hand or of what is called 'Wall Street influence' on the other" is, we believe, rather Pickwickian, and belongs to the domain of subtle humor.

The above published correspondence, of course, will be sufficient to establish to the satisfaction of everybody that all the big banks, trust companies, insurance companies and financiers of Wall Street are united and exceedingly active supporters of the Aldrich plan for a great private central bank, owned exclusively by the banks and controlling the entire public currency of the United States. And there is ample public evidence by published speeches and articles made by railroad presidents and trust magnates that such corporations, all largely under the control of Wall Street, are also behind this measure. These special interests always are "non-partisan," or rather "bipartisan," whenever they must have both Republican and Democratic legislative votes. for a measure conferring upon themselves greatly increased profits and power. And it is illuminating to see that such interests, and President Taft in his message to Congress on December 21, 1911, earnestly urge that this question, which in every sense and in the highest degree is political, shall be made non-political and non-partisan. If this plan succeeds, it will keep the great majority of the people, the masses, who certainly are opposed to substituting a corporation currency for Government money, and control of all money by a private syndicate under act of Congress, divided about equally between the Republican and Democratic parties. This will enable the relatively small number of supporters of the Aldrich plan to act as a dominating "balance of power" and force the scheme upon the country notwithstanding it is offensive to and opposed probably by threefourths if not nine-tenths of all of the voters of the United States.

These powerful Wall Street interests have the undoubted "legal" right to want and to fight to obtain control in their hands, or in a private corporation owned by their banks, of a monopoly of the entire public currency, the money supply of all the people. Presumably they do not think it would work to their disadvantage, or lessen the power and profits of the banks and of Wall Street. We have a right at least to suspect that a private central bank under their direct or indirect control would increase, in fact vastly augment, their profits and power, and this at the sole expense of the people.

Do the people for their welfare want just what Wall Street desires and is seeking for its interests? Congress must soon decide this question for the people, and the people should lose no time in making Congress fully aware of the popular will.

CHAPTER VIII.

WALL STREET'S FIRST "PLAN."

New York Chamber of Commerce in 1906 Originates Present Central Bank Scheme.

The New York Chamber of Commerce is an association for mutual interest of the brains of Wall Street. Its powerful guiding hand is seen in the provisions of every banking and monetary system and in the language of every financial statute adopted since the association was founded, on April 5, 1768. It is largely entitled to the credit and blame for all successes and failures. For in the long run it usually has had its way and forced its will upon the country and into the provisions of law.

In

The chronological record of its achievements in this line printed in its Monthly Bulletin for April, 1911, is its claim and boast that the above is true. That record shows: In 1819 it opposed repeal of the charter of the first central bank, the Bank of The United States, unsuccessfully. 1841 it adopted a memorial in favor of a Central National Bank. This was in the old days when President Andrew Jackson vetoed the bill renewing the charter of the second central bank, the United States Bank, thereby destroying the institution because of its pernicious and dangerous activity in politics, the same thing that caused the downfall of the first central bank. Both were private corporations seeking to control the public currency and money supply for private profit and power.

It is said that President Biddle of the Old Central Bank called on President Andrew Jackson in the White House telling him that he had power to bring about or to prevent President Jackson's renomination, and would renominate him if he signed and defeat him if he vetoed the bill renewing the Central Bank's charter. "Old Hickory" replied: "I believe you are correct; but that is too much power for one man to have in this Republic, and 'By the Eternal I'll veto that bill! And he did so.

"

President Jackson so thoroughly exposed the sordid duplicity of the bankers and high financiers, and their purpose to use the imperial powers of the central bank to rule politics and the Government in the interest of Wall Street instead of the people, that it was considered useless to attempt

another central bank until the country forgot the vicious sins of the old ones. The men of Jackson's day are all dead. A new generation has taken their places. At last the same old cat comes out of the same old hole, for on October 4, 1906, the New York Chamber of Commerce again declares for a great central bank, and this has led to the proposal now called "Aldrich Plan." Whether Democracy can be made to forget the past as Wall Street softly strokes its fur and soothingly whispers into its capacious

ear those clever, enticing and deceptive words "non-partisan and non-political monetary, banking and currency reform," and will swap Jackson for Aldrich, as its future Patron Saint, the country soon will know. If that great, popular and patriotic organization, with its splendid past achievements for popular government, and the undying precepts and examples of its great historic leaders, by its voluntary consent now can be thus easily chloroformed as it stands on guard to protect the people against their insidious and powerful enemies, it will be the greatest of the many mysterious miracles wrought by Wall Street.

Examination into the history of the New York Chamber of Commerce, the list of past and present members, officers and directors, induces the belief that the Chamber always is ruled and guided in its every act and resolution by the masterful minds that also rule Wall Street, and to a large extent the big banks, insurance and trust companies, railroads and trusts of the United States, and, many believe, seek to influence or dominate politics and parties that shape and administer the laws and government of the republic. The present officers, as printed on a letter of November 28, 1911, which writer received from its secretary, are: President, A. Barton Hepburn. Secretary, Sereno S. Pratt. Treasurer, Wm. H. Porter. Asst. Sec'y, Chas. T. Gwynne. Vice-Presidents.

These officers and the Chamber's board of directors, and their affiliations, is "Wall Street."

New York Chamber of Commerce's 1906 Plan.

To the courtesy of The National City Bank of New York we are indebted for a printed copy of the full report of the "Special Currency Committee" of the New York Chamber of Commerce, dated October 4, 1906, which report was adopted by the Chamber.

The members of the committee were John Claflin, Frank A. Vanderlip (now president of National City Bank), Isidor Strauss, Dumont Clarke and Charles A. Conant.