Letter to the Editor: Reader calls for audit of Federal Reserve

Congress shall have the power to coin money and regulate the value thereof, according to Article I of the Constitution. Before 1913 various forms of money were tried. So in 1913 the Federal Reserve Act was formed. Many members of congress were away for the Christmas holidays and the appointed board was made up mostly of bankers.

The national debt was just over $1 billion dollars. By 1920 after World War I the debt had risen to $24 billion. By 1960 after World War II and the G. I. Bill the debt had reached $284 billion, or $1575.00 per person.

The Federal Reserve system had never been audited s...