I received an interesting comment on this post, which walks through the process of fractional reserve banking:

Hello there I am desperately trying to find the source for the USA banker’s magazine quote.

I can’t find it anywhere. This is actually a common and very serious problem with many of the quotes that are shown in your article especially in the case of the Sir Josiah Stamp quote.

Now I would like to point out that I totally subscribe and agree with what you wrote and I believe that seignorage on money and credit is the real culprit for the current and past economic situation.

Said that we cannot afford to keep writing quotes that are unsourced. We will never be taken seriously if we continue this careless practice.

Thank you

Comment by Piero Sanna — June 25, 2008 @ 1:28 am

He makes an interesting point. Over the years, I read a number of quotes that stirred me out of my coma induced by government indoctrination camp that we commonly call “public education”. It spurred me to read more about the evolution of money, fractional reserve banking, and how a central bank came into being, operate, and who benefits and who loses.

These quotes are pervasive throughout the web, but a large number of them cannot be tracked back to their original source.

The comment above specifically mentions a commonly cited…well, commonly cited if you happen to be researching fractional reserve banking:

“Banking was conceived in iniquity, and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen, they will create enough deposits, to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear, and they ought to disappear, for this would be a happier and better world to live in. But if you wish to remain the slaves of Bankers, and pay the cost of your own slavery, let them continue to create deposits.”
– Sir Josiah Stamp, Former President of the Bank of England

Those who criticize the credibility of the Internet in favour of “credible sources” say, “On the Internet, if you write/post something 7 times, it becomes true.” That particular argument can be easily diffused when the State/Media cartel chanted, “Iraq has weapons of mass destruction!” or “Iraq has ties to al-Qaida!”. People using the Internet challenged this with countless blogs, movies, etc etc as anyone can have a TV station on the Internet…for now. I don’t consider the State/Media cartel a credible source of information. Even their benign stories serve to act as a decoy from real issues. I think I am more likely to find the truth on the web, than I am on television.

That all being said, I wanted to see how many times Google matched on this quote. There may be slight deviations on the actual reproduction of the exact words in the quote, so I tried a number of queries:

  • “josiah stamp” + iniquity ~ 2700 pages
  • “josiah stamp” + “born in sin” ~ 3010 pages
  • “josiah stamp” + flick ~ 3790 pages
  • Wikipedia references this quote as well, but it states “citation needed”
  • I found another book on Google Books entitled “The Monetary Elite vs. the Gold’s Honest Discipline” written by Vincent R. Locascio. On page 25, the author cites Stamp something similar to the above, but footnotes the quote. I checked his references, and the author notes:

Peter Cook, “What the Banks don’t want you to know”, 1993. This statement was reportedly made by Josiah Stamp to a group of about 150 history, economics, and social science professors at the University of Texas in the late 1920s. Cook attributes the source of the quote to C.W. Adams, Legalized Crime of Banking, The Meador Publishing Company, 1957.

Next I tried to find this book from C.W. Adams. I found out his name is actually Silas Walter Adams (where the initial “C” comes from I couldn’t tell you). OK. Let’s try.

  • A search for the name of “Silas Walter Adams” on Google returns approximately 143 pages. Getting thin here…but I did see some articles referencing the quote on some Web Pages. Now what do I do? Look on eBay for the book? What if I do find it and it (a) doesn’t reference the quote or (b) cites yet another source that I have to hunt down?

I didn’t try any other queries. Do you see the difficulty?

Consider that some of these quotes are 80+ years old, it is difficult to impossible to secure the original article. How do I locate the physical document unless I find it in an antique store or someone found it in their basement and has the motivation to sell it on eBay…and I am looking for it at the right time? All highly unlikely scenarios.

The Internet Archive looks promising as it grows. I searched and found a Banker’s Magazine circular that covers January to June, 1922. That’s as far as a could look or I know about. Maybe, as all the scribe operators are funded to physically scan in all these old books and make them available on-line, we will eventually find the “blessed” source of the quote…or not.

I am not attempting to minimize your point, but I wanted to let you know the magnitude of difficulty of obtaining the actual, credible, irrefutable source.

However, this portion of your comment interested me:

“Said that we cannot afford to keep writing quotes that are unsourced. We will never be taken seriously if we continue this careless practice.”

Taken seriously? Whom are you expecting to take us seriously? The state? The media?

Given topics like how we outsourced currency issuance to private firms many, many years ago, do you think the State/Media/Banking cartel is going to all of a sudden publicly acknowledge that they have been terrorizing, dis/mis-informing, and stealing from us via the taxation/inflation system?

Who else? People you want to convince? You could have the quotes written on two stones by the finger of God, and the masses will just look at you with a glazed donut look, and stampede out the door at the mere mention of the new Wii-fit board or the latest iPod. Hey, you gave me an idea. All those books, psalms, and other stories in the Bible…are they true if we cannot relate them back to the original manuscripts?

We will never be taken seriously. Even if we were armed with all the sourced quotes in the world, we’ll be suppressed, marginalized, ridiculed, or ignored by the mainstream media propaganda agents and the State. I even found that people say to me, “Dude, that quote was written over Nty years ago. Our “modern” system doesn’t work that way anymore.”.

You know what? Maybe I shouldn’t quote “legitimate” sources anymore. I am not going to quote any “legitimate” authority figure anymore. I am falling into and old debate tactic “inverse ad hominem”, meaning “appeal to authority”. I kept looking for “revered” people to cite in order to prove my point to people who are hostile to the message.

I ask my readers, should I use quotes that cannot be traced back to their original source?