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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 IV The Legalized Crime Of Banking

they grow out of the inflation of money. Price rises should keep pace with money increases. The Government's price controls is an effort, in obedience to the orders of the Reserve Banks, to compel the people to accept, for their goods and services, a cheap dollar. Only the deposits in chequeing accounts reflect the money supply. That's why bankers, aided and abetted by the Government, beat down wages, then take every pay day huge sums as taxes; fight for higher utility profits; urge you to put your money into savings accounts, and urge you to purchase U.S. Bonds and corporation securities. A hungry house wife drools as she sees the thick juicy $1.1 steak, touches it shyly, and lifts a soup bone into the shiny grocery cart, and hurries away. If all deposit dollars were demand deposits, and there were no price controls, steaks would cost $11 a pound and $300 salary would be $3,000 a month! The worthless German mark would be worth more! Why the difference? The German marks, were printed, in the hands of the people; the American dollars are figures on bankers' ledgers. The American bankers are set to follow Germany's lead. Rumnl has said, "Banks will not bust as in the 30's; as often as the depositors ask for cash, greenbacks will be handed out to them." These will be Federal Reserve notes, which cost them only 30c per $1,000, and they will pay Uncle Sam the thirty cents with new deposit dollars, which cost the bankers not one thin dime. The greenbacks you get will be fiat money, redeemable in its kind, like giving a hot cheque for a hot cheque! Look at a Federal Reserve note. Read, ""Redeemable in Lawful Money." Not in silver, Not in gold. It is lawful Money. "On demand" the banker or Treasury of the United States, would hand you another Reserve [corporation fiat] note. But the Government has already printed for the Reserve Banks $21,964,687,524 (May 31, 1957 circulation statement of United States Money), Federal Reserve Gold Certificates, not for circulation, which bankers hold. This gives them title to our entire gold. It cost them just to have them engraved $8 million. And they paid this with new hot deposits. In this way bankers got title to $21,964,687,524 (billion) of gold absolutely free! Congressman Wright Patman said

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