The congressional record from Dec 23 1913, the day the US congress allowed the creation of the federal reserve. The entire transcript from Dec 23. You have heard about it now you can read it yourself.…
The congressional record from Dec 23 1913, the day the US congress allowed the creation of the federal reserve. The entire transcript from Dec 23. You have heard about it now you can read it yourself.
Pg 1468 - The Vice President "Forty-eight Senators have answered to the role call. There is a quorum present"
pg 1469 -
Mr. Bristow "it is a political committee pure and simple, consisting of political officers of the administration, to take charge of this great Federal banking system and organize it; and it will be organized, of course, along political lines ... It is one of the astounding things that this measure, which we were told some two months ago was not to be political in any sense of the word, should have developed into a strictly partisan political institution ..."
stock held by the public has no voting rights as stockholders
Mr. Bristow "Anything that increases the power of the banks and takes from the people representation seems to be entirely satisfactory to the conferees, as the other changes in the bill clearly indicate"
pg 1472 Mr Bristow "Every provision in this bill which was in the interest of the banks has been retained. The provisions which were stricken out were provisions in the interest of the public"
pg 1473 Mr. Bristow "Those who drew the bill in the interest of the national banks preferred to put that million dollars in the coffers of the banks instead of putting it in a trust fund to insure the money of the depositors in the banks"
Senator Owen's vested interest in banking
Mr. Bristow "... you are providing a centralization of power that Alexander Hamilton would have blushed with shame to have suggested ... Ah, you may persue this course and decieve the American people for a time, but it will be for a limited time, and for a limited time only."
pg 1476 Mr. Newlands "It seems to me just as absurd to make these reserve banks banks of profit as it would be to expect profit from our fire department ..."