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Congressman Louis Thomas McFadden vs. The Federal Reserve System
Most Americans have never heard of former U.S. Congressman Louis Thomas McFadden. This is unfortunate, because McFadden was one of the most courageous and honorable congressmen in American history. This article documents McFadden’s efforts to expose the unconstitutional and corrupt nature of the U.S. Federal Reserve System. Louis McFadden was born in Troy, Bradford County, Pennsylvania in 1876. In addition to attending public schools and a commercial college, at age 16 he was employed as an office boy at the First National Bank in Canton, Pennsylvania. McFadden became a cashier seven years later, and in 1916 he became president of the bank. He married Helen Westgate in 1898, by whom he had two sons and a daughter.[1] McFadden began his political career in 1914 when he was elected to Congress as the Republican representative from the 15th district of Pennsylvania. He was appointed chairman of the influential House Committee on Banking and Currency in 1920. McFadden held this position until 1931.[2] McFadden came to view the U.S. Federal Reserve System as a corrupt and evil organization, and he began to courageously challenge its operation. In 1922, for example, McFadden charged that the American Acceptance Council was exercising undue influence on the Federal Reserve Board and called for a Congressional investigation. Congress, however, was not interested in conducting an investigation.[3] McFadden realized that under the Federal Reserve System, the American dollar is created out of nothing and is based on debt. The nation’s entire money supply would vanish if all debts were repaid. Charging interest on pretended loans is usury, and this practice became institutionalized under the Federal Reserve System.[4]
by John Wear
