CodalSearch this book — or all of Codal…⌘K
Projects
Sign inStart a book
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.

Page 46 of 211
Table of Contents

Chapter IV The Legalized Crime Of Banking

As it is, we'll pay in interest the $279 billion and still owe the banks the $279 billion in bonds, along with the $1,750 billion they got in addition to the bonds. The banks render two essential services: 1. lending credit, or money; 2. keeping deposits, clearing and cashing cheques. The first is a private property right and should be reserved to the people; the second is a public right and must be reserved to the Nation. The system of keeping the people's money credits, cashing and clearing their cheques, if divorced from the lending of money, would give us the best medium of exchange, money, the world has ever devised. And, if the Nation carefully limits its volume to the amount needed to carryon the business of the Nation on an annual basis, it will be the most fluid and the soundest money on earth. (Note: Perhaps I should explain why I used different figures in different summations of the costs of World War II. I did it that I might play with the $250 billion, and the official $276 billion. I used the 20% figures as the percentage of deposits to reserves, as the Reserve Book did, but would have been closer to the 'truth had I used the ratio of 7 instead of 5; and now the Reserve Banks are asking Congress to let them loan 10 times their reserves. Of course that would have doubled all of my totals, if I had used 10 instead of five. The alarming fact, and not the exact figures, was my object always. - The Author.)

46