Congressman Patman: “How did you get the money to buy those two billion dollars worth of Government securities in 1933?” Governor Eccles: “Out of the right to issue credit money.” Patman: “And there is nothing behind it, is there, except our Government’s credit?” Eccles: “That is what our money system is. If there were no debts in our money system, there wouldn’t be any money.”

© Associated Press

Born:

09/09/1890

Deceased:

12/18/1977

Term:

Governor (Board)
1934 to 1948
Preceded By: Eugene R. Black
Succeeded By: Thomas B. McCabe

Governor (Board of Governors)
1948 to 1951

Affiliated With:

Board of Governors

Marriner S. Eccles

Governor (Board)
1934 - 1948

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Marriner S. Eccles was appointed chairman (called “governor” before 1935) of the Federal Reserve Board on November 15, 1934. He resigned as chairman on January 31, 1948, and remained a Board member until July 14, 1951.

 

Eccles was born in Logan, Utah in 1890. After attending Brigham Young College for his high school education, he traveled to Glasgow, Scotland in 1910 to serve a mission for the Church of Jesus Christ of Latter-Day Saints.  As a child, Eccles worked in several of his father’s businesses and, after his father’s death in 1912, took over the family’s business interests. He created a family holding company, the Eccles Investment Company, in 1916 to manage the various enterprises.  By the mid-1920’s, Eccles, his brother George, and the Browning family controlled 17 banks in Utah, Idaho, and Wyoming, and organized the First Security Corporation, believed to be the first multibank holding company, to manage the 15 banks and a savings and loan institution.

 

Eccles briefly served as assistant to the Secretary of the Treasury, Henry Morgenthau, Jr., before President Roosevelt appointed him to be the Chairman of the Federal Reserve.  

 

http://www.federalreservehistory.org/People/DetailView/75

 

“The Federal Reserve Bank of New York is eager to enter into close relationship with the Bank for International Settlements….

The conclusion is impossible to escape that the State and Treasury Departments are willing to pool the banking system of Europe and America, setting up a world financial power independent of and above the Government of the United States

….The United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it.”
Rep. Louis McFadden – (Chairman of the House Committee on Banking and Currency) quoted in the New York Times (June 1930)

“(The Great Depression resulting from the Stock Market crash) was not accidental. It was a carefully contrived occurrence….The international bankers sought to bring about a condition of despair here so they might emerge as rulers of us all.”

Rep. McFadden testified in Congress (1933). There were at least two attempts on his life by gunfire. He died of suspected poisoning after attending a banquet.

***
These statements were made during hearings of the House Committee on Banking and Currency, September 30, 1941.

Members of the Federal Reserve Board call themselves “Governors”. Governor Eccles was Chairman of the Federal Reserve Board at the time of these hearings.

Congressman Patman: “How did you get the money to buy those two billion dollars worth of Government securities in 1933?”

Governor Eccles: “Out of the right to issue credit money.”

Patman: “And there is nothing behind it, is there, except our Government’s credit?”

Eccles: “That is what our money system is. If there were no debts in our money system, there wouldn’t be any money.”

Congressman Fletcher: “Chairman Eccles, when do you think there is a possibility of returning to a free and open market, instead of this pegged and artificially controlled financial market we now have?”

Governor Eccles: “Never, not in your lifetime or mine.”  http://www.rapidtrends.com/federal-reserve-planned-failure-of-the-us-economy-fiat-currency-is-not-an-accident/