Quotes on our banking system: a forgotten struggle

Quotes from the documentary The Money Masters

I sincerely believe that banking institutions are more dangerous to liberty than standing armies than standing armies. The issuing power should be taken from the banks and restored to the people to whom it properly belongs.—Thomas Jefferson.

History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.—James Madison

With the refusal of King George III to allow the colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators was probably the prime cause of the revolution—Benjamin Franklin

The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the prime reason for the Revolutionary War—Benjamin Franklin

Most Americans have no real understanding of the operation of the international moneylenders. ... The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and ... manipulates the credit of the United States--Senator Barry Goldwater (R-AZ)

In the Colonies we issue our own money. It is called Colonial Scrip. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one--Benjamin Franklin

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations which grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered --Thomas Jefferson

The institution [The Bank of North America] having no principle but that of avarice, will never be varied in its object ... to engross all the wealth, power and influence of the state--William Findley

The hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency: their sole object is gain -- Napoleon Bonaparte

I sincerely believe that banking institutions are more dangerous to liberty than standing armies than standing armies. If the American people ever allow private banks to control the issue of currency … the banks and corporations that will grow up around them will deprive the people of their property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.

—Thomas Jefferson, letter to the Secretary of the Treasury Albert Gallatin, 1802.

Woodrow Wilson’s statement of regret over his part in setting up the Federal Reserve banking system:

[Our] great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men….who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom. We have come to be on one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world-no government by free opinion. No longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men.—Woodrow Wilson.

Congressman Louis McFadden on the Great Depression: It was a carefully contrived occurrence: international bankers sought to bring about a condition of despair, so that they might emerge the rulers of us all. It is not our own citizens only that who are to receive the bounty of our government, more than 8 million of the stocks of this bank are held by foreigners. Is there no danger to our liberty and independence in a bank that in its nature has so little to bind our bank to this country? Controlling our currency, receiving our public money and holding thousands of our citizens independence would be more formidable and dangerous than a military power of our enemy. If government would confine itself to equal protection, and has heaven does its rain and shower upon the high and low alike, the rich and poor, it would be an unqualified blessing. In the act before me there seems to be a wide and unnecessary departure from these just principles.

Andrew Jackson statement on his vetoing the renewal of the charter of the National Bank, passed by congress 4-years early:

This worthy president thinks that because he has scalped Indians and imprisoned judges, he is to have his way with the bank, he is mistaken. Nothing but widespread suffering will produce any affect upon Congress. Our only safety is in pursuing a steady course of firm restriction--and I have no doubt that such a course will ultimately lead to restoration of the currency and the re-charter of the bank.

In so doing the bank brought on the threatened depression by calling in loans and refusing credit. [Our revisionist history has placed its cause upon Jackson--jk.] Jackson was officially censured by Congress. News about the role of Biddle as cause of the crash resulted in Congress voting against renewal of the charter. Biddle, President of the 2^nd National Bank of the U.S., refused to testify before Congress.

“The Death of Lincoln was a disaster for Christendom. There was no man in the United States great enough to wear his boots….. I feat that foreign bankers with their craftiness and tortuous tricks, they will entirely control the exuberant riches of America, and use it systematically to corrupt modern civilization. They will not hesitate to plunge the whole of Christendom into wars and chaos in order that the earth should become their inheritance.”--Otto von Bismarck on the death of Lincoln

At the Christian era the metallic money of the Roman Empire amounted to $1.8 billion. By the end of the fifth century it had shrunk to less than $200 million. History records no other such disastrous transition than that from the Roman Empire to the Dark Ages.--United State Silver Commission.

A too great disproportion for its citizens weakens every state. No one can doubt but such are equalities diminishes less from the happiness of the rich than it adds to that of the poor.—David Hume, Of Commerce, 1752.

The division of the United States into federations of equal force was decided long before the Civil War by the high financial powers of Europe. These bankers were afraid that the United States, if they remained as one block, and as one nation, would attain economic and financial independence, which would upset their financial domination over the world--Otto von Bismark, Chancellor of Germany

Get Congress to pass a bill authorizing the printing of full legal tender treasury notes ... and pay your soldiers with them and go ahead and win the war with them also. ... The people or anyone else will not have any choice in the matter, if you make them full legal tender. They will have the full sanction of the government and be just as good as any money; as Congress is given the express right by the Constitution. [in 1862-63 President Lincoln printed up over 400 million dollars of the new bills, called Greenbacks because of the green color of the bill's back, and financed the Civil War - at no interest] -- Colonel Dick Taylor to President Abraham Lincoln about how to finance the Civil War

The Government should create, issue, and circulate all the currency and credit needed to satisfy the spending power of the Government and the buying power of consumers. The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government's greatest creative opportunity. By the adoption of these principles ... the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity--President Abraham Lincoln

If this mischievous financial policy which has its origin in North America, shall become endurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without debt. It will have all the money necessary to carry on its commerce. The brains and wealth of all countries will go to North America. That country must be destroyed or it will destroy every monarchy on the globe -- editorial in the London Times about President Lincoln's issuing of full legal tender Treasury notes (Greenbacks) during the Civil War, 1962-63

The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy -- President Abraham Lincoln

The death of Lincoln was a disaster for Christendom. There was no man in the United States great enough to wear his boots ... I fear that foreign bankers with their craftiness and tortuous tricks will entirely control the exuberant riches of America, and use it systematically to corrupt modern civilization. They will not hesitate to plunge the whole of Christendom into was and chaos in order that the earth should become their inheritance -- German Chancellor Otto von Bismark

Whosoever controls the volume of money in any country is absolute master of all industry and commerce... And when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate -- President James Garfield

This Act [Federal Reserve Act of 1913] establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized. The people may not know it immediately, but the day of reckoning is only a few years removed... The worst legislative crime of the ages is perpetrated by this banking bill. It can cause the pendulum of a rising and falling market to swing gently back and forth by slight changes in the discount rate, or cause violent fluctuations by a greater rate variation, and in either case it will possess inside information as to financial conditions and advance knowledge of the coming change, either up or down. This is the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money. They know in advance when to create panics to their advantage. They also know when to stop panic. Inflation and deflation work equally well for them when they control finance -- Representative Charles Lindberg (R-MN)

If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good, makes the bill good, also. The difference between the bond and the bill is the bond lets money brokers collect twice the amount of the bond and an additional 20%, where as the currency pays nobody but those who contribute directly in some useful way. It is absurd to say that our country can issue $30 million in bonds and not $30 million in currency. Both are promises to pay, but one promise fattens the usurers and the other helps the people -- Thomas Edison

These International bankers and Rockefeller-Standard Oil interests control the majority of newspapers and the columns of these papers to club into submission or rive out of public office officials who refuse to do the bidding of the powerful corrupt cliques which compose the invisible government -- Theodore Roosevelt, New York Times, March 27, 1922

The real menace of our republic is this invisible government which like a giant octopus sprawls its slimy length over city, state, and nation ... It seizes in is long and powerful tentacles our executive officers, our legislative bodies, our schools, our courts, our newspapers, and every agency created for the pubic protection... [a]t the head of this octopus are the Rockefeller-Standard Oil interest and a small group of powerful banking houses generally referred to as the international bankers. The little coterie of powerful international bankers virtually run the United States government for their own selfish purposes. They practically control both parties ... and resort to every device to place in nomination for high public office only such candidates as will be amenable to the dictates of corrupt big business... These international bankers and Rockefeller-Standard Oil interests control the majority of newspapers and magazines in this country -- John Hylan, Mayor of New York - New York Times, March 26, 1922

They who feed cloth, & lodge the whole body of the people, they themselves should be well fed, clothed and lodge . . . . But that government was the generating cause [of riots]. Instead of consolidating society, it divides it. When the apparent cause of any riot may be, the real one is the want of happiness. It shows that something is wrong in the system of government.—Adam Smith, Wealth of a Nation

On Adam Smith, author in 1776 of Wealth of a Nation. Smith favored lassie fare capitalism, the reason for so is put straight by professor Robins

Popular writing in this connection is far below the zero of knowledge or common decency. On this plain not only is any real knowledge of the classical economists nonexistent, but their place has been taken by a set of mythological figures passing by the same names, but not infrequently invested with attitudes almost the exact reverse which the originals adopted. These dummies are very malignant creatures indeed. They are the tools or lackeys of the capitalist exploiters. (I think that has the authentic stylistic flavor.) They are extremely indifferent to the well being of the working classes. Hence when a writer today wishes to present his own point of view in a special favorable setting, he has only to point to these constructs with the attitude of these reprehensible people and the desired effect is produced. You’d be surprised how many well-known authors who have resorted to this device.

—Lionel Robins—1939, Lectures for the London School of Economics. The English classical economists included the 2 great Scottish philosophers David Hume and Adam Smiths, and their followers. Among their followers are Thomas Malthus, David Ricardo, and John Stuart Mills. Disc II, track 1, 1:30 ff. Smith pointed out that whenever government (of England) interfered with trade it was at the behest of a special interest such as the sugar producers of Jamaica, and that such action invariable drove up prices, for which the poor suffered the most. If intervention was for to bring market stability, better working conditions, or in other ways to promote to the public weal, then certainly Smith would have supported it.

The vile maximum of the masters of mankind: “All for ourselves and nothing for anybody else.” Adam Smith denounced those motives. Smith’s motives were very much like the labor movement’s, which developed later, and very much opposed to the people who distort his motives and shamelessly use his name. Adam Smith very much denounced the motives of the ruling class.—Noam Chomsky, speech given in 1995.

When there is a conflict between professed beliefs and livelihood, beliefs are adjusted. The same occurs when the conflict is with the beliefs held by associates. Most men wear during their life many different robes of circumstance and professed beliefs.—Jerry Kahn

Alexander Hamilton when asked why the Constitution made no mention of God, he replied “The country did not require foreign aid.”