Chapter 31 7. The Federal Reserve bill passed, and the dream of bankers came true

At the same time that Wilson was elected president, Plan B was officially launched.On June 26, 1913, only three months after Wilson entered the White House, Representative Banker Glass of Virginia formally presented Plan B in the House of Representatives: the Glass proposal. Banks and other overly stimulating words, replaced by the Federal Reserve.On September 18, the proposal was passed by 287 to 85 votes when most members of the House of Representatives did not know what to do. The bill was sent to the Senate where it became the Glass|Irving bill, Senator Irving was also a banker.The Senate proposal was passed on December 19th.At this time, there are still more than forty differences in the two proposals to be resolved. According to the practice of the two houses, no important bills will be passed within the week before Christmas. It could only be discussed again the next year, so many important lawmakers who opposed the bill left Washington and went home for the holidays.

At this time, a temporary office was set up on Capitol Hill, Paul.Warburg saw this once-in-a-lifetime opportunity and launched a blitzkrieg.In his office, every hour, a group of lawmakers rushed to discuss the next step.On the night of Saturday, December 20th, the Senate and the House of Representatives held a joint meeting to continue discussing important differences.At this time, there is an atmosphere in Congress that the Fed bill must be passed by Christmas at any cost.The White House even announced on December 17 that it had begun considering the first Fed board members.But until late at night on the 20th, none of the important differences had been resolved.It seems unlikely that the Federal Reserve bill will be passed on Monday, December 22nd.

Under the urging of the bankers, the joint meeting decided to continue the meeting all day on Sunday, the 21st, and would not adjourn until the problem was resolved. By late night on the 20th, the Senate and the House of Representatives still had not reached agreement on several important issues.These differences include: the number of banks in the Fed area, how to ensure reserves, the proportion of gold reserves, currency settlement issues in domestic and international trade, proposals for changes in reserves, whether the currency issued by the Federal Reserve can be used as reserves for commercial banks, and government bonds as reserves. The ratio of the Fed's currency issuance collateral and inflation issues, etc.

After a tense day on the 21st, the Monday 22nd New York Times front page featured a currency proposal that could become law's big story today, an article that effusively praised the efficiency of Congress in an almost unprecedented manner. With the speed with which the joint session amended the differences between the proposals of the two chambers, it was all completed this morning.The time period mentioned in this article is about 1:30 am to 4:00 am on Monday.An important bill that will affect the daily life of every American was carried out under such haste and pressure that the vast majority of congressmen never had time to carefully read the amendments, let alone propose amendments.

At 4:30 am on the 22nd, the final document was sent to be printed. At seven o'clock, the final proofreading. At two o'clock in the afternoon, the printed documents were placed on the desks of the congressmen, and a meeting was announced at four o'clock in the afternoon. At four o'clock in the afternoon, the meeting began. At six o'clock sharp, the report of the final joint meeting was submitted. At this time, most of the members had already gone to dinner, and there were very few members in the meeting. At 7:30 p.m., Glass began his twenty-minute speech and then entered the debate stage.

Voting began at 11 o'clock in the evening, and finally passed the House of Representatives by 298 to 60. On the 23rd, two days before Christmas, the Senate voted 43 to 25 (with 27 absent) to pass the Federal Reserve Act.In order to repay Wall Street's kindness, President Wilson formally signed the Federal Reserve Act only one hour after the Senate passed it. Wall Street and the City of London suddenly burst into joy. Bankers gave the bill rave reviews, and Oliver, president of the National Bank of America, said enthusiastically: The passage of this currency bill will have a beneficial effect on the entire country and its operation will aid in business activities.In my opinion, this is the beginning of an era of general prosperity.

Senator Orcie, the originator of the Federal Reserve, revealed in an interview with him in The Independent magazine in July 1914: Before this act (Fed Act), bankers in New York could only control funds in the New York area.Now they can dominate the bank reserves of an entire country. Congressman Lindbergh, a staunch opponent of the Fed bill, delivered a speech to the House of Representatives on this day: This act (the Federal Reserve Act) empowers the greatest credit on earth.When the President signs this bill, the invisible government of money power will be legalized.The people won't know this in the short term, but they will see it in a few years.At that time, the people will need to declare the Declaration of Independence again in order to liberate themselves from the power of money.This money power will be able to ultimately control Congress.If our Senators and Representatives don't lie to Congress, Wall Street cannot lie to us.If we have a people's congress, the people will have stability.The greatest crime of Congress is its Monetary System Act (Fed Act).The Banking Act is the worst legislative crime of our time.Once again, bipartisan leaders and secret meetings deprive the people of the opportunity to benefit from their own government.

After more than 100 years of fierce competition with the US government, international bankers have finally achieved their goal and completely controlled the US national currency issuance rights. The Bank of England model has finally been replicated successfully in the US.