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this was taken from an article that was written by prank vandella himself
and appeared in the Saturday Evening Post on February 9
1935 remember van delwip was one of those
at the meeting and this is what he sent
I do not feel it is any exaggeration to speak about
secret expedition to Jekyll Island as the occasion
the actual conception of what eventually became the Federal Reserve System
we were told to leave our last names behind us
we were told her that we should avoid dining together on the night of our
departure
we were instructed to come one at a time
and as unobtrusively as possible to the railroad terminal on the New Jersey
letter I love the hot Sun
where senator Aldridge's private car would be in readiness
attached to the rear end up a train to this out once aboard the private car we
began to observe the taboo
that had been fixed on last names we addressed one another
as Ben Paul Nelson and a
Davison and I adopted even deeper disguises
abandoning our first names on the theory that we were always right
he became wilbur and I became normal
after those two aviation pioneers the right product the servants and train
crew
may have known the identities at one or two about us but they did not know all
and it was the name them all printed together that would have made a
mysterious journey significant in washington
in Wall Street you then in London discovery we knew
simply much not happen why
why the secrecy what's the big deal here what's wrong with a group of bankers
going
to a private location and discussing banking are banking legislation
and the answer to that is provided by the vendor left himself
in the same article he said if it were to be exposed
publicly that I particular group had got together and written a banking bill
that bill would have no chance whatever passage
by congress why not
because the purpose %uh the bill was to break the grip all the money trust and
ladies and gentlemen
it was written by the money trust it was simple as that
and the public been aware that back at the beginning we would never have had
a Federal Reserve System that was like asking the fox to build the hen house
and install the security system
yeah absolute secrecy was essential for that reason congress would never have
gone for
the public would never have gone for so there were face to face with a very
important fact about the Federal Reserve System that is not generally known today
it certainly wasn't known then and that it was formed in secrecy because there
was deception at work here
but there's more to it than that
much much more analyzed for a moment the composition of that group
doesn't seem strange to you that these men were all together
here we had the Morgans the rockefellers
koon Robin company the rock child
warburg all sitting around the table here coming to an agreement
anything strange about that next year ladies and gentleman
these were competitors what's going on here
competitor sitting around coming to an agreement lead with the Giants in the
investment
heel which prior this period were beating our heads against each other
blood all over the battlefield
fighting for dominance in the financial markets in the world not only in New
York but Paris and London everywhere
and the coming to an agreement
some kind this is an extremely important
back that is generally overlooked because it happen precisely at that
point in American history
which is sometimes described in our history books as the period and the
dawning
other cartel this was that point in American history won a major
ideological transition was taking place in business
big business good which had grown to
great our inside his and prosperity to the process up
free enterprise competition which is what made this nation great
and allowed us to surpass they all were the first draft of the Federal Reserve
packed was called the aldrich bill because it was sponsored by senator
Aldridge
and how pale warbird warned him against that
he said noting that you put your name on this bill is going to be voted down in
congress because you're so
clearly identify with big business interests and Warburg was right
congress what thumbs-down on it they are on the big bankers
well above the minor setback they took their bill
your they scrambled the bag wrapped around a little bit
cartridges name of it and found a couple a democrat
respond to the bell yeah this was different
to get everybody knew that the republicans represented big businesses
but they also know that the democrats on the other hand represented the common
man
you know the working man it on the assembly line your like at Kennedy
yeah
***
year now they found a couple hours in
millionaire democrat respond to the bell
Carter glad to know how and senator robert hall 1
who was himself a very successful banker sponsored the bill and now with the
glasses
well one bill next outrage
and vendor left began to give speeches and interviews to newspaper reporters
condemning the bill yeah that they had written
your they fed this bill will ruin the bank
it'll be terrible for the nation and the court by the time I got into the
newspapers and the average person Redknapp
they work thank golly that the big bankers don't like this bill very much
it must be pretty good in
your you know you have to give the stellar credit
they weren't to bed they didn't get to be where they were by being
country bumpkins they understood
Mac psychology they understood politics and they played their cards exceedingly
well your meanwhile the same individuals were out of their own pockets
financing so-called grassroots
body clock every springing up all over the country
holding public meetings printing and distributing
complex extolling the virtues on the Federal Reserve Act
they gave huge amount that money to some other better-known universities in
America
as aberration new department the economics
hand-picked down people to be the professors
concertos Department and then notebook batteries
began to give speeches and write scholarly essays about how wonderful the
Federal Reserve System
what then at the insistence the Paul Warburg
they added a few Xeon
provision to the bill but big in two weeks seriously restricted
the ability of the Federal Reserve System to create money out of nothing
and Warburg Associates said to him
well what are you doing we don't want that in our bill and his reply was
classic
he said relax hours don't you get it are object is to get the bill pack
weekend picks it up later your it with the card that those provisions that they
won over the support at long last i William Jennings Bryan
year with my head up the populist movement he had approached this bill
from the beginning
when he thought no exact one provision in there he fed
all well I guess now I can support this bill
and with here's collapse the opposition
the road was not clear and everybody was for almost everyone
except that the lone voices was for the Federal Reserve and indeed
they didn't pick it up later says the Federal Reserve bill was passed
it has been amended over a hundred times
and every one of those excellent provisions were long ago or removed
and many more have been added which greatly expanded the power and reach for
the Federal Reserve System
and fill with that professional
brilliant strategy and deception it is no surprise
back eventually the public and Congress was solidly for the Federal Reserve
System
and the bill which passed on December 22nd 1913
and the creature from Jekyll Island
finally movin to Washington DC
I'd like to
focus for a moment on what RB objected to the Federal Reserve System because
you know we're told the purpose for the fed it to stabilize the economy and to
put an end to chaotic banking
wanna more popular textbooks used in our
colleges and junior colleges today as a text book on economics written by Paul
Samuelson
and here's what he says he says the Federal Reserve Bank from the panic of
1907
with the couple arming epidemic bank failures
the country was that up once and for all
with the anarchy unstable private banking
yeah that's what he said and that's what the students are learning
but not challenge that for the moment let's just take it at face value because
they could be at Bay Hill doctrine is met purpose for the bad
is to stabilize the economy