DixieDestroyer
Hall of Famer
Having just returned from a family vacation in Georgia's "Golden Isles" of Saint Simons & Jekyll Islands, I had an opportunity to see where the private Federal Reserve was founded (on the Jekyll historic area). FYI, here's some very interesting historical info...
Jekyll Island was the location of a meeting in November, 1910 that may have hastened the creation of the Federal Reserve and affected the 1912 presidential election. Following the Panic of 1907, banking reform became a major issue in the United States. Senator Nelson Aldrich, (R-RI) the chairman of the National Monetary Commission, went to Europe for almost two years to study that continent's banking systems. Upon his return, he brought together many of the country's leading financiers to Jekyll Island to discuss monetary policy and the banking system, an event which some say was the impetus for the creation of the Federal Reserve. [ref book; The Creature from Jekyll Island].
On the evening of November 22, 1910, Sen. Aldrich and A.P. Andrews (Assistant Secretary of the Treasury Department), Paul Warburg (a naturalized German representing Baron Alfred Rothschild's Kuhn, Loeb & Co.), Frank Vanderlip (president of the National City Bank of New York), Henry P. Davison (senior partner of J. P. Morgan Company), Charles D. Norton (president of the Morgan-dominated First National Bank of New York), and Benjamin Strong (representing J. P. Morgan), left Hoboken, New Jersey on a train in view of a group of confused reporters, who were wondering why these bankers, representing about one-sixth of the world's wealth, were gathering at this particular place and time and leaving together.
Forbes magazine founder Bertie Charles Forbes wrote several years later:
Picture a party of the nation's greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily riding hundred of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned, lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written... The utmost secrecy was enjoined upon all. The public must not glean a hint of what was to be done. Senator Aldrich notified each one to go quietly into a private car of which the railroad had received orders to draw up on an unfrequented platform. Off the party set. New York's ubiquitous reporters had been foiled... Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry... Warburg is the link that binds the Aldrich system and the present system together. He more than any one man has made the system possible as a working reality
***Reference page
http://en.wikipedia.org/wiki/Jekyll_Island
P.S. - Here's a link to one of the most informative exposure of the crooked, private Federal Reserve Bank of all times...
http://en.wikipedia.org/wiki/The_Creature_from_Jekyll_Island
Jekyll Island was the location of a meeting in November, 1910 that may have hastened the creation of the Federal Reserve and affected the 1912 presidential election. Following the Panic of 1907, banking reform became a major issue in the United States. Senator Nelson Aldrich, (R-RI) the chairman of the National Monetary Commission, went to Europe for almost two years to study that continent's banking systems. Upon his return, he brought together many of the country's leading financiers to Jekyll Island to discuss monetary policy and the banking system, an event which some say was the impetus for the creation of the Federal Reserve. [ref book; The Creature from Jekyll Island].
On the evening of November 22, 1910, Sen. Aldrich and A.P. Andrews (Assistant Secretary of the Treasury Department), Paul Warburg (a naturalized German representing Baron Alfred Rothschild's Kuhn, Loeb & Co.), Frank Vanderlip (president of the National City Bank of New York), Henry P. Davison (senior partner of J. P. Morgan Company), Charles D. Norton (president of the Morgan-dominated First National Bank of New York), and Benjamin Strong (representing J. P. Morgan), left Hoboken, New Jersey on a train in view of a group of confused reporters, who were wondering why these bankers, representing about one-sixth of the world's wealth, were gathering at this particular place and time and leaving together.
Forbes magazine founder Bertie Charles Forbes wrote several years later:
Picture a party of the nation's greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily riding hundred of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned, lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written... The utmost secrecy was enjoined upon all. The public must not glean a hint of what was to be done. Senator Aldrich notified each one to go quietly into a private car of which the railroad had received orders to draw up on an unfrequented platform. Off the party set. New York's ubiquitous reporters had been foiled... Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry... Warburg is the link that binds the Aldrich system and the present system together. He more than any one man has made the system possible as a working reality
***Reference page
http://en.wikipedia.org/wiki/Jekyll_Island
P.S. - Here's a link to one of the most informative exposure of the crooked, private Federal Reserve Bank of all times...
http://en.wikipedia.org/wiki/The_Creature_from_Jekyll_Island