To the editor:
I read with interest the recent editorial opposing plans to make the Federal Reserve system accountable to Congress and through Congress to the people of the United States. I was especially fascinated by the fact that nowhere in the editorial was it mentioned that the Federal Reserve system is a privately owned corporation which has never been publicly audited. While we may assume that its stock is held mainly by the major U.S. banks, even this is not a matter of public record.
For those who question the Fed's private,non-governmental status, I suggest looking it up in the Kansas City telephone book. It will not be found in the blue government pages, but in the business white pages shortly before such other private firms as Federal Express.
While I do not know the details of the proposed plan of Congressional oversight, I fully support bringing the Fed under government control and restoring to Congress its constitutional power and duty of issuing money.