Mr. Chairman, honorable members of the Committee, I am a minister of the Gospel, with some years of experience in business before entering the ministry.

I believe most of you men have had some business experience, and I know you are Ministers, for my Bible says, in Romans 13,that the civil rulers are “the ministers of God to thee for good.” Paul continued in verse 4 that the ruler is “the minister of God, a revenger to execute wrath upon him that doeth evil.”

During the last years, you men have been increasingly employed in studying and trying to solve an array of problems, many of which are called evils, and all of which have to do with money and economics.

Although we do not all agree on the exact definition, or on their effect on the total economy, we are becoming increasingly familiar with such terms as currency, money, coin, credit, borrowing, securities, circulation, bonds, debt, interest, usury, mortgages, inflation, deflation, recession, depression, impoundment, foreclosure, and another score of terms which enter any discussion of the American monetary system or American economics.

John Adams, one of the Founders of this Republic, once wrote, during the difficulties attending the birth of our beloved nation:

I believe it is safe to say that most of the confusion and the distress of America two centuries after Adams still arises, in great part, from the same Ignorance. American economic history is the record of ups and downs of prosperity and stagnation, although we have continued a general trend of Increased population, increased size of the nation, and increased production and standard of living.

In the 1800's we had a number of money or economic panics, or disasters, in which thousands lost a part or all of their accrued possessions because of bank or money failures. Pressure increased for monetary reform.

The problem of an adequate, and at the same time, stable medium of exchange for our expanding nation was not solved in the 1800's, but in 1913 your predecessors enacted the Federal Reserve Act, creating the Federal Reserve System to be governed by a board of governors called the Federal Reserve Board, and many hoped our money problems were solved.

By that Act, the elected Representatives of the People delegated to the Federal Reserve Board both the authority and responsibility to control, through its actions and policies, the amount of money in circulation, the amount of credit available, and in general, the terms of the annual interest percentages, and through all of that, to influence the actual value of the American dollar itself.

That Congress seems to have intended to retain a position in relation to the Federal Reserve System and Board of what we would call Master and Servant seems clear, with the Federal Reserve and its member Banks to be somewhat subservient to the wishes of its Creator, while the Federal Reserve System served as the overseer of the nation's banking system. As you men know, succeeding Congresses have ascribed to this line of thought and action to a greater or lesser extent.

There have been continual statements over the years that the Federal Reserve Board and System is an independent agency--not dependent on poIitics--and therefore not subject to political pressures, but, in the final analysis, no one has denied but, that the Federal Reserve Board and System Is the creation of the U.S. Congress.

Congress is the creator--the Federal Reserve Board is the creation. In John 13:16 Jesus Christ said to His Disciples, “Verily, verily, I say unto you, the servant is not greater than his Lord.” In Hebrews 3:3 Moses is commended for being ''faithful in all his house, as a servant...”

It seems clear to me--and I believe to the members of this Committee of Congress--that the Master-Servant relationship of the United States Congress and the Federal Reserve Board and System was not intended to change. And while that Master-Servant relationship remained, the Federal Reserve Board, and with its member Banks, were to be the nation's money and credit managers. They were the financial and trust “officers” of the U.S. “corporation” as it were. They were to be the nation's “bookkeeper.”

In 1913, when this Master-Servant relationship began, the U.S. Federal debt, as accumulated by previous Congresses, stood at about 2 billion dollars, or $13 per capita. By the end of 1920,after 7 years, the Federal debt was over 24 billion dollars or over $200 per capita. By the end of 1940the Federal debt was over 280 billion dollars or $1,500per American citizen, and by 1975 is approaching 500 billion dollars or over $2,000 for every man, woman, and child in America.

In addition to this, the American People, who were practically debt-free in their homes, farms, and personal possessions in 1913, oware the debtors, through personal debt and through local and State government agencies, for an amount approaching 2 1/2 trillion ($2,500,000,000,000.00), or more than $50,000 dollars for the family of five in America. And it is rising several billion each year.

I do not have the exact and up-to-date figures on all of this, but I am sure they are available from the Federal Reserve Board, since it is a part of their duties as the controller and bookkeeper of the nation's money and economy to keep such records.

In simple terms, Gentlemen, we have a situation where the Master--or the employer--the United States of America and its people, is in debt to the point of bankrupt~y, with more debt-bondage added daily, with its business activity decreasing, its prestige and power disappearing, and foreclosure a future possibility, and the “Servant,” the employee, the Corporations book-keeper and manager if you please, taking possession through its member Banks, of the choicest farms, the businesses, and the natural resources of the nation.

The members of the Servant's “family” (member Banks) are able to buy land and build skyscrapers on the expensive downtown properties of all our major cities. They are able to lend to us in return for our municipal bonds, sewer bonds, school bonds, street bonds, civic center bonds, highway bonds, and scores of other bonds, and every few weeks they will lend the Master in Washington, D.C., at interest of course, a few billion, or many billion, as long as they receive in exchange a further promise of payment of more of the labor and property of the present and future generations of the citizens of the nation.

Gentlemen, if any of you were on the Board of Directors of a growing and profitable company in 1913, and you hired a combination financial consultant, credit manager, portfolio controller, presidential advisor and creator of company funds, and after 60 years of his advice, policies, control and bookkeeping, you found your company was broke and on the verge of collapse, and the Servant's relatives and friends were so wealthy they were buying up much of the company, Gentlemen, you would audit the books or you would not deserve to be on the ruling Board of that Corporation, much less to be Princes and Elders in the greatest nation of all History.

My fellow-Americans, Solomon wrote 3,000 years ago, “The borrower is servant of the lender.” 2,000 years ago Jesus said, “Ye cannot serve God and Mammon.”

Gentlemen, we are near the end of an Age. God, in His Mercy, has made America Great, and has Blessed her and her People above all other People upon the face of the earth. You are His Ministers, and you have the responsibility to quit yourselves like men--to fulfill your authority as Ministers of God to the People for their good.

If you do not, America will continue her present course toward a certain disaster, and God, who has proclaimed His own certain future rule over all of the Kingdoms of this earth, will, at a future date, soon I pray, raise up other men in this Nation of Destiny, to do that which must be done to release His People from bondage.

On our hallowed Liberty Bell are these Words from the Bible, “Proclaim liberty throughout all the land unto all the inhabitants thereof.” The rest of verse 10of Leviticus 25 reads, “It shall be a jubilee unto you; and ye shall return every man unto his possession, and you shall return every man unto his family.” Not “liberty” from a foreign army nor from a threatening neighbor, but liberty from the fear of, and the actual loss of, his possessions and his family.

Your predecessors, about 15 years ago, placed one of those Liberty Bells in every State Capitol in America. Gentlemen, your courage, and your intelligence to act now, in the face of opposition, to find out why it is that every working man and farmer in America must live in fear of losing his possessions and his family to a devouring money and economic system, may well make America's way into the New Age much easier, and much more in line with the Will of the God who made us.

We are promised that in the Kingdom Age every man will sit under his own vine and under his own fig tree, and I can assure you it will NOT be mortgaged to the Bankers. May God guide and bless your deliberations and decisions for our People and our Nation.