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When Franklin D. Roosevelt took office as President of the United 

States, he appointed as Director of the Budget James Paul Warburg, 

son of Paul Warburg, and Vice President of the International 

Acceptance Bank and other corporations. Roosevelt appointed as 

Secretary of the Treasury W.H. Woodin, one of the biggest industrialists 

in the country, Director of the American Car Foundry Company and 

numerous other locomotive works, Remington Arms, The Cuba 

Company, Consolidated Cuba Railroads, and other big corporations. 

Woodin was later replaced by Henry Morgenthau, Jr., son of the 

Harlem real estate operator who had helped put Woodrow Wilson in 

the White House. With such a crew as this, Roosevelt’s promises of 

radical social changes showed little likelihood of fulfillment. One of the 

first things he did was to declare a bankers’ moratorium, to help the 

bankers get their records in order.

World’s Work says:

"Congress has left Charles G. Dawes and Eugene Meyer, Jr. free to 

appraise, by their own methods, the security which prospective 

borrowers of the two billion dollar capital may offer."

Roosevelt also set up the Securities Exchange Commission, to see to it 

that no new faces got into the Wall Street gang, which caused the 

following colloquy in Congress:

REPRESENTATIVE WOLCOTT: At hearings before this committee in 1933, 

the economists showed us charts which proved beyond all doubt that 

the dollar value commodities followed the price level of gold. It did 

not, did it?

LEON HENDERSON: No.