CHAPTER LIST OF LETTERS 1. Crozier to President Aldrich, Nov. 21, 1911 . 2. Crozier to Monetary Commission, Feb. 3, 1912 3. A. Piatt Andrew, Asst. Sec'y U. S. Treasury, to Crozier, Jan. 29, 1912. . 4. Congressman John W. Weeks (member Monetary Comm.) to Morris N. Webb, Feb. 12, 1912. 80 82 5. Former U. S. Senator H. B. Money (member Monetary Comm.) to Crozier, Jan. 30, 1912. . 83 6. Congressman Edward B. Vreeland (Vice-Pres. Monetary Comm.) to Crozier, Jan. 30, 1912. 84 7. Congressman Vreeland to Crozier, Feb. 9, 1912. . 86 8. Crozier to Congressman Vreeland, Feb. 20, 1912. 88 9. Crozier to National City Bank of New York, Nov. 20, 1911 122 10. National City Bank of New York to Crozier, Nov. 24, 1911 123 11. National Bank of Commerce in New York to Crozier, Jan. 3, 1912 129 12. Continental and Commercial National Bank of Chicago to Crozier, Nov. 29, 1911. . 132 13. J. P. Morgan & Co. to Crozier, Nov. 28, 1911. . . 133 14. New York Clearing House to Crozier, Nov. 29, 1911 134 CHAPTER PAGE 15. New York Stock Exchange to Crozier, Nov. 28, 1911 134 16. New York Chamber of Commerce to Crozier, Nov. 28, 1911 136 17. Fourth National Bank of New York to Crozier, Nov. 24, 1911 138 18. Union Trust Company of New York to Crozier, Nov. 29, 1911 . 138 19. American Bankers Association to Crozier, Dec. 27, 20. New York Life Insurance Company to Crozier, Nov. 28, 1911 21. Crozier to U. S. Comptroller, Dec. 8, 1911. 141 282 22. U. S. Deputy Comptroller to Crozier, Dec. 12, 1911 283 23. Crozier to National City Bank, Nov. 26, 1911. 319 24. National City Bank of New York to Crozier, Nov. 29, 1911 .. 320 25. National City Bank to Crozier, Dec. 15, 1911. . 323 26. President Taft's Secretary to Crozier, Nov. 16, 1911 357 27. Crozier to President Taft, Nov. 10, 1911. 358 28. President Taft's Secretary to Crozier, Aug. 23, 1909 374 29. Crozier to President Taft, Aug. 20, 1909. . . . . 375 30. New York Life Insurance Company to Crozier, Dec. 26, 1911 . (See affidavit on next page.) 383 AFFIDAVIT SWORN PROOF AS TO LETTERS State of Wisconsin County of Milwaukee ) 88 August Frey, of the Fairbanks-Prey Engraving Company, That he carefully examined the originals of the August Try Subscribed and sworn to before me this 29th day CHAPTER I. CENTRAL MONEY TRUST. A Warning. Wall Street and Big Banks Promoting the "Aldrich Plan." Patriotic Bankers Are Fighting the Measure. Will This New Issue Create a New Political Party-the National Progressive Party? "Shall the People Rule"-Their Money Supply? The New York Chamber of Commerce is conceded to be the confederated brains of all the great interests of Wall Street. It was founded April 5, 1768. It is dominated by the masters of high finance and is the official voice of Wall Street on governmental action and financial policies. Frank A. Vanderlip, president of Standard Oil's National City Bank, and others comprised the "Special Currency Committee" of the Chamber. Its exhaustive report, adopted by the Chamber October 4, 1906, is given in this volume. It advocated a great Central Bank or Association with the identical powers and functions proposed for the National Reserve Association under the pending "Aldrich Plan." Wall Street's Own Views! Describing the precise power such a central financial institution issuing and controlling the volume of the public currency and fixing the discount or interest rates would have, such report significantly says: "By the control of its rate of interest and of its issues of notes it would be able to exert great influence upon the money market and upon public opinion. Such power is not possessed by any institution in the United States." This was a heart-to-heart talk by the committee with the other great financial leaders to induce them to join in pro moting the scheme. It was showing them truthfully the power such an institution would put into the hands of those controlling same. The report bluntly said that such central institution not only could control the "money market," but also the "public opinion" of the United States, by arbitrarily increasing and decreasing interest rates and inflating and contracting its circulating notes, or currency. This power to increase and decrease the supply or quantity of money and credit, and the interest or price charged for same, is the power of absolute life and death over the 24,392 banks and the business of every individual and corporation in the United States. If carried to extremes it would cause general panic, disaster, bankruptcy and ruin. By this means it could at will raise and lower the prices of all securities, property and human labor. The committee truthfully said: "Such a power is not now possessed by any institution in the United States." Even the Federal Government itself has no such enormous and dangerous power. It is power to do all these things that Wall Street seeks. With it, the few who will control this private corporation easily can soon own the entire republic and its 94,000,000 inhabitants in fee simple. The pending Aldrich measure by far is the most daring and dangerous scheme ever introduced into Congress. Any unprejudiced person will so conclude from the plain evidence writer has accumulated by years of effort and thousands of dollars of expense, and now gives to the public in this volume. The facts are official and incontrovertible. They are documentary, from the public records, and letters of the biggest banks and financiers in the country; also conflicting letters from various members of the Monetary Commission. The originals all are now in writer's possession. It is earnestly hoped that publicity of the true inwardness of this evil measure will render some public service by warning the people of their approaching danger. It is certain that the bill will become law and fasten upon the country for fifty years this great incorporated money |