Billions for the Bankers
- Part 1 of 3 -

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Billions for the Bankers - Debts for the People (An indictment of the Federal Reserve System)

by Sheldon Emry

Thanks for posting my father's book on your page. It is posted on another page that states it was written in 1989. My dad, Pastor Sheldon Emry, died in 1985 and the book was written around 1960. Just wanted you to know.
Martha Emry Barley
email at amprom@hotmail.com

History reveals nations can be conquered by the use of one or more of three methods.

The most common is conquest by war. In time, though, this method usually fails, because the captives hate the captors and rise up and drive them out if they can. Much force is needed to maintain control, making it expensive for the conquering nation.

A second method is by religion, where men are convinced they must give their captors part of their earnings as "obedience to God." Such a captivity is vulnerable to philosophical exposure or by overthrow by armed force, since religion by its nature lacks military force to regain control, once its captives become "disillusioned".

The third method can be called economic conquest. It takes place when nations are placed under "tribute" without the use of visible force or coercion, so that the victims do not realize they have been conquered. "Tribute" is collected from them in the form of "legal" debts and taxes, and they believe they are paying it for their own good, for the good of others, or to protect all from some enemy. Their captors become their "benefactors" and "protectors".

Although this is the slowest to impose. It is often quite long lasting, as the captives do not see any military force arrayed against them, their religion is left more or less intact, they have freedom to speak and travel, and they participate in "elections" for their rulers. Without realizing it, they are conquered, and the instruments of their own society are used to transfer their wealth to their captors and make the conquest complete.

In 1900 the average American worker paid few taxes and had little debt. Last year (1984) payments on debts and taxes took more than half of what he earned. Is it possible a form of conquest has been imposed on America? Read the following pages and decide for yourself. And may God have mercy on this once debt-free and great nation.

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"THE LOVE OF MONEY IS THE ROOT OF ALL EVIL"
(1 Timothy 6:10)
THE REAL STORY OF THE MONEY CONTROL OVER AMERICA

Americans, living in what is called the richest nation on earth, seem always to be short of money. Wives are working in unprecedented numbers, husbands hope for overtime hours to earn more, or take part time jobs evenings and weekends, children look for odd jobs for spending money, the family debt climbs higher, and psychologists say one of the biggest causes of family quarrels and breakups is "arguments pver money". Much of this trouble can be traced to our present "debt-money" system.

Too few Americans realize why Christian statesmen wrote into Article I of the U. S. Constitution:
Congress shall have the power to coin money and regulate the value thereof.

They did this, as we will show, in prayerful hope it would prevent "love of money" from destroying the Republic they had founded. We shall see how subversion of Article I has brought on us the "evil" of which God's Word has warned.

MONEY IS MAN'S ONLY "CREATION"

Economists use the term "create" when speaking of the process by which money comes into existence. Now, creation means making something which did not exist before. Lumbermen make boards from trees, workers build houses from lumber, and factories manufacture automobiles from metal, glass and other materials. But in all these they did not "create," They only changed existing materials into a more usable and, therefore, more valuable form. This is not so with money. Here, and here alone, man actually "creates" something out of nothing. A piece of paper of little value is printed so that it is worth a piece of lumber. With different figures it can buy the automobile or even the house. It's value has been "created" in the true meaning of the word.

MONEY "CREATING" IS PROFITABLE

As is seen by the above, money is very cheap to make, and whoever does the "creating" of money in a nation can make a tremendous profit! Builders work hard to make a profit of %5 above their cost to build a house.

Auto makers sell their cars for %1 to %2 above the cost of manufacture and it is considered good business. But money "manufactures" have no limit on their profits, since a few cents will print a $1 bill or a $10,000 bill.

That profit is part of our story, but first let consider another unique characteristic of the thing - money, the love of which is the "root of all evil".

ADEQUATE MONEY SUPPLY IS NEEDED

An adequate supply of money is indispensable to civilized society. We could forego many other things, but without money industry would grind to a halt, farms would become only self-sustaining units, surplus food would disappear, jobs requiring the work of more than one man or one family would remain undone, shipping and large movement of goods would cease, hungry people would plunder and kill to remain alive, and all government except family or tribe would cease to function.

An overstatement, you say?
Not at all. Money is the blood of civilized society, the means of all commercial trade except simple barter. It is the measure and the instrument by which one product is sold and another purchased. Remove money or even reduce the supply below that which is necessary to carry on current levels of trade, and the results are catastrophic. For an example, we need only look at America's depression of the early 1930's.

BANKERS' DEPRESSION OF THE 1930'S

In 1930 America did not lack industrial capacity, fertile farmlands, skilled and willing workers or industrious families. It had an extensive and efficient transportation system in railroads, road networks, and inland and ocean waterways. Communications between regions and localities were the best in the world, utilizing telephone, teletype, radio, and a well operated government mail system. No war had ravaged the cities or the countryside, no pestilence weakened the population, nor had famine stalked the land. The United States of America in 1930 lacked only one thing: an adequate supply of money to carry on trade and commerce.

In the early 1930s, Bankers, the only source of new money and credit, deliberately refused loans to industries, stores and farms. Payments on existing loans were required however, and money rapidly disappeared from circulation. Goods were available to be purchased, jobs waiting to be done, but the lack of money brought the nation to a standstill. By this simple ploy America was put in a "depression" and the greedy Bankers took possession of hundreds of thousands of farms, homes, and business properties. The people were told, "times are hard" and "money is short". Not understanding the system, they were cruelly robbed of their earnings, their savings, and their property.

MONEY FOR PEACE?

NO!

MONEY FOR WAR?

YES!

World War II ended the "depression". The same Bankers who in the early 30's had no loans for peacetime houses, food and clothing, suddenly had unlimited billions to lend for army barracks, K-rations and uniforms! A nation that in 1934 could not produce food for sale, suddenly could produce bombs to send free to Germany and Japan! (More on this riddle later).

With the sudden increase in money, people were hired, farms sold their produce, factories went to two shifts, mines reopened, and "The Great Depression" was over! Some politicians were blamed for it, and others took credit for ending it. The truth is the lack of money (caused by Bankers) brought on the depression, and adequate money ended it. The people were never told that simple truth and in this article we will endeavor to show, how these same Bankers, who control our money and credit have used their control to plunder America and place us in bondage.

POWER TO COIN AND REGULATE MONEY

When we can see the disasterous results of an artificially, created shortage of money, we can better understand why our Founding Fathers, who understood, both, money and God's Laws, insisted on placing the power to "create" money and the power to control it, ONLY, in the hands of the Federal Congress. They believed that ALL Citizens should share in the profits of its "creation" and, therefore, the National government must be the ONLY creator of money. They further believed that ALL citizens, of whatever state or Territory, or station in life, would benefit, by an adequate and stable currency and, therefore, the national government must also be, BY LAW, the ONLY controller of the value of money.

Since the Federal Congress was the only legislative body, subject to all the citizens at the ballot box, it was, to their [Our Founding Fathers'] minds, the only safe depository, of so much profit and so much power. They wrote it out in simple, but all inclusive terms: "Congress shall have the power to Coin Money and Regulate the Value Thereof".

HOW THE PEOPLE LOST CONTROL TO THE FEDERAL RESERVE

Instead of the Constitutional method of creating our money, and putting it into circulation, we now have and entirely unconstitutional system. This has resulted in almost disasterous conditions, as we shall see.

Since our money was handled both legally and illegally before 1913, we shall consider only the years following 1913, since from that year on, ALL of our money had been created and issued by an illegal method that will eventually destroy the United States,

if it is not changed.

Prior to 1913, America was a prosperous, powerful, and growing nation, at peace with its neighbors, and the envy of the world. But - in December of 1913, Congress, with many members away for the Christmas Holidays, passed what has since been known as THE FEDERAL RESERVE ACT. (for the full story of how this infamous legislation was forced through our Congress, read
"Conquest or Consent", by W. D. Vennard).

Omitting the burdensome details, it simply authorized the establishment of a Federal Reserve Corporation, with a Board of Directors (The Federal Reserve Board) to run it, and the United States was divided into 12 Federal Reserve "Districts".

This simple, but terrible, law completely removed, from Congress, the right to "create" money, or to have any control over its "creation", and gave that function to The Federal Reserve Corporation. This was done with appropriate fanfare and propaganda that this would "remove money from politics", (they did not say "and therefore from the peoples control") and prevent "boom and bust" from hurting our citizens. The people were not told, then, and most still do not know today, that the Federal Reserve Corporation is a private corporation controlled by Bankers and, therefore, is operated for the financial gain of the Bankers, over the people, rather than for the good of the people.

The word "Federal" was used only to deceive the people.

MORE DISASTEROUS THAN PEARL HARBOR

Since that "day of infamy", more disasterous to us than Pearl Harbor, the small group of "privileged" people, who lend us "OUR" money, have accrued to themselves, all of the profits of printing our money - and more!
Since 1913, they have "created" tens of billions of dollars in money and credit, which, as their own personal property, they can lend to our government, and our people, at interest (usury). "The rich get richer and the poor get poorer" had become the secret policy of our National Government.

An example of the process of "creation" and its conversion to peoples "debt" will aid our understanding.

THEY PRINT IT - WE BORROW IT AND PAY THEM INTEREST (usury)

We shall start with the need for money.
The Federal Government, having spent more than it has taken from its citizens in taxes, needs, for the sake of illustration, $1,000,000,000.
Since it does not have the money, and Congress has given away its authority to "create" it, the Government must go to the "creators" for the $1 billion.
But, the Federal Reserve, a private corporation, does not just give its money away!
The Bankers are willing to deliver $1,000,000,000. in money. or credit. to the Federal Government. in exchange for the government's agreement. to pay it back - WITH INTEREST (usury)!.
So Congress authorizes the Treasury Department to print $1,000,000,000. in U.S. Bonds, which are then delivered to the Federal Reserve Bankers.

The Federal Reserve then pays the cost of printing the $1 billion (about $1,000) and makes the exchange. The government then uses the money to pay its obligations. What are the results of this fantastic transaction? Well, $1 billion in government bills are paid all right, but the Government has now indebted the people. to the Bankers. for $1 billion, on which the people must pay interest! Tens of thousands of such transactions have taken place, since 1913, so that by the 1980's, the U.S. Government is indebted, to the Bankers for over $1,000,000,000,000 (trillion), on which, the people pay over $100 billion a year, in interest (usury), alone, with no hope of ever paying off the principle.
Supposedly our children, and following generations, will pay, forever and forever!

AND THERE'S MORE

You say, "This is terrible!"
Yes, it is, but we have shown, only, part of the sordid story.
Under this unholy system, those United States Bonds have, now, become "assets" of the banks, in the Reserve System, which they, then, use as "reserves" to "create" more "credit" to lend.
Current "reserve" requirements allow them to use that $1 billion, in bonds, to "create" as much as $15 billion, in new "credit", to lend to states, municipalities, to individuals and businesses.
Added to the original $1 billion, they could have $16 billion of "created credit", out in loans, paying them interest, with their only cost being $1,000 for printing the original $1 billion!
Since the U.S. Congress has not issued Constitutional money since 1863 (over 100 years), in order for the people to have money, to carry on trade and commerce, they are forced to borrow the "created credit" of the Monopoly Bankers and pay them usury-interest!

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Part Two.

Return to Money History Index.