Speech #720225976

Hylan. former Democratic mayor of New York City. preceded Dufflield on the stand and charged a " conspiracy " exists among the " big bankers " to dominate Industry throughout the world. Hylan declared that " not satisfied with control of the monetary metal. gold. the big bankers have set out to secure control of the production and distribution of the necessities of life." The Federal reserve system has been perverted into a tool through which the credit and currency of America are ruthlessly exploited by a powerful banking group. the witness declared. He continued: " The system is being manipulated so as to give us a financial government of the banks. by the banks. and for the banks. "In enforcing their international equilibrium policy by the forcible reduction of the prices of commodities. the international bankers and their allies are reducing the wages of American workmen to the level of the pauper labor of Europe. " The distribution of doles seems to be a part of the scheme to keep the people quiet while the surgeon is performing the operation." Hylan asserted that the bankers deliberately fanned the flames of the gigantic stock market boom prior to October. 1929. in order to " unload upon the people stocks and bonds at highly inflated prices." He added: " The bankers got real money for this paper." Hylan accused the Federal Reserve Board and its member banks of dlrect complicity in a scheme by international bankers to corner the worlds gold supply. He demanded: "Who can deny that the Federal reserve administration. in co-. operation with the central bankers of Europe. was utilized to secure control of gold to regulate circulation of all kinds of money. currency. and credit in this country and abroad? "Who will contend that the system has been administered in the interest of legitimate business and industry?