Creature From Jekyll Island by G. Edward полностью

A grateful Wilson often had spoken in glowing terms about therise of vast corporations and had praised J.P. Morgan as a greatAmerican leader. He also had come to acceptable conclusions aboutthe value of a controlled economy. "The old time of individualcompetition is probably gone by," he said. "It may come back; Idon't know; it will not come back within our time, I dare say."2

L Lundberg, pp. 114-15.

2- Greider, p. 276.

448 THE CREATURE FROM JEKYLL ISLAND

H.S. Kenan tells us the rest of the story:

Woodrow Wilson, President of Princeton University was the first prominent educator to speak in favor of the Aldrich Plan a gesture S S c h immediately brought him the Governorship of New Jersey and later the Presidency of the United States. During the panic of 1907, Wilson declared that: "all this trouble could be averted if we appointed a committee of six or seven public-spirited men like J.l.

Morgan to handle the affairs of our country."

OPPOSITION TO THE ALDRICH BILL

One of the disagreements at the Jekyll Island meeting was overthe name to be attached to the proposed legislation. Warburg,being the master psychologist he was, wanted it to be called theNational Reserve Bill or the Federal Reserve Bill, something whichwould conjure up the dual images of government and reserves,both of which were calculated to be subconsciously appealing-Aldrich, on the other hand, acting out of personal ego, insisted thathis name be attached to the bill. W a r b u r g pointed out that theAldrich name was associated in the minds of the public with WallStreet interests, and that would be an unnecessary obstacle toachieving their goal. Aldrich said that, since he had been thechairman of the National Monetary Commission which was created specifically to make recommendations for banking reform,people would be confused if his name were not associated with thebill The debate, we are told, was long and heated. But, in the end,the politician's ego won out over the banker's logic.

Warburg, of course, was right. Aldrich was well known as aRepublican spokesman for big business and banking His loyal tieswere further publicized by recently sponsored tariff bills to protectthe tobacco and rubber trusts. The Aldrich name on a bill torbanking reform was an easy target for the opposition On December 15, 1911, Congressman Lindbergh rose before the House orRepresentatives and took careful aim:

The Aldrich Plan is the Wall Street Plan. It is a broad c h a l l e n g e to the government by the champion of the money trust. It means another pank, if necessary, to intimidate the people. Aldrich, paid by the government to represent the people, proposes a plan for the trust.

w 2

instead.

1. H.S. Kenan, The Federal leserve Bank (Los Angeles: Noontide Press, 1966), p. 105-2. Quoted by H.S. Kenan, p. 118.

COMPETITION IS A SIN

449