Leonard Saye; a "freeman" or a feudal "felon"?
Washington, April 19 - Representative Lamneck (D Ohio) told the house today the federal reserve system is committing legally "the greatest burglary in history."Critizing the system in the midst of a plea that the budget be balanced to avert "calamity," the Ohioan said that for a $300 investment a bank could get a $30,000 return.
"If a burglar had a license to steal, he said, "he would at least have to carry away his loot. The federal reserve system has its loot brought to it."
Lamneck said this was a procedure for a "steal" authorized by congress.
The treasury asks bids for several million dollars worth of bonds. A banker says he will take a million dollars worth and credits the treasury on his books with a million dollars.
Then he deposits the bonds with a federal reserve agent as collateral security for a million dollars in federal reserve notes and agrees to pay the cost of printing the currency - about $300. He now has a million dollars in currency to balance the million dollar deposit he credited to the treasury.
He still owns the bonds and can collect the interest, about $20,000 a year on an investment of $300.

