firstname.lastname@example.org (Dave Hayes)
Billions for the Bankers
- Part 1 of 3 -
Written by Patriotz@aol.com
(taken from the) Constitutional Common Law Library,
c/o 18-S Hartford Ave.
Enfield, Conn. 06082
This material is not copyrighted -- Feel free to copy and
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 email@example.com
Lynchburg, VA, MARCH 26, 1977
THE NATIONAL DEBT
In 1901 the national debt of the United States was less than
$1 billion. It stayed at less than $1 billion until we got into
World War I. Then it jumped to $25 billion.
Between 1918 and 1941, on the eve of World War II, the
national debt just about doubled - from $25 to $49 billion.
Between 1942 and 1952, the debt went from $72 billion to
$265 billion. In 1962 it was $303 billion. Eight years later, in
1970, it was $383 billion.
Between 1971 and 1976 it rose from $409 billion to $631
billion. The estimated debt at the end of 1977 is $727 billion,
and 1978 it is expected to top $800 billion - having nearly
doubled in eight years. In the eighties it will exceed $1
If the present trend continues, and there is no evidence
whatsoever that it will not continue, we can expect the national
debt to nearly double again within the next six to eight years.
By then, the interest on the debt alone should be in the $400
billion a year range. Eventually, the government will own
nothing, the people will own nothing, and the banks will own
Thomas Jefferson said,
"If the American people ever allow private banks
to control the issue of their money, first by inflation and then
by deflation, the banks and corporations that will grow up around
them, will deprive the people of their property until their
children will wake up homeless on the continent their fathers
THREE TYPES OF CONQUEST
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
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
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.
"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
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?
MONEY FOR WAR?
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
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
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
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.
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!
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)!.
authorizes the Treasury Department to print $1,000,000,000. in
U.S. Bonds, which are then delivered to the Federal Reserve
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.
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
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
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