BELIEVING + VOTING - THINKING
Page 68 ... Line 2


Who, with ordinary experience, could read
the Federal Reserve Bank Act or the Esch-
Cummins Railway Act, and not know that in


BELIEVING + VOTING - THINKING
Page 70 ... Line 2


Evidence before Congress proved conclu-
sively that the Federal Reserve Act was


BELIEVING + VOTING - THINKING
Page 70 ... Line 9

the business interests to the point of strangling
those not in league with the exploiters. The
President appointed to the Federal Reserve
Board one of the most prominent of the money

BELIEVING + VOTING - THINKING
Page 70 ... Line 28

BELIEVING + VOTING -- THINKING 71

"An act to provide for Federal Reserve
Banks to furnish an elastic currency, to afford

BELIEVING + VOTING - THINKING
Page 70 ... Line 53

trated on the farmers, wage workers and small
businesses not associated with the trusts -- that
this master bank act -- the Federal Reserve


BELIEVING + VOTING - THINKING
Page 76 ... Line 12

Reserve Board, on October 31, 1922, left for Cuba to assist
in re-organizing the finances of that island. Mr. Harding
was Governor of the Federal Reserve Board during the
entire period of inflation and through the first years of

FEDERAL RESERVE ACT
Page 85 ... Line 3

trust group. That investigation, with the time
it took to make the final report, delayed the
profiteers in getting the Federal Reserve Act
passed. In spite of the proof set before

FEDERAL RESERVE ACT
Page 85 ... Line 7

every Congressman that it was the Wall Street
scheme, Congress by an overwhelming vote
passed the Federal Reserve Act, and the Presi-
dent signed it practically as Wall Street had

FEDERAL RESERVE ACT
Page 85 ... Line 15

twelve big banks instead of one, all owned by
the member banks, but all under the control of
a Federal Reserve Board with headquarters in
Washington, D. C. To put the control in one

FEDERAL RESERVE ACT
Page 85 ... Line 25


It is important to know the controlling fea-
ture of the Federal Reserve Bank. It controls
"the times, " dictates business, affects our

FEDERAL RESERVE ACT
Page 86 ... Line 3

are interested.

The Federal Reserve banks grabbed all the
gold in the country. For each dollar of gold

FEDERAL RESERVE ACT
Page 86 ... Line 6

gold in the country. For each dollar of gold
accompanied by eligible paper, pledged to the
government as security, the Federal Reserve
banks are given a direct path to Uncle Sam's

FEDERAL RESERVE ACT
Page 86 ... Line 8

government as security, the Federal Reserve
banks are given a direct path to Uncle Sam's
Treasury to get money -- Federal Reserve notes
-- at a cost of one-half of one per cent. That

FEDERAL RESERVE ACT
Page 86 ... Line 15

this is not the only special privilege, that our
laws give, as before noted. Yet perhaps the
most vicious provision of the Federal Reserve
Act is that permitting and directing the Federal

FEDERAL RESERVE ACT
Page 88 ... Line 23

serve Board, appointed men who had been edu-
cated by the Money Trust system, believed in
it and knew no other. The Federal Reserve
Act gives a power to the Federal Reserve

FEDERAL RESERVE ACT
Page 88 ... Line 24

cated by the Money Trust system, believed in
it and knew no other. The Federal Reserve
Act gives a power to the Federal Reserve
banks that makes the Government impotent to

FEDERAL RESERVE ACT
Page 88 ... Line 28

be had.

"Already the Federal Reserve banks have
cornered the gold and gold certificates, so that

FEDERAL RESERVE ACT
Page 91 ... Line 6

When they borrow it gives an excuse to find
out all about the borrowers' personal affairs.
The Federal Reserve banks have a clever way
for that. They demand of the member banks a

FEDERAL RESERVE ACT
Page 91 ... Line 11

member banks may use the borrowers' notes as
security for re-discounts. The following is one
form letter sent out by the Federal Reserve
banks to member banks:

FEDERAL RESERVE ACT
Page 92 ... Line 9

from their borrowers.* The profiteers adroitly

*The Federal Reserve Banks want every scrap of infor-
mation, which, considering that they are perfectly secure,

FEDERAL RESERVE ACT
Page 92 ... Line 27

a statement of your financial condition. I regret to say
that this will not pass the department's (referring to the
Federal Reserve Bank) requirements, and I am inclosing


FEDERAL RESERVE ACT
Page 93 ... Line 2


found a plausible excuse for calling for
it. The Federal Reserve banks have never
lost a dollar nor been in danger of losing,

FEDERAL RESERVE ACT
Page 94 ... Line 12

them.

Before the Federal Reserve Act became law,
the panics were not scientifically created. They

PANICS NOW CREATED
Page 95 ... Line 1

XI

Under the Federal Reserve Act panics are
scientifically created. The present panic is the

PANICS NOW CREATED
Page 96 ... Line 22

most disastrous panic that the world had known
-- unless Congress gave them emergency cur-
rency. The Federal Reserve Bank Act was al-
ready law but it took a long time to organize,

PANICS NOW CREATED
Page 97 ... Line 16

the banks, that the speculators controlled, all
the money they should need till they could oper-
ate the Federal Reserve Act. The speculators
received from Uncle Sam nearly $400,000,000

PANICS NOW CREATED
Page 97 ... Line 19

received from Uncle Sam nearly $400,000,000
under the provisions of the Emergency Cur-
rency Act, and when the Federal Reserve Act
really got to operating they had nearly $4,000,-

PANICS NOW CREATED
Page 98 ... Line 2


serve Act almost whipped into operation, a
Federal Reserve Board, composed of Wall
Street adherents, and the greatest of wars in

PANICS NOW CREATED
Page 98 ... Line 14


All the gold snapped up and piled up in
the twelve Federal Reserve banks was the basis
for inflation to start and conduct the boom.

PANICS NOW CREATED
Page 98 ... Line 22

Sam gave $2,500 of paper money and charged
only half of one per cent, so it can readily be
seen why these Federal Reserve banks grabbed
the gold. They have in their vaults now more

THE WAR BOOM
Page 100 ... Line 17

panics and for the benefit of itself. The gov-
ernment furnished the money to the Federal
Reserve banks, the Federal Reserve banks
loaned to the member banks, and the member

THE WAR BOOM
Page 101 ... Line 9

money at one-half per cent from the Federal
Reserve, but must pay whatever rate of inter-
est the Federal Reserve Board directs. When
the Wall Street group so wishes, the interest

THE WAR BOOM
Page 101 ... Line 23

a basis to inflate money. The member banks
pledged their customers' notes, given for
loans, to the Federal Reserve banks and the lat-
ter in turn pledged to Uncle Sam this paper and

WAR DEFLATION
Page 103 ... Line 32

that it got cheap and now would make it dear.

The Federal Reserve Board was called upon
to execute the trick. It began by raising the

WAR DEFLATION
Page 104 ... Line 2


interest rate to member banks, borrowing from
the Federal Reserve banks and notifying mem-
ber banks to collect part of the notes due them,

WAR DEFLATION
Page 104 ... Line 7

eral Reserve notes. A part of the money in
circulation and in the banks was to be taken
from us in that way. The Federal Reserve
Board at once began pressing the campaign of

WAR DEFLATION
Page 105 ... Line 19

ployment.

Under the Federal Reserve and the Esch-
Cummins Acts it was easy for those in control

BREAKDOWN OR CHANGE
Page 109 ... Line 14

right, but it is now the most burdensome ever.
It has been turned over to a little board, pre-
viously referred to, called the Federal Reserve
Board. That board administers the finance sys-

BREAKDOWN OR CHANGE
Page 111 ... Line 13

Groups of farmers repeatedly appeared be-
fore Congress, for practically two generations
before the passage of the Federal Reserve Act,
asking for a rural credit system, but were

BREAKDOWN OR CHANGE
Page 117 ... Line 6

earlier acts in force to rob the people of any
possible advantage that the new acts might
allow? Take for example the Federal Reserve
Act. That law gives big bankers authority to

BREAKDOWN OR CHANGE
Page 117 ... Line 15

out by that scheme, here come the Congressmen
with a pretense to atone to one group of the vic-
tims of the Federal Reserve Act -- the farmers
-- with a batch of farm credit laws. Take the

BREAKDOWN OR CHANGE
Page 117 ... Line 18

-- with a batch of farm credit laws. Take the
Lenroot- Anderson Act, for example. Compare
it with the Federal Reserve Act and we shall
see at once how Congressmen treat farmers as

BREAKDOWN OR CHANGE
Page 117 ... Line 23

Congressmen, I repeat, made the Federal
Reserve Act, and Congressmen make the Len-
root-Anderson Act. The Federal Reserve Act
is for the bankers, and the bankers run it for

BREAKDOWN OR CHANGE
Page 118 ... Line 11

of other people's money. That states only a
part of the special privilege that the twelve
Federal Reserve banks got from the Congress-
men. Now, what do the farmers get in the Len-

BREAKDOWN OR CHANGE
Page 118 ... Line 16

they do not have to give their own security for,
and as they have been almost totally ruined
beforehand by the Federal Reserve Act, their
credit is not up where it should be. But what-

BREAKDOWN OR CHANGE
Page 118 ... Line 21

got to use to get new credit, and they are not
allowed to go direct to Uncle Sam, like the
twelve big Federal Reserve banks, and get
money for one-half of one per cent Oh, no!

BREAKDOWN OR CHANGE
Page 118 ... Line 26

security, and for the money they borrow they
will be required to pay from ten to thirteen
times as much interest as the Federal Reserve


BREAKDOWN OR CHANGE
Page 118 ... Line 31

go through a lot of red tape before they get
money under the Lenroot- Anderson Law, while
the Federal Reserve banks get in instantly
under the Federal Reserve Act The two acts,

BREAKDOWN OR CHANGE
Page 118 ... Line 32

money under the Lenroot- Anderson Law, while
the Federal Reserve banks get in instantly
under the Federal Reserve Act The two acts,
the Federal Reserve Act and the Lenroot-An-

BREAKDOWN OR CHANGE
Page 118 ... Line 33

the Federal Reserve banks get in instantly
under the Federal Reserve Act The two acts,
the Federal Reserve Act and the Lenroot-An-
derson Act, are incidents in a long line of acts

ESCH-CUMMINS ACT
Page 120 ... Line 18

should be divided between the government and
the railways. In other words, it is something
like the Federal Reserve Act; if the owners
of the system should rob the people more than

ESCH-CUMMINS ACT
Page 121 ... Line 20

it the next, and make it cumulative if they can.
Congress itself fixed the profit of member banks
in the Federal Reserve System at 6 per cent on
their Federal Reserve stock, cumulative.

ESCH-CUMMINS ACT
Page 121 ... Line 21

Congress itself fixed the profit of member banks
in the Federal Reserve System at 6 per cent on
their Federal Reserve stock, cumulative.


ESCH-CUMMINS ACT
Page 122 ... Line 3

little group of men known as the Federal Re-
serve Board, from whose action there is no
appeal as long as the Federal Reserve Act re-
mains in its present form. If Congress at-

CONGRESSIONAL INVESTIGATIONS
Page 128 ... Line 2


majority in both Senate and House in passing
the Federal Reserve Act, which increased the
powers of the money trust by turning over

RULES OF CONGRESS
Page 138 ... Line 8

There are exceptions to the rule that bills
must be taken up in their order on the calendar.
The bill for the Federal Reserve Act, the
Emergency Currency Act, the Esch-Cummins

LEGISLATIVE BLOC
Page 145 ... Line 1

LEGISLATIVE BLOC 145

the Federal Reserve banks. The Federal Re-
serve banks dominate the other banks. There-

LEGISLATIVE BLOC
Page 145 ... Line 6

cial system. The law forces the country banks
to withdraw funds from their respective com-
munities to support the Federal Reserve banks.
In that way the entire country is compelled by

LEGISLATIVE BLOC
Page 145 ... Line 20

Reserve banks, not a single bill has been intro-
duced in Congress to have the government take
over the Federal Reserve banks. To stop and
destroy that destructive system and auopt gov-