Rothschild Money Trust

139
legalized the methods employed; and not only that, it has granted
an indefinate charter to the system and has given it additional
power to deflate.
The 1930 deflation was a reproduction of 1920 with substantially
the same results. Our national wealth which had increased
during the ten years intervening to about 400 billion
dollars, was reduced 40 to 50 per cent. It bankrupted many men
and many banks that had survived the depression of 1920 and
many younger men who were in the midst of establishing themselves
; it transferred the property of the debtor to the creditor;
it operated with the greatest severity on the farmer and the
laborer and their families; it reduced the value of farm products
below the cost of production, in consequence of which many
farmers lost their homes and means of living; it closed factories,
and thereby about twelve million laborers lost their
jobs and means of living and many of them lost their homes and
became public charges.
Both of these depressions were far more serious in their
results than the short lived manipulated panic of 1907. The
panic of 1907 was over almost as soon as the banks resumed
their ordinary function of paying the checks of their depositors
in currency. At that time it was beyond the control of the Elders
to force a substantially lower level of values because our banking
system was then on a currency basis and not wholly on a
credit basis as it was in 1920 and in 1930 and is now.
Organized ostensibly to supply an adequate volume of currency
and credit the Federal Reserve System has been perverted
into a vast money and credit hoarding machine; organized for
the pretended purpose of preventing panics and depressions, it
has been employed to create the three most disastrous ones in
the history of our country. Obviously, the remedy for the panic
of 1907 was for the government to put into circulation a greater
volume of money and to outlaw as traitors the conspirators who
brought it about. Obviously, the remedy was not to turn over
to these pirates the sovereign function of issuing money, as the
Federal Reserve Act did.
The remedy for the catastrophes of 1920 and of 1930 was
and is now to get more money into circulation and to free the
country from the control of this iniquitous Federal Reserve System.
Obviously it was not to extend the power and charter of
the system; and obviously also, it was not the "new deal." The