This alone would make him a remarkable man. It illustrates very well that detached point of view which the Jew is more fitted to take than any other man perhaps. He sees countries and systems with the same freedom from intimate bias with which another man would view assorted fish upon a market stall. Most of the world is engaged in doing its work and indulging its national, racial, domestic and social affections and inclinations; a small minority stands in the background and watches the entire mass at its unconscious maneuvers, and studies it as an observer studies a hive of bees. The man at work has no time except for his job. One man, standing back and studying 1,000 men at work, is able to see how he might utilize their labor or possess himself of a first toll on their production. Doubtless there must be men to stand at a sufficient distance from things to get a correct idea of their interrelationship, and doubtless such an attitude may be made of great service to the race, but doubtless it has also contributed to the selfish manipulation of natural and social processes. Mr. Warburg testified: “When I came here I was at once impressed by the lack of system, by the old-fashioned nature of the system that prevailed here; and I got immediately into one of those periods of high interest rates, where call money went up to 25 and 100 per cent; and I wrote an article on the subject then and there for my own benefit. “I was not here three weeks before I was trying to explain to myself the roots of the evil. I showed the article to a few friends but I kept it in my desk, because I did not want to be one of those who try to inform and educate the country after they have been here for a month or so; and I kept that article until the end of 1906, shortly before the panic, when those conditions arose again, and when one newspaper wanted for an issue at the end of the year an article dealing with the conditions in our country. “Then I took out that article and touched it up and brought it up to date; and that was the first article of mine that was published. It was called, ‘Defects and Needs of Our Banking System.’... “That was, however, the first time that I know of that the question of the discount system and the concentration of reserves was really brought out; and I got a great many encouraging letters asking me to go on and explain my ideas.” Mr. Warburg was perfectly willing to talk to the committee about himself, but not about Kuhn, Loeb & Company, his firm. “I cannot discuss the affairs of my firm nor my partners,” he said, “nor be asked to criticise acts of my partners, either to approve them or in any other way,” but eventually he did tell a number of things which students of American financial affairs have considered interesting. Of which more later. On page 77 of the testimony, more personal matters appear: