Title : Chapter Eight: THE JEKYL ISLAND CONSPIRACY: The Federal Reserve Conspiracy by Antony C. Sutton from archive.org
link : Chapter Eight: THE JEKYL ISLAND CONSPIRACY: The Federal Reserve Conspiracy by Antony C. Sutton from archive.org
Chapter Eight: THE JEKYL ISLAND CONSPIRACY: The Federal Reserve Conspiracy by Antony C. Sutton from archive.org
Chapter Eight:
THE JEKYL ISLAND CONSPIRACY
In 1910 six prominent Wall Street financial men met on
Jekyl Island to map plans for a central banking system in the
United States. The Federal Reserve System originated in a
conspiracy. A "conspiracy" is defined legally as a secret meeting
for an illegal purpose. The meeting was secret, it involved six
persons and it was illegal.. .as we shall show later.
The six conspirators were:
Senator Nelson Aldrich, father-in-law of John D.
Rockefeller, Jr.
German banker Paul Warburg, of the German bankers MM
Warburg of Hamburg and Kuhn Loeb in the United States;
Henry P. Davison, partner in J. P. Morgan and Chairman of
Bankers Trust Company;
Benjamin Strong, Vice President of Bankers Trust;
Frank Vanderlip, Chairman of National City Bank;
Charles D. Norton, President of First National Bank.
The last three banks were in the Morgan group; Warburg
represented Kuhn-Loeb and Aldrich represented Rockefeller
interests and the "Standard Oil crowd." The Harriman interest in
Guaranty Trust had been absorbed into the Morgan group after
the death of Harriman.
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The Federal Reserve Conspiracy
These six dominated wealth and financial power and had
considerable political influence.
The secret Jekyl Island meeting was actually described in
conspiratorial terms by one of the participants:
Despite my views about the value to society of greater publicity
for the affairs of corporations, there was an occasion, near the
close of 1910, when I was as secretive, indeed as furtive, as any
conspirator. None of us who participated felt that we were
conspirators; on the contrary we felt we were engaged in a
patriotic work. We were trying to plan a mechanism that would
correct the weaknesses of our banking system as revealed under
the strains and pressures of the panic of 1907. I do not feel it is
any exaggeration to speak of our secret expedition to Jekyl Island
as the occasion of the actual conception of what eventually
became the Federal Reserve System. (1)
After the 1907 panic plans were formulated to convince the public
of a "need" for a central bank. The key at this point was Senator Nelson
Aldrich, a wealthy businessman linked to the Rockefeller family
through marriage of his daughter Abby to John D. Rockefeller Jr.
Former Vice President Nelson Rockefeller was a direct descendent of
this branch of the Rockefeller family.
In the post-1907 panic era, Senator Aldrich headed a Senate
Monetary Commission which toured Europe to discuss and study
European central banks and especially the German Reichsbank system.
From this junket Aldrich emerged as the Congressional expert on bank
planning. Few spotted his close links with the banking interests. (2)
Herbert L. Satterlee was Morgan's son-in-law and, from the inside,
comments on Aldrich's close relations with the Money Trust
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The Jekyl Island Conspiracy
and planning for the Federal Reserve System. Aldrich, according to
Satterlee,
...turned to Mr. Morgan for advice and then during the next
two years they were to spend many hours together working out an
orderly pattern for the banking world of this country from coast to
coastP
Again, according to Satterlee, J. P. Morgan "lent him (Aldrich)
Harry Davison (Morgan partner) to help with details while Paul M.
Warburg, the Kuhn Loeb partner, also "put his service at Senator
Aldrich's disposal. " (4) This triad -Morgan- Aldrich-Warburg - was the
focal point for planning the introduction of central banking to the
United States.
The remaining Jekyl Island conspirators came on the scene later.
Frank Vanderlip (whom we have already quoted) of National City Bank
was linked to the Rockefeller family by marriage and came into the
group in early 1910 after receiving a letter from Stillman, founder and
chairman of National City Bank. This letter referred to a meeting
between Stillman and Aldrich in Europe on the central bank question.
From this letter we learn that the conspirators used a code and that
Aldrich's code name was "Zivil." In his book, Vanderlip states:
Mr. Stillman wrote me that I should make everything else
subservient to giving my whole time
and thought to a thorough consideration of the subject (i.e., the
currency plan) and to draft a bill for the new Congress without a
Wall Street tag. (5)
Above all the conspirators knew they had to maintain
absolute secrecy. If any Wall Street name ever became attached to a
central banking Federal Reserve bill it would be the kiss of death. Not
only were code names adopted but individuals went to great lengths to
avoid public knowledge of their meetings and discussions.
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The Federal Reserve Conspiracy
Without any question if the public in 1913 had known what we
know today the Federal Reserve Act would have no possibility at all of
becoming law. On the question of public suspicions of the close family
links in the group, for which the group claimed disinterested
impartiality, Vanderlip noted:
But would the electorate have believed that? I question their
ability to do so. Just to give you a faint idea: Senator Aldrich was
the father-in-law of John D. Rockefeller, Jr., and himself a very
rich man.Once I had written to Woodrow Wilson at Princeton,
inviting him to speak at a dinner. Wishing to impress him with the
importance of the occasion, I had mentioned that Senator Aldrich
also had been invited to speak. My friend Dr. Wilson had
astonished me by replying that he could not bring himself to speak
on the same platform with Senator Aldrich. He did come and make
a speech, however, after I had reported that Mr. Aldrich 's health
would prevent him from appearing. Now then, fancy what sort of
head-lines might have appeared over a story that Aldrich was
conferring about new money legislation with a Morgan partner
(Davison) and the president of the biggest bank (Vanderlip). (6)
The National City Bank founded by Stillman is significant
because one of its directors was Cleveland Dodge, the financial
powerhouse and influence behind Woodrow Wilson.
Woodrow Wilson, who was to sign the Federal Reserve Act into
law, was a deliberate creation of the Money Power, who was approved
in the spring of 1912 at a weekend meeting at Beechwood, the
Vanderlip estate at Scarborough on Hudson. According to one observer,
Wilson passed the test because Vanderlip and William Rockefeller
discussed the
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The Jekyl Island Conspiracy
role of American capital abroad in front of Wilson. (7) This we shall
describe in more detail later.
The central intellectual figure in the creation of the Federal
Reserve System was not an American but a German banker - Paul
Moritz Warburg, a banker born in 1868 into the Hamburg Oppenheim
family. Warburg's father was a partner in the M. M. Warburg banking
house founded in 1798. Warburg's early career was with Samuel
Montagu & Co. in London and the Banque Russe Pour he Commerce
Etranger in Paris. In 1891 Warburg went to work at the family bank in
Hamburg and became a partner in 1895. In 1902 he came to the United
States as a partner in Kuhn Loeb, and in spite of defective English,
began a campaign for a Federal Reserve System. The plan may be
found in his pamphlets, "Defects and Needs of our Banking System
since 1907" and "A plan for a modified central bank" (1907). In 1910
Warburg proposed a plan for a United Reserve Bank and much of this
plan was embodied in the Federal Reserve System.
These were the men who met in secret on Jekyl Island to put
together the initial draft of the Federal Reserve Act.
The secret meeting was recorded by Frank Vanderlip:
Since it would be fatal to Senator Aldrich's plan to have it
known that he was calling on anybody from Wall Street to help him
in preparing his report and bill, precautions were taken that would
have delighted the heart of James Stillman. We were told to leave
our last names behind us. ..that we should avoid dining together on
the night of our departure to come one at a time and as unobtru-
sively as possible to the railroad terminal on the New Jersey
littoral of the Hudson, where Senator Aldrich's private car would
be in readiness, attached to the rear end of a train for the South.
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The Federal Reserve Conspiracy
When I came to that car the blinds were down and only
slender threads of amber light showed the shape of the windows.
Once aboard the private car we began to observe the taboo that
had been fixed on last names. We addressed each other as "Ben, "
"Paul, " "Nelson, " and "Abe. " Davison and I adopted even deeper
disguises, abandoning our own first names. On the theory that we
were always right, he became Wilbur and I became Orville, after
those two aviation pioneers, the Wright brothers.
The servants and the train crew may have known the
identities of one or two of us, but they did not know all, and it was
the names of all printed together that would have made our
mysterious journey significant in Washington, in Wall Street, even
in London. Discovery, we knew, simply must not happen, or else
all our time and effort would be wasted. If it were to be exposed
publicly that our particular group had gotten together and written
a banking bill, that bill would have no chance whatever of
passage by Congress. (8)
The last sentence says it all from the vantage point of an insider -
this was a planned conspiracy. The American public would never hand
over a monopoly of the money supply to a small group. After all, the
Sherman Antitrust Act had just made monopoly in restraint of trade
illegal and a money monopoly was even less acceptable.
To avoid public knowledge, these bankers went skulking off to a
remote island in the dead of night using code names and disguises!
Vanderlip goes on to describe the secret meeting itself and that
Vanderlip and Strong actually wrote the so-called Aldrich report and the
bill presented to the Senate. What is interesting is the utter assurance on
the part of Vanderlip
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The Jekyl Island Conspiracy
that the bankers were acting in the interests of the country as a whole
rather than in their own selfish interests.
What this group proposed to do - and actually did do in 1913 - was
replace gold and silver with a paper factory which they controlled. How
this could be presented as a public-spirited act is probably beyond most
readers.
We were taken by boat from the mainland to Jekyl Island and
for a week or ten days were completely secluded, without any
contact by telephone or telegraph with the outside. We had
disappeared from the world onto a deserted island. There were
plenty of colored servants but they had no idea who Ben and Paul
and Nelson were; even Vanderlip, or Davison, or Andrew, would
have meant less than nothing to them.
There we worked in the club-house - We returned to the
North as secretly as we had gone South. It was agreed that Senator
Aldrich would present the bill we had drafted to the Senate. It
became known to the country as the Aldrich Plan. Aldrich and
Andrew left us at Washington,and Warburg, Davison, Strong, and I
returned to New York.
Congress was about to meet; but on a Saturday we got word
in New York that Senator Aldrich was ill, too ill to write an
appropriate document to accompany his plan. Ben Strong and I
went on to Washington and together we prepared that report. If
what we had done then had been made known publicly, the effort
would have been denounced as a piece of Wall Street chicanery,
which it certainly was not. Aldrich never was a man to be a mere
servant of the so-called money-interests. He was a con-
81
The Federal Reserve Conspiracy _
scientious, public -spirited man. He had called on the four of us
who had Wall Street addresses because he knew that we had for
years been studying aspects of the problem with which it was his
public duty to deal.
The Aldrich plan written by Vanderlip and Strong did not get
through Congress. It was shot down. An ailing Senator Aldrich retired
and the Money Trust was forced to look elsewhere to get its plans
through Congress.
National City Bank director Cleveland Dodge was a classmate
(1879, Princeton) of Woodrow Wilson. McCormick of the Harvester
Trust was in the same Princeton Class. By the early 1900s, Wilson, with
help from Cleveland Dodge, had become President of Princeton
University and Dodge let it be known that Wall Street considered
Wilson "presidential material."
A flattered Woodrow Wilson wrote journalist George Harvey in
December, 1906 to identify "the influential men who considered him as
presidential material." Harvey replied, "naming some of the most
influential bankers, utility executives and conservative journalists in the
country."' 9 '
Wilson, for all his public image of a teetering, owlish professor,
had one lesson down by heart, that to get along, one has to go along. In
March, 1907 George Harvey introduced Wilson to Thomas Fortune
Ryan, member of the copper trust and a prominent financier. After this
meeting, Wilson wrote a brief for the Wall Street establishment in
which he provided academic support for the Trusts -incidentally, in total
contradiction to his public statements.
This Wall Street cabal, with the aid of New Jersey political bosses,
pushed for Woodrow Wilson to become Governor of New Jersey in
November, 1910.
Within a few months, Cleveland Dodge opened a bank account in
New York and an office at 42 Broadway to boom
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The Jekyl Island Conspiracy
Wilson into the Presidency. The campaign bank account was opened
with a check for $1,000 from Cleveland Dodge. Dodge then provided
funds to mail out the True American of Trenton, New Jersey to 40,000
subscribers throughout the United States, followed by a regular two
pages a week of promotional material on Wilson For President.
Two-thirds of Wilson's campaign funds for the presidency came
from just seven individuals, all Wall Streeters and linked to the very
trusts Wilson was publicly denouncing. Wilson's election slogans
promoted him as a man of peace and against trusts and monopoly.
These were the very sources financing his campaign: (10)
Cleveland H. Dodge $51,300
(Director: National City Bank, etc.);
Henry Morgenthau (financier) $20,000
Cyrus PL McCormick (Harvester Trust) $12,500
Abram I. Elkus (Wall Street lawyer) $12,500
Frederick C. Penfield $12,000
(Philadelphia real estate)
William F. McCombs $11,000
Charles R. Crane (Crane Co., Chicago) $10,000
Wilson received the nomination and wrote to "dear Cleve"
(Dodge) to exult, "I am so happy I can hardly think! " (11) Wilson's
acceptance speech was written on board the Corona, Dodge's yacht,
while they planned strategy for the coming campaign. (12)
In brief, Woodrow Wilson was in the hands of the Money Trust,
had lied to the American public about his true position on the trusts and
Wall Street and betrayed the Jef-fersonian-Jacksonian tradition of the
Democratic Party.
Wilson was elected President. And the ballots had hardly been
counted when Wall Street bustled about to arrange "currency reform."
By early December, 1912, Colonel House had already talked with key
members of Congress to
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The Federal Reserve Conspiracy
get them behind Wilson, and when Paul Warburg telephoned House on
December 12, 1912, the Colonel told him that the plan was ready.
Added House in his memoirs: "I knew the President-elect thought
straight concerning the issue. " (13)
In March, Frank Vanderlip talked with House, and two weeks
later a group of bankers arrived at the White House with a printed
"currency reform" bill for Wilson to present to Congress. House
suggested that it would not be wise to flaunt the power of the House of
Morgan with a pre-printed reform bill - so the Federal Reserve Act was
taken back to Wall Street and a typewritten copy made from the printed
plan. (14) It now only remained to get the Federal Reserve Bill through
Congress.
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The Jekyl Island Conspiracy
Endnotes to Chapter Eight
(1) Frank A. Vanderlip, President, First National City Bank, From
Farm Boy to Financier (New York: Appleton, 1935), p. 210.
(2) See Ferdinand Lundberg, America's 60 Families (New York:
Vanguard Press, 1937).
(3) Herbert L. Satterlee, J. Pierpont Morgan: An Intimate
Portrait (New York: Macmillan, 1939), p. 493.
(4) Ibid., p. 550.
(5) Frank Vanderlip, op. cit., p. 211.
(6) Ibid., p. 212.
(7) John K. Winkler, The First Billion, (New York: Vanguard Press,
1934), pp. 209-211.
(8) Frank Vanderlip, op. cit., p. 213.
(9) Ray Baker, Woodrow Wilson: Life and Letters (New York,
Doubleday, Page & Co., 1927-39) vol 3, p. 365.
(10) Louise Overacker, Money in Elections (New York: Macmillan,
1932).
(11) Ray Baker, Ibid.
(12) op cit. p. 372.
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The Federal Reserve Conspiracy
(13) Charles Seymour, The Intimate Papers of Colonel House (Boston,
New York: Houghton Mifflin Co., 1926-28), vol. I, p. 161.
(14) Seymour, op cit. p. 161.
86
Chapter Nine
THE MONEY TRUST CONS CONGRESS
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