Anons, here’s an interesting piece of Fed-history.
The Federal Reserve Bill was drafted by Senator Robert L. Owen. The single most important thing Owen wanted the Fed to do was maintain stability in the value of money at all times:
“The people of the United States are entitled to a sound currency. The only sound currency is a currency whose exchange value is the same from one generation to another.” Owen said.
Money, as you may know, only has a stable value when the money supply is in balance with the production of goods and services. Thus, the amount of money in circulation must grow or shrink along with economic activity.
So Owen inserted a provision in the Bill forcing the Fed to maintain a stable value of money under mandate:
“…In the Bill introduced in July, in which the Hon. Carter Glass joined me, I had inserted a provision requiring that the powers of the Reserve System be employed in the service of commerce and to promote a stable price level. The meaning of this, of course, was to establish and maintain the stable value of money under mandate. This mandatory provision was stricken out in the House under the leadership of Hon. Carter Glass. I was unable to keep this mandatory provision in the Bill because of the secret hostilities developed against it, the origin of which at that time I did not fully understand.”
Unfortunately he didn’t go on to explain who these secret hostilities were.
Through inflating and deflating the money supply the Federal Reserve has been robbing the American people ever since its very existence (1913). In 1934 Robert Owen headed a group called ‘The Sound Money League’, advocating the abolishment of the Federal Reserve and replacing it with a government owned central bank with the intent to create sound (stable) money.
Sauce 1: Gertrude Coogan, Money Creators: Who Creates Money, Who Should Create It. (1935) Robert Owen wrote the preface of this book. https://ia904508.us.archive.org/19/items/pdfy-B9Et0XaYXDBCIFbB/Coogan%20-%20Money%20Creators%20-%20Who%20Creates%20Money%20-%20Who%20Should%20Create%20It%20%281935%29.pdf
Sauce 2: New York Post: Forces Mobilized to War on Foes of Central Bank (1934). https://fraser.stlouisfed.org/files/docs/historical/owen/owen_01_07_17.pdf