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nydus/The Legalized Crime of BankingPublic

Silas Walter Adams critiques the Federal Reserve Banking System, arguing that its monetary policies have significantly inflated the costs of war and national debt. The book examines the historical impact of private banking practices on the American economy and proposes a constitutional alternative for the management of the nation's money supply.

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Table of Contents

Chapter XI More of the Steps in the Creation of Money

System: "William McChesney Martin, Jr." and he looks exactly like any small town banker, no smarter and perhaps no dumber. These nineteen just ordinary men, swelled into national and international largeness by their positions, hold good times and bad times for all of us, in their hands. The terrible fact is: Profits, their profits, is both their god and patron saint, and this obsession blinds them to every human value, shuts from their view the 171 million of us who must eat or go hungry at their will. If banks, small, individual banks, fail through their "stringency" or lack of credit, imposed by these 19 men, in the language of their progenitors, "they ought to fail they are not needed." If businessmen go broke, and farmers lose all, in the language of their progenitors, "They ought to lose they are too rich and too independent." If you remind them that this act will cause wide-spread hunger, the children of the workers will have no bread, they will, as smugly as Queen Catherine, say, "Then let them eat cake." Nothing, nothing, nothing concerns them but profits. And, as they did in 1837, 1873, 1893, 1907 and 1929-1934, they will not hesitate to wreck the country, rob millions of their property, their life's savings, that they may take title to billions of dollars worth of property, because the debtors can't pay their mortgages. They are the visible forms of Private Corporations, a "bloodless person," a soulless person, a conscienceless person, a cruel, thieving person, nerveless, eyeless, deaf; never hears the cries of hungry children, nor sees the sad, hopeless, full-of-despair eyes of the millions of bread winners walking the streets begging for bread. Yet, you learn all of this, then say, "But we can not trust Congress, our elected men and women, the 531 of them, who are under oath to do justice to every human being in the Nation, and whom you choose to represent you?" How absurd. You had rather be ruled by kings whom you had no part in their annointing, 19 of them, than to trust your Congressmen. Yet you know, if the Congressmen do you an injustice, you can hire another man to represent you; but whatever evil these 19 may do there is nothing you or the President can do about it. Only Congress can do something about it.

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