Around 1990, I wrote an article for The Constitutionalist. Following is an excerpt:
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In forming the Constitution of the United States, the framers of that instrument had taken the United States money supply out of the hands of private bankers, and other interested individuals. The Congress of the United States was granted the power to coin the money of the United States, and to regulate its value against foreign coin, and to fix the weights and measures. The Congress, then, is responsible for the money supply of the United States. This responsibility cannot be abrogated by the Congress. As the population of the United States grows, the transactional medium must increase to meet the growing demands of commerce and industry. If the money supply is reduced while there is a demand for commercial activity, there will be devastation. History shows this to be the fact. The Congress knows this. History has warned, and many times, of the devastations of a lack of an exchange medium. History has warned, and many times, of the devastations of allowing the exchange medium to be put into private hands.
Congressman Charles A. Lindbergh, Sr. warned of the control of the money supply by private individuals in his work in the Congress on the Money Trust in 1913. These warnings went unheeded by the Americans. The Americans now, instead of demanding from the Congress that the money supply be distributed apportionately, as required for transactional medium, across the country, content themselves to watch, on television, the President of the United States begging the Federal Reserve Corporation to reduce interests rates so that money can be borrowed into the marketplace to spur economies in the various States. An economy cannot borrow itself into prosperity; a fact which some Americans are now beginning to realize as the bill comes due. The Congress of the United States, granted the power to promote the general welfare of all of the States in the United States by the Constitution of the United States, remains inert as industries collapse, businesses move to foreign countries, and people become homeless, living on the streets in the wintertime. It is not a question of giving money to homeless people, or the unemployed; nor is this the answer. Those Congressmen who have defied their oath to uphold the Constitution of the United States should become a part of the homeless population, and be replaced by responsible Congressmen. Many Americans look to the President of the United States for policies for economic growth. The President was not granted these powers. The President is responsible for implementing the policies that the Congress enacts, according to the Constitution. President Hoover was blamed, by many Americans, for the devastations which occurred as a result of the policies of the Congress during the 1930's. If the Americans would have seen to it that these Congressmen became part of the homeless population, a different course of history could have been presented in our textbooks. The people can make it happen; if they will.
The Congress, which was chartered the responsibility for the nation's money supply under the Constitution of the United States, had reduced the money supply from the year 1929 to 1933 by 25.3%, and the lack of the exchange medium for transactional purposes had caused the depression of the 1930's.
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It is the circulating capital which furnishes the materials and wages of labour, and puts industry into motion. — Adam Smith - Wealth of Nations
It is the responsibility of the Congress to harness the nations money supply toward the general welfare of the nation.
FEAR MONGER
