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McFADDEN, Louis Thomas, a Representative from Pennsylvania; born in Granville Center, Troy Township, Bradford County, Pa., July 25, 1876; attended the public schools; was graduated from Warner’s Commercial College, Elmira, N.Y.; entered the employ of the First National Bank, Canton, Pa., in 1892; in 1899 was elected cashier, and became its president on January 11, 1916, serving until 1925; served as treasurer of the Pennsylvania Bankers’ Association in 1906 and 1907 and as president in 1914 and 1915; appointed in 1914 by the agricultural societies of the State of Pennsylvania as a trustee of Pennsylvania State College; elected as a Republican to the Sixty-fourth and to the nine succeeding Congresses (March 4, 1915-January 3, 1935); chairman, Committee on Banking and Currency (Sixty-sixth through Seventy-first Congresses); unsuccessful candidate for reelection in 1934 to the Seventy-fourth Congress and for nomination in 1936 to the Seventy-fifth Congress; died October 1, 1936, while on a visit in New York City; interment in East Canton Cemetery, Canton, Pa.
http://bioguide.congress.gov/script...l?index=M000434 |
| quote: | Congressional Record, House pages 1295 and 1296 on June 10, 1932:
Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and he people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it.
Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions, departments, or agencies. They are private credit monopolies, which prey upon the people of the United States for the benefit of themselves and their foreign customers. Those 12 private credit monopolies were deceitfully placed upon this country by bankers who came here from Europe and who repaid us for our hospitality by undermining our American institutions |
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