Excerpts from the article “The Cavalcade of Greed,” Social Justice, (August 3, 1936) have been accessed and copied from the location in the link below…
…and should be read by all.
1780 – Alexander Hamilton, accused of being a British sympathizer because of his friendship with the private money changer of the Bank of England, blooms as a financial figure. He proposed the establishment of a central bank, in the control of private interests, to be endowed with 12 million dollars of capital—2 million to be guaranteed by the United States government; 10 million to be supplied by private foreign sources. The cavalcade of greed has begun in the United States.
1781 – Hamilton and Robert Morris launch plan for bank, which would seize from the people’s government the control of national money. Morris uses his foreign connections to solicit funds. He appeals to others (in on the deal): “I am determined that the bank shall be well supported until it can support itself, and then it will support us.”
1782 – Morris, acting in capacity of Superintendent of Finance for the Continental Congress, but “with no clear warrant,” subscribes all remaining money in the war-scarred Treasury – about $254,000 – to the capital stock of the bank. The Bank of North America, first temple of the money changers, is formed.
1786 – Hamilton, after four years, is unsuccessful in persuading a majority of the states to recognize the bank and its founders. Most states refuse to grant the bank a charter on the ground that no private group should have the exclusive right of creating and regulating the people’s money.
1789 – Hamilton becomes Secretary of the Treasury in the first cabinet after Morris declines the post. Together with Morris, he announces a plan for a second central bank – The Bank of the United States – even stronger than the Bank of North America. Benjamin Franklin, outstanding crusader for an honest money system, vigorously opposes the Hamilton-Morris bank combine. Thomas Jefferson also jumps into the battle, calling the proposed bank a “prostitution” of law.
1790 – Benjamin Franklin dies. Hamilton, despite the opposition of Jefferson and others, begins to get results on his central-private bank scheme.
1791 – Hamilton gets exclusive charter for his bank from Congress over the protests of Jefferson, James Madison, John Adams, and others. It was the first violation of the federal Constitution. President Washington asked James Madison to prepare a veto of the bill that passed congress. Washington finally accedes to the blandishments of Hamilton – a Tugwell 145 years before his time – and signs the bill.
1795 – His job completed, the single design that had motivated him from the start achieved, Hamilton resigns as Secretary of the Treasury. His bank, mis-named the Bank of the United States fattens on the life-blood and wealth of America by “fountain-penning” credit money into existence.
1811 – The 20 year charter of the Bank of the United States expires. The cough lines of that day rise up to expose its perfidy. They succeed in blocking a renewal of the banks charter.
1812 – War with England. Debts.
1816 – America, due to its debts, becomes firmly enmeshed in the net of foreign entanglements, so deplored by George Washington. Industry, solely burdened by taxation and weakened business, is at a standstill. Bank failures loom.
The money changers of Europe, acting through their American agents, joyously capitalize on the crisis. Knowing the great untouched wealth and resources of America, and wanting to grasp control of it, they fall like hawks on the United States government with the promise of money to finance a second Bank of the Unites States.
Congress submits to the private, foreign money encroachment and grants a second charter to the bank. The second bank of the Unites States, in a bold violation of the Constitution, also is given power to issue paper money.
The bank is chartered for 20 years. Foreign bankers control $28,000,000 of its $35,000,000 capital. The bank operates in the same way as the private Federal Reserve bank of 1935, creating credit money to 10 and 20 times the amount of actual money on deposit and suckling on the financial transactions of the government.
1828 – Andrew Jackson, brilliant champion of the people, is elected to presidency on a plank promising to oppose rechartering of the bank.
1830 – By this year, 37 member branches of the central bank are established.
1832 – Jackson vetoes the bill which would have renewed the charter of the Bank of the United States. From this time until 1863 the Rothschild brothers and their colleagues in Europe and America wage a furious struggle to regain control of American money and wealth through another central bank.
1863 – The door is again throw open to the moneychangers with the enactment of the National Banking Act. Under it, national banks are empowered to issue the people’s money and to create “fountain-pen” currency.
1873 – Private bankers gain another victory by inducing Congress to demonize silver, it was a fatal blow to America inasmuch as our country had huge deposits of silver. Silver demonization causes scarcity of money and a disastrous depression follows (the panic of 1873)
1878 – Popular demand causes Congress to reinstate silver as a money base by passing the Bland-Allison act.
1892 – President Cleveland appoints J. P. Morgan as an agent of the government to buy gold in Europe. Morgan forces government to accept his own terms and reaps an estimated profit of $2,000,000 on the deal.
1893 – Proof that depressions are in all cases caused by bankers is shown in confidential circular issued by a bank combine prior to the Panic of 1893. It reads:
“We authorize our loan agents in the western states to loan funds on real estate to fall due on Sept. 1, 1894, and at no time thereafter. On Sept. 1, 1894, we will not renew our loans under any consideration. We will foreclose and become mortgagees in possession. We can take two-thrids of the farms west of the Mississippi, and thousands of others, at our own price. Then the farmers will become tenants as in England.”
1900 – Congress passes the Gold standard Bill, which sets the convertible gold value of a dollar at 25.8 (.9 fine) grains. Under it, bankers are allowed to take gold out of, or bring gold into, the United states, and thus at their will change the volume of gold in the country. By manipulating the volume of “fountain-pen” money, the bankers can change the purchasing power of the dollar.
1913 – Federal Reserve Act passes, giving international bankers complete authority over American banking, centralizing credit, and concentrating our wealth in the hands of a few individuals.
Under this unconstitutional system, bankers are required to keep only 13 per cent reserve against demand deposits and only 3 per cent against time deposits. Thus, for every dollar accepting by a member bank as a demand deposit, seven more credit dollar can be manufactured; for every dollar of a time deposit, 33 more can be created.
Paul M. Warburg, international banker, and Senator Carter Glass of Virginia, are given chief credit for “putting over” the Federal Reserve system.
1933 – Banking Act of 1933 passes, providing that all earning of federal reserve banks must accrue to banks themselves. Previously the government was supposed to participate in “distribution” of the banks’ earnings.
1934 – Infamous Gold Bill of 1934 passes, requiring the people to turn over to the federal reserve banks all gold, under the pretense of giving the gold to the government. Under the bill, President Roosevelt has power to make silver a money base but he refuses.
1935 – Banking Act of 1935 passes. It deprives federal reserve member banks of all voice in management and places dictatorial powers in a wallstreet-controlled board appointed by the president. This unconstitutional act is similar to the inflationary laws which caused a money collapse in Germany, and it makes the Federal reserve board more powerful than the United states government itself.
1936 – Wall Street “sews up” both Democratic and Republican parties by dictating the platform plank that is all-important to economic recovery – the money plank. Barney Baruch sails for Europe to report the “good” news to Montagu norman, governor of the Bank of England and current chief money changer of the world. There is no food for hungry mouths, no clothing for destitute people. The Cavalcade of Greed rushes on!