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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 VI Money — Our Greatest Problem

That assertion is as true today as in the 70s when John Sherman wrote the letter. But following the panics of 1873, 1893, and 1907, when banks failed and depositors lost billions of "money" deposits, a committee was appointed, at the behest of the bankers, to make a study of banking and money. When this committee made its report to Congress, the bankers introduced the Infamous Federal Reserve Act, which became a law with only six Congressmen and Senators voting against it; the others voted yes, and many of the leaders had been royally entertained at "Hobcaw", the 17,000 acre "Shangrila", owned by Bernard Baruch, a Doctor's son who went from rags to riches via the New York Stock Exchange. The producers and servers laboured long hours' for their dollars. The bankers with the flick of a pen could create billions while the producers were earning hundreds. Dollars are like spuds, the more you have of them, the less they will sell for; so every time banks add phoney money to the stream, it cheapens every earned dollar and unearned dollar, too. The only solution is for Congress to obey the Constitution, and take over the creation of money, deposit credits, which are transferable by cheque from buyer to seller; then keep the people's deposit accounts, cash and clear their cheques. And keep this in mind, the $1,250 billion bank credits created in the issuing and selling $250 billion U.S. Bonds during World War II, was just as good money as the time deposits on the books, of the banks, and that sum, plus the $250 billion in bonds, gives a total of $1 trillion $500 billion dollars. All was a gift from the people of the United States of America; and as an added punishment for dumbness, we are having to pay $10 billion a year in interest. I have said that the Federal Reserve Banking System has given us the most fluid money in the world; and that the commercial banks render the people of the United States a very great service:

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