_“... It must not be forgotten that Mr. Warburg had a practical object in view. In formulating his plans and in advancing slightly varying suggestions from time to time, it was incumbent on him to remember that the education of the country must be gradual and that a large part of the task was to break down prejudices and remove suspicions. His plans therefore contain all sorts of elaborate suggestions designed to guard the public against fancied dangers and to persuade the country that the general scheme was at all practicable. It was the hope of Mr. Warburg that with the lapse of time it might be possible to eliminate from the law not a few clauses which were inserted, largely at his suggestion, for educational purposes._ “As it was my privilege to say to President Wilson when originally urging the appointment of Mr. Warburg on the Federal Reserve Board, at a time when the political prejudice against New York bankers ran very high, England also, three-quarters of a century ago, had a practical banker who was virtually responsible for the idea contained in Peel’s Bank Act of 1840. Mr. Samuel Jones Lloyd was honored as a consequence by the British Government and was made Lord Overstone. The United States was equally fortunate in having with it a Lord Overstone.... “_The Federal Reserve Act will be associated in history with the name of Paul M. Warburg...._”—(pp. 387–390, Vol. 4, No. 4, Proceedings of the Academy of Political Science, Columbia University). It surely cannot be considered invidious for THE DEARBORN INDEPENDENT thus to introduce to the people of the United States a gentleman whose influence upon the country is so vital. Just how vital can be understood only by those who have studied the puzzle of a country filled with the good things of life, and still unable to use them or to share them because of a kink in the pipe line called “money.” But that Mr. Warburg himself is not entirely unaware of his position is indicated on page 56 of his testimony quoted last week. Mr. Warburg had just told the Senate Committee that he was making a heavy financial sacrifice to accept the position on the Federal Reserve Board offered him by President Wilson, and into the fitness of which appointment the Senate was carefully inquiring: Senator Reed—“May I ask what your motive is, or your reason for making that sacrifice?” Mr. Warburg—“My motive is that I have, as you know, taken a keen interest in this monetary reform since I have been in this country. “_I have had the success which comes to few people, of starting an idea and starting it so that the whole country has taken it up and it has taken some tangible form._”