“unable then to speak idiomatic English with perfect freedom and without an accent, an alien not naturalized.” Mr. Forbes also wrote—“Here is a German-American, but the sort of one that makes the hyphen look like a badge of honor.” That was in 1916. Hyphens went out of fashion, though not entirely out of use, soon after. Thus far the story of Paul Warburg. —— Issue of June 18, 1921. LVIII. Jewish Idea Molded Federal Reserve Plan The last view the reader had of Paul M. Warburg in the preceding article was as “an alien not naturalized” secretly closeted with Senator Nelson W. Aldrich and a party of bankers on an obscure island off the southeastern coast of the United States, all the members of the party concealing their identity even from the servants by calling each other by their first names. That conference in its ultimate results was of the utmost importance to the United States, for then and there were formulated those fiscal devices, those financial methods, those “monetary reforms” which have exerted an influence on every citizen, rich and poor, of the Republic. Much history was made in that little trip. It irresistibly calls to memory that other trip made in 1915—almost two years before America’s entry into the war—by Bernard M. Baruch. As readers of THE DEARBORN INDEPENDENT of November 27, 1920, will recall, Mr. Baruch had been financial backer of the Plattsburg camp, and in his testimony he said he thought that General Wood would admit this. Then—“I went off on a long trip, and it was while on this trip that I felt there ought to be some mobilization of the industries, and I was thinking about the scheme that practically was put into effect and was working when I was chairman of the board. When I came back from that trip I asked for an interview with the President.... The President listened very attentively and graciously as he always does.” Mr. Baruch was an authority on the President’s demeanor, for there was a long period in 1917 and 1918 during which he called at the White House every afternoon.