Chapter 30 6. Plan B

The planning of the banking magnates on Jekyll Island was so secret that, out of scrupulous professional instinct, they prepared two plans.The first is the plan hosted by Senator Orcie, who is responsible for feint attacks in order to attract the firepower of the opposition. The Republican Party is the supporter of the Orcie plan.Another plan called Plan B is the real main direction of attack, which is the later Federal Reserve Act, and the Democratic Party is the main driving force.In fact, there is no essential difference between the two schemes, only the wording is different. The presidential election is also carried out around this core goal.The relationship between Senator Olige and Wall Street is well known. In the strong anti-Wall Street atmosphere in the whole country at that time, the financial reform bill proposed by him was bound to fail.The Democratic Party, which has been away from the center of power for many years, has always played a role in strongly criticizing financial monopoly, coupled with Wilson, who has a fresh image, all these make the Federal Reserve bill supported by the Democratic Party have a greater chance of being accepted.The crisis design in 1907 cleverly reached a bipartisan consensus that the financial system must be reformed, and complied with public opinion. At this time, it became a logical necessity for the bankers to sacrifice the Republican Party and complete the Democratic Party.

To further confuse the public, bankers have resorted to the cunning trick of pitting two factions who actually support different versions of the same content against each other.Senator Orci took the lead, slamming the Democratic proposal as hostile to the banks and bad for the government.He declared that any departure from the gold standard for fiat monetary policy was a serious challenge to bankers.The Nation magazine, October 23, 1913, stated that Mr. Orlich objected to a government fiat currency not backed by gold, precisely the bill he himself introduced in 1908 (the Emergency Currency Act). to do.He should also know that the government has virtually nothing to do with the issuance of money, and that (the bill under discussion provides) the Federal Reserve Board has complete control over the issuance of money.

The Democratic Party's accusations against the Olici proposal are also eye-opening. They claim that Olić is protecting the interests of Wall Street bankers and a financial monopoly, while the Federal Reserve proposal proposed by the Democratic Party aims to break this monopoly and establish a financial monopoly. A perfect central banking system with separation of regions, appointment of the president, review by Congress, mutual checks of bankers providing expert advice, and separation of powers.Wilson, who was ignorant of financial affairs, believed in this plan sincerely and broke the monopoly of Wall Street bankers on finance.

It is precisely because Olige, Van Drip and Wall Street spared no effort to oppose and criticize that the Federal Reserve Act of the Democratic Party has won the favor of the people, and the bankers have played the strategy of building the plank road to an amazing level. .