Continuing from last months NewsLetter, I will continue with more FACTS about our Un-Lawful Money and Banking System here in the U.S. There is too much information in this article to include in just 1 NewsLetter, therefore, we will break it into 4 parts over the next 4 months. This article was written by an unknown author but explains in detail all FACTUAL information I also have available for anyone to review.
EVIL ONLY EXISTS TO THE EXTENT GOOD MEN DO NOTHING
PART 1
It is not necessary to review all of the intrigue and deception which surrounded
the passage of the Federal Reserve Act. We will simply outline its highly persuasive
promises compared with the cold reality of its historical performance during the
past sixty-five years. The record shows that Woodrow Wilson was one of the first
to recognize what a horrendous mistake had been made.
"From Woodrow Wilson with Regrets"
In 1916, just three years after the Federal Reserve System went into operation,
President Wilson seems to have suddenly realized what a virtually uncontrollable
power monopoly had been vested in the nation's new Federal Reserve System. He
wrote:
A great industrial nation is controlled by its system of credit. Our
system of credit is concentrated [in the Federal Reserve System]. The
growth of the nation, therefore, and all our activities are in the hands
of a few men.... We have come to be one of the worst ruled, one of the
most completely controlled and dominated governments in the
civilized world-no longer a government by free opinion, no longer a
government by conviction and the vote of the majority, but a
government by the opinion and duress of small groups of dominant
men. (Quoted in "National Economy and the Banking System," Senate
Documents Co. 3, No. 23, Seventy-sixth Congress, First session, 1939.)
President Wilson's protest against the "duress" of a few dominant men is
especially interesting in view of the dozens of articles he had written, as head of
the political science department at Princeton, criticizing the thinking of the
Founding Fathers and calling for stronger centralized power in Washington.
In fact, these men from whom President Wilson was feeling such duress and
domination in 1916 were the very ones he had been praising a few years earlier.
It would seem that the superior wisdom of the Founding Fathers had become
increasingly apparent, even to Wilson.
Additional Mourners
The Federal Reserve Act was sponsored by Senator Robert L. Owen (D-Okla.)
and Congressman Carter Glass (D-Va.), who succeeded McAdoo as Secretary of
the Treasury and later became a Senator. Senator Owen was chairman of the
Senate Banking and Currency Committee, where the bill was drafted. The original
bill required the Federal Reserve to maintain stable money which would produce a
stable price level.
Very shortly Senator Owen also became one of the mourners and wrote:
This mandatory provision was stricken out in the House under the
leadership of Carter Glass. I was unable to keep this mandatory
provision in the bill because of the secret hostilities developed against
it, the origin of which at that time I did not fully understand.
But he later found out where these hostilities were coming from. He said:
Under the administrations of Wilson, Harding, Coolidge and Hoover,
this act was diverted from its proper purpose on the advice of some
who controlled the policies of a number of the largest banks. (Quoted
in Gertrude M. Coogan, Money Creators [Hawthorne, Calif.: Omni
Publications, 19351, p. ix.)
Owen spent the rest of his life trying to get the Federal Reserve System repealed.
It is mentioned in most of the texts that the Federal Reserve Act would never
have passed the House without the support of Secretary of State William Jennings
Bryan (D-Neb.), a former Democratic Party Whip.
Bryan also became a mourner and wrote:
In my long political career, the one thing I genuinely regret is my part
in getting the banking and currency legislation enacted into law.
(Quoted by Kenan, The Federal Reserve Bank, p. 127.)
Unfortunately, all of these powerful political personalities who had so much to
do with the adoption of the Federal Reserve System found that it was too big and
too powerful to control or repeal once it had become entrenched. All they could
do was mourn.