Source: Campaign For Liberty

As anyone who attended Friday's Audit the Fed hearing could tell you (or as you could see from watching via the live stream), it was quite the experience.

My first thought upon taking my seat was literally, "Wow. We did this." Seriously. A thorough and complete audit of the Fed wasn't on anyone else's radar before Congressman Paul introduced his bill back in February. Even with the recession on in full force and debates raging as to the scope of the bailouts, the odds were good that the bill would suffer the same fate it had when previously introduced and quietly sit in the assigned Committee.

But something had drastically changed since the last time this bill was presented. Principles consistently championed for thirty years were given an unprecedented platform. Apathy was cured. As the days went by, more people started hearing the ever-louder sounds of the Constitution being shredded on the local, state, and national levels, and those people decided they had had enough.

We had a Revolution. Correction, we are having a Revolution.

A Revolution not only of signs and rallies, but of dedicated, inexhaustible action.

Campaign for Liberty adamantly refused to allow this bill to go gently into that foul legislative abyss. It became our number one legislative priority for 2009.

We started calling our representatives' offices. While their staffs were busy answering phones, they heard a ding as the latest email arrived in their inbox. Before they could reach their mouse to click on their browser, the mail showed up with fresh letters from their constituents urging -- demanding -- their boss sign on in support of HR 1207.

As they finished sorting through that latest batch, their fax machine churned out even more forms.

Cheers erupted at the St. Louis Regional Conference as we announced that we had pushed 1207 past its previous cosponsor high of 44.

Then we aimed for 100. 150. 200.

218. (June 11)

Surely no more, right? A majority would satisfy us.

A massive, transpartisan coalition assembled to argue otherwise.

250.

280.

295.

I could hear it in their voices and see it in their expressions. Although the congressmen at Friday's hearing were interested in auditing the Fed, they were most motivated by the fact that their constituents just wouldn't stop seeking their support for it. They knew they would have to answer for their position.

Secondly, I was thrilled at the admiration Dr. Paul was getting as various members of the Financial Services Committee acknowledged his deep, thorough understanding of the monetary system -- recognition in a public congressional forum that was long, long overdue.

And did you catch a congressman who wasn't named Ron Paul mentioning (and asking the Fed representative a question about) Ludwig von Mises and whether he was right after all about the Fed compounding the economy's ills?

Ok... that was just cool.

Freedom is becoming more popular.

Next, I watched as the Federal Reserve General Counsel tried his best to defend an institution that is ultimately indefensible. One question after another came from Ron Paul, Scott Garrett, Michele Bachmann, Alan Grayson, and more.

Positions in chairs were oddly shifted.

Favorite quote of the day:

Ron Paul to Fed General Counsel: "You're very lucky. I'm back. And I have unlimited time."

Dr. Paul was joking when he said it, but nevertheless, it was a priceless moment.

Eventually, the questions for the Fed Counsel ended and it was time for Tom Woods to make the pro-Audit case.

Read his statement here.

I loved watching Tom tell the Committee that the Fed should just go ahead and prepare for the inevitability of an audit.

Who would have thought a year ago that they would see Tom Woods testifying before Congress, much less telling them that their resistance was futile?

I already used the word "priceless." Writers of the world, please pardon my repetition.

Priceless.

In the end, not a whole lot happened that we didn't expect to happen. It was a traditional congressional hearing. Typical questions and answers.

But don't lose sight of the fact that this was a defensive hearing for the Fed. They were there to actively protect themselves, not just to give the typical propaganda. Our movement started with a country doctor from Texas who was motivated by the closing of the gold window. Over 30 years later, we have joined together to challenge the most secretive institution in Washington on its own territory.

For a change, we have looked big government in the eye and made it blink.

Make no mistake, though today's hearing was a historic event on many levels, it's also the sign that we've now arrived at the hardest part of this battle - making sure Audit the Fed passes clean through and receives a standalone vote. Pressure to make this a part of the overall regulatory reform package will be intense. (This was the final impression I was left with during the proceedings.)

It will be very easy for our representatives to vote on a severely-watered down version while saying that they cosponsored the original bill and still support the "spirit of the legislation."

Keep in mind, we weren't supposed to reach this point. And the same critics will say that we won't be able to get a clean bill through Committee, or we won't be able to get a vote in the House, or we won't make any further progress in the Senate.

Bring on the challenges. We're pretty good at exceeding expectations.

"We did this."

Indeed we did.

And we're not through yet.