Republican (paleo-conservative) representative Louis T. McFadden, of the commonwealth of pennsylvania, speaking in the house of representatives, calls for an audit of the unlawful, privately-owned Federal Reserve System of central Banks:

       [W]e have in this country one of the most corrupt institutions the world has ever known.  I refer to the Federal Reserve Board and the Federal Reserve Banks.  The Federal Reserve Board, a Government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt.  The depredations and iniquities of the Federal Reserve Board has cost this country enough money to pay the national debt several times over.  This evil institution has impoverished and ruined the people of the United States, has bankrupted itself, and has practically bankrupted our Government. 

       Some people think the Federal Reserve banks are United States Government institutions.  They are not Government institutions.  They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.  In that dark crew of financial pirates there are those who would cut a man’s throat to get a dollar out of his pocket; there are those who send money into States to buy votes to control our legislation; and there are those who maintain international propaganda for the purpose of deceiving us and of wheedling us into the granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime. 

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       … [W]hen Woodrow Wilson was nominated, the Democratic platform, as adopted at the Baltimore convention, expressly stated: “We are opposed to the Aldrich plan for a central bank.” This was plain language.  The men who ruled the Democratic Party then promised the people that if they were returned to power there would be no central bank established here while they held the reigns of government.  Thirteen months later that promise was broken, and the Wilson administration, under the tutelage of those sinister Wall Street figures who stood behind Colonel House, established here in our free country the worm-eaten monarchical institution of the “king’s bank” to control us from the top downward, and to shackle us from the cradle to the grave.  The Federal Reserve act destroyed our old and characteristic way of doing business; it discriminated against our one-name commercial paper, the finest in the world; it set up the antiquated two-name paper, which is the present curse of this country, and which wrecked every country which has ever given it scope; it fastened down upon this country the very tyranny from which the framers of the Constitution sought to save us. 

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       It has been said that the draughtsman who was employed to write the text of the Federal Reserve bill used a text of the Aldrich bill for his purpose.  It has been said that the language of the Aldrich bill was used because the Aldrich bill had been drawn up by expert lawyers and seemed to be appropriate.  It was indeed drawn up by lawyers.  The Aldrich bill was created by acceptance bankers of European origin in New York City.  It was a copy and in general a translation of the statutes of the Reichsbank and other European central banks. 

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       The people have a valid claim against the Federal Reserve Board and the Federal Reserve banks.  If that claim is enforced, Americans will not need to stand in the breadlines or to suffer and die of starvation in the streets.  Homes will be saved, families will be kept together, and American children will not be dispersed and abandoned. 

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       They did not perceive that the United States were to be lowered to the position of a coolie country which has nothing but raw materials and heavy goods for export; that Russia was destined to supply the man power and that this country was to supply financial power to an international superstate—a superstate controlled by international bankers and international industrialists acting together to enslave the world for their own pleasure. 

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       What is needed here is a return to the Constitution of the United States.  We need to have a complete divorce of Bank and State.  The old struggle that was fought out here in Jackson’s day must be fought over again.  The independent United States Treasury should be re-established and the Government should keep its own money under lock and key in the building the people provided for that purpose.  Asset currency, the device of the swindler, should be done away with. … The Federal Reserve districts should be abolished and the State boundaries should be respected.  Bank reserves should be kept within the borders of the States whose people own them, and this reserve money of the people should be protected so that the international bankers and acceptance bankers and discount dealers can not draw it away from them. … The Federal Reserve Act should be repealed and the Federal Reserve banks, having violated their charters, should be liquidated immediately.  Faithless Government officers who have violated their oaths of office should be impeached and brought to trial.

       [restored 7/2/2022]