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D. Rolling Kearney

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No man and no body of men is more entrenched in power than the arrogant credit monopoly which operates the Federal Reserve Board and the Federal Reserve banks. These evil-doers have robbed this country of more than enough money to pay the national debt… The sack of the United States by the Federal Reserve Board and the Federal Reserve banks is the greatest crime in history… What is needed here is a return to the Constitution of the United States. We need to have a complete divorce of Bank and State. The old struggle that was fought out here in Jackson’s day must be fought over again… The Federal Reserve act should be repealed and the Federal Reserve banks, having violated their charters, should be liquidated immediately. Faithless Government officers who have violated their oaths of office should be impeached and brought to trial.”

Rep. Louis McFadden,
Chairman of the House Banking and Currency Committee 38

“The Federal Reserve Bank of New York is eager to enter into close relationship with the Bank for International Settlements… The conclusion is impossible to escape that the State and Treasury Departments are willing to pool the banking system of Europe and America, setting up a world financial power independent of and above the Government of the United StatesThe United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it.” [Ed. note: this last sentence has been especially prophetic.]

Rep. Louis McFadden, again, as quoted in the New York Times 39

“If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.”

Robert Hemphill, Credit Manager of the Federal Reserve Bank in Atlanta 40

In 1862, Abraham Lincoln began issuing debt-free Greenbacks, instead of using bankers’ banknotes, to fund The North’s operations in the Civil War. The following is an excerpt of an 1865 London Times editorial that was prompted by this action, which illustrates what debt-free nationally-controlled currency means to the international financiers

Footnotes

38

Louis T McFadden’s U.S. House speech 10 June 1932

Download the File: PDF (193 KB)

Quoted from his address to the House on June 10, 1932 (emphasis added). The entire speech is included in the file.

39

New York Times, June 1930 (emphasis added)

40

Written in 1936 (emphasis added)