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could not finance a war. A central bank always imposes a 

tremendous burden on the nation for "rearmament" and "defense", 

in order to create inextinguishable debt, simultaneously creating a 
military dictatorship and enslaving the people to pay the "interest" 
on the debt which the bankers have artificially created.

In the Senate debate on the Federal Reserve Act, Senator Stone 
said on December 12, 1913, "The great banks for years have sought 
to have and control agents in the Treasury to serve their purposes. 

Let me quote from this World article, ‘Just as soon as Mr. McAdoo 
came to Washington, a woman whom the National City Bank had 

installed in the Treasury Department to get advance information on 
the condition of banks, and other matters of interest to the big Wall 

Street group, was removed. Immediately the Secretary and the 

Assistant Secretary, John Skelton Williams, were criticized severely by 
the agents of the Wall Street group.’"

"I myself have known more than one occasion when bankers 
refused credit to men who opposed  their political views and 

purposes. When Senator Aldrich and others were going around the 

country exploiting this scheme, the big banks of New York and 
Chicago were engaged in  

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raising a munificent fund to bolster up the Aldrich propaganda. I 

have been told by bankers of my own state that contributions to this 
exploitation fund had been demanded of them and that they had 

contributed because they were afraid of being blacklisted or 

boycotted. There are  bankers of this country who are enemies of 

the public welfare. In the past, a few great banks have  followed 

policies and projects that have paralyzed the industrial energies of 
the country to  perpetuate their tremendous power over the 

financial and business industries of America."

Carter Glass states in his autobiography that he was summoned by 
Woodrow Wilson to the White House, and that Wilson told him he 
intended to make the reserve notes obligations of the United States. 
Glass says, "I was for an instant speechless. I remonstrated. There is 
not any government obligation here, Mr. President. Wilson said he 

had had to compromise on this point in order to save the bill."

The  term  "compromise"  on  this  point  came  directly  from  Paul 
Warburg. Col. Elisha Ely Garrison, in Roosevelt,* Wilson and the 
Federal Reserve Law wrote,  "In 1911, Lawrence Abbot, Mr.