Debunking Myths of the Federal Reserve
407There is a great mythology surrounding the Federal Reserve, what it does, how it operates and even who owns it.
Sources:
Federal Reserve Bank of New York, Board of Directors http://www.newyorkfed.org/aboutthefed/org_nydirectors.html
Federal Reserve FAQ: Does the Federal Reserve ever get audited?
http://www.federalreserve.gov/faqs/about_12784.htm
Paul Warburg's Crusade to Establish a Central Bank in the United States Michael A. Whitehouse, 1989. In attendance at the meeting were Aldrich; Paul Warburg; Frank Vanderlip, president of National City Bank; Henry P. Davison, a J.P. Morgan partner; Benjamin Strong, vice president of Banker's Trust Co.; and A. Piatt Andrew, former secretary of the National Monetary Commission and then assistant secretary of the Treasury.
http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=3815
Report of the National Monetary Commission. January 9, 1912, letter from the Secretary of the Commission and a draft bill to incorporate the National Reserve Association of the United States, and for other purposes. Sen. Doc. No. 243. 62d Congress. U.S. Government Printing Office. 1912.
http://llsdc.org/attachments/files/124/FRA-LH_S-Doc-62-243.pdf
Money Trust Investigation - Investigations of Financial and Monetary Conditions in the United States under House Resolutions Nos. 429 and 504 before a subcommittee of the House Committee on Banking and Currency. 27 Parts. U.S. Government Printing Office. 1913.
https://fraser.stlouisfed.org/title/?id=80
Parthemos, James. "The Federal Reserve Act of 1913 in the Stream of U.S. Economic History", Federal Reserve of Richmond Economic Review, Richmond, July 1987. Retrieved on 11 November 2013.
http://www.richmondfed.org/publications/research/economic_review/1988/pdf/er740403.pdf
Milam v. U.S., 524 F.2d 629. C.A.Cal. 1974.
The statute which delegates to the Federal Reserve System the power to issue circulating notes for money borrowed and the power to define the quality and force of those notes as currency is valid ... Although golden eagles, double eagles, and silver dollars were lovely to look at and delightful to hold, the holder of a $50 Federal Reserve Bank Note, although entitled to redeem his note, was not entitled to do so in precious metal. Federal Reserve Act, 16, 12 USCA 411; Coinage Act of 1965, 102, 31 USCA 392
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