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The Federal Reserve System: Its Purposes and Functions - 1939 Reprinted by S.W The Federal Reserve System Its Purposes And Functions As Originally Published, Washington, D.C., 1939, By the Board of Governors of the Federal Reserve System at the time Marriner Eccles was Chairman With Comments by S. W. ADAMS Monetary Analyst A Reprint of a Suppressed Public Document Published by OMNI PUBLICATIONS The Federal Reserve System: Its Purposes and Functions - 1939 Reprinted by S.W. Adams 1 THE FEDERAL RESERVE SYSTEM Its Purposes and Functions UNITED STATES OF AMERICA WASHINGTON: 1939 The Federal Reserve System: Its Purposes and Functions - 1939 Reprinted by S.W. Adams 2 TABLE OF CONTENTS TABLE OF CONTENTS......................................................................................................................... 3 DEDICATED TO .................................................................................................................................... 4 THE CONSTITUTION OF THE UNITED STATES................................................................................. 5 Publisher's Forward ............................................................................................................................... 6 { This Format ......................................................................................................................................... 9 Foreword................................................................................................................................................ 9 CHAPTER I.......................................................................................................................................... 10 A General Outline of the Federal Reserve System ................................................................... 10 CHAPTER II......................................................................................................................................... 14 The Service Functions of the Federal Reserve Banks.............................................................. 14 CHAPTER III........................................................................................................................................ 20 The Function of Bank Reserves ............................................................................................... 20 CHAPTER IV ....................................................................................................................................... 23 The Expansion and Contraction of Bank Reserves................................................................... 23 CHAPTER V ........................................................................................................................................ 27 The Composition of Bank Reserves ......................................................................................... 27 CHAPTER VI ....................................................................................................................................... 31 Reserves of the Individual Bank and of the Banking System as a Whole ................................. 31 CHAPTER VII ...................................................................................................................................... 34 Federal Reserve Powers and Limitations ................................................................................. 34 CHAPTER VIII ..................................................................................................................................... 38 Member Bank Reserves and Related Items ............................................................................. 38 CHAPTER IX ....................................................................................................................................... 41 What the Twelve Federal Reserve Banks Own and What They Owe....................................... 41 CHAPTER X ........................................................................................................................................ 45 Federal Reserve Bank Earnings............................................................................................... 45 CHAPTER XI ....................................................................................................................................... 47 Margin Requirements ............................................................................................................... 47 CHAPTER XII ...................................................................................................................................... 48 Summary.................................................................................................................................. 48 THE END OF REPRINT STORY ......................................................................................................... 50 THESE FACTS SHOULD OUTLAW BANKING ................................................................................... 51 Appendix to The Federal Reserve Book............................................................................................... 53 The Federal Reserve System: Its Purposes and Functions - 1939 Reprinted by S.W. Adams 3 GLOSSARY ......................................................................................................................................... 55 A REPRINT OF THE FEDERAL RESERVE SYSTEM -- Its Purposes and Functions with COMMENTS BY S. W. ADAMS THE AUTHOR OF THE LEGALIZED CRIME OF BANKING with A CONSTITUTIONAL SOLUTION DEDICATED TO The hundreds of millions of the men and women who have been the victims of this Legalized Crime of Banking -- the men and women. and their descendants, who have toiled unceasingly with their heads and/or hands in doing the tremendous labor required to carry on the business of these United States of America -- not the Moon! The earth! The Author Copyright May 1, 1958 Available From: EMISSARY PUBLICATIONS 9205 SE Clackamas Rd., #1776 Clackamas, Oregon 97015 Phone/Fax: (503) 824-2050 [email protected] FREE CATALOG: We specialize in Books, Tapes & Videos on Globalism, Economics, History and Politics. The Federal Reserve System: Its Purposes and Functions - 1939 Reprinted by S.W. Adams 4 THE CONSTITUTION OF THE UNITED STATES The People of The United States, in order To WE Form a More Perfect Union, Establish justice, Insure Domestic Tranquillity, Provide for the Common Defense, Promote The General Welfare, and Secure The Blessings of Liberty to Ourselves and Our Posterity, Do Ordain and Establish This Constitution for THE UNITED STATES OF AMERICA I, as a citizen of The United States of America, Promise that I will read often The Constitution of the United States of America, and repeat its Preamble in memory daily, before taking any serious step, and Pledge my goods, my sacred honor, and my life to support and defend The Constitution of the United States of America. THE CONSTITUTION'S MOST IMPORTANT POWER Article I, Sections I and 8 -- The Congress shall have power to coin money, regulate the value thereof and of foreign coin, and fix the standard of weights and measures. And the Constitution no where gave Congress the power to re-delegate this great power, yet Congress has delegated this power to private corporations. The Federal Reserve System: Its Purposes and Functions - 1939 Reprinted by S.W. Adams 5 Publisher's Forward I am herewith reprinting verbatim the Federal Reserve book, first printed in 1939: THE FEDERAL RESERVE SYSTEM -- Its Purposes and Functions. This book was printed and published under and by the authority of the Board of Governors of the Reserve System -- a board of seven members appointed by the President and confirmed by the Senate, for terms of 14 years. I am doing this because when Mr. Eccles, the then chairman of the Board, retired, the Board had discovered that the book had made banking so simple that the masses could understand it and that was intolerable -- money must be kept a mystery. The few who got hold of the book began to ask why Congress should surrender a delegated Constitutional power to private corporations who used it for private gain. They began to ask: "Why should the people give to bankers U.S. Bonds, and pay an annual interest on these bonds, that they might use their own credit? Why should the Government have to borrow its own money (use its own credit) when forced to use more revenues than current taxes afforded? Our bonded indebtedness in 1913, at the time the first Reserve Act was passed was less than $10 billion dollars! In 1939 it had jumped to over $45 billion. So in 1939, 1940 and 1941 there was such a demand for this revealing book, that the Board made five printings. The Board had come to realize the great danger to their money power gained and exercised through the Reserve Act of 1913, promptly stopped the distribution of this book, and had it rewritten, completely omitting or obscuring the damaging statements. Finding that additional copies could not be had, I decided, after 15 years of waiting and trying to get additional copies, to reprint the book myself. In this introductory statement I want to make a few quotes from it, then piece them together, to show you that the whole mechanics of money, shorn of the mystery bankers weave about it, are so simple that a high school student can understand it; at the same time I want to reveal the tremendous theft bankers have gotten away with since 1913. Not only have they consistently and coldly robbed our Government and its people, year in and year out, but during
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