The Betrayal of the People in the Aldrich-Wilson Federal Reserve ACT and Rural Credits Bill (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916. Excerpt: ... THE BETRAYAL OF THE PEOPLE Previous to the panic of 1907 the American Banker's Association, representing the money power, made systematic efforts to induce Congress to pass an asset eurrrency Bill. In 1906 they introduced this asset currency Bill in Congress and it was referred to the Finance Committee of the Senate. The Finance Committee of the Senate realized at once that this was an attempt on the part of the bankers to use the assets of the banks--upon which they could continue to draw interest from, the people--as security for the issuing of the National Bank Notes. This would enable the banks to draw interest on the assets of the bank and immediately enable them to multiply and pyramid more interest earning debts on the borrowers. The members of the Finance Committee of the Senate--controlled by the Republican party at once saw the great danger to their party of endorsing such a self evident scheme on the part of the bankers to multiply interest earning debts upon the people, and declined to endorse the Bill. But the panic of 1907 gave the Bankers the opportunity--and they had rushed through Congress, in the last days of the session, the Aldrich-Vreeland Emergency Currency Bill which incorporated in it the asset currency scheme. At the same time The Monetary Commission was appointed to investigate the banking systems of foreign countries in order to divert the attention of the people from what had been done and keep them from investigating the banks in this country that were using the money system of the United States to plunder the people, thus by indirection and deception this pernicious principle of Asset Currency was first injected into the money system of the United States. The Democratic Party went on record as unalterably opposed to an asset ...