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Title: 1912 Warning About The Federal Reserve: “A government of the corporations, by the corporations and for the corporations”
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URL Source: http://kropotkinoid.wordpress.com/2 ... ions-and-for-the-corporations/
Published: Nov 28, 2010
Author: Alfred Owen Crozier
Post Date: 2010-11-28 13:00:03 by bluegrass
Ping List: *New History*
Keywords: None
Views: 458
Comments: 9
“Then we shall have only corporate currency, and a government of the corporations, by the corporations and for the corporations—a “soulless” corporate republic.” U.S. Money vs. Corporation Currency by Alfred Owen Crozier, 1912 
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#6. To: bluegrass (#0)
Senator Root raised the problem of inflation, claiming that under the Federal Reserve Act, note circulation would always expand indefinitely, causing great inflation. However, the later history of the Federal Reserve System showed that it not only caused inflation, but that the issue of notes could also be restricted, causing deflation, as occurred from 1929 to 1939. One of the critics of the proposed "decentralized" system was a lawyer from Cleveland, Ohio, Alfred Crozier: Crozier was called to testify for the Senate Committee because he had written a provocative book in 1912, U.S. Money vs. Corporation Currency.* He attacked the Aldrich-Vreeland Act of 1908 as a Wall Street instrument, and he pointed out that when our government had to issue money based on privately owned securities, we were no longer a free nation. Crozier testified before the Senate Committee that, "It should prohibit the granting or calling in of loans for the purpose of influencing quotation prices of securities and the contracting of loans or increasing interest rates in concert by the banks to influence public opinion or the action of any legislative body. Within recent months, William McAdoo, Secretary of the Treasury of the United States was reported in the open press as charging specifically that there was a conspiracy among certain of the large banking interests to put a contraction upon the currency and to raise interest rates for the sake of making the public force Congress into passing currency legislation desired by those interests. The so-called administration currency bill grants just what Wall Street and the big banks for twenty-five years have been striving for, that is, PRIVATE INSTEAD OF PUBLIC CONTROL OF CURRENCY. It does this as completely as the Aldrich Bill. Both measures rob the government and the people of all effective control over the public’s money, and vest in the banks exclusively the dangerous power to make money among the people scarce or plenty. Wake up fools !
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