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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 XIV Congress Must Regulate The Value Of Money

them only for resale. There would be no stock markets, stock exchanges, wheat pits, cotton markets, where men and women with phoney money would gamble on the guess whether the price went up or down. A few men in Chicago New York, New Orleans and a few other cities, could not then manipulate the markets exactly as the dealer manipulates the roulette wheel. As a boy on my father's East Texas farm, we planted cotton with the cotton market at 10¢ or 12¢ a pound. When we harvested the crop in the fall, and sold it, we got as low as 4¢ a pound for strict middling cotton, picked by hand, as free of trash as careful picking could keep it. Many of us can remember the Krugers, Lawsons, Hills, Goulds, of the yesteryear, and the Youngs of today, who manipulated the stock markets "making" millions in the steal. With the sound dollar that the Congress can give us, and having cut out all phoney money, reducing money lenders to the lending of existing deposits, the Congress will not have to outlaw these gambling devices; for that is what they are, just as much as all of the gaming devices "legalized" at Las Vegas. They could never have been established, without the phoney dollar; and with the death of the phoney dollars, the bankers' pen and ink dollars, there will be laid by the phoney dollar's corpse, the corpses of the "stock market," the wheat and cotton pits and casinos. he land speculator will go along with his buddies. Boom and busts will pass into limbo of unneeded and forgotten things. Then truly, in the words of Sir Josiah Stamp, this, will be "a happier and a better world to live in."

The Value of a Dollar Is What It Will Buy Fixing the value of the dollar will effect every transaction between man and man; and the strong will not be able to tread down the weak — the big club of the Nation will be there to strike him down if he tries it. I can sense your saying "Oh, no; you couldn't trust Congressmen. They wouldn't know anything about banking, as you have shown, and bankers would use them as they use them now. . . and besides all politicians are crooked." And let me reply: "There are a hundred crooked business men behind every crooked politician" and then add, "What could the crooked business man get out

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