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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 XVI Setting Up Lending Agencies

take the Government out of the borrowing category; it would forever stop the people's having to pay taxes to pay interest on a "national debt." There would never be a national debt. The Deposit Lenders would be protected in their field of lending, because the Government could not lend Deposits to any person, corporation, or Nation, except to the lenders, as shown above. And this would be a creative act. Then Congress, the Government, would create "money" or deposits, and not lend it; and the lenders would lend deposits, but could not create them. It would keep the Government out of "business" and would prevent the lenders' pyramiding the Government's "capital." It would kill this "Creditalistic System" we have lived under, suffered under for 150 years. We would have no system; we would have the mechanics of money simplified to the lowest point. As shown, there would be no central clearing house; there would be direct connection between any Depository and any other Depository in the Nation; and The Treasury would be the Central Agency which would handle the Government's cheques, keep its deposits, print and mint money, the Depository cheques of the various forms, and keep all Depositories supplied with ample amounts and quantities of each. It would have a supervisory control over the Depositories, but everything it did would be in obedience to the will of the Congress of the United States. Wouldn't that be the finest thing you could imagine: Our nation not a debtor nation? No private corporation with the power of life or death over all of us. No 19 men, private citizens, bankers who have but one purpose, to make money for their stockholders, meeting tri-weekly, an arbitrarily putting more money in circulation, or siphoning it out. Wouldn't it be good to send Morgan & Company back to New York, not as the masters of the Nation, but as run-of-the-mill Deposit Lenders? Make Washington and Congress at our Capital masters of our deposits, and not New York, and the 19 private bankers? And send the Morgan & Company's stock market angel, Barnie Baruch, back to his Hobcaw, his 17,000-acre Shangri La where he has entertained every president since Taft, and

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