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of the House by Rep. Charles A. Lindbergh, Republican member of the 

House Banking and Currency Committee. According to Mr. Lindbergh, 

‘the conspiracy began in’ 1906 when the late J.P. Morgan, Paul M. 

Warburg, a present member of the Federal Reserve Board, the 

National City Bank and other banking firms ‘conspired’ to obtain 

currency legislation in the interest of big business and the appointment 

of a special board to administer such a law, in order to create 

industrial slaves of the masses, the aforesaid conspirators did conspire 

and are now conspiring to have the Federal Reserve Board 

administered so as to enable the conspirators to coordinate all kinds of 

big business and to keep themselves in control of big business in order 

to amalgamate all the trusts into one great trust in restraint and control 

of trade and commerce." The impeachment resolution was not acted 

on by the House.

The New York Times reported on August 10, 1918, "Mr. Warburg’s term 

having expired, he voluntarily retired from the Federal Reserve Board." 

Thus the previous intimation that Mr. Warburg left the Federal Reserve 

Board because he had a brother in the Secret Service of a foreign

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country, namely, Germany, with whom we were at war, was not the 

cause of his retirement. In any case, he did not leave the Federal 

Reserve Administration, as he immediately took over J.P. Morgan’s seat 

on the Federal Advisory Council, from which post he continued to 

administer the Federal Reserve System for the next ten years.

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