In Summary
Inflation, overexpansion of the money supply, is nothing short of legalized theft. It steals from the people who, in turn, "steal" from each other in a mistaken attempt to keep abreast. In the process, our nation is robbed; its wealth concentrated; its moral and economic collapse sealed. This is ironic, indeed, since a simple solution is before the very eyes of every literate American. I quote it verbatim from the first article of the Constitution!
The Congress shall have power to lay and collect taxes (sec 8-1) ... to coin money, regulate the value thereof (sec 8-5) ... to emit bills of credit (sec 10-1 ).
When sec 10-1 precludes from "the several states" the power to emit bills of credit, it clearly implies that the federal government shall have the right—and the duty—to exercise it.
Government, possessing power to create and issue currency as money, and enjoying the right to withdraw currency and credit from circulation by taxation and otherwise, need not and should not borrow capital at interest as a means of financing government work and public enterprise.
—Abraham Lincoln
Many would amend the Constitution to require a balanced budget; unmindful that—without amending the Constitution—Congress passed the so-called "Federal" Reserve Act on December 23, 1913; surrendered its (the Constitution's) life blood to independent interests, leaving their government with nothing more than the power to tax a crippled and foundering republic. The Constitution must be RESTORED, not amended. [p. 70]
By what manner of reasoning must the American people be deprived of their own sound, Constitutional money—backed by the wealth of the United States and the taxing power of Congress? Why must it be supplied at usury by independent interests which create it out of thin air? Our national debt has been unjustly and immorally imposed by legalized counterfeiters.
The only solution: Congress must repeal the nefarious Federal Reserve Act; it must then—on authority of the Constitution—issue enough money (purely a matter of bookkeeping) to pay off the national debt; it must then—by the same process—reduce the glut of money to a realistic level and keep it there.
It is incredible that government under a God-inspired constitution could be brought down by inflation—exposed to a world dictatorship of money and big business. But: given man's thoughtless disregard for his fellow men, this could possibly be a last resort. By the same token, it could as well be the Beast of the Apocalypse.
The foregoing paragraph reflects a contention of the Church of Jesus Christ of Latter-day Saints (Mormon). It holds as an article of faith that the Constitution of the United States was God inspired. The Author concurs.
About the Author
Edward A. Veith was born at Keokuk, Iowa, in 1897, and graduated from St. Peter's High School in that community.
A veteran of World War I, he was a veteran pioneer as well, having carved a modern farm from raw, cut-over land in northern Wisconsin. Finding the operation of a farm less romantic than creating it, he turned to construction in the elevator industry where he remained until retirement in 1962.
His construction career was mostly itinerant, and included eighteen months at Pearl Harbor and work on the Manhattan Project at Hanford, Washington, during World War II.
Having traveled extensively, he encountered a wide assortment of people and political convictions. Throughout it all he never ceased to ponder man's selfishness and disregard for his fellow men. Of free enterprise and free competition he concludes that neither is free any longer.
He believes that modern man is inherently good, but deterred and subverted by a sinister force which he somehow fails to comprehend — inflation, the product of an independent money system which has circumvented the first article of the Constitution of the United States from the day it was written.
He stresses the urgency for return to God and the Constitution if freedom is to survive and warns that time is fast running out.
[back covers]
"Mr. Veith has done a magnificent job in analyzing and explaining in understandable terms the unbelievably important issue of a just money system, the deceptive forms of "money" created by banks and the absurdity of our present disastrous systems."
John McKenzie
"I hope and trust this book will find its way into the libraries of religious leaders all across the land."
Arthur Haddox, Elder
Highland Church of Christ
Abiline, TX
In the Wake of Inflation
(of "counterfeit" money)
Can the Church Remain Silent?
by
Edward A. Veith
Almost everyone today is staggering under the effects of combined recession and inflation, but not everyone. Only the super-rich and the international bankers — who create our money, and, therefore, also create our inflation — are not harmed by the decreasing value of the American dollar. In fact, they profit from the same situation which is slowly but surely pauperizing the middle- and lower-income groups, especially those who are living only on pensions and other forms of fixed income.
Mr. Veith, himself a working man, wrote this thesis after years of studying and observing Federal Reserve policies vis-a-vis the nation's economy. His study disclosed that in passing the Federal Reserve Act of 1913, Congress delegated to international bankers its constitutional mandate to provide the peoples' money (interest-free) and "to regulate the value thereof." He discovered that the Federal Reserve creates our money out of "thin air" by its inherent power to write checks against no funds, and that such money is loaded to our people and to our government at usurious rates. He charges that our nation's economy is being ravaged, its assets embezzled by planned boom-and-bust cycles, and he foresees the demise of the great American middle class unless the jurisdiction over its money is returned to its elected representatives in Congress as stipulated in the Constitution of the United States.
This remarkable and eye-opening thesis is not idle speculation, but a soundly reasoned and ably supported proposition. It is a thought-provoking and insightful analysis of the rape of the American economy, and, simultaneously, of the American people, which should stand as a warning to all of us that now is the time to make a change, for only a worse situation can lie ahead. In the Wake of Inflation, can anyone remain silent?
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