Mr. Warburg, being of somewhat finer grain, probably due to his having less than Mr. Baruch of the rough experience of “the Street,” does not make the claim that he is the chief factor in the present monetary system of the United States, nor does THE DEARBORN INDEPENDENT undertake to make it for him lest the cry of “anti-Semitism” wax wrathful again; but fortunately the fact is amply attested by a Jew whose knowledge of the matter is unquestionable. Readers have doubtless become aware by this time that for a non-Jew to say that a certain Jew is a most important factor in any field is to be guilty of anti-Semitism, while for a Jew or a “Gentile front” to say it is perfectly proper. It is a rather odd etiquette in which simple minds sometimes become confused. Professor E. R. A. Seligman, of Columbia University, is the sponsor of this great honor for Mr. Warburg. What Professor Seligman says is of such importance, both as to its source and its subject, that quotation is justified: (the italics in all cases are ours) “It is in a general way known to the public that Mr. Warburg was in some way connected with the passage of the Federal Reserve Act, and his appointment to his present responsible position on the Federal Reserve Board was acclaimed on all sides with a rare degree of approval and congratulation; but I fancy _it is known only to a very few how great is the indebtedness of the United States to Mr. Warburg. For it may be stated without fear of contradiction that in its fundamental features the Federal Reserve Act is the work of Mr. Warburg more than of any other man in the country_.... “When the Aldrich commission was appointed it was not long before Senator Aldrich—to his credit be it said—was won over by Mr. Warburg to the adoption of these two fundamental features. The Aldrich Bill differed in some important particulars from the present law.... _The concession in the shape of the twelve regional banks that had to be made for political reasons is, in the opinion of Mr. Warburg as well as of the writer of this introduction, a mistake_; for it will probably, to some extent at least, weaken the good results which would otherwise have followed. On the other hand, the existence of a Federal Reserve Board creates, in everything but in name, a real central bank; and it depends largely upon the wisdom with which the board exercises its great powers as to whether we shall be able to secure most of the advantages of a central bank without any of its dangers.... “In many minor respects also the Federal Reserve Act differs from the Aldrich Bill; but in the two fundamentals of combined reserves and of a discount policy, the Federal Reserve Act has frankly accepted the principles of the Aldrich Bill; _and these principles, as has been stated, were the creation of Mr. Warburg and of Mr. Warburg alone._