The End.
Glossary 1. Reserve Act of 1913-Created Federal Reserve System by which Congress abdicated its Constitutional authority to create money and control credit, turning this important function of Government over to private corporations. 2. Reserve Act of 1934 — Demonetized gold, substituted Corporation stock as standard of money. Raised price of monetary gold from $25.67 an ounce to $35 an ounce, and outlawed the selling of gold to other than the Government, and made it illegal for a person to have gold coin or bullion, except that which he bought from the Government to be used in his arts; making it compulsory that the Government buy all gold mined in the United States, or sent to the United States. 3. Reserve Act of 1957 — Greatly extended powers of Reserve authorities. 4. Federal Reserve System — Twelve Federal Reserve Banks and some 14,000 member commercial banks, trust companies and savings institutions, combined into a giant private corporation with the power to issue all money, create all deposits, and control the credit of the nation — it holds the power of life or death over every person in the