political cartoon drawn by cartoonist Robert Minor for the
St. Louis Post-Dispatch in 1911 made
an unusual statement. Minor's cartoon portrays a bearded, beaming Karl
Marx standing in Wall Street with Socialism tucked under his
arm and accepting the congratulations of financial luminaries J.P.
Morgan, Morgan partner George W. Perkins,
a smug John D. Rockefeller, John
D. Ryan of National City Bank, and Teddy
Roosevelt - prominently identified by his famous teeth - in
the background. Wall Street is decorated by Red flags. The cheering crowd
and the airborne hats suggest that Karl Marx must have been a fairly popular
sort of fellow in the New York financial district.
was issued January 16, 1911, ïSuggested Plan
for Monetary Legislation', by Hon. Nelson Aldrich, based on
Jekyll Island conclusions. An organization for
financial progress has been formed. Mr. Warburg introduced
a resolution authorizing the establishment of the Citizens' League, later
the National Citizens League . . .
Professor Laughlin of the University of Chicago was given charge of the
League's propaganda." (biography of Nelson Aldrich by Stephenson, 1930)
most tireless propagandists for the Aldrich Plan were Professor O.M.
Sprague of Harvard, and
J. Laurence Laughlin of the University
of Chicago. Congressman Charles A. Lindbergh, Sr., notes:
Laughlin, Chairman of the Executive Committee of the National Citizens'
League since its organization, has returned to his position as professor
of political economics in the University
of Chicago. In June, 1911, Professor Laughlin was given a
year's leave from the university, that he might give all of his time
to the campaign of education undertaken by the League . . . He has worked
indefatigably, and it is largely due to his efforts and his persistence
that the campaign enters the final stage with flattering prospects of
a successful outcome . . . The reader knows that the
University of Chicago is an institution endowed by John D. Rockefeller,
with nearly fifty million dollars." (Secrets
of the Federal Reserve, Griffin, 1952)
before the Committee on Rules, December 15, 1911, after the Aldrich plan
had been introduced in Congress, Congressman
system is a false one and a huge burden on the people . . . I
have alleged that there is a Money Trust. The Aldrich plan is a scheme
plainly in the interest of the Trust . . . Why
does the Money Trust press so hard for the Aldrich Plan now, before
the people know what the money trust has been doing? [...]
Plan is the Wall Street Plan. It is a broad challenge to the Government
by the champion of the Money Trust. It means
another panic, if necessary, to intimidate the people. Aldrich,
paid by the Government to represent the people, proposes a plan for
the trusts instead. It was by a very clever move that the National Monetary
Commission was created. In 1907 nature responded most beautifully and
gave this country the most bountiful crop it had ever had. Other industries
were busy too, and from a natural standpoint all the conditions were
right for a most prosperous year. Instead, a panic entailed enormous
losses upon us. Wall Street knew the American people were demanding
a remedy against the recurrence of such a ridiculously unnatural condition.
Most Senators and Representatives fell into the Wall Street trap and
passed the Aldrich Vreeland Emergency Currency Bill. But the real purpose
was to get a monetary commission which would frame a proposition for
amendments to our currency and banking laws which would suit the Money
Trust. The interests are now busy everywhere
educating the people in favor of the Aldrich Plan. It is
reported that a large sum of money has been raised for this purpose.
Wall Street speculation brought on the Panic of 1907. The depositors'
funds were loaned to gamblers and anybody the Money Trust wanted to
favour. Then when the depositors wanted their money, the banks did not
have it. That made the panic." (Charles A. Lindbergh, Sr., Banking,
Currency and the Money Trust, 1913, p. 131)
Plan never came to a vote in Congress, because the Republicans lost control
of the House in 1910, and subsequently lost the Senate and the Presidency
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