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 89 of 211
Table of Contents

Chapter VIII The Hand of the Banker Tracing a Sordid Scroll

(More than physical value, in 1932 dollar, of continental United States.) Through private loans, banks had run private debt over $500 billion, and the public debt — school, municipal, county, district, state, and national — all owed to banks, amounted to more than $500 billion. So on February 28, 1946, the 141 million American people owed the 14,567 banks a $1,000 billion — a stupendous sum, $1 trillion, which fastens upon every man and woman, every boy and girl, every child a debt of over $7,000. (Written in 1948.) Recalling the Panic of 1893 which bankers planned and carried out that they might through mortgage foreclosures "own three-fourths of the farms east and west of the Mississippi" as typical of their schemes to steal the farms and other real estate of the Nation, and leave "the people tenants as in England!" you will understand that it required just a few years of 20th century to complete their total rape of the Nation. So they turned to U.S. Bonds — see them grow in billions: 1917 — $1 billion; 1919 — $26 billion; 1940 — $42 billion; 1941 — $54 billion - pre-Pearl Harbor; 1946 — $276 billion; 1958 — $280 billion. And Wars I & II did the JOB! Completed title to 171 million souls! "BUT, STILL I DON'T BELIEVE BANKERS TRANSFER PRINCIPAL TO THEIR PROFIT ACCOUNTS," you say. Well, sir, you mean you do not want to believe that you and 171 millions of Americans would let them get away with such gigantic fraud, as Stamp branded banking. As college graduates, even with your Ph.D. degree, you have heretofore glibly and unashamedly said, "I do not know anything about money," feeling your admission would waterproof you against being classed as a "crackpot or money nut," and now, as the whole horrible truth begins to seep into your mistreated and mistaught minds, you rush for the sand dunes so that you may stick your silly manhandled heads in the sand. You don't believe because you have been taught that bankers made all that's good possible, and you fear you might starve if you lost your master. He may be a fraud, you admit to yourself, but maybe his fraud, you reason, keeps you. Well, brother, it does — keeps you in bondage. You say, "Of course,

89