The Federal Reserve Idea was doubtless right; if it had not been, it could not have been established. But it has been manipulated. It has not been a “federal” reserve; it has been a private reserve. It has been operated in the interest of bankers and not of everyone in general. Capable of being used to carry the country gradually back to a natural flow of business and to a natural level of prices, it was used to bludgeon business at a critical time and to bludgeon it in such a way that money-lenders profited when producers suffered. If that is the fact, there is no American banker but will say that the method was wrong; economically wrong, logically wrong, commercially wrong, if not criminally wrong. Today the Federal Reserve boasts of its own reserve as if that were a sign of national economic health. With the country struggling to live, the Federal Reserve ought to be low, not high. The height which the reserve has reached is a measure of the depth of the country’s depression. If the Federal Reserve would let out a part of that flood of money—a high financial authority suggests that less than 10 per cent would do it—it would be like an infusion of blood into the nation’s veins. Kuhn, Loeb & Company, the Speyers and the other Jewish money-lenders have money for Mexico, Norway, Germany, and all sorts of commercial companies being organized to do business overseas, and it is American money. The Warburg Federal Reserve System has been badly misused, badly manipulated, and the country is suffering from it. Still, the people know not what to do. Money is still a mystery. Banking is still sacrosanct. What would be perfectly apparent if done in ordinary business intercourse with a $5 bill, is exceedingly complicated when the sum is five millions and the parties are (1) country banks, (2) Federal Reserve banks and (3) Wall Street speculative institutions. Yet they are only Tom, Dick and Harry with a $5 bill, after all. “The matter is somewhat affected by the gags that are placed on many men competent to criticize. High officials are more or less tied up, by campaign contributions in which all financial concerns have an interest. Legislative officials are, too many of them, indebted to these same interests. A schedule of the private debts of some of the men who have aspired to the Presidency in the last eight years would be very illuminating—almost as illuminating as a schedule of the names of Jews at whose homes they stayed while on journeys through the country. Men who are thus tied up with the present financial system cannot say what in their minds they know. It is all illustrated in the testimony of T. Cushing Daniel before a committee of Congress. It shows to what an extent the power of this private corporation called the central bank can reach: