Creature From Jekyll Island by G. Edward полностью

The Populist, William Jennings Bryan, was considered at thattime to be the most influential Democrat in Congress, and it wasclear from the start that the Federal Reserve Act could never bepassed without his approval and support. As Charles Seymourobserved: "The Commoner's sense of loyalty [to the Party] hadkept him from an attack upon the Federal Reserve Act which, itwould appear, he never entirely understood.... With his influencein the Party, he could have destroyed the measure which failed toaccord with his personal doctrines."3

Bryan had said that he would not support any bill that resultedin private money being issued by private banks. The money supply,he insisted, must be government issue. When he finally saw anactual draft of the bill in midsummer of 1913, he was dismayed tofind that, not only was the money to be privately issued, but theentire governing body of the central bank was to be composed ofprivate bankers. His ultimatum was not long in coming. He hotlydemanded (1) that the Federal-Reserve notes must be Treasurycurrency, issued and guaranteed by the government; and (2) that 1- Letters from Willis to Laughlin, J. Laurence Laughlin Papers, Library of Congress, July 14 & 18,1912.

2. From a letter to Festus Wade. Quoted by Kolko, Triumph, p. 234.

3. Seymour, Vol. I, p. 173.

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THE CREATURE FROM JEKYLL ISLAND

the governing body must be appointed by the President andapproved by the Senate.

Colonel House and the other monetary scientists were reasonably sure that these provisions eventually would be required forfinal approval of the bill but, being master strategists, they deliberately withheld them from early drafts so they could be used asbargaining points and added later as concessions in a show ofcompromise. Furthermore, since practically no one really understood the technical aspects of the measure, they knew it would beeasy to fool their opponents by creating the appearance of compromise when, in actual operation, the originally intended featureswould remain.

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