“Mr. Chairman , when you hold a $ 10 Federal Reserve note in your hand you are holding a piece of paper which sooner or later is going to cost the United States Government $ 10 in gold…. The sack of the United States by the Federal Reserve Board and the Federal Reserve banks is the greatest crime in history. Mr. Chairman, a serious situation confronts the House of Representatives today. We are trustees of the people and the rights of the people are being taken away from them. Through the Federal Reserve Board and the Federal Reserve banks, the people are losing the rights guaranteed to them by the Constitution. Their property has been taken from them without due process of law. Mr. Chairman, common decency requires us to examine the public accounts of the Government and see what crimes against the public welfare have and are being committed. Mr. Chairman , when a Chinese merchant sells human hair to a Paris wigmaker and bills him in dollars, the Federal Reserve banks can buy his bill against the wigmaker and then use that bill as collateral for the Federal Reserve notes. The United States Government thus pays the Chinese merchant the debt of the wigmaker and gets nothing in return except a shady title to the Chinese hair. Mr. Chairman, if a German brewer ships beer to this country or anywhere else in the world and draws his bill for it in dollars, the Federal Reserve banks will buy that bill and use it as collateral for Federal Reserve notes. Thus, they compel our Government to pay the German brewer for his beer. On April 27, 1932, the Federal Reserve outfit sent $ 750,000, belonging to American bank depositors, in gold to Germany. A week later, another $ 300,000 in gold was shipped to Germany in the same way. About the middle of May $ 12,000,000 in gold was shipped to Germany by the Federal Reserve Board and the Federal Reserve banks. Almost every week there is a shipment of gold to Germany. These shipments are not made for profit on the exchange since the German marks are below parity with the dollar. The Federal Reserve Board and the Federal Reserve banks lately conducted an anti-hoarding campaign here. Then they took that extra money which they had persuaded the American people to put into the banks and they sent it to Europe along with the rest. In the last several months , they have sent $ 1,300,000,000 in gold to their foreign employers, their foreign masters, and every dollar of that gold belonged to the people of the United States and was unlawfully taken from them.” Rep Louis T. McFadden June 10, 1932 modernhistoryproject.org/mhp?Article=McFadden1932
Posted on: Sun, 06 Oct 2013 09:24:17 +0000
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