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GOVERNOR MILLER: My recollection is that it was called by the Bank of 

France.

GOVERNOR YOUNG: No, it was the League of Nations who called 

them together."

The secret meeting between the Governors of the Federal Reserve 

Board and the heads of the European central banks was not called to 

stabilize anything. It was held to discuss the best way of getting the 

gold held in the United States by the System back to Europe to force 

the nations of that continent back on the gold standard. The League 

of Nations had not yet succeeded in doing that, the objective for 

which that body was set up in the first place, because the Senate of 

the United States

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had refused to let Woodrow Wilson betray us to an international 

monetary authority. It took the Second World War and Franklin D. 

Roosevelt to do that. Meanwhile, Europe  had  to  have  our  gold  and 

the Federal Reserve System gave it to them, five hundred million dollars 

worth. The movement of that gold out of the United States caused the 

deflation of the stock boom, the end of the business prosperity of the 

1920s and the Great Depression of 1929-31, the worst calamity which 

has ever befallen this nation. It is entirely logical to say that the 

American people suffered that depression as a punishment for not 

joining the League of Nations. The bankers knew what would happen 

when that five hundred million dollars worth of gold was sent to 

Europe. They wanted the Depression because it put the business and 

finance of the United States in their hands.