, and that the downfall of each 
civilization, of which we have any record, occurred when a time 
in the life of each one was reached that practically all the tan- 


gible wealth of the country was in the hands of a very small 
per cent of the people. That very condition faces our nation 

Shall we go the same way as past civilizations? What factors 
do we possess today that they of past civilization did not possess 
that might work toward saving us from such a fate? Aside from 
a more general education, there seems to be only two : first, a 
highly developed communication system ; second, the enormously 
increased power of production per man. 

The money changers now have nearly complete control of our 
communication systems which they use to propagandize us into 
doing their bidding. Many people believe that the power of gov- 
ernment is being used by them now through the many alphabeti- 
cal organizations of the Brain Trust to get control of our great 
power of production, even to the killing of unborn pigs, of cattle, 
of sheep, and of plowing under and restricting the growing of 
cotton, wheat, corn and etc., to be able to completely control our 
national and individual life. 

There is no weapon to be used by a group equal to the power 
of gold when that is made the basis of a nation's money. If any 
nation is now going to try to throw off the encircling chains of 
economic slavery of the money changer group, that nation must 
FIRST take away from the money changers their power to con- 
trol the money of the nation, for that is their chief weapon and 
through its use and manipulation all other advantages are ob- 
tained, and all other rackets are perpetuated. 

Through the manipulation of the nation's money system, the 
money changers have now obtained virtual possession and 
control of all our principal communication and transportation 
systems, our public utilities systems; and together with the use 
of money manipulation, usury, stock exchange gambling, and the 
exploiting power of these aforementioned systems they have now 
mortgaged practically every piece of property in our nation to 

Now just why do the "Money Changers" want the power to 
issue and control money? Well, just suppose for instance, my 
dear reader, that you were a very selfish individual and wanted 
to take every advantage you possibly could of the people among 
whom you lived, just anything that all the people had to have, 
that you could get the law makers to give you control of, would 
be a grand concession, would it not ? You could restrict your out- 
put and make it scarce and consequently make the people trade 
you more of their product for yours than it was actually worth, 
or in other words, change the value of your product in terms of 
exchange of produce ? Certainly you could and would if you had 
a mind and disposition that the money changer crowd have, and 
that is just exactly what they do with money, once they get con- 
trol of the issuing power of it. And that is why they are called 
"Money Changers." Now why do they choose money to exploit? 


Simply because money was created to be a token or a thing 
which would stand for and be exchangeable for all produce and 
labor, therefore, it is one of the prime necessities in the realms of 
trade and commerce and another thing, it is easily stored, does 
not depreciate in itself, and the really big and bad thing is it 
work for you while you sleep, so back of the whole mess is the 
wicked, vicious, hideous destroyer of nations and civilizations, 
the practice of "USURY." 

Therefore, once we have taken back the power to issue and 
control the value and volume of our money, and placed that con- 
trol in the hands of Congress, where our good old Constitution 
placed it, we must use the power of Eminent Domain, also given 
our government by our Constitution, and take over and operate 
under our government these systems of transportation, communi- 
cation, oil, gas and coal, as they are all natural monopolies and 
should belong to our people as a whole and not for the ex- 
ploitation of any particular group. 

Once these two first steps are completed the other necessary 
steps to make our nation a happy, vigorous, industrious, virile, 
law abiding nation, free from hunger, unemployment and panic ; 
forging ahead to a prosperity and development such as has never 
been known, will be comparatively easy to accomplish. 

And how to bring this about? 

Inform yourself, tell your friends and neighbors, convince 
them, call meetings, educate yourselves and others ; form com- 
mittees in each district to wait on your Congressmen and Sena- 
tors and infonn them, in no uncertain terms, just exactly what 
you want, and see that they do it or else — 

You must all remember that it was only through the ability to 
corrupt, bribe, or control in one way or another, enough national 
congressmen and senators to get the necessary legislation passed 
to give the Money Changers possession of our monetary systems. 
We must get our rights re-established the same way, by seeing 
that our legislators pass the necessary laws to do so. 

And finally, as we realize that only by a predatory group, 
first obtaining control of our Nation's money system, can it get 
and control the nation, let us insist on our National Congress 
passing a law making the introduction of a measure in either the 
Senate or the House that would in any way take the issuing 
power and control of money from the hands of Congress, a 
treasonable offense, punishable by death before a firing squad. 
It is high time that we put a stop to the activity of treacherous 
legislators selling out their country. 

The International Money Changers are in the saddle. They are 
out to rule or ruin the world. Do you believe they own the 
money and the munition works, that they foment trouble be- 


tween nations, get them into war, loan the nations their money, 
creating a bonded debt to buy their munitions, to kill each other 
off, deplete their manhood and mire them in debt so they may be 
easier controlled, all by the power of GOLD? And their power 
was obtained through crooked legislators? 

Mr. Average Man and Woman of our troubled America, you 
have shifted the responsibility of your duty to yourself and your 
nation — of giving time and thought to what is done by your 
legislators, whom you send up there to do it — long enough. It is 
up to you, individually and collectively, to get busy now, if you 
wish to save your necks and the future independence of your 

The voices of our brothers call to us from the graves in a for- 
eign land, to make good our pledge to them of a "world safe 
for Democracy." 

The voices of our fathers of the Civil War call to us from the 
graves of Gettysburg, to finish the work they so nobly began, of 
freeing mankind from slavery, their part to free the black man 
from chattel slavery, ours to free all men from a worse bondage 
— economic slavery. 

The voices of our ancestors of Bunker Hill, Lexington, and 
Valley Forge call to us across the years to regain and uphold 
the rights of Freedom they fought for so valiantly, to win for us. 

Earnestly, tenderly, Jesus is calling across the centuries from 
the Cross on Calvary, "I am the Way, the Truth, and the Life." 
He set us the example of driving the Money Changers from the 
Temple. He pleads with us through the Sermon on the Mount to 
apply the principles of the Golden Rule in our every day lives, 
and redeem our debauched young people from a life of shame 
and ruin by liquor, drugs, white slavery and corruption, that is 
being fastened upon them by the same nefarious, inhuman, for- 
eign money changers, who own the liquor business, the tobacco 
business, the drug traffic, the white slave traffic. Find out for 
yourself, the information is available. 

Can you sit still and suffer the yoke and chains of a terrible 
economic serfdom to bind us, for evermore, when we are so ard- 
ently called to the service to Humanity? 

When the God of Nature has showered an abundance of all 
good things upon us, shall we meekly let it be destroyed and our- 
selves and our descendants be forced into an economic slavery to 
these worse than devils? No! A thousand times NO! But "Be- 
neath the Starry Flag together we will firmly stand, for the free- 
dom of our own beloved Home." 


Father Abraham we hear you calling from a martyr's grave — 
"Arise, ye Christian Americans, while yet there is time, and once 
and for all time smash this arch enemy of Christianity, De- 
mocracy and economic freedom. The dawn of a new and glorious 
future of economic security, and plenty for all awaits ONLY 


Corroborative Evidence 

The following article and editorial taken from the Vancouver 
Daily Province of May 2, 1934, gives further light on the subject 
treated in this book. 

OTTAWA, May 2, 1934 (CP)— Abraham Lincoln, the mar- 
tyred emancipator of the slaves, was assassinated through the 
machinations of a group representative of the international 
bankers, who feared the United States President's national 
credit ambitions — and the plot was hatched in Toronto and 
Montreal. This was the information imparted to the House of 
Commons committee on banking and commerce Tuesday by 
Gerald G. McGeer, K. C, Vancouver lawyer and advocate of 
social credit, during a five-hour attack upon the present finan- 
cial system. 

"The evidence discloses that instead of being a patriot, 
John Wilkes Booth, who assassinated Lincoln in a Washington 
theatre, was a mercenary," Mr. McGeer declared. Basing his 
beliefs upon an exhaustive study of unexpurgated copies of 
the evidence given by secret service agents at Booth's trial, he 
declared the only group that could benefit by Lincoln's death 
and who had the money to carry out such a plan, was the in- 
ternational bankers. 

"The South worshipped Lincoln and looked upon him as 
the only one who would secure them justice in defeat. If they 
wished to kill him they had splendid opportunities and could 
have secured a thousand who would do the job," McGeer said. 

Hatched in Canada 

"According to the evidence given at the trial, the plot to 
assassinate Lincoln was first disclosed in Montreal and To- 
ronto," Mr. McGeer said. "A group of men representing the 
Confederacy were operating in Canada with headquarters in 
those cities. During the winter of 1864 and 1865 they were 
approached by an unknown group with the proposition to 
assassinate Lincoln, 


"They were not from the South nor connected with the 
Southern government, because representatives of the South in 
Canada hesitated to consider the proposal until it had been 
submitted to the South for approval. 

"Booth was engaged to organize the assassination. It was 
proposed to the Southern government as a plot to kidnap Lincoln 
and hold him as a hostage for the purpose of bargaining for 
terms of settlement. 

Cost No Factor 

' * In accordance with this plan a request was made to confer 
commissions in the Southern army upon those who were to en- 
gage in the actual kidnapping or assassination of Lincoln. 

"The men responsible for instigating the crime were un- 
known, but in evidence given at the trial they were described 
as a group which could undertake anything without regard to 

"Booth was never a Southern patriot in the real sense. He 
was never in the Southern army, and one of his associates was 
a deserter from that army. 

"Shortly before Lincoln was assassinated one of the men 
engaged by Booth declared that he was going away on a visit 
and that he would return with plenty of gold. 

"Lincoln was wont to describe the men opposing his green- 
back currency policy as 'the secret foes of the nation.' The 
battle between Lincoln and the sound money men of the day 
was well known. In 1864 he was elected on a platform that 
contained a plank declaring for national currency. 

"Lincoln was the most powerful reformer of his day. Had 
he lived he would have established a national currency system 
in the United States. 

"There was only one group in the world at that time who 
could finance anything they cared to attempt without regard 
to cost, and who had any reason to desire the death of Lincoln. 

"They were the men opposed to his national currency pro- 
gramme and who had fought him throughout the whole Civil 
War on his policy of green-back currency. 

"They were the men interested in the establishment of the 
gold standard system and the right of the bankers to manage 
the currency and credit of every nation in the world. 

"With Lincoln out of the way they were able to proceed 
with that plan and did proceed with it in the United States. 
Within eight years after Lincoln's assassination silver was 
demonetized and the gold standard money system set up in the 
United States." 


Corroborative Evidence 

From the Daily Province — Wednesday, May 2, 1934 
McGeer at Ottawa 

All the despatches from Ottawa suggest that Mr. McGeer 
has achieved a real personal triumph with his speech before 
the Commons committee on banking and currency. By virtue 
of that single speech he appears to have become a national 
figure, as Bryau became a national figure in the United States 
through a single speech on a similar topic nearly forty years 

The people who haunt the halls and committee rooms on 
Parliament Hill and the lounges and corridors of the Chateau 
Laurier are practised tasters of speeches. They live in an at- 
mosphere of public speaking. They are accustomed to listen to 
the best Canada can produce and they not infrequently hear 
the best from other lands. It is no mean compliment, then, 
when the men sit for six hours listening to the criticisms and 
theories and plans of the crusader from the West. 

Mr. McGeer has gone far in the past two or three years, and 
all through the marvelous energy, vitality and industry and the 
native ability stored up in himself. He was easily the central 
figure in the session of the Legislature at Victoria. He turned 
the Public Accounts Committee from its usual practice of 
tracking down petty partisan expenditures to a study of pub- 
lic finance. He forced his plan through the committee and the 
committee report through the Legislature. He was a whole op- 
position in himself. For days on end he stole the show from the 
Premier and the government. Now, in his single day on Parlia- 
ment Hill, he has stolen the show again. 

Whatever the answer, the fact remains that Gerry McGeer 
has done more, probably, than any other man to make the 
monetary question a national issue in Canada. It is hardly likely 
he has reformed the ideas of the hard-boiled committee on cur- 
rency and banking. He probably never expected he would. But 
as the prophet of a New Deal in Canada, he has got his plan 
before the country. He has made criticism which can not be 
ignored or treated with contempt. Whether they are right or 
wrong in their criticisms, Gerry McGeer, Major Douglas and 
the other honest critics of the existing monetary system have 
now gained enough currency for their criticisms and theories 
to demand a better answer than has yet been given by the 
upholders of things as they are." 



The following chart and notes (revised), reprinted from "New Economics," Melbourne, Australia, 
November 23, 1934, gives a graphic picture of the world setup as in force today and should cause all 
lovers of liberty and democracy to think and then act, while yet there is time. 

Extra Legal 

Extra Territorial 



Extra Governmental 


Domination and Exploitation Without Representation 


And Directing That Policy 



In Switzerland 


Which Forms the Policy of and for 





International Propaganda and Control Applied Through 

(Legal Repression) (Moral Repression) (Financial Repression) 


The Council of the League of Nations 
The International Military Forces 


The Assembly of the League of Nations 


International Police Forces 

I The International Commission for Rationing Nations I 

(Self Protection) 


(Territory) (Control of Production and Consumption) 


(Where National Policies Originate, and Are Passed on to) 


(The Center of Political Conflict) 
(Where the People of All Nations Are Sold Down the River) 



(Field of Economic Resistance) 

(Field of Social Resistance) 

Directed Through 





HIGH FINANCIAL POLICY. "Produce more, consume 
less." The theory is that national prosperity depends on personal 
abstinence. Consequence — a fast expansion of the MEANS OF 
PRODUCTION (capital resources), but no corresponding expan- 
sion of the means of life. 

POLICY OF THE INDIVIDUAL. To increase his consump- 
tion relatively to his expenditure of energy. More goods for less 
work. Policy justified by reason of modern machine production. 

THE DOMINANT POLICY. Financial policy prevails because 
it is made effective through the control of financial credit, which 
is a monopoly of the banking system. 

INSTRUMENTATION OF POLICY. The banking system uses 
its monopoly to encourage the multiplication of factories and 
plant, and to discourage the output of consumable goods. The 
result is the "exportable surplus" and the struggle to dump it 
abroad. Hence war. Against this tendency the individual can, in 
theory, use the power of his vote. But as Finance defines the issues 
on which he may vote, his political power is diverted to irrelevant 
issues, and so dissipated. 

INTERNAL GOVERNMENT. In Great Britain, the power 
over policy proceeds from the Bank of England, in association 
with the "Big Five" banks, through the Treasury, then through 
the Chancellor of the Exchequer, wlio delimits tlie initiative ot nis 
colleagues in the Cabinet. The Cabinet in its turn arranges the 
main issues to be discussed by Parliamentary Committees, and 
debated by the full House. If the House should reject any one of 
these issues, it condemns itself to dissolution. Notice that the 
principle of popular election ends at the House of Commons; 
that is the third removed down from the source of national policy. 
The personnel of the banks, the Treasury, and the Cabinet is 
decided by secret nomination. 

WORLD GOVERNMENT. The accompanying plan shows the 
extension of the above system to international affairs. The "cen- 
tral bank ' ' of every nation, while dominating that nation 's policy, 
as described above, is itself an agent administering the policy of 
an international banking trust of which it is a member. Thus the 
ultimate control of every nation's policy is outside that nation. 
This control is to be exercised, in appearance, by the Council of 
the League of Nations — a sort of Cabinet of Europe. The Assem- 
bly of the League may be called the European Parliament. The 
League's International Commissions of various sorts are like so 
many Parliamentary Committees. Notice that, unlike national 
Parliaments, notl even the Assembly, much less the Council, of 
the League, is popularly elected. Both are secretly nominated. 
Finance controls the nominations. Thus, the control of policy is 
not, even in form, granted to the millions of people whose des- 
tinies are involved in the system. Democracy is at an end — if it 
ever had a beginning. 


GRESSES. These institutions have no function left but that of 
persuading or coercing the public into acquiescence in a condition 
of economic scarcity deliberately decreed by external financial 
policy. The available national income has to be rationed out to 
Capital and Labor in such manner as to postpone the outbreak 
of industrial hostilities. 

function is to ration the available world income among nations 
by rationing their markets in such manner as to postpone a fresh 
outbreak of war. 

THE PINAL ISSUE. Every economic and political problem 
in the world can be resolved into a conflict between the indi- 
vidual, who says, "I must consume in order to live," and the 
world financial autocracy, which says, "You must not consume if 
you would live." The conflict, for instance, between Capital and 
Labor is at root a struggle between two bodies of would-be con- 
sumers over a given quantity of purchasing power which is being 
kept insufficient by the banking system as a matter of policy. 
Neither party to the struggle is responsible for the occasion of 
the struggle, nor can remove it by strikes and lock-outs. 

THE MORAL. This international stranglehold can be broken 
when the nominated Cabinet, or Congress, is faced by a united 
people on the one vital issue, namely: "That Pinancial Credit, 
being of this People, should be controlled by this People for this 
People." Capital and Labor must call an industrial truce and col- 
laborate . . . and ultimately to detach these banks themselves 
from the international trust which they serve. After all, these 
repressive institutions are simply small groups of ordinary human 
beings whose natural desires and aspirations are being thwarted 
by reason of this existing chain of institutional allegiances. When 
each nation resumes its power of financial self-determination — 
when its Parliament, banks, industries, and citizens are free to 
concentrate on the program of internal production and consump- 
tion — there will be no need for a League of Nations, unless it be 
as a clearing house for the renascent cultures of an emancipated 
world's peoples. 

Amschel Mayer Rothschild (the originator of the House of 
Rothschild) said, "Permit me to issue and control the money of a 
nation and I care not who makes the laws." 

The "permitting" was begun when his five sons were put in 
control of the five great banks of England and Europe and 
given (?) the privilege of issuing the paper money. 

President Garfield (just before he was assassinated) said, "He 
who controls the money of a nation, controls the nation. ' ' Which 
we can now see working in all countries of the world. The Control 
Board of the Bank of International Settlements is said to be 
composed of one or more members from the board of each of the 
Central Banks of the various nations. 


Thus we find that the people of a nation never get to vote on 
the POLICY of their government, but only on which PARTY the 
Conservative, or Liberal, the Democratic, or Republican, shall 
ADMINISTER THE POLICY handed down from above as here 

PLENTY is BETRAYED and set aside, in the Committee Rooms, 
the Cloak Rooms, the Bill Registration Rooms, or by a small 
BAND OF TRAITOROUS legislators, who sell the people out to 
even as did the other Judas two thousand years ago. 

The following resume of what is money and the judicial de- 
cisions concerning our Congressional rights in the issue of money, 
are reprinted with permission from "What Is Coming," by L. E. 
Stowe and are a very valuable collection for the student of 
money as a reference. 

What Is Money? 

Prom "What Is Coming," by L. E. Stowe 

For the benefit of those who scoff at paper money and gov- 
ernment control of the issue of money, let us quote some au- 
thorities on the subject: 

What Is Money? 

"Money is a creation of law." — John Stuart Mill, Econo- 

"Money is a creation of law. It is a measure of value by 
comparison, whereby we ascertain the comparative values of 
all merchandise, or it is a sign which represents the respective 
value of all commodities. ' ' — Blackstone, the English Law Giver. 

Attorney General Ackerman, in speaking of the legal tender 
act, said: "We repeat, money is not a substance, but an im- 
pression of legal decree." 

"The theory of the intrinsic value of money has been 
abandoned by the best writers and speakers." — Encyclopedia 

"Metallic money while acting as coin, is identical with 
paper money in respect to being destitute of intrinsic value." 
— North British Review. 

"An article is determined to be money by reason of the 
performance by it of certain functions, without regard to its 
former substance." — Appleton's American Encyclopedia. 

"Money is an ideal thing; the coin or government legal 
tender paper bill is the tool or visible expression of that ideal 
thing. The tool that represents that idea depends as much upon 
the law of supply and demand for its value as does the wheat 
or any other commodity. 


"Congress alone has the right to issue money and regulate 
the value thereof." — Our Constitution. 

"The general government ceases to be independent, it 
ceases to be safe, when the national currency is at the will of a 
company." — Thos. H. Benton. 

Read the following extract from a speech of John C. Cal- 
houn of JSouth Carolina, delivered in the United States senate 
during the panic of '37- '38: 

"We are told there is no instance of a government paper 
that did not depreciate. In reply I affirm there is none, assum- 
ing the form that I propose, that even did depreciate. When- 
ever a paper receivable in the dues of a government had any- 
thing like a fair trial it has succeeded." 

"When all our paper money is made payable in specie on 
demand, it will prove the most certain means that can be used 
to fertilize the rich man's field by the sweat of the poor man's 
brow. ' ' — Daniel Webster, 

"Whatever a government agrees to receive in payment of 
the public dues, as a medium of circulation is money, no matter 
what its form may be, trading notes, drafts, etc. Such bills or 
paper issued under the authority of the United States is 
money." — Henry Clay, in the Senate, 1837. 

"Gold and silver are not intrinsically of the same value 
with iron. No method has hitherto been found to establish 
a medium of trade equal in all its advantages, to bills of credit, 
(greenbacks) made a legal tender." — Benjamin Franklin. 

"I sincerely believe that banking institutions are more 
dangerous to liberty than standing armies." — Thomas Jeffer- 
son's Works, Vol. VI, page 608. 

"Bank paper must be suppressed and the circulating me- 
dium must be restored to the nation, to whom it belongs. It is 
the only fund on which they can rely for loans ; it is the only 
resource which can never fail them, and it is an abundant one 
for every necessary purpose. Treasury bills, bottomed on taxes, 
bearing interest or not bearing interest, as may be found neces- 
sary, thrown into circulation, will take the place of so much 
gold and silver." — Thomas Jefferson's Works, Vol. VI, page 
199, letter of September 11th, 1813. 

"I have ever opposed money of bankers; not of those dis- 
counting for cash, but of those fostering their own paper in cir- 
culation and thus banishing our cash. My zeal against these 
institutions was so warm and open at the establishment of the 
bank of the United States that I was derided as a maniac by the 
tribe of bank mongers who were seeking to filch from the pub- 
lic." — Thomas Jefferson in a letter to President Adams, Jan- 
uary 24, 1814. 

"Charter a bank with $35,000,000, let it establish and learn 
its power, and then find, if you can, means to bell that cat; 


it will be beyond your power; it will over-awe Congress and 
laugh at your laws." — John Randolph. 

"As a result of the war, corporations have been enthroned, 
and an era of corruption in high places will follow, and the 
money power of the country will endeavor to prolong its reign 
by working upon the prejudices of the people until all wealth 
is aggregated in a few hands, and the republic is destroyed. 
I feel at this moment more anxiety for the safety of my coun- 
try than ever before, even in the midst of the war. God grant 
that my suspicions may prove groundless. ' ' — Abraham Lincoln. 
"Whoever controls the volume of money in any country is 
absolute master of all industry and commerce." — James A. 
King Solomon demonetized silver, the lesser metal, and 
brought destruction and ruin to his country. 

Five hundred B. C. the precious metals were found inadequate 
to the needs of Greece. Solon reduced the metal in the coin, 
thereby expanding the currency, and thus saved Attica from a 
deluge of blood. 

Five hundred years later Julius Caesar found the precious 
metal insufficient to supply the circulating medium of Rome, and 
he took the privilege of coining money from the wealthy families, 
to whom it had been granted, and restored it to the government, 
to whom it belonged, and he created a cheap metal money, and 
established public works and paid it out to labor; thus creating 
good times and the people loved Caesar, but the wealthy senators 
murdered him with their own hands. 

The Romans, on several occasions, were compelled to reduce 
the metal in the coins to increase the volume of money to carry 
on their wars. 

"At the Christian era the metallic money of the Roman Em- 
pire amounted to $1,800,000,000, by the end of the Fifteenth 
century it had shrunk to less than $200,000,000. . . . History 
records no other such disastrous transition as that from the 
Roman Empire to the Dark Ages. ... It is a suggestive coinci- 
dence that the first glimmer of light only came with the in- 
vention of bills of exchange, and paper substitutes, through 
which the scanty stock of the precious metals was increased in 
efficiency. ' ' — Report of the United States Silver Commission in 
England was compelled to reduce the metal in her coin several 
times and the monej- changers tried to force her back, but failed. 
She was finally compelled to adopt paper money and suspend 
specie payment. 

Gold deserted the United States on several occasions and al- 
ways brought disaster until we resorted to paper money, when 
the absence of gold did not trouble us until we attempted to get 
back to a gold standard, when it brought ruin and dispair. 


Henry A. Martin, the French historian, tells us that France 
tried to adopt a system of paper money, but the money changers 
crippled it as did our bankers cripple our paper money during 
the Civil War, yet such prosperity did that money give France 
that England determined to destroy its power and paid from 
her secret service fund one Dembies, a cabinet officer, a hundred 
thousand crowns per annum to intrigue against this money and 
as much more to M. D'Argenson for the same purpose. 

The bankers told Andrew Jackson if he vetoed the old United 
States bank bill they would ruin the business of the country. He 
vetoed it and some one tried to assassinate him ; he well knew 
what for. 

In 1881 Congress was flooded with petitions to pay the bonds 
with paper or silver, or to convert them into small interest bear- 
ing bonds, payable at the government's option. The bankers 
said if you do either we will ruin the business interests. This is 
known as the bankers rebellion of 1881. (Freeman 0. Wiley. 
Whither Are We Drifting as a Nation.) Congress failed to do 
either, but Garfield did convert them into small interest bearing 
bonds and circumstances point to that, and his utterances upon 
finance questions at that time as the cause of his assassination. 

Constitutional Money 

Here are the state cases in which the constitutionality of the 
legal tender money are passed upon, and where the same may 
be found, and what the judges said in some of the cases : 

Carpenter vs. Northfield Bank (39 Vt. 46) ; 

Shollenberger vs. Brinton (52 Pa., St. 9) ; 

Verges vs. Gibony (38 No. 458) ; 

Brown vs. Welch (26 Ind. 116) ; 

Latham vs. United States (1 Ct. of CI. 149) ; 

Lick vs. Falkner (25 Cal. 404) ; 

Curiae vs. Abadie (Id. 502) ; 

Kierskie vs. Hedges (23 Ind. 141) ; 

Britenback vs. Turner (18 Wis. 110) ; 

Jones vs. Harker (37 Ga. 503) ; 

Reynolds vs. Bank of the State (18 Ind. 467) ; 

Wilson vs. Trebilcock (23 la. 331) ; 

Met. Bank vs. Van Dyck (27 N. Y. 400) ; 

Hague vs. Powers (39 Borb. N. Y. 427) ; 

Roosevelt vs. Bull's Head Bank (45 Ind. 579) ; 

Murry vs. Gale (52 Id. 427) ; 

George vs. Concord (45 N. H. 434) ; 

Van Husan vs. Kanouse (13 Mich. 303) ; 

Hintra vs. Bates (18 la. 174) ; 

Maynard vs. Newman (1 Nev. 271) ; 

Milliken vs. Sloat (Id. 573) ; 


Borie vs. Trott (5 Phil., Pa., 366) ; 

Johnson vs. Juey (4 Coldw. Tenn., 608). 

The above are copied from the reports of court decisions which 
were not merely questions of the constitutional power of Con- 
gress to issue legal tenders in time of war or peace, but the whole 
matter of the necessity of all facts for whatever purpose not pro- 
hibited by the Constitution. 

Chief Justice Chase, in Hepburn vs. Griswold, stated that : 
"The constitutionality had never been called in question, except 
as to its retrospective effect, and then by the submission of the 
people to this and contemporaneous construction of other courts, 
bring to its relief a general principle of law, which has all the 
force of law itself. The mere fact that there is a concurrence is 
an argument in favor of the proposition, which is concurred in 
by the different courts." 

Attorney-General Akerman, in arguing in favor of the consti- 
tutionality, said: "Congress has never hesitated to enact what 
should be legal tender in payment of debts. The right to thus 
FORTY-EIGHT— PC— Lincoln 6Y 6-13 

enact has been assumed in twenty-four statutes, passed in presi- 
dences of "Washington, Jefferson, Madison, Monroe, Jackson, 
Tyler, Polk, Fillmore, Pierce, Lincoln and Johnson. . . . The Con- 
stitution nowhere declares that nothing shall be money unless 
made of metal." 

Jullard vs. Greenman (U. S. Reports, Vol. 110, page 421.) 

Supreme Court Decision 

Congress has the constitutional power to make the Treasury 
notes of the United States a legal tender in payment of private 
debts, in time of peace, as well as in time of war. 

"Under the act of May 31st, 1878 (ch. 146), which enacts 
that when any United States legal tender notes may be re- 
deemed or received into the Treasury, and shall belong to the 
United States, they shall be reissued and paid out again, and 
kept in circulation. Notes so reissued are a legal tender. 

"Submitted to Supreme Court, 1884, decided March, 1884, 
the opinion of the court being delivered by Mr. Justice Gray. 

"Upon full consideration of the case the court is unani- 
mously of the opinion that it cannot be distinguished in prin- 
ciple from the cases heretofore determined, repeated under 
the names of the Legal Tender cases (12 Wallace), Dooley vs. 
Smith (13 Wallace), R. R. Co. vs. Johnson (15 Wallace), and 
Maryland vs. R. R. Co. (22 Wallace)." 
This should forever set at rest the question of the rights of 
government to issue paper money, pure and simple. 

336.73B97L C001 


3 0112 031774349