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banks, and that the Depression of 1929-31 was planned at a secret 

luncheon of the Federal Reserve Board and those heads of European 

central banks in 1927. The Board has never been made responsible to 

the public for its decisions or actions. The constitutional checks and 

balances seem not to operate in finance.

The true allegiance of the members of the Federal Reserve Board has 

always been to the central bankers. The three features of the central 

bank, its ownership by private stockholders who receive rent and profit 

for their use of the nation’s credit, absolute control of the nation’s 

financial resources, and mobilization of the nation’s credit to finance 

foreigners, all were demonstrated by the Federal Reserve System 

during the first fifteen years of its operations.

Further demonstration of the international purposes of the Federal 

Reserve Act of 1913 is provided by the "Edge Amendment" of 

December 24, 1919, which authorizes the organization of corporations 

expressly for "engaging in international foreign banking and other 

international or foreign financial operations, including the dealing in 

gold or bullion, and the holding of stock in foreign corporations." In 

commenting on this amendment, E.W. Kemmerer, economist from 

Princeton University, remarked that:

"The federal reserve system is proving to be a great influence in the 

internationalizing of American trade and American finance."

The fact that this internationalizing of American trade and American 

finance has been a direct cause for involving us in two world wars 

does not disturb Mr. Kemmerer. There is plenty of evidence to show 

how Paul Warburg used the Federal Reserve System as the instrument