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In promoting passage of the Federal Reserve Act of 1913, its
sponsors, and those working to see it passed, made ten promises:
1. To operate entirely under the direction and control of the
President and his appointees to the Board of Governors.
2. To pay interest to the government for the privilege of printing
Federal Reserve Notes as the nation's currency.
3. To perform many banking services for the government free of
charge.
4. To manage the nation's money supply so as to stabilize the
dollar which, in turn, would stabilize prices.
5. To remove the United States from the control of Wall Street.
6. To prevent depressions and eliminate "boom and bust" cycles.
7. To be a friend and helper to farmers and to the monetary needs
of small businesses.
8. To create a system that would remain forever decentralized, so
each Federal Reserve Bank would have as much influence in monetary
policies as the one in New York City.
9. To protect American interests against foreign monetary assaults.
10. To supervise and inspect local banks and provide funds when
they were pressed by unexpected demands.
Contrary to promises, the effects of the Federal Reserve Act have
been disastrous:
1. Judged by the promises at the time the act was passed, including
a stable currency and elimination of boom and bust cycles, the Fed
must be rated, at best, a colossal failure.
2. The Federal Reserve action of curtailing the nation's money
supply by a third in 1929 converted a serious recession into a
disastrous depression, destroying one-third of the nation's banks
in the process.
3. Judged on the basis of the U.S. Constitution and by the intent
of its framers, the Federal Reserve Act and amendments are clearly
unconstitutional.
4. The present system, requiring people and businesses to pay
interest to the banks on every Federal Reserve dollar in
circulation, is a devastating and needless burden, adding to
bankruptcies in a recession and severely hampering recovery. An
Honest Money System, based on debt-free money, is essential to the
economic well-being of the people all across the U.S.
5. An unstable national money supply is a debilitating handicap at
best and, at worst, not only causes but worsens "boom or bust"
business cycles so destructive of the people's best interests.
6. The people of America now suffer from needless recessions
brought on by the cumulative effects of inflation and
interest-bearing debt financing encouraged by the Federal Reserve
System.
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