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"We pay Mr. Platt $22,000 a year, and we took his secretary over, of 

course." This meant another five thousand a year.

Senator Brookhart showed that Eugene Meyer, Jr. administered the 

Federal Farm Loan Board against the interests of the American farmer, 

saying:

"Mr. Meyer never loaned more than 180 million dollars of the capital 

stock of 500 million dollars of the farm loan board, so that in aiding the 

farmers he was not even able to use half of the capital."

MR. MEYER: Senator Kenyon wrote me a letter which showed that I 

cooperated with great advantage to the people of Iowa.

SENATOR BROOKHART: "You went out and took the opposite side from 

the  Wall  Street  crowd.  They  always  send  somebody  out  to  do  that.  I 

have not yet discovered in your statements much interest in making 

loans to the farmers at large, or any real effort to help their condition. 

In your two years as head of the Federal Farm Loan Board you made 

very few loans compared to your capital. You loaned only one-eighth 

of the demand, according to your own statement."

Despite the damning evidence uncovered at these Senate Hearings, 

Eugene Meyer, Jr. remained on the Federal Reserve Board.

During this tragic period, chairman Louis McFadden of the House 

Banking and Currency Committee continued his lone crusade against 

the "London Connection" which had wrecked the nation. On June 10, 

1932, McFadden addressed the House of Representatives: