Congressman Louis T. McFadden, Chairman House Banking Currency
Committee
"Mr. Speaker, I rise to a question of constitutional privilege.
"Whereas, I charge. . .Eugene Meyer, Roy A. Young, Edmund Platt, Eugene B. Black,
Adolph Casper Miller, Charles S. Hamlin, George R. James, Andrew W. Mellon, Ogden L.
Mills, William H. Woo W. Poole, J.F.T. O'Connor, members of the Federal Reserve Board; F.
H. Curtis, J.H. Chane, R.L. Austin, George De Camp, L.B. Williams, W.W. Hoxton, Oscar
Newton, E.M. Stevens, J.S. Wood, J.N. Payton, M.L. McClure, C.C. Walsh, Isaac B. Newton,
Federal Reserve Agents, jointly and severally, with violations of the Constitution and
laws of the United States, and whereas I charge them with having taken funds from the U.S
Treasury which were not appropriated by the Congress of the United States, and I
charge them with having unlawfully taken over $80,000,000,000 from the U.S. Government in
the year 1928, the said unlawful taking consisting of the unlawful creation of claims
against the U.S. Treasury to the extent of over $80,000,000,000 in the year 1928; and I
charge them with similar thefts committed in 1929, 1930, 1931, 1932 and 1933, and in years
previous to 1928, amounting to billions of dollars; and
"Whereas I charge them, jointly and severally with having unlawfully created
claims against the U.S. Treasury by unlawfully placing U.S. Government credit in specific
amounts to the credit of foreign governments and foreign central banks of issue; private
interests and commercial and private banks of the U.S. and foreign countries, and branches
of foreign banks doing business in the U.S., to the extent of billions of dollars; and
with having made unlawful contracts in the name of the U.S. Government and the U.S.
Treasury; and with having made false entries on books of account; and
"Whereas I charge them jointly and severally, with having taken Fed Notes from the
U.S. Treasury and with having put Fed Notes into circulation without obeying the mandatory
provision of the Fed Act which requires the Fed Board to fix an interest rate on all
issues of Fed Notes supplied to Fed Banks, the interest resulting therefrom to be paid by
the Fed Banks to the government of the U.S. for the use of the Fed Notes, and I charge
them of having defrauded the U.S. Government and the people of the U.S. of billions of
dollars by the commission of this crime, and
"Whereas I charge them, jointly and severally, with having purchased U.S.
Government securities with U.S. Government credit unlawfully taken and with having sold
the said U.S. Government securities back to the people of the U.S. for gold or gold values
and with having again purchased U.S. Government securities with U.S. Government credit
unlawfully taken and with having again sold the said U.S. Government security for gold or
gold values, and I charge them with having defrauded the U.S. Government and the people of
the U.S. by this rotary process; and
"Whereas I charge them, jointly and severally, with having unlawfully negotiated
U.S. Government securities, upon which the Government liability was extinguished, as
collateral security for Fed Notes and with having substituted such securities for gold
which was being held as collateral security for Fed Notes, and with having by the process
defrauded the U.S. Government and the people of the U.S., and I charge them with the theft
of all the gold and currency they obtained by this process; and
"Whereas I charge them, jointly and severally, with having unlawfully issued Fed
currency on false, worthless and fictitious acceptances and other circulating evidence of
debt, and with having made unlawful advances of Fed currency, and with having unlawfully
permitted renewals of acceptances and renewals of other circulating evidences of debt, and
with having permitted acceptance bankers and discount dealer corporations and other
private bankers to violate the banking laws of the U.S.; and
"Whereas I charge them, jointly and severally, with having conspired to have
evidences of debt to the extent of $1,000,000,000 artificially created at the end of
February, 1933, and early in March 1933, and with having made unlawful issues and advances
of Fed currency on the security of said artificially created evidences of debt for a
sinister purpose, and with having assisted in the execution of said sinister purpose; and
"Whereas I charge them, jointly and severally, with having brought about the
repudiation of the currency obligations of the Fed Banks to the people of the U.S. and
with having conspired to obtain a release for the Fed Board and the Fed Banks from their
contractual liability to redeem all Fed currency in gold or lawful money at the Fed Bank
and with having defrauded the holders of Fed currency, and with having conspired to have
the debts and losses of the Fed Board and the Fed Banks unlawfully transferred to the
Government and the people of the U.S., and
"Whereas I charge them, jointly and severally, with having unlawfully substituted
Fed currency and other irredeemable paper currency for gold in the hands of the people
after the decision to repudiate the Fed currency and the national currency was made known
to them, and with thus having obtained money under false pretenses; and
"Whereas I charge them, jointly and severally, with having brought about a
repudiation of the notes of the U.S. in order that the gold value of the said currency
might be given to private interests, foreign governments, foreign central banks of issues,
and the Bank of International Settlements, and the people of the U.S. to be left without
gold or lawful money and with no currency other that a paper currency irredeemable in
gold, and I charge them with having done this for the benefit of private interests,
foreign governments, foreign central banks of issue, and the bank of International
Settlements; and
"Whereas I charge them, jointly and severally, with conniving with the Edge Law
banks, and other Edge Law institutions, accepting banks, and discount corporations,
foreign central banks of issue, foreign commercial banks, foreign corporations, and
foreign individuals with funds unlawfully taken from the U.S. Treasury; and I charge them
with having unlawfully permitted and made possible 'new financing' for foreigners at the
expense of the U.S. Treasury to the extent of billions of dollars and with having
unlawfully permitted and made possible the bringing into the United States of immense
quantities of foreign securities, created in foreign countries for export to the U.S. and
with having unlawfully permitted the said foreign securities to be imported into the U.S.
instead of gold, which was lawfully due to the U.S. on trade balances and otherwise, and
with having lawfully permitted and facilitated the sale of the said foreign securities in
the U.S., and
"Whereas I charge them, jointly and severally, with having unlawfully exported
U.S. coins and currency for a sinister purpose, and with having deprived the people of the
U.S. of their lawful medium of exchange, and I charge them with having arbitrarily
and unlawfully reduced the amount of money and currency in circulation in the U.S. to the
lowest rate per capita in the history of the Government, so that the great mass of the
people have been left without a sufficient medium of exchange, and I charge them with
concealment and evasion in refusing to make known the amount of U.S. money in coins and
paper currency exported and the amount remaining in the U.S. as a result of which refusal
the Congress of the U.S. is unable to ascertain where the U.S. coins and issues of
currency are at the present time, and what amount of U.S. currency is now held abroad; and
"Whereas I charge them, jointly and severally, with having arbitrarily and
unlawfully raised and lowered the rates of money and with having arbitrarily increased and
diminished the volume of currency in circulation for the benefit of private interests at
the expense of the Government and the people of the U.S. and with having unlawfully
manipulated money rates, wages, salaries and property values both real and personal, in
the U.S. by unlawful operations in the open discount market and by resale and repurchase
agreements unsanctioned by law, and
"Whereas I charge them jointly and severally, with having brought about the
decline in prices on the New York Stock Exchange and other exchanges in October, 1929, by
unlawful manipulation of money rates and the volume of U.S. money and currency in
circulation: by theft of funds from the U.S. Treasury by gambling in acceptances and U.S.
Government securities; by service rendered to foreign and domestic speculators and
politicians, and by unlawful sale of U.S. gold reserves abroad, and
"Whereas the unconstitutional inflation law imbedded in the so-called Farm Relief Act
by which the Fed Banks are given permission to buy U.S. Government securities to the
extent of $3,000,000,000 and to drew forth currency from the people's Treasury to the
extent of $3,000,000,000 is likely to result in connivance on the part of said accused
with others in the purchase by the Fed of the U.S. Government securities to the extent of
$3,000,000,000 with U.S. Government's own credit unlawfully taken, it being obvious that
the Fed do no not intend to pay anything of value to the U.S. Government for the said U.S.
Government securities no provision for payment in gold or lawful money appearing in the
so-called Farm Relief bill- and the U.S. Government will thus be placed in a position of
conferring a gift of $3,000,000,000 in the U.S. Government securities on the Fed to enable
them to pay more on their bad debts to foreign governments, foreign central banks of
issue, private interests, and private and commercial banks, both foreign and domestic, and
the Bank of International Settlements, and
"Whereas the U.S. Government will thus go into debt to the extent of
$3,000,000,000 and will then have an additional claim of $3,000,000,000 in currency
unlawfully created against it and whereas no private interest should be permitted to buy
U.S. Government securities with the Government's own credit unlawfully taken and whereas
currency should not be issued for the benefit of said private interest or any interests on
U.S. Government securities so acquired, and whereas it has been publicly stated and not
denied that the inflation amendment of the Farm Relief Act is the matter of benefit which
was secured by Ramsey MacDonald, the Prime Minister of Great Britain, upon the occasion of
his latest visit to the U.S. Treasury, and whereas there is grave danger that the accused
will employ the provision creating U.S. Government securities to the extent of
$3,000,000,000 and three millions in currency to be issuable thereupon for the benefit of
themselves and their foreign principals, and that they will convert the currency so
obtained to the uses of Great Britain by secret arrangements with the Bank of England of
which they are the agents, and for which they maintain an account and perform services at
the expense of the U.S. Treasury, and that they will likewise confer benefits upon the
Bank of International Settlements for which they maintain an account and perform services
at the expense of the U.S. Treasury; and
"Whereas I charge them, jointly and severally, with having concealed the
insolvency of the Fed and with having failed to report the insolvency of the Fed to the
Congress and with having conspired to have the said insolvent institutions continue in
operation, and with having permitted the said insolvent institutions to receive U.S.
Government funds and other deposits, and with having permitted them to exercise control
over the gold reserves of the U.S. and with having permitted them to transfer upward of
$100,000,000,000 of their debts and losses to the general public and the Government of the
U.S., and with having permitted foreign debts of the Fed to be paid with the property, the
savings, the wages, and the salaries of the people of the U.S. and with the farms and the
homes of the American people, and whereas I charge them with forcing the bad debts of the
Fed upon the general public covertly and dishonestly and and with taking the general
wealth and savings of the people of the U.S. under false pretenses, to pay the debts of
the Fed to foreigners; and
"Whereas I charge them, jointly and severally, with violations of the Fed Act and
other laws; with maladministration of the h evasions of the Fed Law and other laws; and
with having unlawfully failed to report violations of law on the part of the Fed Banks
which, if known, would have caused the Fed Banks to lose their charters, and
"Whereas I charge them, jointly and severally, with failure to protect and
maintain the gold reserves and the gold stock and gold coinage of the U.S. and with having
sold the gold reserves of the U.S to foreign Governments, foreign central banks of issue,
foreign commercial and private banks, and other foreign institutions and individuals at a
profit to themselves, and I charge them with having sold gold reserves of the U.S. so that
between 1924 and 1928 the U.S. gained no gold on net account but suffered a decline in its
percentage of central gold reserves from the 45.9 percent in 1924 to 37.5 percent in 1928
notwithstanding the fact that the U.S. had a favorable balance of trade throughout that
period, and
"Whereas I charge them, jointly and severally, with having conspired to
concentrate U.S. Government securities and thus the national debt of the U.S. in the hands
of foreigners and international money lenders and with having conspired to transfer to
foreigners and international money lenders title to and control of the financial resources
of the U.S.; and
"Whereas I charge them, jointly and severally, with having fictitiously paid
installments on the national debt with Government credit unlawfully taken; and
"Whereas I charge them, jointly and severally, with the loss of the U.S.
Government funds entrusted to their care; and
"Whereas I charge them, jointly and severally, with having destroyed independent
banks in the U.S. and with having thereby caused losses amounting to billions of dollars
to the said banks, and to the general public of the U.S., and
"Whereas I charge them, jointly and severally, with the failure to furnish true
reports of the business operations and the true conditions of the Fed to the Congress and
the people, and having furnished false and misleading reports to the congress of the U.S.,
and
"Whereas I charge them, jointly and severally, with having published false and
misleading propaganda intended to deceive the American people and to cause the U.S. to
lose its independence; and
"Whereas I charge them, jointly and severally, with unlawfully allowing Great
Britain to share in the profits of the Fed at the expense of the Government and the people
of the U.S.; and
"Whereas I charge them, jointly and severally, with having entered into secret
agreements and illegal transactions with Montague Norman, Governor of the Bank of England;
and
"Whereas I charge them, jointly and severally, with swindling the U.S. Treasury
and the people of the U.S. in pretending to have received payment from Great Britain of
the amount due on the British ware debt to the U.S. in December, 1932; and
"Whereas I charge them, jointly and severally, with having conspired with their
foreign principals and others to defraud the U.S. Government and to prevent the people of
the U.S. from receiving payment of the war debts due to the U.S. from foreign nations; and
"Whereas I charge them, jointly and severally, with having robbed the U.S
Government and the people of the U.S. by their theft and sale of the gold reserves of the
U.S. and other unlawful transactions created a deficit in the U.S. Treasury, which has
necessitated to a large extent the destruction of our national defense and the reduction
of the U.S. Army and the U.S. Navy and other branches of the national defense; and
"Whereas I charge them, jointly and severally, of having reduced the U.S. from a
first class power to one that is dependent, and with having reduced the U.S. from a rich
and powerful nation to one that is internationally poor; and
"Whereas I charge them, jointly and severally, with the crime of having
treasonable conspired and acted against the peace and security of the U.S. and with having
treasonable conspired to destroy constitutional Government in the U.S.
"Resolve, That the Committee on the Judiciary is authorized and directed as a
whole or by subcommittee, to investigate the official conduct of the Fed agents to
determine whether, in the opinion of the said committee, they have been guilty of any high
crime or misdemeanor which in the contemplation the Constitution requires the
interposition of the Constitutional powers of the House. Such Committee shall report its
finding to the House, together with such resolution or resolutions of impeachment or other
recommendations as it deems proper.
"For the purpose of this resolution the Committee is authorized to sit and act
during the present Congress at such times and places in the District of Columbia or
elsewhere, whether or not the House is sitting, has recessed or has adjourned, to hold
such clerical, stenographic, and other assistants, to require of such witnesses and the
production of such books, papers, and documents, to take such testimony, to have such
printing and binding done, and to make such expenditures as it deems necessary."
After some discussion and upon the motion of Mr. Byrns, the resolution and charge was
referred to the Committee on the Judiciary.
"Attacks on
McFadden's Life Reported"
"We,
the Jewish people, control America." -
"Israeli" Prime Minister, Ariel Sharon, October 3, 2001, to Shimon
Peres, as reported on Kol Yisrael radio.
