The Legalized Crime of Banking and a Constitutional Remedy
Silas Walter Adams
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Copyrighted 1958 by Silas Walter Adams
Library of Congress Card Number 58-9762
E-Text prepared by
14th July 2002.
Note: Spelling has been changed from
U.S. American to Australian.
simple solution, which Congress could employ, which would make the transition from private banking to the Treasury without injuring anyone enjoying a constitutional right, or without upsetting our normal course of trade, industry, and agriculture. The Pauper and The Rich Man The pauper (the Federal Reserve Bank) with assets of $52 billion with no productive know how, and less than 100,000 stockholders, loaned the rich man (The United States Government) with well over $350 billion in physical
the bank. When these notes are paid off, and they resell or collect the investment obligations they buy, then the $50 million will be their cash assets, growing out of the fact that a corporation deposited a Reserve cheque with them. Can you find in the whole chain where the Austin Bank paid one thin dime for its reserves, its bank credit, its $50 billion in notes, etc.? Now I have written many words in an effort to let you see how bankers have euchered the Government out of the Nation's credit —
go off the gold standard, take gold coin and gold certificates out of circulation; then raise the price of gold from $20.67 an ounce to $35 an ounce; then buy up all of the gold in sight, the Treasury, not the Reserve authorities paying for it; that now we find that those Reserve boys' Midas hands have gripped Uncle Sam's throat, compelling him to print at no cash outlay to them over $21 billion Federal Reserve Gold Certificates) which gives them title to the gold Uncle Sam bought, and spends
any money to lend, because all the money the Government would ever have would be taxes paid in by the people; and the Constitution specifically says that "The Congress shall have the power to lay and collect taxes. . . to pay the debts, and pay the expenses of the Government. So where would the Government get the money to lend? They never dreamed of Congress lending the Nation's Credit. They never thought of the credit of the Nation as being something to lend. They thought of the credit of the
required against deposits of $100 million.” Page 71: “The same principle that would hold if there were only one bank holds true of all banks taken together.” (All banks must be ONE. — the author.) . . . “By the normal and active process of clearing the enormous number of cheques that are constantly being drawn on one bank and deposited in another — thereby entailing the transfer of funds from one reserve balance of one bank to the reserve balance of another.” Page 75: “The practical consequence