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
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Silas Walter Adams, The Legalized Crime of Banking The Legalized Crime of Banking and a Constitutional Remedy by Silas Walter Adams Meador Publishing Company 324 Newbury Street Boston 15, Massachusetts Copyrighted 1958 by Silas Walter Adams Library of Congress Card Number 58-9762 Forewords Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 E-Text prepared
amounted to $384,000,000,000 (billion), which is more than the total wealth of the United States in 1932. The Legalized Crime of Banking And A Constitutional Remedy Chapter I Foreword Fifty-two years ago in August, 1905, I went to Abbott, Texas, as principal of the school. Later in the fall the little bank in West, Texas, seven miles away, failed. This story was told to me: A farmer sold his farm for $3600 cash. He reached the bank as the cashier was closing the doors. The farmer said, “I have
'can and it would instantly be full of milk. How long would it take you to get rich? "The banker CREATES the BANK DEPOSITS by a flick of the pen to purchase $60,000,000,000 interestbearing U.S.. Bonds" (in 1942), says Cong. Patman. Then why should not the dairyman CREATE MILK by a "flick of the milk pail?" Can you now see what the authority to CREATE and CONTROL money means? Means to bankers in riches, in power? Means to the producers, workers, in poverty, in helpless servility? Greed Grew. So
Congress would have all investment obligations altered (by law) writing the principal figures at half their original volume. Your lot that you say is worth $100,000 now, would be re-valued at $50,000; and so on down the line . . . prices in most cases would voluntarily drop, but in those instances where they would not, Congress would set a ceiling price over them. There should be only two dealers between the manufacturers or producers of goods: (a) the wholesaler, who would buy the goods, and
the volume of money required to carry the Nation’s business for one year; then adjust existing Depository deposit totals on that basis. If, for example, it required $350 billion to carry on the Nation’s business one year; but the Depository deposits total is $700 billion; 'then the Congress would order the Treasurer to instruct each Depository to cross out the Deposit Balance of each depositor, and write a new balance. If the depositor’s balance were $400, the new balance would be $200. This