Doubtless it was Mr. Kahn’s desire, just at the time Jacob Schiff made his wishes known, to go to England and stand for Parliament. But from New York he fulfills, probably as well as he could from London, those mysterious missions which frequently take him to the Continent, at which times he makes what are regarded as certain authoritative decisions, though just _whose_ decisions it is not always possible to say. In Paris particularly, and at points east thereof, Mr. Kahn has been established in the position of spokesman of the American Financial Hierarchy, which, of course, he is not. But he undoubtedly is the spokesman of some group, possibly the group which so ably put through the Jewish program at the Peace Conference, the group that impressed Eastern Europe with the feeling that the United States of America was a very powerful Semitic empire. Mr. Kahn’s trips abroad are usually unheralded, but their results richly repay observation. A fourth member of the Jewish financial group in America (which is the form of statement which Mr. Chaim Weizmann would sanction, rather than to say “Jewish-American financiers”) is Mr. Paul Warburg, to whose testimony we have just alluded. Mr. Warburg is the most recent of all. He was born in Germany in 1868; he came to the United States in 1902; he became an American citizen in 1911. He came to the United States for the express purpose of reforming our financial system, and it is hardly possible to understand fully the system in operation today without reference to Paul Warburg. He is a man of very fine mind, a money-maker, but something more—a shrewd student of the systems by which money is made. There are two types engaged in the mere work of money-making which is better described as “money-getting,” without reference to production; one type grubs away under whatever system obtains, regarding it as fixed as the solar system; another type is sufficiently detached to see the system as an artifice which may be mended, remodeled or supplanted altogether. Paul Warburg, scion of a long line of German Jewish bankers, is of the latter type. He is not content with the fact that the cash-register fills itself with money; he wants also to know how the cash-register works, and whether it can be worked. He is thus a student of money and of the number of ways in which it can be manipulated. Perhaps it will be best to let him tell his own story as far as he goes. When he told it to the Committee on Banking and Currency of the United States Senate in executive session, there was some dispute as to whether the proceedings should be recorded by the stenographer. It was finally agreed that notes should be made but should not be divulged. The testimony was printed “in confidence” on August 5, 1914, and nominally “made public” on August 12.