(A Reprint of a Suppressed Public Document) RESERVE ACT OF 1913 Created the Federal Reserve System, by which Congress abdicated its Constitutional authority to create money and control the Nation’s credit. It turns this important function of government over to private banking corporations, bent on gain, profit.
FEDERAL RESERVE SYSTEM - The 12 Federal Reserve Banks with some 14,000 commercial member banks, trust companies and savings institutions, combined into a giant private corporation with the power to issue money, create deposits, control the Nation’s credit, and dominate the entire national economy – it holds the power of life and death over all business – every person in the Nation. RESERVE BOARD OF GOVERNORS - Seven persons appointed by the president and confirmed by the Senate, and serving 14 years. They supervise the operations of the 12 Reserve banks, have more power than Congress or the President, and make no report to any Governmental agency – not even to Congress or the President.