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·APl>·l\:ci\IU\1\1(;JlI;.

dceslrable, it may be said intlesn, weighing ou an . coarse bls.ek hair, and Iected.

.' wilet!: Abrnhh.m Lincoln left off, President ·ef tlH~ United States, how the CIvil \Var, how he brougbt b~ was ree1ect¢d, and how he flI!lSIl1!81.1[·I, John Wilkes Bootll, en the night next morning.

Sl)ea~~(!r. let me read tile

T'nytask is. doue-'the bonds are 1'1'00- Wt'l>eartlieeto an honored grave,

WIt{);;e proudest monument shall be The jjro!'fen fetteJi:s of the slave.

, tts h'loody close

hee with the sons (}f Ilght, host!)! those

pel'~$h~'il in the cause of rIght.

Q-qESTIQN OF PRIVILEGE.

):lJ!.Spellker. before I use the high privlI. e, tQpr~~r these. ar~icles of impeachment, I mfanim!>llsconSellt o'f the~l}Useto' proceed for foul'

Minnesota asks unanl-

.• lJllllnu·EeS, prefato'ry to his mo-

'!felll>w colleagues, in prewbleh I am about to bea ~bms and impo'rtant and consideration to the ake no motion after I but shall leave it to

I that often a

f'nllo"'~!'l the reading of Imcharacter; and say to the memway to dispose of be doing justice I am right in I am wrong, It I o the eountry in not to be preme for doing tiscredlte<i., thongh tlnevlmt favorI shall close I

n:ECORD-ROUSE.

FBBR1JARY 12,

I, UllOnmy responsibility as a ,Member of thaHouss of Representatives, do hereby impeach the said W. P. G. Hardlng, gQVernor : Pattll\!. Wa.rbu rg, vlee governor; and lj'l"ederick A. De- . 1ano, Adolllh C. Miller, and Charles S" l1mnUn, members, and each of them as members. of the Federal Reserve Boar(], and also impeach all of them conectively as the five active :worldng -members 0'1' the·Federal Reserve Board, of Mgh crinles lUlU misdemeanors in aiding, abetting, !lnd c,OllSpiting with '(!ertain persons and firms hereinafter named, and with other persons and firms, knowu and uuknown, in 3 eOnS1Jiracy to vlo~ate the Constttutlon and the laws of the United states and the just and equitable polleies of t~e Qovernment, which said cQnspiracy developed and grew out (Jf and WaS consmnnmted from the following facts find acts, to wit:

First. On or about the. month of July, 1906, the exact date being unknown to the relator, the late J. P. Morgan, of the firm of .1. P. Mo'rgan & CO., and the said firm, private bankers and brokers, with their main office in New York City and dOing business all over the world; Paul M. "\Varburg, of the firm of Kuhn, Loeb & Co., and the firm of I{l~hn, Loeb & Co., also private bankers and brokers, do'ing bustaess all over tne world, with their main office in New York City; Lee, Higtuson & Co., also private bankers and brokers, doing ll·nsiness all over. the world. with their main offices in Boston and New York; KIdder. Peabody & Co., also private bankers and brokers, doing business aU over the world, with their main offices in Boston and New York; the National City Bank of New York, with its office in the city of New York and dding a general banking business, domestic and foreign; the 11'irst National Bank 0'1' New York, with its office in New York City. doing a general banking business, demestte and torelgn : and various others persons and firms, known and unknown to the relator, did conspire with each other to devise a means through So'da], political, and other ways 0'1' strategy and by general chicanery, to deceive the people of the United States, the Congress, and, the President of the United States for the purpose and with the object to secure an act of Oongress providing for a new monetary and banking system, to have in it a provision for a managing board vested wlth j unusual, and extraordinary powers, and to secure the appointment upon the board of management that should be provided fo'r in the act persons for membershlp on the board who would, by subterfuge, manipulation, and false administration, so manage as to a Yoid tile spirit and the purpose of the people of the United States, the Congress, and the President aimed at in the passage of such an act, and instead of administering the act to' meet with the splrtt and comply with its terms, to induce and secure such board to enter into the conspiracy aforesaid, to administer the act for the special benefit and advantage of all of the said consptratoes heretnberore named, and their associates, and contrary to tbe letter, Intent; and purpose of the act Itself and in contraventton of the Oonstttutlon and law: that in order to start the campaign with a plan"'well matured to' succeed in said conspiracy, Paul M. \Val'bnrg, now vice governor of the Federal Reserve Board, but then a member of the firm of Kuhn, Loeb &; Oo., was a most active partlctpant in draftrng the main features and principles which should be embodied into Whatever bm might be put through Congress, and did also assist tn a plan for a secret campaign, to be kept from the knowiedge of the PreSident, with the appointing power, and from the S.enate, with the confirming power in the selection and oonfirmati.on of all high Federal appolntive officials, in order that a board of administration should, when the time came for its selection, be appointed that would carry ont the designs of the conspirators a.toresaid; that there were many secret meetings beld by the consplrators for this PUl'POse, which under tbe very circumstances would b¢ screened and kept from the public and made practically lmpossible to diseoveJ"', but nevertheless made certain of the fact because of tbe acts which point back to tbeir creation: that one of such-meetings-which your relator does not undertake to verify the truth of its holding, but is reliably informed that it was held·-is deIilCrtbed in Leslie's Illustrated Weekly Magazine in the October 19,1916, number thereof, which is het'eby referred to as sbow~ ing ..... method most likely to have been followed for planning the ~~~~~:~ act ()f Congress, which is now the act

11 reserve act.

pnrSl:taIlCe of said conspiracy to pro' mote the aforesaId, and as a part of .tbeil' gen~ , Congress to Jegislat.e upon the· monetary as. stated bereinb"efo're, said conSllirators

or~nlzed the so· called 'QltJzells {.eague, with tbee1ty:of Ohicago', to aetas a Inother organirllaDl'l1tl.ll()lt~l· tQ In~uoo' organizatiOn in the severtd States iJ'y •• nnd aftillat~ leagues, auCloy misrepresentation to to the orIgin of the $aid mother league .and its

H~opnD-~IolTR~···l· ~~ . . , __ ~! .. ,_.

Ffl'SF,"(" Second," nl)d If Th',I, 11'j In tlWl';t~ !U1p(,Il(':m1\~lltHrt\("lp", a.U, .. d ~um,erous . secret, e1an.cc·tlne, lllll .. l UfHIPrg .... I·otnH.1 '.Il.H.Tt.·.110< . .lS etppl?red by saul consptrato '8, the peoph' of til" (Jnited'· Slnte.'l,

tfi:9rugr. es~, !:l ... U<l. the Preslt ont were decelve.d,. n.n.(1 .I,.t~. theA.l!.'st.

OffiCla. aet In the consuen 1 of the objects; sought by ilald

eonspt atol's Congress dl 1te flIHl pass an act of

which "vas signed by the lit, and islmown as tll,. .' era}

z;e~erve act, which act is tially tIle p~an pl'ej1!U'ed by the

smd eonspira tors as nfor

Fif,h, That immedint(~ly hp()D the pUl1I$ageof snit! I"(~(lernl rese~e net tl1f; said con8Pi:ra~or~uIsorga'11'lie{f tl:e so"(:alled " emzens Leag~e and nil the 'iltlhli~tte!l leagues III the 45 States referr~'d to III the paragraph' ned " S~cond " h€'reln . that nrtor

to sudh dlsorga niZ.,. uti on .t.l.l.e .. 'j.~conSPi.l'.l1t. ors 11.1111. by 'sec.'.l'(~t- Hl.Hl ..

underground methods, anel ie purpose oInsing the same In

completing and perpetuati .~eil' conspiracy, m'ganized an-

other" association" and ea cd it the "'United States Chamber of Commerce," gfving it that, name in order to deceive the public by making it appear that1t lis a department of the Gov('rnnIP!Jt, which organization Is ndrnlnlsteredwlth more tntrteate l1l!ldl'in· ery f11' management than tIle so-cllUed "mti7A~ns' Le:Tlglle" >vas,

and '1'1. 'i. tIl a PllrP.ose of tU. kinl.u .. I .. ' .thH '.i\ .• Ol'.k. O. f c.'.oo. r(.Ii.ll!i.. t.in.g (.n .... c( ... ,\ .... l ..• ~.'. thing social, political, bnsin '$1:"' 9nd other, to work for thebene-

fit of the said, conspirators i <!arrying out their plan to force the musses of all manklnd I) d absolute and nb ject tndustrtal slavery : that the methods [ Illt11e design of the .. United Stntefl Chamber of Comrnerce " a e. ~(·t forth In remarks whleh yon!' relator placed in the CONGHESSIO~M. Ih:(:Ol\D l\lareh 10, 19HI, awl are hcreby-ref'er rerl to for more specific (~etall ; that the InthwIH'fl of the "United States Chamber of Cormuerce " is one (If the agencies being used as an aid to further eonsnmmato tlH; con-

spiracy ·charged in these,aJrli~S of lmpeaehment,

Sixth. That the said lI:e(. I reserve act is ,.,0 framed rhnt it

has the possibility and c Hi ins the provlslons which, nuder proper and impartial 1}~lmi . :f'ation., would fttrnish a l'i>Il.l(ld.Y to sorue of the faults th:.tt e -j.. I'd in the banking and cnrreney s~'~tem whieh it ~ftpersedetf, but also contalus provlstons whleh, under a bad and Improper admlntstrntton, makes it more dan-gerous to the public welfare than even the old b,ank\'ng and currency system was; that the rnU.in feature of the said li'pd('l'ut

reseuve act in giving effec~to it is the anthortty vested ill tile Federal Reserve Bou rd am ~l~ dlscretton Intrusted to till' memo bel'S thereof in its "atJmi\lL II tlion " ; that the" admlnlst'rntlnn " . of said Federal 1'I'SPl'V(, a '. I ;;j vested in the l"ederal H,ps,"rve Board, advised by the Fecl 1') reserve advisory (,OllllCi.1 IlIUrl.E'.' rip of 12 persons, 1 selected by neh of the 12 Federal reserve hanks; that the 5 active working member's of the l;\~{~.~fi:tl·- Hps(,l've Roard are the said \V; P. G. '),Iarding. governor: Paul:'I.\Y,!lrbul'g, vice governor : and Frederick A. Delano, Adolph O, l\flllt!l", Hlld Charles S. Hamlin, memf:iel's; and that the I"utlt'l'ul r~:,i,~~l'\'e advlsory council is forme 1 ~~v the f\.po\ving nltllSons. to wit:

Daniel G. Wing, of Boston . P . .MOl;gf' .1, of Ne\~r Yor],; I~{~"i L,

Rue, of 1. 'Ill. Hndelphia ; ".T' '.' ([.\I. se, of (,'le\'e .... l.~t,H.] .. : ,J, N .. ', .IN .. 70t'1.,,.j.}()(1. of Richmond : Charles 1\. i." 'rly, of ~ tla!lta; .1. B, I"ol'gart of

Chlcago ; Frunk O. 'Watts, ~ .'t. Louis! ,T. R. lV£itdll:~n,of Minne· apolis : K I". Swinney, of ansas Cit;>" '[' .• T. Record~ of Dnll~ls ;

andl Herbel .. t .... F. leishhacke.t", of Sun I .. i~ •. a .. !l.dS.'CO; t .... h .. at th .. e ... Stl.111 Federa] Reseeve Board.sa hI the said. ·'edem! reserve ad

eonncil heItI many meettnas and a're~.; myimd .1.H~ve bl;leJ

since the Federal reserve c~was pnss,~" fatly It as to the

fina~lciHl and business C 1 ,i. Ions, <iq estie lln'd eign; tlmt

the 'members of the Feder 1 teserve ~ oflrd and the .1Ilel11bel's ()~ the, Federal reserve advl. (~ •. councill arelnNl wIth ~IlOl'rnous business interests, and eu,.1 if'them have beeo, fot'IHor'€1't:i.U;ln ~fl years last past, and are no?v'" extensiVE' operators and specuIl~t2crs for individual profit and gilinin the markets,flud ('(~ntrol 8e,:gt:~lt

of the largest banks ill" the. ~ountry; that .T. P. 1V£i:; I.s

the lending member of the firm of J; B. MOl'~ru).s;; of

the flrm hereinbefore elmrged with beIng a,lxl spiliney aforesaid; that 8 'v'ral Of the membdl's resl1'rve advisory couUcil 'i I stock in the Nntl()IlUl

of New York aud thelj'i tiational Batik of New

being,. the two bauks eh~~ llel1elnbefore with l,elllg-.r1!n~

the! said {'Ons]liracy, inif].ell~bet·s also·(I\vn terestefl in business minI . land ¢qnltto~Ied by

(:ltl. ~·la.llY .. named ftS the ... eilIISfll1'atort. :n.: .. ,the para".ra,

de, Ignatz First ',~; that Paul l\{' Wurtmrg,!t nl~);Ul

vic> tbe I{'ec!tlTalRes I've' oard, \vasnt tlle

th~l. matioll o· he consp I1fOl't':'IlIldtt pnrly to

t.'li." s.'.it .. id .. I!O llfipit .•. t1e .• j .• ,. a. n. d rtner . memher. (If. ttlefi.· I·U~. of

1{ . 1111, Loeb & 00., one 0 . IllSP ;. that ("llel! of [lit' 1.111'111-

bel.'.I'S <,f the Fet.lel.'lll I.toal"d <~. l(1 of th() 1"!~1f:~1'1l1 m'lviSf)l'Y counell Ilre 11 with '. ml form.ll'urt ofHl o.fproUl(lters andspeeul: tOl'~; the' in .. lvidu!ll Hl(!lnbm's of

. I

eitii~ns Who should ~lh'Ve no kuo\\t}

nd ' ,b(~ Innooent lof any wrong ,

"thOse es eDt would ibg to net in the common

, . esirs 0 . to jOin~n,t~lefotmatidn of auxilini'y

leitlgues t11 ut thflf'leverul States'lin order to give the out·

WRrdllUtl s~ll'face ·:l1)pellranee of respk¢tnbility and. honor, ancI that inpt1t'suanee of that plan the cQnspirators. succeeded iit

organizing nffi1iHte<1 leagues in of I the States; that when

organized the consptratcrs heret Ire hamed, themselves <Ii-

rE!cted who should be sent to these organizations fiS speai{ers and rnstrnetcrs.. aud also the kind of literature that should be' distributee} to the members and to' the i generaipublie, the design of whleh was to J1Iwe only such speakers, instructors, and llterature as \vou!<.l dlscredit the Wen existing banking and currency system and prejudke the people in every way posslble against it: hut notwithstanding the then existing banking find ellrrency system was bad and unfitted to the demands of the Nation' and the needs of commerce lill~d trade, smch campaign was by its conspirators aforesaid diliccted not to designate to the publlc ":lw~ sort of a .llalll{iTl. g a~J currenc. Y system. would he adopted III Its steud.: hut the Ill'Orhoters of the conspiracy should pretend that the ohjpet of the' campaign was to aid in every way to create a new monetary banking and currency system to take the place of the then existing bad one, and, as far as it could be done, the couspf rutor-s should prevent the people getting together to prepare a plan of their 01N!l to be presented to Congress : that tilE' purpose of the consplrators was simply to make the public hel ieve th~l~ a new banking aug curroncy system was absolutely neeess4I1y and at the same tinlP kPep the public from finding out wl1ait would be its form and details, all this ·1'01' the reason that !the conspirators aforesaid had their own preconceived plan prepared as a part of their conspiracy, which they would secretly' manage in their own way to have presented to Congress as the plan in response to all this public sentiment Which the conspirators themselves hall ingeniously worked out through the campaign aforesaid, and with the intent that Congress and the President woukl legislate the conspirators' said plan into eff€1c!t; that it was a part of said plan to create many offices an[d pos-itions with lucratlve salaries, which offices and positions: would be equivalent to a bid for the ambitions to support it, because these offices and, positions would be filled by the leaders and most active persons who would join in the campaign to' put the eonsptrary into effect and influence Congress and the [Presklent for the purpose of securtng the legislation.

Third. That in further pursuance of said conspiracy and to be in control of the information ana literature that should be distributed throughout the Nation, :t11e sald eousptrators then having control of a' large number lof magazines, newspapers, and publishtng companies, used all [of these, and proceeded to procure control of' as many more as could be purchased or subsidized to publish articles prepared by subsidized writers who \f'ould orttlcizethe then existing banking and currency system so as to create public sentiment against it; that of the thousands of country newspapers, a majority of them use 'so-called ,. patent" articles not edited or ev~n practically controlled by the owners ofthEr rjapers, which patent articles ar~. commonly called" boiler-plate,j stuff, and no responsibility as ftj. the InfiuC.' Bee such articles. h.ave upon the Il.llbIiC attaches to anYbOdY.; that those writing this "boiler-plat~" stuff so published, many of them were also subsidized and IcontroHed by the said conspirators, so that the small newspapers werepracttcauy forced to carryon a campaign against the then existing banking anrl currency system along the same liI~es of the others referred t;o hereinbefore; that renders generully do not bave Lhe oppor-e tunlty to distinguish between "boiter-plate" articles and the, articles which the editors of the 1 ~maller papers write thelhl selves; that the news-distrib1lting agencies tlll'oUgl~ .the tele-"

graph and telephone: were then and ~tm are largely' led bi(

8a1<1 conspirators, and the operatorI' of the news ~ havf"

oeen allowed to r rt only sueh news relating to a. anking

WHI .. currency Sy. as wouIa PI'omoteStl.id .. COtlSLri.l'fICY, and

reqnired to SllPP any and eveI'ything In the 'walY of infoI"

matlon or news would tend to .. enconrnge tlle pe41ple to pre·

pare for themselv eoncrete pilml for ba111{ingnnd ~urreney In

the interest of'llll. people; thut, the g(meral pInn lof the COIl-

SP.'.i.'.r .. a .. cy w. as .. to s.,ttPPI.r.e.ss cve.l:y a .. r .• ,.'ti.CI.~: .. s .. 't. atemert. ' un. tI. t ..... ~.Hn. g, SO.' fa'.r.' tiS l)ossible, wluch ivoutd gIve any lllfol'matlOll as to the exist-

euce of said *Cy, all of .'\'hi·c I i was for the L1Ul'JlHlse. of en::"

bUng the co ol'safOl'eSllUl to . ·ecelve tIle peopl~ as well ll,f!

OQilt.,'l'€!SS a esidollt, in ('I1'liler Jmt said conspil'jfltors might

1Hialry eO . their nfore$uldcionsrI1l'llcy. [

'}1'0\11'1:1I. 'l'hnt inCollsequenc'e of, the eampaigll eahied on by gU'idconSI}il'~tt:Ol~S stated and reeitetl ia pUl'agrn!phs named

jj ,

yU~ (Jl:U~StHON A11

I

1}J 11.

CONGRESSION liL RECORD-IIOUSE.

FEBHUARY 12,

. :[)t'Lnt!il)tii1r in the gl'ODp gecun· they have

still t.llierllte and Pl'o.PQse ptU'pose of making IltilJ ; tlUlt in further pur!d lathe original eeaalii -a Pll1't of the said

!'lavern! grent buslneu and finanthO Utlltfba Isttttc$ tn at'del' to tltm of nU big bn!Jitlldsnnd flll thcll tmt.wtlt of the sn!.d consp!t'lltOl'S t.1l CiU" of li(ll'g()nnl gulu in (1{)otl'tWQut!on to the Ii!Il;UI . " ' hllilt!gtttEi.d tlll;) c~unpalgn whlrj}

, 'D'~r!lN'fll f(!Sf#I'V{! aet : that

!!lull! th'(l n<:ttve wOl'klng

\>,"'v •• ". .... lt!ld till' tlll~ influot1cQ

£flclrnbel'li!i cot eral reserve

collIOl::tI1Vely of tho l'S (wd mem-

t!tid of the Federal

put ot nfIuenced by said Iacger

h 111','<1 us Ita jolued In the

dOl'eSli,it:)i the suid ' ." va . w g members o.f

Regel've ,Bollrd. each 4m'tivlduully and all collectively,

Itt nil thllCi> s!U<:0 tiley bei.'~me members Dr the said Federal BeSt~n'e Board, knowingly and intentionally have been improperly illthl{"ucl1'(l bY tlm said H gronp," and because of such influence IHIL!ill fuHooto a(lmimste;r l:heFederal reserve act in accordance . wHh- the: s!.iil!'lt, I.I'~tter, and Intent of Congress and the Pr~sident

whpJ1 the waspas.<;~d; but, on the contrary,the sald five

i1.¢rnbel-~; of the Federal Reserve Board herein, oome<1 as such, with intent to evade and set " all the purposes of Congress and and appro.val of the act, and of

hnv , and are I1QW administering, the

l'eae-l'Veact "'ith t]1(:l intent toct1!ordin~te " big business" " $p~ulatfOn 1'[nl' tlle benefit of t1ie said' Ii gro.UP" ot operators a,ud sp.e(llllators bereinbltfore deSignated as having taken p.art 1:11 thj)@riginal e()nsp.ira~; that said National City, Bank

her'f~inbdQrie niunoo, in wbie)! of the other conspirators

oWllstoek,acts 11$, tbe'~ometaI e" for them all, to give

tedlnl!~al 'In.formation to to. act in concert; that

tn facUitate'its distribution aes'a monthly bulletin;

tlw,t in It;;. FebrulU"y,l:~)I."t. b .' . article dealing with the

Plfttl'IOl1a . 'find available, among oth~r

itltklnd~'{l act upon, is the follow-

tbel:ri:lliSe to fiear it-this is what is con'bleh tbe ~tltionat City Bank issued:

,to sUfP1y,

rot ",t.ll'!)l1' wll not

i;I~;~t:~~1:~, and ample

members of the Federal Beserve Sys~e.m by illtIuellci.l~g UIe, memo,1i! r bal'l'ks to. hampel', il1eo.nvelll,'em;e, and a,nnoy the Plltron, S of tile nonmemher banks by discrimination agaInst them'in the, elearllI.· g of checks drawn upen taem 11,IlU other.'Wise; thfft t.l.ley threatien and seek to cajole the nonmember banks In an attempt to fon:e them to become memhers of the Federal Reserv~ System j that the. said tlveactive wOl'ldng melI)be:rs of tl~e .l!~e(]er41 Rosene Bot1l'(1 are cognizant of the sanle; t~lft.t t110 Intent, purpose, nlld aim, o.f each and allot tile sald con8pil'atol'~ afol'.o. sal(1 :ls to c()IUl)el the state bun)., to joiu the lredt!t'lll ltIl8el'VO, fOl' t.lH;l purpose ot brln~lllg tile said brm!\II; under the let Ion of tha Ij"ed,ernl Besm,'vo BOU1'(lin ol'd!ll' that nil of the btUllis, Hutlonn.l nnll Stllte, may beeOllln one gluuntlc combination with !HI absolute 'tlnd cmnpltltt) I.);\()l}opoly null 1111 VQ ttle pow{lr of ()xploWnS' the ptioplc fm' the belwlit of tho l:olll!!pIIlU· ton n£ot'clillild,

E1,l11th. 'l'hnt COIIp:t'Ci>1lI in Ct'{l.lltillg; tlltJ Jj'(~dm'tll Ih)l'lnno Bo!lt'll briO lljl .tlltnd, and It 1.8 tbe spl1'it of the l!'t~de!'ul reserve net, thnt the sgtlc1 UOt\l'(J gllOuld)te(lp 11 glHu'(HIIII watch O\,!i'l' lhl') ()1lt!1'11- ttous o.f tho blllllulIg 11Ilt! currency syst<'lll RI1I1 report tc ()ongj'lll>1!!1 and tho country: from tlme to time such fllcts and oecnrrences relating to banking Ilnd currency ns affect th{l business o.r. tho. people in trade and commerce exchanges, domestic lind forf!ign, so that (;011141'\:'51; should receive Informatlon that would give to. Congress the facts upon which to base uny necessary amendments to the act in order to make it responsive to the general welfare; that, eOlltl"t'rl"Y to the spll;it of the F'ederal Reserve act, the aforesaid fi ve acti ve working members of the Federal Reserve Board ha ve wiUfully failed to. keep the public and Congress Informed of thefllfiatio.n of bank credits and the effect of it that has taken place under the, " admlnlstration " of the said act, and in violatton of the spirit thereof said members have conspired with the members of the Federal reserve advisory council and their business associates hereinbefore named and have aided and abetted in a conspiraey to. a systematic Inflation of bank credits for the benefit o.f the said consplrators and against the public welfare; that in consequence o.f said unlawful acts and misfeasance in office bf the said members of the Federal Reserve Board the banks have, for private gain, increased the bank credits or the country since the passage of said act approximately seven thousand mllllons of dollars and without effecting a corresponding reduction in the Interest rate, thus increasing th(}> ug~'l'e. gate amount o.f interes~ paid by the peop~e to the said ba;nks equal to that charged upon said sum; that the effect of the inflatlon of bank credits has been and is to also increase speculative credits enormously more than equal to the inflation of bank credits, and that such increase since the Federal reserve act took effect has been blllions of dollars; that the increase in the aggregate sum of interest pald to. the banks upon the said inflated bank credits and the increase caused by tl110 said Inflation in the speculative values upon commodities required to supply the necessities of life far the people has been many billions of dollars, which have been added to the cost of

living for the people to pay; that said increase in the cost of living is mainly the profits that the consntrators have aihled to tljeir individual fortunes to the equivalent loss of the people generally and to the Government as well.

Ninth. 'I'hut as part of the said conspiracy and in furtheranoo of the same the said afclresaid cousplrators, in violation of the Nation's heretofore establlsbed economle policy of conservntton of material and natural resources, conspired with European speeulators to. draw upon the material resources of this Nation fot' export with no coretatton between the vAlue of the materials exported and the value, of the mat~rials !IllPol'ted; thatl in consequence of the conspiracy to affect sakl export of material resosrces belonging to this Nation and to the people of it UP'" pr()X~,·matelY eight thousand millions of doJlars in value of th,e mutel'lal resources have been exported since the war in Europe be", ; that us a result thereof the said consntretors acted with the id five membetsof the !<'edeflll Res(,l'vate Board in manipU bank credits, und till"ough credits the .markets increased the cost to nerlean consumers in the snme period approximaWly .sixtee tho.usand millions of dollars ill excess of the real Fulues, \vhiehextra cost has mail)ly been the profrts tl~at have been added to. the fOl'tUHt~ of the aforesntd eoasptrators : that as,anad9Jtio HI find future 10&<; to .the people of this Natron ~n f the facts aforesaid,thenatul"al Il1uterlaI reNati.o1l are fo.rever less, IUHl the costs made flir. u they wmild be if tende and commerce were not ted tltro.llgila ftll~ adminisfl'utlon of finances. a:'euth.Thflt to furtherCllrl'Y out the said ('onspiracy the afOl'esa~d Com'l)irntt;ll's ltflve, evel' since the Federal reserve net t,ookeffect,Su"Hght tOil)flnence, and in ftlet hnv.e influenced, SUil~,I tlve members of the. Ji'edernl Reserve Board in an attempt to :fU)

C9NGlt~SSIONAL R,ECORD'"--:BOUSE~~trll'

;'>-: _ . _... ''''-'1

31

01917.1

1

... ""'> .. I· . xli

tl~ge;dt~!~: e~st~t~:~~i:::::~:: ,~::!~~' t

.q~fIgr .. , . said! iJotti'd, concealing the rem

id.conspIl18,!9l.'S, (jee€>.ived the s~nate Banking a to get it . tq,' r~rt for na'3Sage the then sen~te bill :0 it Pti!>sed tll~ Senate and sbbsequently came bel re the H01'lse"J?ankillg ·and (Jurrency Committee' and was :tavora 11 re-

porieq, ~otlr relator, boweveJ.', fiUng a minorIty report il:i opposition, i Later, on the floor of the House, the chairman of tbe llun.ldng fUl(l QUl'l'ency Oommlttee with~rew action on tbe bill : that the aim of suitt bUll was to give thQ Fedel'al iReserve BOard g't'entel' "lulmlnltrtrntlve" POW(ll' over We gold supply, sotbat it {!!)!lll,l, wb,tUleV(;H' tho ccmspll'lltr.H.'S afol'esn1d wisbed it. lnflnte stili furthe!' tho banktnl: credlt by an issue 01' the Fe(leral'l't)serve notes fot' tile bonelU of I'l'u'id eoasntratora: thut Ill;tllin in this Slxty·fm.lI'fh OOIll,(l't!S14 1!I!lltt ttvo I1ctivo wOl'klng mmllbers of the lr'€!(1el'1l1 Ih1~el'vf' BOlll'(J nUegml, r(!I)(~nt~1{ny sought tbe BOlllilO I~IUlklut: and Gurre.ney O{)fmn1ttt~o to 1'~POl't n btu glving grea.ter

" ftdmll~lstl'atlve" POWQl'lI to snid bOCl~d thun Is (lutbortzed by tll0 orlghl!lI net; In fuct, to give said l;)oo.1'd power to :t'ol'ce from banks ctll over the country the gold In their vuults and into the 12 Faderlll reS01'V{) bunks, there to form n basis upon which to issue still more Federu.l-l'eserve notes and further inflnte credit without causing a reduction of interests that in the aggregate would equal the char~e made on the inflated currency, but serving mainly as a guarn~ty to reenforce the conspirators herein,before named in exploiting of the people for private gain.

Eleventh. That the Federal reserve act obligates the United States to redeem in gold at the United States Ttteasury all Federal reserve notes, and as, a part of the said conspiracy and in furtherance of the same, and to extend the speculation of the operators and perpetrators of the, said conspiracy to include Europe and other foreign territory, they, most of them being international as well as domestic bankers, seek to dominate the relattons of the United States with foreign countries and to selfishly influence the same by means of the control of finances, and in furtherance of said branch or their speculations have conspired with the sald five active working members. of the Federal Reserve Board to secure aid from the Federal Reserve System for said selfish purposes and not in the- interest of the publte, the conspirators in connivance with the said five active worklng members of the It'ederal Reserve Board had the said board select and appoint, through the Federal reserve bank of New York, the so-called Bank of England as its agent, thus putting the credit of the Government qf the Untted States back of this foreign corpoaatton, organized for private gain, which is no l~nger able to make payments ih gold and fails to give a statement of its trne conditions; that said Federal Reserve Board is threatening to permit and also to render aid to the

;:, international bankers in America who dominate the banklng :- system, to enter into further entll;ngUng alliances with bankrupt .. coun.tries Of. BUN .. pe a.t the very t. ime this Government contemi>lates issuing hundreds of mllllens of dollars of interestbeartng bonds upon the credit of tlie people of the Nation to

meet the Government expenses. I

Twelfth. That <luring the Civil War the Government of the United States issued money commonly called "greenbacks"; the same being issued upon the credit of the people ottne Nation' that of said" greenbacks" so issued there have been ever SillC~ their issue and now are outstanding and in general circulntio;n based upon' the credit of the people of the United States $340,681,010, for which a reserve of $150,000,000 in gold is held by the GoverJllment to guarantee their redemption if demamled; that said '. circulating "greenbacks" have already saved the Governmenit from payillg npproxtmately $1~OOO,OOO,ooo interest during the time they have been in circulation and are now s~ving the Government approximately $6.000,000 annually; that in furtherance of said conspiracy in these articles of tmpeacill:\lent alleged and as a part thereof, the conspirator~",have sougM and by se-r:r(ft connivance, now seek; to 1 ha ve t.h~,said

" gl'eenbacks '.' 1d an!} the $l50,OOO,OOO))f "'gold guarantee

placed in the Ii' n~ reserve hanksi. on which to base the loan-

ing of "bank cr si" as a SUbstitu~e for the money owned by

the people; tha too Federal reserve bank$ are' allowed to

secure pos.<;essl0 said gold, when'the time comes that the

conspirators afQr~$~id shaH be nl/lle to Use additional bank credits to tb(}ir ,advantages In eAplQitiog the people, tbe same would. become tbe baSiJfl for additional banJ!: inflatIon, directly and intUr.eetry, to ,the eAtent of GIveI' a billion donal'S upon wb{eh the ba.llli;s wOjlld coUe¢ta gl"~t sum of interest, alld the speculators would scalp even grel1lter pl'Qfits from additional nmnipul(l.tion of thei marli;ets., all.of ,v'hleh would he 1),dded to

tl1e cost 01: living fa:l', the people tQ pay" i,

1111il"tr-:ent11. That in furtherance of' the said aforesaid con,'" splrt&Yund tiS tt part of tbe same the! Said five nctiveworking

,

~balis the l,t'edeJf.td· Re${!rve ROUl'd,bl tllelr

membe1isf~lave arbitl"arily at' all tin.es and 'tVitll vent the legitimate business interests &f the

ndv~lltages that Oong gIlt to give by the

,,~n~ ~e •• d::~ ~:::~~:. ~~t.n~~ni~ ... ,.~~~i ~~n,c.t"~:'.Y~~ .••. : .. :.l·$t.;~! .. ll .. ',I.:( .. Irs

said, established redisCOUtlt for n'u.lmhtll}' bHi'll\s

to borrow from Federal 1'0:" banks lib()11'0 the l'ates

by the reserve and <lentral ~i've bfU\ks.w~d(ih ('l'eab~s lUI excuse for the" member blln.k~ ~n the Cl)l.ntl'ytcI 'rates of interest to legttfmate bl'lrro,\v:e.rs than

wc)Uld:! that tile interest l!f~ge{l b~ the l'j~S(!I've und e~!n·

trnl l'OSe1'Ve bnnks" on . han(l. Illl(l.tilo rutns

charged by tbe Federttl bttu.klll ollttle ()tl\(ll'

lllointaiuec1 nt Certain tt. a th~f COlll"I)h'tltill!$

<leslre .to draw therel!!ervel'J!(.lfthl!) cOllnt.t')" banklil to t1l(1 ,'CIil(It'VI! aml c~ntl'll1 l'csorvo.<lUles t<)}' Ute hltcrt~Jttllllt Ulelt\ l'Ul1lOl'Ve bnnklil pay on deIlOll!it balnllcllll!! ntH! tn tUltl(tlpntlorl (l·t·· tltnes when the (!ouf!try bnnks mE'JI wt!h to N!(U!l(~()\Hlt PI\~I' wltb

Stl!!} banks : thut by follow l'b1tl'al'YJlI·twt.lc~) of t'(WUiil

counts afOl'fMsatd the, sa14, . are ennblecl to!t,!ul do ~I)

on with their speoulntfOll$, lute th0 ttllu'kets. m*d~lx"

ploit the peoph~t and whetle bel' find thelnoolves in 'IlIl!Ul(~lnl

stress they can raise the l'llt(~of lntel'e.st in the-reserve nM central reserve banks, which they control, above thQ.'Jj'ederal reser\'O bank discount rates, thus forCing] the country btmlrs. which ma~ have rediscounted with reserve banks in onler to give' acoom· modattons to their borrowers, to rediscount with the Federal

reserve banks to enable thei repay the reserve' and cent.ral

reserve banks, in order to te free money and' credit fol'

satu conspirators to carry io eir speculations; that the {,'eel·

eral reserve act contains se . provisiOns which when ~lppiled under the "administrative . power of the Federal Reserve Board serve as a means of fuking or imposing a tol~ tn the nature of discriminatory interest' rates in order to :foroo a shift of money and credits from one section of the country·. to another; or out of the country 'and 't<lf~reign. countl'ies; tbat

this dlscrlmtnatory power . in the federal Res~rve 130!ll'(1

i~ willfully abused by thel :(ive u. cti.!~.' worl!:ing m~ml){U .. ·' s of

~lle said board for the b. and in ~e interest of the sald

Oiforesaid conspirators; tIl e people; of the United Stnt~s

have been injured to the ,ut of sevdral blUtons of d(lUurs

by reason thereof. '.' 1

Fourteenth. 'rhnt ill furth ranee of SSild aforesaid oonsplracy and to give the said afores~id consPira:~rs complete· practical power to carry out and put 1.nto effect tit.' eir purpose of· tul'lldng the masses ot mankind a 1 tely de~ dent upon "bIg busl-

ness," and tn: order to ere '. ndustriU.~.,.; SIll. V(!ltI.Of tae

the sald afor&aid consp~ , did con, ire and now cO!lsnl.l!e

to 11a ve the Federal reserv t "admini tered " so

ute conspirators to coordl all kinds;i!:)f "big OUI~m,ess

to keep themselves in control of "big"business, amalgamate fllI of the" trusts " info onegreat . .trust- in and control of trade and commerce, and thusb~.able to(lXP the masses and take fl'oU!them their earnings, except wba~

they I would require ,for ba 'Q.bslstence; that to thut end !Ul(1

to give them power to a ' ish the same said C9nspbcatol'!a

have marshaled all of erent k~ndB of "bIg b

and induced those in co 0 use thelr m\:ll~ns'!I,nd

kind. of patronage and fa Qts they ha~~ to giver'ill as to promote the objeetsund purpos~F of saHt and to enslave the masses,pflmman!.ty~. tha~ at that. the said conspirators marahal .th€!l;r o\vn •• supporters by a coordlnal n of all th.ll· nfc",...,.,t"

use(}ieV€ry trtck and subte e pos.<;!ble ,cl'eate

Qle masses and divide t tnto hose ('IHi

tt'hus keeping the masses It "coord!

mote the general welfai/e at the

~orldng members of the raI Reset e

tlme, by a willful and w . 1" adrnfr istraltlQ!)."

~ral reserve act, aided. and betted the !' •. Id tors, in prornoting and ~ carry ng out the •.• , jeets spir~cy ~nd have l'efus. j~nd faUed to so

Fetlcl'ul""reser:v;e act as to . the sa e I1J:~llnote

i~favol: of the general. }V • . '.

. Fifteenth. ~llat the reserve 1.\. t IS

tn~onah.J~~t~hat, no mUng, th;ti €'df't>:nil'IIi'l,.J"iOI

have so .. tllan1p'ulaj;ed thi. s to' prev#llt tIle ULU~"'tJi!JU'

stttutionaUty of the net from' bf~lng brought

, I Cn:AIH,ES A.

Mr. SHERWOOD, Speaker, I would lik(l

gentlenl8;n a jluestion. .

Mr. LINDBEItGH. 'ose Illy privilege no"",

it? . .

The SPE~ER.

l'

..

"'trtn"""" in which to answer

asks five minutes. Ia tbere

the gentleman to say the "~'~~"fih. the official action of the Fed-

""'h"j,,,Y,H,~l evidence?

::~~"~:~~i,~,!l,~~;evidence, and by effects demonstrates beyond

Sp,ei\ker, I !lsk leave toi~rt, following the reading

my remarks upon them and the questions that involved in the impeachment articles.

The gentleman from Mlnnesota asks unanlextend his remarks in the RECORD. Is there'

ohject.

'rile gentleman from New York objects.

Mr. Chairman, I move that the impeachto the Committee on the Judiciary,

t~!ti[UllrlU tho,. previous questton. 0

gentlemun from North Carolina moves jn,IPellclllI1)j~nt articles be referred to the Committee on On that he den'dmcls tlle previous. question. <'UI'A:;!LIVU ,V-I1S prdered.

The question is on agreeing to the motion

motion was agreed to.

I

Mr. Speaker, I call from the

the District of Columbia and ask that the and tha t tlte''iollfere{~s be

RE(JOltD-HOU~l~.

JfEDUU AUY 12,

Mr. PAGE of North Oarolina. It is the only wav, possibly, h~ whleh we carl get uniformity.

!Mr. MANN. It is the only possible way by whleh YO\lCalJ gN 'uniformity unless you get unanimous consent or a rule. .

Mr. PAGE of North Carolina. Unless in conference upon the other bllls the present Sen~te amendment were agreed to.

Mr. MANN. Certainly.

Mr. PAGE! of North Carolina. Mr. Speaker, bill Is not yet

before the "House, i~ it?

Mr. MANN. I have no objection to the matter being laid hefore the House without now disagreeing to an liIf the Senate amendments.

Mr .. JOHNSON of Kentucky. Mr. Speaker, pending that, I would like to ask the gentleman from North Carollnu if the House will be accorded a 'Vote upon Senate amendment No. 97, relating to the tax: upon intangible property?

Mr. PAGE of North Oaroltna. :Mr. Speaker, I will say to the gentleman that the House bas that privHege now. Of course, if there is any expression on the part of the House that they want td vote, they will be given that opportunity before the conferees reach an agreement.

The SPEAKER. The Chair lays before the House the hill II. It. 19119, the District appropriation bill, with Senate amendments thereto.

?th. PAGE of North Oarolina. Mr. Speaker, I move that the House disagree to all of the Senate amendments, excepting Senate amendment No. 98, on pa:~e 123, and Senate amendment No.13.

MI'. FOSTr·~n. Mr. Speaker, will the gentleman yield before that is (lone?

Mr. PAGE of North Carolina. 'Yes.

Mr. ,.FOSTER Mr. Speaker, I observe there is a Senate amendment providing for a municipal hospital and to change the location of that hospital from Fourteenth Street and Ttpshur Skeet to Reservation No. 13. which means out here where is now located the Wa shlrrgton Asylum. For a long time there has heen a contention here in the District with reference to this hospital. and after a considerable while and considerable opposition to the location of the hospital where it ought to go, if it is to be constructed, they have changed it to place it on what is called Reservation No. 13, I do not believe we ought to (10 that. Iii ~e first plnce, I think we ought not to build ii hospital at all; but ifit is to be built, then it seems to me we ought to agree on b rlldlng the hospital where it ought to be built. and I hope the gentleman will not agree to any amendment nt nil, but if he I s to agree to it, that he will not ngl'E'e to report the provision locating the hospital on Reservation 13, but whore it ought to go, regardless of what some people in the Dlstrlct may think is It wrong place to put it. \Ve have no municipal hospital except, the Washington Asylum.

"<'. I say this" that I do not think therr- is anv place in the l1nite(\ States where the indigent poor who are 'siel< are better taken cure of than they are in the city of Washington. I think some Improvement might be made In the Wnshl ngton Asylum; as it exlsts now, but there has been a continual fight 0;\ the part of the resklents of the Dlstrtct against any improvements qf the surroundings or betterment of the conditions in tne \'Vashlngton Asvlum, because they have hoped to force throuah ¢ongress this municipal hospital; and then, after Congr{~s talked o~ hutlding it where it ought to be placed. if it is going to be Inuit at all, they undertake to force that hospltal away from that place UlHJ hack up here on the Anncost i« River or whatever that branch of the Potomac is called. I do not think a few people. who have, as they think, some esthetic notions ahont this matter, ought to be able to tlillYllnlly around for yenrs and finally force Congress to do something that is wrong because of these notions of what they thin], should be done ami what tlwy think should not be done. I hope the gentleman, in the first place, will not agree to this amendment at all', hut if he can not get along without it, that he might give this House un oppm'tunity to vote upon it, because there is some difference In opinion in the House with reference to whether the hospital should be built at all 01' not.

: ?ttl'. DY1~H. MI'. Speakpr, wllI the gentleman yield?

Mr. PAGE of North Carolina. I yield to the gentleman.

Mr. DYJi1U. I would Iike to know why the gentleman from

~,' ~i~~."?,,.'iS,.'. '. s}\i(l ~;~ t~Oy~~~t,'. nC,~i :~~v~n~t I~~~~~~,'!;;:~!~~.~.i);I~~[!eh:.l.l~,I~e i~i. Z

Ii snUn ,. and that: the one we do ha .... e is in a dllllpida ted ,uUdlng,witllont any' means whatever of giving decent treat~mmt t() th() people therein?

. Mr. 1410S'I'Elt. I ,will suy to the gentleman that nIP GOvet'O· lllfmt baatwo buildlngs out there worth balf n million dollars fit for 11 hospita I.

Mr; DYER· Out where?