That is a very illuminating passage. It will be well worth the reader’s time, especially the reader who has always been puzzled by financial matters, to turn over in his mind the facts here given by a great Jewish financial expert about the central bank idea. Observe the phrases: (a) “without giving the government any part in the management or control.” (b) “these central banks, while legally private corporations ... are permitted to issue the notes of the nation.” (c) “they are custodians of practically the entire metallic reserves of the nation and the keepers of the government funds.” (d) “in questions of national policy, the government must rely on the willing and loyal co-operation of these central organs.” It is not now a question whether these things are right or wrong; it is merely a question of understanding that they constitute the fact. It is specially notable that in paragraph (d) it is a fair deduction that in questions of national policy, the government will simply have to depend not only on the patriotism but also to an extent on the permission and counsel of the financial organizations. That is a fair interpretation: questions of national policy are, by this method, rendered dependent upon the financial corporations. Let that point be clear, quite regardless of the question whether or not this is the way national policies should be determined. Mr. Warburg said that he believed in a certain amount of government control—but not too much. He said: “In strengthening the government control, the Owen-Glass Bill therefore moved in the right direction; but it went too far and fell into the other and even more dangerous extreme.” The “more dangerous extreme” was, of course, the larger measure of government supervision provided for, and the establishment of a number of Federal Reserve Banks out in the country. Mr. Warburg had referred to this before; he had agreed to the larger number only because it seemed to be an unavoidable political concession. It has already been shown, by Professor Seligman, that Mr. Warburg was alive to the necessity of veiling a little here and there, and “putting on” a little yonder, for the sake of conciliating a suspicious public. There was also the story of the bartender and the cash-register. Mr. Warburg thinks he understands the psychology of America. In this respect he reminds one of the reports of Mr. von Bernstorff and Captain Boy-Ed of what the Americans were likely to do or not to do. In the Political Science Quarterly of December, 1920, Mr. Warburg tells how, on a then recent visit to Europe, he was asked by men of all countries what the United States was going to do. He assured them that America was a little tired just then, but that she would come round all right. And then, harking back to his efforts of placing his monetary system on the Americans, he said: