Rep. Wright Patman: “I Have Never Yet had Anyone Who Could… Justify the Federal Government Borrowing the Use of its Own Money.”

Representative Wright Patman testifying to the House Committee on Banking and Currencies on September 29, 1941 regarding the insanity of the Federal Reserve System (Congressional Record, p. 7583):

Our government debt at this time is approximately $50 billion. By the time that it’s paid, it will aggregate $100 billion . . . The amount of 100 percent is due to the interest charges . . . I have never yet had anyone who could . . . justify the federal government borrowing the use of its own money . . . I believe the time will come when people will demand that this be changed . . . [and] they will actually blame . . . Congress for sitting idly by and permitting such an idiotic system to continue. I have talked to the secretary of the Treasury and members of the Federal Reserve Board . . . They know this can be done easily and conveniently and will save money . . . the Federal Reserve Bank System . . . is not owned by the government.. Many people think that it is because it says “Federal Reserve.” It belongs to private banks, private corporations. So we have farmed out to the Federal Reserve Banking System . . . the privilege of issuing the government’s money!

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