The Warburgs are one of the international families whose importance was not realized until the war, and would not have been realized then if their internationalism had not been so apparent. It was an interesting spectacle to see brothers occupying important places of counsel on either side of the great struggle. Paul Warburg learned the rudiments of banking in his father’s bank at Hamburg, Germany, studying the over-sea trade which is the foundation of that city’s business. The banking house of Warburg in Hamburg dates from 1796. “After that I went to England, where I stayed for two years, first in the banking and discount firm of Samuel Montague & Company, and after that I took the opportunity of staying two months in the office of a stockbroker in order to learn that part of the business. “After that I went to France, where I stayed in a French bank, so that—” The Chairman—“What French bank was that?” Mr. Warburg—“It is the Russian bank for foreign trade, which has an agency in Paris. “And after that I went back to Hamburg and worked there again for a year, I think. “Then I went round to India, China and Japan. “And then I came to this country for the first time in 1893. I stayed here only a short time then, and went back to Hamburg, and then became a partner of the firm in Hamburg.” The Chairman—“How long were you in Hamburg then in the banking business?” Mr. Warburg—“Until 1902.... And then I moved over here to this country to become a partner of Kuhn, Loeb & Company.” “I explained in the curriculum which I gave you, Mr. Chairman, that by marriage I am related to members of the firm, the late Mr. Loeb having been my father-in-law, which brought about a desire on the part of the family to bring me over here.... I ought to say that I got married in this country in 1895 and that I have been in this country every year since, for several months.... That is the history of my banking education.” It will be recalled that Jacob H. Schiff also married a daughter of Mr. Loeb, so that Mr. Warburg married the sister of Mrs. Jacob H. Schiff. Felix Warburg, Paul’s brother, who is also in the firm, married Mr. Schiff’s daughter. Mr. Warburg immediately cast a critical eye upon the state of financial affairs in the United States and it is significant of the grasp he already had on such matters that he found the country rather behind the times. He conceived the ambition—the very daring ambition—of taking hold of the United States’ monetary system and making it what he thought it ought to be.