Attacks on our monetary system from prominent men

Many of these men are complaining about the money system, without (1) being more specific as to what is wrong or (2) offering any suggestions as to how it can be fixed. Shame on them or the person that posted these complaints and half truths.

Beware -- the quotes may be accurate -- but they may be only part of the stand these men took, and they may be presented out of context. Such quotes are often used by "money reformers" who are trying to show how evil our monetary system is.

I am growing suspicious of some money reformers who seem to be more interested in (a) keeping the public riled up than (b) presenting reasonable, well-thought-out solutions to our banking and money systems.

It is astounding that the reformers do not simply suggest that we follow the Constitution and put the control of our money under Congress and the checks and balances that will naturally follow.

The problem obviously is that the Federal Reserve System, a private organization has no checks and balances.

The "creation of money out of nothing" is wonderful -- as long as (1) each debt is backed by good collateral and (2) the lender suffers if the debt is not paid back. The system is set up that way and it would undoubtedly work if it were followed. But The Federal Reserve system has not made sure that all loans have good collateral and they do not suffer when the debts go bad.

The other big problem is that the Federal Reserve System charges the government interest on the money it lends to the government -- and this in the face of the Constitution's mandate that Congress should control the money supply.

The present money system is a disgrace. The public's acceptance of the system is disgusting. The reformer's efforts seem feckless.

Signed: Martin R. Carbone

PRESIDENT JAMES A. GARFIELD:
“Whoever controls the volume of money in any country is absolute master of all industry and commerce.”

HORACE GREELY:
“While boasting of our noble deeds, we are careful to control the ugly fact that by an iniquitous money system, we have nationalized a system of oppression which, though more refined, is not less cruel than the old system of chattel slavery.”

THOMAS A. EDISON:
“People who will not turn a shovel of dirt on the project (Muscle Shoals Dam), nor contribute a pound of material, will collect more money, from the United States, than will the people, who supply all the material and do all the work.

This is the terrible thing about interest (usury) ... But here is the point: If the nation can issue a DOLLAR BOND, it can also issue a DOLLAR BILL. The element that makes the bond good, makes the bill good, also.

The difference, between the bond and the bill, is that the bond lets the money-broker collect twice the amount of the bond, and an additional 20%. Whereas the currency, the honest sort, provided by the Constitution, pays nobody, but those, who contribute in some useful way. It is absurd, to say that our country can issue bonds, and cannot issue currency.

Both are promises to pay, but one fattens the usurer and the other helps the people. If the currency issued by the people were no good, then the bonds would be no good, either. It is a terrible situation, when the Government, to insure the national wealth, must go in debt and submit to ruinous interest charges, at the hands of men, who control the fictitious value of gold.

Interest is the invention of Satan.”

PRESIDENT WOODROW WILSON:
“A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the Nation 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 world--no longer a government of free opinion, no longer a government of conviction, and vote of the majority, but a government by the opinion and duress, of small groups of dominant men.”

(Just before he died, Wilson is reported to have stated to friends that he had been “deceived” and that ”I have betrayed my Country”.) He was referring to the Federal Reserve Act, passed during his Presidency).

SIR JOSIAH STAMP (President of the Bank of England in the 1920’s, the second richest man in Britain):
“Banking was conceived in iniquity, and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen, they will create enough deposits, to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear, and they ought to disappear, for this would be a happier and better world to live in. But if you wish to remain the slaves of Bankers, and pay the cost of your own slavery, let them continue to create deposits.”

MAJOR L. L. B. ANGUS:
“The modern banking system manufactures money out of nothing. The process is, perhaps, the most, astounding piece of sleight of hand that was ever invented. Banks can in fact inflate, mint, and un-mint the modern ledger-entry currency”.

RALPH M. HAWTREY, (Former Secretary of the British Treasury):
“Banks lend by creating credit. They create the means of payment, out of nothing.”

ROBERT H. HEMPHILL (Credit Manager of Federal Reserve Bank, Atlanta, Georgia): “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.”

CONGRESSMAN LOUIS T. McFADDEN:
“The Federal Reserve (Banks) are one of the most corrupt institutions, the world has ever seen. There is not a man, within the sound of my voice, who does not know that this Nation is run by the International Bankers”.

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