“A public banking system headed by a truly federal central bank could provide all the credit we need. To prevent corruption and abuse, this system of money and credit would need to be made subject to the sort of public monitoring and control provided by the checks and balances built into the Constitution.”

Gold and silver are not merely commodities but *essential checks and balances* built into the political machinery. Tinkering with the system with an additional cog, such as a federal central bank, will upset the delicate balance. The market will provide all the credit the market needs; a public banking system will only result in less efficiency. The monetary powers and disabilities in the Constitution are sufficient (Article 1 Section 8 Clause 5 and Article 1 Section 10 Clause 1).

The enforcement of embezzlement and fraud statutes, which violate the agency of another, should be enforced. Legalizing embezzlement and fraud, which is what fractional reserve banking is, will only exacerbate the problem and eventually land us in the same position we are currently in.

Thomas Jefferson warned against this and I quoted him in The Great Credit Contraction, Chapter 3, endnote 9.

“The [Bank of the United States] is one of the most deadly hostility existing against the principles and form of our Constitution. The nation is, at this time, so strong & united in its sentiments that it cannot be shaken at this moment. But suppose a series of untoward events should occur sufficient to bring into doubt the competency of a republican government to meet a crisis of great danger, or to unhinge the confidence of the people in the public functionaries; an institution like this, penetrating by its branches every part of the Union, acting by command and in phalanx may, in a critical moment, upset the government. I deem no government safe which is under the vassalage of any self-constituted authorities, or any other authority than that of the nation or its regular functionaries.”

If this idea has merit, and is given serious consideration by pundits in the banking world, I may have some gold and silver available for sale at a reasonable price.