Creature From Jekyll Island by G. Edward полностью

That is the key to this entire episode: mass psychology. SinceAldrich was recognized as associated with the Morgan interestsand Vanderlip was President of Rockefeller's National City Bank,the public was skillfully led to believe that the "Money Trust" wasmortally afraid of the proposed Federal Reserve Act. The Nationwas the only prominent publication to point out that every one ofthe horrors described by Aldrich and Vanderlip could have beenequally ascribed to the Aldrich Bill as well. But this lone voice waseasily drowned by the great cacophony of deception and propaganda.

The Glass Bill was a flexible document which was designedfrom the beginning to be altered in non-essential matters in order toappear as though compromises were being made to satisfy thevarious political factions. Since very few understood central-banktechnicalities, the ploy was easy to execute. The basic strategy wasto focus debate on such relatively unimportant items as the numberof regional banks, the structure of the governing board, and theprocess by which that board was to be selected. When truly crucialmatters could not be avoided, the response was to agree to almostanything but to write the provisions in vague language. In thatway, the back door would be left ajar for later implementation of 1. "From Farm Boy to Financier," by Frank A. Vanderlip, Saturday Evening Post, February 9,1935, p. 72.

2. McAdoo, pp. 213,225-26.

THE CREATURE SWALLOWS CONGRESS

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the original intent. The goal was to get the bill passed and perfect itlater.

House and Warburg feared that, if they waited until they hadeverything they wanted, they would get nothing at all or, worse,that opponents of a central bank would be able to muster theirforces and pass a reform bill of their own; a real one. Willis wasquick to agree. In a letter to his former professor, he wrote: "It ismuch better to take a half a loaf rather than to be absolutelydeprived of a chance of getting any bread whatsoever.... Theso-called 'progressive' element—such as Lindbergh and his supporters—will be encouraged to enact dangerous legislation."1 Glassechoed the sentiment. Directing his remarks at those smaller bankswhich were resisting domination by the New York banks, he said:

"Unless the conservative bankers of the country are willing to yieldsomething and get behind the bill, we shall get legislation verymuch less to be desired, or have nothing done at all."

BRYAN MAKES AN ULTIMATUM