Professor Seligman advises us of the strategy that was used to get the whole country to take up Mr. Warburg’s idea, and of the fact that some of the items inserted to appease the public might easily be removed when the public shall have become accustomed to Mr. Warburg and the Federal Reserve Board; but Mr. Warburg adds another hint, to the effect that you can do some things by administration which you cannot do by organization. For example: Mr. Warburg wanted _only one central bank_ which should be the sole arbiter of finance in the United States. The United States Government would have almost nothing to do save to make the money and stand back of it; the bankers of the United States, and the people thereof, would have nothing to do except what they were told; the one central bank would be the real financial governing authority. When asked by Senator Bristow to state the fundamental difference between the Aldrich plan and the present Federal Reserve plan, Mr. Warburg replied: “Well, the Aldrich Bill brings the whole system into one unit, while this deals with 12 units, and unites them again into the Federal Reserve Board. It is a little bit complicated, which objection, however, _can be overcome in an administrative way_; and in that respect I freely criticized the bill before it was passed.” There is evidently, then, a method of administration for which severe critics might even use the word “manipulation,” by which the plain provisions of a banking law, whatever they may be, may be, if not evaded, then somewhat adapted. This idea is brought to mind by a more colloquial expression of Mr. Warburg’s to be found in his address on “bank acceptances” delivered in 1919: “In this connection I am reminded of a story I once heard concerning a man belonging to a species now soon to be extinct and to be found by our children in Webster’s dictionary only, the ‘bartender.’ A man of this profession, in pre-historic times, was abandoning his position and was turning over his cash-register to his successor. ‘Please show me how it works,’ said the newcomer. ‘_I will show you how it works_,’ said the other, ‘_but I won’t show you how to work it_.’” The politics of Mr. Warburg and the firm of Kuhn, Loeb & Company formed part of the inquiry, and Mr. Warburg made some interesting revelations, which illustrate the oft-repeated statement that it is part of Jewish policy—perhaps of large financial firms generally—to attach themselves to both parties so that certain interests may be the winners regardless of which party is defeated. Senator Pomerene—“What are your politics?” Senator Nelson—“No; we have not raised that before this committee.” Senator Reed—“It has not been raised here, but I should like to know.” Senator Pomerene—“It has been raised before the Senate.” Senator Reed—“I will say why I should like to know.” Senator Pomerene—“Well, I have no objection to saying what was in my own mind.”