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Show The UTAH INDEPENDENT Page 10 Federal Reserve Immune from Congress Of course, there are other even more basic questions than the misuse of public moneys. The Federal Reserve is at the heart of our economic system and its decisions determine whether businesses prosper, or whether our cities and rural areas have a chance. In y lives of short, the every American citizen are affected by the decisions at the Federal Reserve System. This is why it is- so important that the elected representatives have a say in what happens in this day-to-da- - agency. The secret to the Federal Reserves freedom from, accountability is the $71 billion of bonds which reside in the portfolio of the Federal Open Market Committee in the New York Federal Reserve Bank. These are bonds that have been paid for once by the credit of the U.S. Government. The Federal Reserve, instead of canceling the bonds when they are purchased in the open Threre are in the Federal Reserve System serious questions about the expenditure of public funds and certainly this is an area where the Congress has an overriding responsibility. Many Members of the House have been extremely vocal in criticizing illegal and questionable expenditures of other agencies and departments Government. of this But we have a deafening silence from Members on the question far-flun- g of the Federal Reserves footloose and fancy-fre- e operation. Why is this? market, continues to maintain them in its portfolio and to demand interest payments from the U.S. Treasury. No one continues to pay interest on a mortgage once it has been paid for, but the U.S. Government ignores this, principle and continues to pay interest to one the of its own agencies Federal Reserve System. Some might dismiss this as of simply a question bookkeeping, but it is much more serious than this. It is the device that allows the Federal Reserve to thumb its nose at the an free of control, and Congress never intended. agency supervision. It does the Congress no credit to allow these absurdities to continue. This fiction is maintained because the Federal Reserve has developed into a superagency with a superpowerful lobby that the Federal Reserve authorities . . . consider themselves immune to any direction or suggestion by the Congress, let alone a simple expression of the sense of conclusion Congress. In an age which demands candor and at a time when politicians everywhere are being sharply criticized for the fiscal confusion surrounding our Federal Government, it is regrettable that the Federal Reserve is allowed to maintain and draw interest on Government securities which have been paid for by the credit of the United States. This is fiscal fiction of the first order. This sytem is absurd. This system deludes the American public. This sytem enables the Federal Reserve to be what the C' tant truth. However, it took the remarks of a recent acquaintance to. help me realize its full meaning. This individual, as we met for the first time, acknowledged how helpful my writings had been, and then added, pointing to the head, It is all here. You have merely processes just like the Department of Health, Welfare; the Agriculture Department; the and Federal Communications Commission; the Securities and Exchange Commission; and all the multitude of other agencies. Faced with this appropriations process, the Federal Reserve System would be much more careful about its decisions, much less likely to meet the demands' of the big banking and big 5000 zeros, a number so large it would more than fill the entire known universe).' accident! everything is becoming more and more disorganized, everything tends to become more simple, more random, that things are getting old; the universe is running down. The theory of able and its attainment: a failure to realize ones potential or an un- willingness to discover and to heed that there universe). Being a, communicaster requires a person to be ready for any kind of argument. One of my best sources has always been the Bible Science Association, Box 1616, Caldwell, Idaho. The next time someone gives you the argument that you are an advanced form of animal, ask him if he has ever heard an animal is a universal tendency for things to become better organized, more complex, more highly specialized and adapted. It happens that there is no known exception to -- clear to me and it helps to explain what stands between the attain- is laugh. the second law of Leonard E. Read said: As light prevails over darkness, so does ignorance give way to thermodynamics so where does that leave the evolutionist? If evolution were true and man has had a million year history on earth, the world population should now be over 10 5000 enlightment. Forget the ignorance of others and attend, instead, to one's own lights. There is nothing to be gained by beating down a misguided soul.- - people (this is one followed by the truths within. As Emerson so eloquently phrases it, we do, indeed, lie in the lap of an immense intelligence. As with all radiant energy, this intelligence is in con- stant movement and it flows through all life. The problem of gaining understanding is one of arresting its beams, of intercepting or appropriating that which already is within us or is passing through us. We can be helpful to one another, not by posing as this in telligence but by using, expressing, sharing such of this mysterious energy as we may be fortunate enough to intercept. Once this way to enlightenment is perceived and practiced a near reversal of present methods then we may befriend the poor, not merely in proclaimed intentions but in reality. Our hearts and heads will be working in harmony. i From The Freeman magazine, September, 1972. ANNOUNCING The Sizes one-sto- Paneling p shopping center for Precious Metals: COMPLETE LINE OF BUILDING HARDWARE NEEDS 3182 South Main Salt Lake City (801)484-446- 9 484-462- 1 467 10SPEED fla cin98t r. 3909 Highland Drive Salt Lake City, Utah 841 17 Urin 9 300 South, Suite 202 Sait Lake City, Utah BICYCLES irsbV Spec E. 84111 1-521-2577 Equi, 'Prnent a number so large it would more than fill the entire known thermodynamics states that evolution had followed by 5000 zeros, The second law of non-believ- er sight that rivals Emersons! Emersons point now seems a million year history on earth, the world population should now be over 10 5000 people (this is one century the length of the solar year varies only 11000 of a second. Try that one for an who ridicules my stand as a Christian. You see, I contend that the battle betw'een good and evil is raging. I feel a little like a watchman on the wall, and when I am asked why I am doing what I am doing, I answer that I am commanded to. Then another caller will try to convince the atheist by quoting from the Bible. I know this to be an argument in futility. Lets face it! If you are to communicate with a you must speak his language. Here are some pretty good non biblical arguments. With millions of stars in the universe, and millions of planets revolving around them, the movement of each planet is so minutely adjusted that it forms a standard of measurement for all human observation. These movements are so regular that in an entire communicaster requires a person to be ready for has Once in awhile on my radio talk show, I run into someone a Being By Bob Salter THE POOR LUMBER EPe ft Repa Federal Power Commissions; the hopefully more inclined to pay attention to the public interest. More important, the Congress would be able to use the appropriations process to insist that the intent of Congress was met in the administration of banking and monetary statues. money and it would be required to come to the Congress and to undergo annual appropriations Education, That Dares To Take A Stand business community and Salter Says STRINGHAM LUMBER CO. & Federal Reserve System would be like any other agency of th'e Federal Government. It would have no independent source of The Federal Reserve will helped me put together and to better understand that which is already within me. This is an in- All Kinds & bonds. Without these bonds, the Federal Reserve System to be free to serve the banking interests full time without worrying about any public interest strictures which the Congress might insist upon. . x4 WHAT DO YOU HAVE paid-u- p and its big community want the business allies representatives. This was what the late Speaker Rayburn was referring to when he said in 1959: have been forced to the allow the system its own independent source of funds by maintaining the fiction of these behind it. The banking people and their elected Continued from Page 4 The Paper always be able to serve the interests of the banking and big business community first so long as the Congress continues to October 20, 1972 Specialists in gold coins, gold nuggets, gold dust, silver bars, silver pieces, and U.S. silver coins. Call or write for information, or stop in. |