There is no lawful consideration for these Federal Reserve Notes to
circulate as money. The banks actually obtained these notes for the cost
of printing. A lawful consideration must exist for a note...
The activity of the Federal Reserve Banks...and the First National Bank of
Montgomery, is contrary to public policy and contrary to the
Constitution of the United States, and constitutes an unlawful
creation of money and credit for no valuable consideration. Activity of
said banks in creating money and credit is not warranted by the
Constitution of the United States.
The Federal Reserve Banks and National Banks exercise an exclusive
monopoly and privilege of creating credit and issuing notes at the expense
of the public, which does not receive a fair equivalent. This scheme is
obliquely designed for the benefit of an idle monopoly to
rob, blackmail, and oppress the producers of wealth [you and me and our
ability to work and be productive].
The Federal Reserve Act and the National Bank Act are, in their operation
and effect, contrary to the whole letter and spirit of the
Constitution of the United States, for they confer an unlawful
and unnecessary power on private parties; they hold all of our fellow
citizens in dependence; they are subversive to the rights and liberation
of the people.
These Acts have defied the lawfully constituted Government of the United
States. The Federal Reserve Act and National Banking Act are not necessary
and proper for carrying into execution the legislative powers granted to
Congress [See Article 1, Section 8, Clause 5 of the Constitution of the
United States] or any other powers vested in the government of the United
States, but on the contrary, are subversive to the rights of the
People in their rights to life, liberty, and property...
No rights can be acquired by fraud. The Federal Reserve Notes are acquired
through the use of unconstitutional statutes and fraud. The law leaves
wrongdoers where it finds them. Slavery and all its incidents, including
peonage, thralldom, and the debt created by fraud is universally
prohibited in the United States. This case represents but another
refined form of slavery by the bankers. Their position is
not supported by the Constitution of the United States."
