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  • Congressman Lindbergh: Articles of Impeachment Against Federal Reserve

    Lindbergh: Articles of Impeachment Against Federal Reserve

    This Act establishes the most gigantic trust on earth. When the President signs this Act the invisible government by the Money Power, proven to exist by the Money Trust Investigation, will be legalized. The new law will create inflation whenever the trusts want inflation. From now on depressions will be scientifically created.” – Congressman Charles A. Lindbergh, Sr., 1913, on the Federal Reserve Act Charles Lindbergh Sr. – Congressional record – Feb 12, 1917

    3126 Congressional Record Mr. LINDBERGH. Mr. Speaker and the House of Representatives, I, Charles A. Lindbergh, the undersigned, upon my responsibility as a Member of the House of Representatives, do hereby impeach

    W. P. G. Harding, governor
    Paul M. Warburg, vice governor;
    Frederick Delano
    Adolf C. Miller
    and Charles S. Hamlin

    members, each individually as a member of

    the Federal Reserve Board, and also all of them collectively as

    the five active working members of said board, or high crimes

    and misdemeanors.

    LINDBERGH.

    I, upon my responsibility as a Member of the House of Rep-

    resentatives, do hereby impeach W. P. G. Harding, gov-

    ernor; Paul M. Warburg, vice governor; and Frederick A. De-

    lano, Adolph C. Miller, and Charles S. Hamlin, members, and

    each of them as members of the Federal Reserve Board, and

    also impeach all of them collectively as the five active working

    members of the Federal Reserve Board, of high crimes and mis-

    demeanors in aiding, abetting, and conspiring with certain per-

    sons and firms hereinafter named, and with other persons, and

    firms, known and unknown, in a conspiracy to violate the Con-

    stitution and the laws of the United States and the just and

    equitable policies of the Government, which said conspiracy de-

    veloped and grew out of and was consummated from the follow-

    ing facts and acts, to wit:


    First. On or about the month of July, 1906, the exact date

    being unknown to the relater, the late J.P. Morgan of the firm

    of J. P. Morgan & Co., and the said firm, private bankers and

    brokers, with their main office in New York City and doing busi-

    ness all over the world; Paul M. Warburg, of the firm Kuhn,

    Loeb & Co., and the firm of Kuhn, Loeb & Co, also private

    bankers and brokers, doing business all over the world, with

    their main office in New York City;: Lee, Higinson, & Co., also

    private bankers and brokers, doing business all over the world

    with their main offices in Boston and New York: Kidder, Pea-

    body & Co. Also private bankers and brokers, doing business all

    all over the world, with their main offices in Boston and New York,

    the National City Bank of New York with its office in the city

    of New York and doing a general banking business domestic

    and foreign; the First National Bank of New York

    with its

    office in New York city doing a general banking business do-

    mestic and foreign; and various other persons and firms, known

    unknown to the relator , did conspire with each other to

    devise a means through social, political, and other ways of strat-

    egy of and by general chicanery, to deceive the people of the United

    States, the Congress, and the President of the United States for

    the purpose and with the object to secure an act of Congress

    providing for a new monetary and banking system to have in

    in a provision for a managing board vested with unusual and

    extraordinary powers and to secure the appointment upon the

    board of management that should be provided for in the act

    persons for membership on the board who would by subterfuge

    manipulation, and false administration, so manage as to avoid

    the spirit and the purpose of the people of the United States, the

    Congress, and the President aimed at in the passage of an

    an act and instead of administering the act to meet with the spirit

    and comply with its terms, to induce and secure such board to

    enter in the conspiracy aforesaid, to administer the act for

    the special benefit and advantage of all of the said conspirators

    hereinbefore named, and their associates and contrary to the

    letter, intent and purpose of the act itself and in contravention

    of the Constitution and law; that in order to start the campaign

    with a plan well matured to succeed in said conspiracy Paul M.

    Warburg, now vice governor of the Federal Reserve Board, but

    then a member of the firm of Kuhn, Loeb, a& Co was a most

    active participant in drafting the main features and principles

    which should be embodied into whatever bill might be put

    through Congress, and did also assist in a plan for a second cam-

    paign to be kept from the knowledge of the President with the

    appointing power, and from the Senate, with the confirming

    power in the selection and confirmation of all high Federal ap-

    pointive officials in order that a board of administration should,

    when the time came for its selection, be appointed that would

    carry out the designs of the conspirators aforesaid; that there





    (Senator Nelson Aldrich)

    that were many secret meetings

    held by the conspirators for this

    purpose which under the very circumstances would be screened

    and kept from the public and made practically impossible to dis-

    cover, but nevertheless made certain of the fact because of the

    acts which point back to their creation; that one of such meet-

    ings which your relator does not undertake to verify the truth

    of its holding, but is reliably informed that it was held – is de-

    scribed in Leslie’s Illustrated Weekly Magazine in the October

    19, 1916, number thereof, which is hereby referred to as show-

    ing the method most likely to have been followed for planning

    the then contemplated act of Congress which is now the act

    known as the Federal reserve act.




    Second. That in pursuance of said conspiracy to promote the

    object of the conspirators aforesaid and as part of that gen-

    eral scheme to induce Congress to legislate upon the monetary

    and banking system as stated hereinbefore, said conspirators

    caused to be organized the so-called Citizens League with

    headquarters in the city of Chicago, to act as a mother organiza-

    tion and promoter to induce organization of the several states

    of auxiliary and affiliated leagues, and by misrepresentation

    to the public and to the origin of said mother league and its

    purpose to induce citizens who should have no knowledge of the

    said conspiracy and would be innocent of any wrong intention,

    and whose motives and intent would be to act in the common

    interests of their country, to join in the formation of auxiliary

    league throughout the several States in order to give the out-

    ward and surface appearance of respectability and honor, and

    that in pursuance of that plan the conspirators succeeded in

    organizing affiliated leagues in 45 of the States; that when

    organized the conspirators hereinbefore named, themselves di-

    rected who should be sent to these organizations as speakers

    and instructors, and also the kind of literature that should be

    distributed to the members and to the general public, the design

    of which was to have only such speakers, instructors, and

    literature as would discredit the then existing banking and

    currency system and prejudice the people in every way possible

    against it; but notwithstanding the then existing banking and

    currency system was bad and unfitted to the demands of the

    Nation and the needs of commerce and trade, and such campaign

    was by its conspirators aforesaid directed not to designate to

    the public what sort of a banking and currency system would

    be adopted in its stead, but the promoters of the conspiracy

    should pretend that the object of the campaign was to aid in

    every way to create a new monetary banking and currency

    system to take the place of the then existing bad one, and, as

    far as it could be cone, the conspirators should pervent the

    people getting together to prepare a plan of their own to be

    presented to Congress: that the purpose of the conspirators was

    simply to make the public believe that a new banking and cur-

    rency system was absolutely necessary and at the same time

    keep the public from find out what would be its form and

    details, all this for the reason that the conspirators aforesaid

    had their own preconceived plan prepared as a part of their

    conspiracy, which they would secretly manage in their own

    way to have presented to Congress as the plan in response to

    all this public sentiment which the conspirators themselves had

    ingeniously worked out through the campaign aforesaid, and

    with the intent that Congress and the President would legislate

    the conspirators’ said plan into effect; that it was part of

    said plan to create many offices and positions with lucrative

    salaries, which offices and positions would be equivalent to a

    bid for the ambitious to support it, because these offices and

    positions would be filled by the leaders and most active persons

    who would join in the campaign to put the conspiracy into

    effect and influence Congress and the President for the purpose

    of securing the legislation.



    Third. That in further pursuance of said conspiracy and to

    be in control of the information and literature that should be

    distributed through the Nation, the said conspirators then

    having control of a large number of magazines, newspapers,

    and publishing companies, used all of these, and proceeded to

    procure control of as many more as could be purchased or sub-

    sidized to publish articles prepared by subsidized writers who

    would criticize the existing banking and currency system

    so as to create public sentiment against; that of the thou-

    sands of country newspapers, a majority of them use ‘so-called

    “patent” articles not edited or even practically controlled by

    the owners of the papers, which patent articles are commonly

    called “boiler-place” stuff, and no responsibility as to the influ-

    ence such articles have upon the public attaches to anybody;

    that those writing this “boiler-plate” stuff so published, many

    of them were also subsidized and controlled by the said con-

    spirators, so that the small newspapers were practically forced

    to carry on a campaign against the then existing banking and

    currency system along the same lines of the others referred to

    hereinbefore; that readers generally do not have the oppor-

    tunity to distinguish between “boiler-plate” articles and the

    articles which the editors of the smaller papers write them-

    selves; that the news-distributing agencies through the tele-

    graph and telephone were then and still are largely controlled by

    said conspirators, and the operators of the news agencies have

    been allowed to report only such news relating to a new banking

    and currency system as would promote said conspiracy, and

    required to suppress and and everything in the way of infor-

    mation or news that would tend to encourage the people to pre-

    pare for themselves a concrete plan for banking and currency in

    the interest of all the people; that the general play of the con-

    spiracy was to suppress every article, statement, and thing so far

    as possible, which would give any information as to the exis-

    tence of said conspiracy all of which was for the purpose of ena-

    bling the conspirators aforesaid to deceive the people as well as

    Congress and the President, in order that said conspirators might

    finally consummate their aforesaid conspiracy.





    Fourth. That in consequence of the campaign carried on by

    said conspirators stated and recited in paragraphs named

    “First,” “Second” and “Third” in these impeachment articles,

    and numerous secret, clandestine, and underground methods

    employed by said conspirators, the people of the United States,

    the Congress, and the President were deceived, and as the first

    official act in the consummation of the objects sought by said

    conspirators Congress did legislate and pass and act of Congress

    which was signed by the President, and is known as the Federal

    reserve act, which act is substantially the plan prepared by

    said conspirators as aforesaid.

    Fifth. That immediately upon the passage of the Federal

    reserve act the said conspirators disorganized the so-called “Citi-

    zens’ League” and all the affiliated leagues in the 45 States

    referred to in the paragraph named ”Second” herein; that prior

    to such disorganization the said conspirators had by secret and

    underground methods, and for the purpose of using the same in

    completing and perpetuating their conspiracy, organized an-

    other “ association “ and called it the “United States Chamber

    of Commerce,” giving it that name in order to deceive the public

    by making it appear that is a department of the Government,

    which organization is administered with more intricate machin-

    ery for management the so-called “Citizens’ League” was,

    and with a purpose of taking up the work of coordinating every-

    thing social, political, business and other to work for the bene-

    fit of the said conspirators in carrying out their plan to force

    the masses of mankind into absolute and abject industrial

    slavery; that the methods and the design of the “United States

    Chamber of Commerce” are set forth to remarks which your

    relator placed in the CONGRESSIONAL RECORD March 10, 1916, and

    are hereby referred to for more specific detail; that the influence

    of the “United States Chamber of Commerce” is one of the

    agencies being used as an aid to further consummate the con-

    spiracy charged in these articles of impeachment.



    Sixth. That the said Federal reserve act is so framed that it

    has the possibility and contains the provisions which, under

    proper and impartial administration, would furnish a remedy to

    some of the faults that existed in the banking and currency

    system which it superseded, but also contains provisions which,

    under a bad and improper administration, makes it more dan-

    gerous to the public welfare than ever the old banking and

    currency system was; that the main feature of the said Federal

    reserve act in giving effect to it is the authority vested in the

    Federal Reserve Board and the discretion entrusted to the mem-

    bers thereof in its “administration”; that the “administration”

    of said Federal reserve act is vested in the Federal Reserve

    Board, advised by the Federal reserve advisory council made up

    of 12 persons, 1 selected by each of the 12 Federal reserve banks;

    that the 5 active working members of the Federal Reserve

    Board are the said W.P.G. Harding, governor; Paul M. Warburg,

    vice governor; and Frederick A. Delano, Adolph C. Miller, and

    Charles S. Hamlin, members; and that the Federal reserve

    advisory council is formed by the following persons to wit:

    Daniel G. Wing of Boston; J. P. Morgan, or New York; Levi L.

    Rue, of Philadelphia; W.S. Rose, of Cleveland; J. N. Norwich

    of Richmond; Charles A. Lyerly, or Atlanta; J.N. Norwood,

    of Richmond; Charles A. Lyerly, of Atlanta; J.B. Forgan. of

    Chicago; Frank O. Watts, of St Louis; J.R. Mitchell, of Minne-

    apolis; E.F. Swinney, of Kansas City; T. J. Record, of Dallas;

    and Herbert Fleishbacker, of San Francisco; that the said

    Federal Reserve Board and the said Federal reserve advisory

    council held many meetings and are now and have been ever

    since the Federal reserve act was passed, fully advised as to

    financial and business conditions, domestic and foreign; that

    the members of the Federal Reserve Board and the members of

    the Federal reserve advisory council are men with enormous

    business interests, and each of them have been for more than 15

    years last past, and are now excessive operators and speculators

    for individual profit and gain in the markets, and control several

    of the largest banks in the country; that J.P. Morgan jr. is

    the lending member of the firm of J.P. Morgan & Co., one of

    the firm hereinbefore charged with being a party to the con-

    spiracy aforesaid; that several of the members of the Federal

    reserve advisory council own stock in the National City Bank

    of New York and the First National Bank of New York, they

    being the two banks charged hereinbefore with being parties to

    the said conspiracy, and said members also own stock and are in-

    terested in business and managed and controlled by the parties spe-

    cifically named as the conspirators in the paragraph hereinbefore

    designated as “First”; that Paul M. Warburg, a member and

    vice governor of the Federal Reserve Board, was at the time of

    the original formation of the conspiracy aforesaid a party to

    the said conspiracy, and a partner and member of the firm of

    Kuhn, Loeb & Co., one of the conspirators; that each of the mem-

    bers of the Federal Reserve Board and of the Federal reserve

    advisory council are associated with and form a part of a group

    of promoters and speculators, the individual members of which

    reside in various parts of the United States, principally in the

    large cities, and a few of them live in Europe, which said group

    individually and collectively deal in credits, stocks, bonds, securi-

    ties and various promoting enterprises from which they have

    made billions of dollars in profits, and still operate and propose

    to continue their operations for the purpose of making still

    greater profits upon their future dealings; that in further pur-

    suance of their said purpose, they joined in the original con-

    spiracy aforesaid and it was planned as a part of the said

    original conspiracy to create several great business and finan-

    cial centers in different parts of the United States in order to

    facilitate with celerity a coordination of all big business and all

    financial control; for the benefit of the said conspirators in car-

    rying out their plan of personal gain in contravention to the

    public welfare; that said group instigated the campaign which

    finally resulted in the passage of the Federal reserve act; that

    in the administration of said act by the said five active working

    members of the Federal Reserve Board, and through the influence

    exercised over them by the members of the Federal reserve

    advisory council, and collectively all of the members and mem-

    bership of both the Federal Reserve Board and of the Federal

    reserve advisory council, a part of and influenced by said larger

    “group” in this paragraph designated as having joined in the

    conspiracy aforesaid, the said five active working members of

    the Federal Reserve Board, each individually and all collectively,

    at all times since they became members of the said Federal Re-

    serve Board, knowingly and intentionally have been improperly

    influenced by the said “group,” and because of such influence

    have failed to administer the Federal reserve act in accordance

    with the spirit, letter, and intent of Congress and the President

    when the act was passed; but, on the contrary, the said five

    active working members of the Federal Reserve Board herein-

    before specifically named as such, with intent to evade and set

    aside by “administration” all the purposes of Congress and

    of the President in the passage and approval of the act, and of

    the act itself, have administered, and are now administering, the

    Federal reserve act with the intent to coordinate “big business”

    and “speculation” for the benefit of the said “group” of oper-

    ators and speculators hereinbefore designated as having taken

    part in the original conspiracy; that said National City Bank

    hereinbefore named, in which many of the other conspirators

    own stock, acts as the “official mouthpiece” for them all, to give

    technical information to enable them all to act in concert; that

    to facilitate its distribution said bank issues a monthly bulletin;

    that in its February, 1917, bulletin, in an article dealing with the

    present plethora of money and credit available, among other

    “tips” intended for the conspirators to act upon, is the follow-

    ing – and I would like the House to hear it – this is what is con-

    tained the bulletin which the National City Bank issued:

    Under the circumstances money promises to be in abundant supply,

    but if bankers have a proper regard for their responsibilities it will not

    be correspondingly cheap. Compensatory rates for money and ample

    reserves should be consistently maintained.

    That said bulletin was sent to the Federal Reserve Board,

    to all the Federal reserve banks, to all the larger National and

    State banks and trust companies, in order to “tip” off to the

    conspirators and those acting in concert to tighten the rates

    of interest; that such “tips” are a common practice and do

    prevent the reduction of interest rates to borrowers for legiti-

    mate business, contrary to the intent and purpose of Con-

    gress and the President and in contravention of the act itself

    and to the enormous loss of the people and injury to the general

    welfare.

    J. P. Morgan, of New York;





    Seventh. That there are approximately 20,000 State banks and

    trust companies in the United States, incorporated and organ-

    ized under the State laws of the respective States in which their

    offices and places of business are located, and doing a general

    banking business, State and interstate, many of which are

    eligible to become members of the Federal Reserve System,

    and many not know eligible could become so without an increase

    of their capitalization; that of those now eligible and that could

    qualify for membership in the Federal Reserve System without

    an increase of their capital, they have more than half of the capi-

    talization of all the banks not now included in the Federal

    Reserve System; that the capitalization of State banks and

    trust companies, which are not members of the Federal Reserve

    System exceeds the capital of the banks which are members of

    the Federal System; that the governors and other high

    and administrative officials of the 12 Federal reserve banks,

    through their influence with member banks, wittingly or un-

    wittingly, but most of them wittingly, became accessories to

    the said conspiracy of the said persons and parties named in

    these articles of impeachment in the paragraph herein design-

    nated as “First” and have caused a boycott of all banks not

    members of the Federal Reserve System by influencing the

    member banks to hamper, inconvenience, and annoy the patrons

    of the nonmember banks by discrimination against them in the

    clearing of checks drawn upon them and otherwise, that they

    threaten and seek to cajole the nonmember banks in an attempt

    to force them to become members of the Federal Reserve Sys-

    tem; that the said five active working members of the Federal

    Reserve Board are cognizant of the same; that the intent, pur-

    pose, and aim of each and all of the said conspirators afore-

    said is to compel the State banks to join the Federal Reserve

    System for the purpose of bringing the said banks under the

    jurisdiction of the Federal Reserve Board in order that all of

    the banks, National and State, may become one gigantic com-

    bination with an absolute and complete monopoly and have the

    power of exploiting the people for the benefit of the conspira-

    tors aforesaid.

    Eighth. That Congress in creating the Federal Reserve Board

    had in mind, and it is the spirit of the Federal reserve act, that

    the said board should keep a guardian watch over the opera-

    tions of the banking and currency system and report to Congress

    and the country; from time to time such facts and occurrences

    relating to banking and currency as affect the business of the

    people in trade and commerce exchanges, domestic and foreign,

    so that Congress should receive information that would give

    to Congress the facts upon which to base any necessary amend-

    ments to the act in order to make it responsive to the general

    welfare; that contrary to the spirit of the Federal Reserve act,

    the aforesaid five active working members of the Federal

    Reserve Board have willfully failed to keep the public and Con-

    gress informed of the inflation of bank credits and the effect

    of it that has taken place under the “administration” of the

    said act, and in violation of the spirit thereof said members

    have conspired with the members of the Federal reserve ad-

    visory council and their business associates hereinbefore named

    and have aided and abetted in a conspiracy to a systematic

    inflation of bank credits for the benefit of the said conspirators

    and against the public welfare; that in consequence of said

    unlawful acts and misfeasance in office of the said members of

    the Federal Reserve Board the bank have, for private gain,

    increased the bank credits of the country since the passage of

    said act approximately seven thousand millions of dollars and

    without effecting a corresponding reduction in the interest rate,

    thus increasing the aggregate amount of interest paid by the

    people to the said banks equal to that charged upon said sum;

    that the effect of the inflation of bank credits has been and is to

    also increase speculative credits enormously more than equal to

    the inflation of bank credits, and that such increase since the

    the Federal reserve act took effect has been billions of dollars that

    the increase in the aggregate sum of interest paid to the banks

    upon the said inflated bank credits and the increase caused by

    the said inflation in the speculative values upon commodities

    required to supply the necessities of life for the people has been

    many billions of dollars, which have been added to the cost of

    living for the people to pay; that said increase in the cost of liv-

    ing is mainly the profits that the conspirators have added to

    their individual fortunes to the equivalent loss of the people gen-

    erally and to the Government as well.

    Ninth. That as part of the said conspiracy and in furtherance

    of the same the said aforesaid conspirators, in violation of the

    Nation’s heretofore established economic policy of conservation

    of material and natural resources, conspired European

    speculators to draw upon the material resources of this Nation

    for export with no correlation between value of the materials

    exported and the value of the materials imported; that in con-

    sequence of the conspiracy to affect said export of material

    resources belonging to this Nation and to the people of it ap-

    proximately eight thousand millions of dollars in value of the

    material resources have been exported since the war in Europe

    began; that as a result thereof the said conspirators acted with

    the said five members of the Federal Reserve Board in manip-

    ulating bank credits, and through credits the markets increased

    the cost to American consumers in the same period approxi-

    mately sixteen thousand millions of dollars in excess of the real

    values, which extra cost has mainly been the profits that have

    been added to the fortunes of the aforesaid conspirators; that

    as an additional and future loss to the people of this Nation in

    consequence of the facts aforesaid, the natural material re-

    sources of the Nation are forever less, and the costs made for-

    ever higher than they would be if trade and commerce were not

    manipulated through a false administration of finances.


    Tenth. That to further carry out the said conspiracy the

    aforesaid conspirators have, ever since the Federal reserve act

    took effect, sought to influence, and in fact have influenced, said

    five members of the Federal Reserve Board in an attempt to fur-

    (p.4) ther deceive Congress to secure legislation granting to the said

    board enlarged powers of “administration”; that in the Sixty-

    third Congress the said board, concealing the real purpose to

    aid said conspirators, deceived the Senate Banking and Currency

    Committee to get it to report for passage the then Senate bill

    6505 and it passed the Senate and subsequently came before the

    House Banking and Currency Committee and was favorably re-

    ported, your relator, however, filing a minority report in oppo-

    sition. Later, on the floor of the House, the chairman of the

    Banking and Currency Committee withdrew action on the bill;

    that the aim of said bill was to give the Federal Reserve Board

    greater “administrative” power over the gold supply, so that it

    could, whenever the conspirators aforesaid wished it, inflate

    still further the banking credit by an issue of the Federal-reserve

    notes for the benefit of said conspirators; that again in this

    Sixty-fourth Congress said active working members of the

    Federal Reserve Board alleged, repeatedly sought the House

    Banking and Currency Committee to report a bill giving greater

    “administrative” powers to said board than is authorized by

    the original act; in fact, to give said board power to force from

    banks all over the country the gold in their vaults and into the

    12 Federal reserve banks, there to form a basis upon which to

    issue still more Federal-reserve notes and further inflate credit

    without causing a reduction of interests that in the aggregate

    would equal the charge made on the inflated currency, but serv-

    ing mainly as a guaranty to reinforce the conspirators herein-

    before named in exploiting of the people for private gain.


    Eleventh. That the Federal reserve act obligates the United

    States to redeem in gold at the United States Treasury all Fed-

    eral reserve notes, and as a part of the said conspiracy and

    in furtherance of the same, and to extend the speculation of the

    operators and perpetrators of the said conspiracy to include

    Europe and other foreign territory, they, most of them being

    international as well as domestic bankers, seek to dominate the

    relations of the United States with foreign countries and to

    selfishly influence the same by means of the control of finances,

    and in furtherance of said branch of their speculations have

    conspired with the said five active working members of the

    Federal Reserve Board to secure aid from the Federal Reserve

    System for said selfish purposes and not in the interest of the

    public, the conspirators in connivance with the said five active

    working members of the Federal Reserve Board had the said

    board select and appoint, through the Federal reserve bank of

    New York, the so-called Bank of England as its agent, thus put-

    ting the credit of the Government of the United States back

    of this foreign corporation, organized for private gain, which

    is no longer able to make payments in gold and fails to give a

    statement of its true conditions; that said Federal Reserve

    Board is threatening to permit and also to render aid to the

    international bankers in America who dominate the banking

    system, to enter into further *entangling alliances with bank-

    rupt countries of Europe at the very time this Government con-

    templates issuing hundreds of millions of dollars of interest-

    bearing bonds upon the credit of the people of the Nation to

    meet the Government expenses.


    Twelfth. That during the Civil War the Government of the

    United States issued money commonly called “greenbacks” ;

    the same being issued upon the credit of the people of the Na-

    tion; that of said “greenbacks” so issued there have been ever

    since their issue and now are outstanding and in general cir-

    culation based upon the credit of the people of the United

    States $346,681,016, for which a reserve of $150,000,000 in gold

    is held by the Government to guarantee their redemption if de-

    manded; that said circulating “greenbacks” have already

    saved the Government from paying approximately $1,000,000,000

    interest during the time they have been in circulation and are

    now saving the Government approximately $6,000,000 annually;

    that in furtherance of said conspiracy in these articles of im-

    peachment alleged and as part thereof, the conspirators have

    sought and by secret connivance new seek to have the said

    “greenbacks” retired and the $150,000,000 of gold guarantee

    placed in the Federal reserve banks on which to base the loan-

    ing of “bank credits” as a substitute for the money owned by

    the people; that if the Federal reserve banks are allowed to

    secure possession of said gold, when the time comes that the

    conspirators aforesaid shall be able to use additional bank

    credits to their advantages in exploiting the people, the same

    would become the basis for additional bank inflation, directly

    and indirectly, to the extent of over a billion dollars upon

    which the banks would collect a great sum of interest, and the

    speculators would scalp even greater profits from additional

    manipulation of the markets, all of which would be added to

    the cost of living for the people to pay.


    Thirteenth. That in furtherance of the said aforesaid con-

    spiracy and as a part of the same the said five active working

    members of the Federal Reserve Board, in their capacity as

    members, have arbitrarily at all times and with intent to pre-

    vent the legitimate business interests of the country securing

    the advantages that Congress sought to give by the passage of

    the Federal reserve act, and in connivance with the big reserve

    and central reserve banks controlled by the conspirators afore-

    said, established rediscount rates for member banks desiring

    to borrow from Federal reserve banks above the rates charged

    by the reserve and central reserve banks, which creates an

    excuse for the member banks in the country to charge higher

    rates of interest to legitimate borrowers than they otherwise

    would; that the interest rates charged by the reserve and cen-

    tral reserve banks, on the one hand, and the higher rates

    charged by the Federal reserve banks on the other hand, is

    maintained at certain times when the conspirators aforesaid

    desire to draw the reserves of the country banks to the reserve

    and central reserve cities for the interest that these reserve

    banks pay on deposit balances and in anticipation of times

    when the country banks may wish to rediscount paper with

    said banks; that by following the arbitrary practice of redis-

    counts aforesaid the said conspirators are enabled to and do go

    on with their speculations, manipulate the markets, and ex-

    ploit the people, and whenever they find themselves in financial

    stress they can raise the rates of interest in the reserve and cen-

    tral reserve banks, which they control, above the Federal reserve

    bank discount rates, thus forcing the country banks, which may

    have rediscounted with reserve banks in order to give accom-

    modations to their borrowers, to rediscount with the Federal

    reserve banks to enable them to repay the reserve and central

    reserve banks, in order to create free money and credit for

    said conspirators to carry on their speculations; that the Fed-

    eral reserve act contains several provisions which when applied

    under the “administrative” power of the Federal Reserve

    Board serve as a means of taking or imposing a toll in the na-

    ture of discriminatory interest rates in order to force a shift

    of money and credits from one section of the country to an-

    other, or out of the country and to foreign countries; that

    this discriminatory power vested in the Federal Reserve Board

    is willfully abused by the said five active working members of

    the said board for the benefit and in the interest of the said

    aforesaid conspirators; that the people of the United States

    have been injured to the extent of several billions of dollars

    by reason thereof.


    Fourteenth. That in furtherance of said aforesaid conspiracy

    and to give the said aforesaid conspirators complete practical

    power to carry out and put into effect their purpose of making

    the masses of mankind absolutely dependent upon “big busi-

    ness,” and in order to create industrial slaves of the masses

    the said aforesaid conspirators did conspire and now conspire

    to have the Federal reserve act “administered” so as to enable

    the conspirators to coordinate all kinds of “big business’ and

    to keep themselves in control of “big business,” in order to

    amalgamate all of the “trusts” into one great trust in restraint

    and control of trade and commerce, and thus be able to exploit

    the masses and take from them their earnings, except what

    they would require for bare subsistence; that to that end and

    to give them power to accomplish the same said conspirators

    have marshaled all of the different kinds of “big business”

    and induced those in control to use their means and whatever

    kind of patronage and favors they have to give in such way

    as to promote the objects and purposes of said conspirators

    and to enslave the masses of humanity; that at the same time

    that the said conspirators marshal their own “big business”

    supporters by a coordination of all their interests they have

    use every trick and subterfuge possible to create friction among

    the masses and divide them into hostile contending factions,

    thus keeping the masses from coordinating their affairs to pro-

    mote the general welfare that the said aforesaid five active

    working members of the Federal Reserve Board have all the

    time, by a willful and wrongful “administration” of the Fed-

    eral reserve act, aided and abetted the said aforesaid conspira-

    tors in promoting and carrying out the objects of their said con-

    spiracy and have refused and failed to so administer the

    Federal reserve act as to have the same promote and operate

    in favor of the general welfare.


    Fifteenth. That the Federal reserve act is void and unconsti-

    tutional, but that notwithstanding, the conspirators aforesaid

    have so manipulated things as to prevent the question of con-

    stitutionality of the act from being brought before the courts.

    CHARLES A. LINDBERGH

    Mr. SHERWOOD. Mr. Speaker, I would like to ask the

    gentleman a question.

    Mr. LINDBERGH. I suppose my privilege stops now, does it?

    The SPEAKER. It does.

    Mr. LINDBERGH. I ask for five minutes in which to answer

    the question of the gentleman.

    The SPEAKER. The gentleman asks five minutes. Is there

    objection?

    There was no objection.

    Mr. SHERWOOD. In case the Senate should sit as an im-

    peachment court, you have evidence to establish that charge?

    Mr. LINDBERGH. I want to say this: I have spent enough

    time and made enough investigation of this case to know that I

    can demonstrate – accurately, I may say, but to a mathematic-

    cal certainty – that the charges in this impeachment are substan-

    tially true. I may not be able to establish by direct proof that

    that some of these meetings to which the impeachment refers were

    held, but that the charges are substantially true, I will certainly show.

    Mr. SHERWOOD. That is, by substantial evidence?

    Mr. LIMDBERGH. By substantial evidence, and by effects

    which the business of this country demonstrates beyond

    question.

    Now, Mr. Speaker, I ask leave to insert, following the reading

    of these articles, my remarks upon them and the questions that

    are incidentally involved in the impeachment articles.

    The SPEAKER. The gentleman from Minnesota asks unani-

    mous consent to extend his remarks in the RECORD. Is there

    objection?

    Mr. SIEGEL. I object.

    The SPEAKER. The gentleman from New York objects.

    Mr. KITCHIN. Mr. Chairman, I move that the impeach-

    ment articles be referred to the Committee on the Judiciary,

    and on that I demand the previous question.

    The SPEAKER. The gentleman from North Carolina moves

    that the impeachment articles be referred to the Committee on

    the Judiciary , and on that he demands the previous question.

    The previous question was ordered.

    The SPEAKER. The question is on agreeing to the motion

    to refer.

    The question was taken, and the motion was agreed to.
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