By Victor S. Farrah
 Soon there will be a showdown in the U.S. Senate on the proposal recently passed by the House of Representatives to demand an unprecedented audit of the Federal Reserve Bank. This proposal, advocated by Rep. Ron Paul, was finally approved by a 327-98 vote.
The Federal Reserve System was organized by the nation’s Founding Fathers and was under attack by many of the early politicians. It continued in power until President Andrew Jackson advocated its demise during his second term, which began in 1837. President Jackson argued that it was an illegal law that permitted the central bank to make loans of millions of dollars to foreign governments at the bank’s political discretion. President Jackson was praised for his decision, with congressional approval to eliminate this law, because shortly after its demise, he was responsible for the collection of a $50 million past-due debt from France.
Jackson was a great and forceful opponent of this central bank, which is now the Federal Reserve System, now a network of 12 private banks that is not controlled by our federal government. Jackson enjoyed a great position of power as president because of his reputation as a hero of the War of 1812. Great Britain was attempting to reverse the American revolution but was decidedly beaten by Gen. Andrew Jackson. He was a great two-term president and was successful in eliminating the original central bank.
Now, the U.S. House of Representatives will force a vote on the audit resolution in the Democratic-led Senate, where Majority Leader Harry Reid has vowed it will not come up for a vote. Since all banks in America are required to have annual audits, it is certainly proper that the Federal Reserve be audited. This would be the first audit of the Fed since its original formation.
The Federal Reserve System was reinstalled in 1913, with President Woodrow Wilson’s illegal push to have Col. Edward House, one of his chief advisors, to pass the Federal Reserve Act and allow the creation of the Internal Revenue Service. I believe these two laws are unconstitutional. Under the U.S. Constitution, the U.S. Congress is the only body of government that is legally allowed to issue money and collect taxes. Noteworthy is that the Federal Reserve System has never been audited, and there is no accounting as to what has happened to the trillions of dollars that have been lent to the various banks under the jurisdiction of the Federal Reserve System. With no audit of the system, they print paper money on Federal Reserve notes without any gold or silver backing it up. Some have alleged that this is a device for sending money to aid the government of countries such as Israel whose leaders want to obtain control of the world banking system.
Congress will have an opportunity to prove its concern about serving their constituents, and not foreign countries, in passing this resolution for an audit of the Federal Reserve System. Fed officials will have an opportunity to prove that they serve the nation’s citizens and not the many countries that have taken trillions of dollars from us without repayment, with the Federal Reserve System allowing it to happen.

Victor S. Farrah lives in Salisbury.

?”My Turn” columns should be between 500 and 700 words. E-mail submissions are preferred. Send to cverner@salisburypost.com with “My Turn” in the subject line. Include name, address, phone number and a digital photo of yourself if possible.