Federal Reserve not Federal

Dear Congressmen:

The Federal Reserve has been in the news a lot lately. For the past year or so I have been interested in this institution as it seems so shadowy. I have done some research and am at a point that I am asking for your intervention to help the public become more aware that this seems to be a grossly unconstitutional, and perhaps a criminal enterprise. Please be kind enough to address the following.

As I understand it, the concept of a “central bank” started being discussed during America’s founding. On February 15, 1791, Thomas Jefferson made some very interesting comments concerning the constitutionality of a central bank. He wrote, “I consider the foundation of the Constitution as laid on this ground – that all powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states, or to the people. To take a single step beyond the boundaries thus specially drawn around the powers of Congress, is to take possession of a boundless field of power, no longer susceptible of any definition. The incorporation of a bank and the powers assumed by this bill, have not, in my opinion, been delegated to the United States by the Constitution.”

As I understand it, The Federal Reserve, is not Federal, nor does it have any reserves. I, as a private citizen, nor any of you for that matter, can own a single share of the Federal Reserve. Nor does the United States own a single share of the Federal Reserve. All shares are held by just a few dynastic families, it is totally privately owned, and it functions as a money monopoly having total power over all money and credit of we the people. The controlling shares are passed down by inheritance. Some of those families are the Rothschilds, the Warburgs, the Schiffs, the Rockefellers, the Harrimans, and the Morgans.

As I understand it, the Federal Reserve Act was passed by the 63rd Congress on December 23, 1913. It’s preface reads, “An Act to provide for the establishment of Federal Reserve banks, to furnish an  elastic currency, to afford means of rediscounting commercial papers, to establish a more effective supervision of banking in the United States, and for other purposes. (Italics are mine). The unspecified “other purposes” were to give international entities a monopoly of all money and credit of the people of the United States to finance World War I and to place the American people at the mercy of the Federal Reserve’s new collection agency, the Internal Revenue Service. By the way, elastic currency essentially means rubber checks. Remember the Federal Reserve has no reserves. If you try to redeem your five dollar bill at one of the Reserves locations, even though it is a Federal Reserve note, you can’t because there is nothing to give you.

This Federal Reserve Act was not written by any member of the 63rd Congress. It was the concoction of a small but powerful group of people sequestered at their private enclave, Jekyll Island, Georgia. The driving force of this group of people was a man named Paul Warburg. He later wrote, “The results of the conference were entirely confidential. Even the fact there had been a meeting was not permitted to become public.” Eighteen years later he wrote, “I do not feel free to give a description of this most interesting conference concerning which Senator Aldrich pledged all participants to secrecy.”

In the Saturday Evening Post dated February 9, 1935, on page 25, Mr. Frank Vanderlip, a member of the Jekyll Island group wrote: “Despite my views about the value to society of greater publicity for the affairs of corporations, there was an occasion near the close of 1910, when I was as secretive, indeed, as furtive, as any conspirator, since it would have been fatal to Senator Aldrich’s plan to have it known that he was calling on anybody from Wall Street to help in preparing his bill, precautions were taken that would have delighted James Stillman, (a colorful secretive banker who was president of the National City Bank during the Spanish-American War, and who was thought to have been involved in getting us into that war). I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System.”

The last provision of the Federal Reserve Act of 1913, Section 30, states, “The right to amend, alter on repeal this Act is expressly reserved.” As I understand this, it means that you, my Congressional Delegation can at any time move to abolish the Federal Reserve System, buy back its stock and make it a part of the Treasury Department, or to simply alter it as you see fit. Will you do that and get back to me?

I also understand the Federal Reserve has never undergone a complete, and thorough audit. After all, when the fox is guarding the henhouse, who is competent, and has the legal capacity, and nerve, for that matter, to undertake such a task? Will any of you? I firmly believe a smoke screen has been so heavily lain, no one on the banking committee could even get a knife through it. A common tactic to divert attention.

There is sufficient documentation for me to continue. There is not sufficient space in my local paper to print it all. I would think you get my drift. With all due fairness to Senator Bayh, you will not have time to get involved. You have, however, had a lot of time to do something about it before now. So that torch will pass to Senator elect Coats.

Please feel free to respond to the Churubusco News so that all readers can participate in your reply.


David Cooper,


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