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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

Half-Title

Preface On July 4, 1951, I issued a little 16-page pamphlet, “The Legalized Crime of Banking - Facts About Money,” and it slept peacefully in my office until on or about July 4, 1957. In some way an interest grew among the people, and now I am getting orders for it from coast to coast. I am reproducing the major portion of that pamphlet, because it exposes the “Legalized Crime of Banking,” in a nut shell. It is a thumb-nail story of the abuses of the bankers in their creation of money, and their control of the Nation's (not their own) credit. I am giving you this story, because it covers the entire process of creating bank reserves, bank credit, and deposits to the credit of the people on the books of the 14,756 commercial banks in the United States. You cannot refute, deny, or question this summary of the evils of banking, because I quote the Board of Governors to prove every statement I make. However, the booklet issued May, 1939, by the Board of Governors of the Federal Reserve System, cannot be had at this time at any price, unless you find it in some private library, and find the owner willing to sell. I have one, and no price would buy it, because after Mr. Eccles left the Board of Governors as chairman, everything that could be done, has been done to suppress the circulation of the book. They have reprinted some of it under a “revised” edition, and the same name, “The Federal Reserve System — Its Purposes and Functions,” but they studiously omitted all these damaging (to bankers) statements. Because just a thumb-nail story never completed the task of informing the people and the creating in their minds a determination to do something about a situation, I shall go into repetitious details, and cite many instances of the practices of bankers, that you may know that indeed you are the slaves of the bankers, and “pay the cost of your own slavery.” After you have read this thumbnail story of banking, I am sure that you will want to know more about it; and what my solution of the problem is. Note: My son's Publishing House, “The Chaparral Press,” is reprinting this Reserve booklet, and you may get a copy on request, at a very nominal cost, through The Meador Publishing Company, 324 Newbury Street,

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