Mr. Warburg is of the opinion that different rates of interest ought to obtain in different parts of the country. That they have always obtained in different parts of the same state we have always known, but the reason for it has not been discovered. The city grocer can get money from his bank at a lower rate than the farmer in the next county can get it from his bank. Why the agricultural rate of interest has been higher than any other (when money is obtainable; it is not obtainable now) is a question to which no literary nor oratorical financier has ever publicly addressed himself. It is like the fact of the private business nature of the Federal Reserve System—very important, but no authority thinks it worth while to state. The agricultural rate of interest is of great importance, but to discuss it would involve first an admission, and that apparently is not desirable. In comparing the present Federal Reserve Law with the proposed Aldrich Bill, Mr. Warburg said: Mr. Warburg—“... I think that this present law has the advantage of dealing with the entire country and giving them different rates of discount, whereas, as Senator Aldrich’s bill was drawn, it would have been very difficult to do that, as it provided for one uniform rate for the whole country, which I thought was rather a mistake.” Senator Bristow—“That is, you can charge a higher rate of interest in one section of the country under the present law, than you charge in another section, while under the Aldrich plan it would have been a uniform rate.” Mr. Warburg—“That is correct.” That is a point worth clearing up. If Mr. Warburg, having educated the bankers, will now turn his attention to the people, and make it clear why one class in the country can get money for business that is not productive of real wealth, while another class engaged in the production of real wealth is treated as outside the interest of banking altogether; if he can make it clear also why money is sold to one class or one section of the country at one price, while to another class and in another section it is sold at a different price, he will be adding to the people’s grasp of these matters. This suggestion is seriously intended. Mr. Warburg has the style, the pedagogical patience, the grasp of the subject which would make him an admirable public teacher of these matters.