It’s back to history time. After taking several weeks off, we’re jumping right back in again to highlight lesser known men of courage who dared to speak up at the turn of the twentieth century. Download and save to create your own library of whistleblowers.
While many people have read or heard the story of the origins of the Federal Reserve Bank(The Creature from Jekyll Island by Griffin), less know the story of Congressman McFadden’s burning denunciation of the Fed on the floor of congress twenty years after its creation.
If McFadden was right about one half of what he alleges, the Fed was a very, very busy beaver during that time.
He alleged that …
the bankers funded, fomented and instigated the Russian Revolution,
the bankers spent one-half million dollars on the part of propaganda for the purpose of misleading public opinion and giving Congress the impression that there was an overwhelming popular demand for a central bank.
riffraff of every country is operating on the public credit of the United States Government.
while we are attempting to enforce prohibition here, the Fed are in the distillery business in Europe and paying bootlegger bills with public credit of these United States.
the magnitude of the acceptance racket was estimated at 9,000,000,000 per year or more
in 1930 while the speculating banks were getting out of the stock market at the expense of the general public, the Fed advanced them $13,022,782,000. This shows that when the banks were gambling on the public credit of these United States as represented by the Fed currency they were subsidized to any amount they required by the Fed.
in no way, is Roosevelt's dictatorship intended to benefit the people of the United States: he is preparing to sign on the dotted line! "He is preparing to cancel the war debts by fraud!
And much more.
That same day, he introduced House Resolution No. 158, which included articles of impeachment for the Secretary of the Treasury, two assistant Secretaries of the Treasury, the Board of Governors of the Federal Reserve, and the officers and directors of its twelve regional banks.
McFadden was no lunatic crank, but rather, an insider who served as as a bank president prior to entering Congress and then as the Chairman of the United States House Committee on Banking and Currency from 1920-1931. If anyone knew what was going on it was him. Somehow as well, his name got affixed to the bill which incorporated the Fed in perpetuity in 1927.
It would be fascinating to know what possessed him to turn so violently but I found no traces of any biography of any kind.
From Wikipedia- the reaction against him was fast and furious.
According to Time magazine McFadden was "denounced and condemned by all Republicans for his 'contemptible gesture.' The Central Press Association reported that he was "virtually read out of his party ... [had] his committee posts ... taken away from him…was ostracized by Republicans [and] called crazy ...". Sen. David A. Reed (R-PA) said "We intend to act to all practical purposes as though McFadden had died."
McFadden was accused of being anti-semitic, lost his reelection campaign and in two years was dead from "heart-failure sudden-death" on Oct. 3, 1936, after a "bout" of "intestinal flu.
And of the following intrigue, I could find no supporting evidence.
Commenting on Former Congressman Louis T. McFaddens' death, "Pelley's Weekly" of Oct. 14 said:
Now that this sterling American patriot has made the Passing, it can be revealed that not long after his public utterance against the encroaching powers of Judah, it became known among his intimates that he had suffered two attacks against his life. The first attack came in the form of two revolver shots fired at him from ambush as he was alighting from a cab in front of one of the Capital hotels. Fortunately both shots missed him, the bullets burying themselves in the structure of the cab.
"He became violently ill after partaking of food at a political banquet at Washington. His life was only saved from what was subsequently announced as a poisoning by the presence of a physician friend at the banquet, who at once procured a stomach pump and subjected the Congressman to emergency treatment."
/s/ Robert Edward Edmondson (Publicist-Economist)
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