We are completely dependant 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.... 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.

Source: Robert H. Hamphill
Atlanta Federal Reserve Bank

Topics: Economics

Gentlemen, it is the currency, the currency of the country,—it is this great subject, so interesting, so vital, to all classes of the community, which has been destined to feel the most violent assaults of executive power. The consequences are around us and upon us. Not unforeseen, not unforetold, here they come, bringing distress for the present, and fear and alarm for the future . . . its object was merely to increase executive power.

Source: Daniel Webster
March 15, 1837; Works 1:362

Topics: Economics

The Federal Reserve system pays the U.S. Treasury $20.60 per thousand notes—a little over 2 cents each—without regard to the face value of the note. Federal Reserve Notes, incidently, are the only type of currency now produced for circulation. They are printed exclusively by the Treasury’s Bureau of Engraving and Printing, and the $20.60 per thousand price reflects the Bureau’s full cost of production. Federal Reserve Notes are printed in 01, 02, 05, 10, 20, 50, and 100 dollar denominations only; notes of 500, 1000, 5000, and 10,000 denominations were last printed in 1945.

Source: Donald J. Winn
Assistant to the Board of Governors of the Federal Reserve system

Topics: Economics

Neither paper currency nor deposits have value as commodities, intrinsically, a ‘dollar’ bill is just a piece of paper. Deposits are merely book entries.

Source: Modern Money Mechanics Workbook
Federal Reserve Bank of Chicago, 1975

Topics: Economics

This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson] signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill.

Source: Charles A. Lindbergh, Sr., 1913

Topics: Economics

From now on, depressions will be scientifically created.

Source: Congressman Charles A. Lindbergh Sr., 1913

Topics: Economics

The financial system has been turned over to the Federal Reserve Board. That Board asministers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people’s money.

Source: Charles A. Lindbergh Sr., 1923

Topics: Economics

The [Federal Reserve Act] as it stands seems to me to open the way to a vast inflation of the currency... I do not like to think that any law can be passed that will make it possible to submerge the gold standard in a flood of irredeemable paper currency.

Source: Henry Cabot Lodge Sr., 1913

Topics: Economics

When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money.

Source: Putting it simply, Boston Federal Reserve Bank

Topics: Economics

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