1912

The Aldrich bill is presented to Congress for debate. This was very quickly identified as a bill to benefit the bankers, or an expression for them which was coined at the time, "The Money Trust." During the debate, the Republican, Charles A. Lindbergh stated,"The Aldrich plan is the Wall Street Plan. 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."

As this debate continued on, the bankers realized they didn't have enough support, so the Republican leadership never brought the Aldrich bill to a vote. Instead the bankers decided to switch their attention to the Democrats and started heavily financing Woodrow Wilson, the Democratic Presidential nominee. The Wall Street banker, Bernard Baruch, was put in charge of the Wilson project, and as historian, James Perloff, stated,

"Baruch brought Wilson to the Democratic Party headquarters in New York in 1912, 'leading him like one wood a poodle on a string.' Wilson received an, 'indoctrination course,' from the leaders convened there ... "

During the Democratic Presidential campaign, Wilson and the rulers of the Democratic Party pretended to oppose the Aldrich bill. As Republican representative, Louis T. McFadden, explained twenty years later, when he was was Chairman Of The House Banking And Currency Committee,"The Aldrich Bill was condemned in the platform ... when Woodrow Wilson was nominated ... The men who ruled the Democratic Party promised the people that if they were returned to power there would be no central bank established here while they held the reins of government.

Thirteen months later that promise was broken, and the Wilson administration, under the tutelage of those sinister Wall Street figures who stood behind Colonel House, established here in our free country the worm-eaten monarchical institution of the, 'King's Bank,' to control us from the top downward, and to shackle us from the cradle to the grave."

On November 5th, Woodrow Wilson was elected, and J. P. Morgan, Paul Warburg, Bernard Baruch et al, advanced a new plan which Warburg called the Federal Reserve System. The leadership of the Democratic Party hailed this new bill called the, "Glass-Owen Bill," as totally different to the Aldrich bill, when in fact it was virtually identical.

Funnily enough the Democrats were so vehement in their denial of the similarity of the, "Glass-Owen Bill," to the, "Aldrich Bill," that Paul Warburg, the creator of both bills, had to inform his paid friends in Congress, that the two bills were virtually identical and therefore they must vote to pass it. Warburg stated,"Brushing aside the external differences affecting the, 'shells,' we find the, 'kernels,' of the two systems very closely resembling and related to one another."

However this admission by Warburg was not made public. Instead, Senator Aldrich, and Frank Vanderlip, the President of Rockefeller's National Citibank of New York, were to publicly state their opposition to the bill in order to make people think that the bill proposed was radically different to the Aldrich bill. Indeed, Frank Vanderlip stated years later in the Saturday Evening Post,

"Although the Aldrich Federal Reserve Plan was defeated when it bore the name Aldrich, nevertheless its essential points were all contained in the plan that finally was adopted."