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Quote by Robert W. Hemphill

“If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible - but there it is.”

Quote by Robert W. Hemphill

Author

Robert W. Hemphill

Robert W. Hemphill was an accomplished U.S. politician, born on May 10, 1915, and passed away on December 25, 1983. He held a significant role in American politics, serving as a U.S. Representative. more

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