54

who whipped Congress into line on the tariff bill, on 

 

 

the Panama Canal 

tolls repeal, and on the currency bill." Mr. Bryan later wrote, "That is the 

one thing in my public career that I regret--my work to secure the 

enactment of the Federal Reserve Law."

On December 25, 1913, The Nation pointed out that "The New York 

Stock Market began to rise steadily upon news that the Senate was 

ready to pass the Federal Reserve Act."

This belies the claim that the Federal Reserve Act was a monetary 

reform bill. The New York Stock Exchange is generally considered an 

accurate barometer of the true meaning of any financial legislation 

passed in Washington. Senator Aldrich also decided that he no longer 

had misgivings about the Federal Reserve Act. In a magazine which he 

owned, and which he called The Independent, he wrote in July, 1914: 

"Before the passage of this Act, the New York bankers could only 

dominate the reserves of New York. Now we are able to dominate the 

bank reserves of the entire country."

H.W. Loucks denounced the Federal Reserve Act in The Great 

Conspiracy of the House of Morgan, 

 

 

"In the Federal Reserve Law, they 

have wrested from the people and secured for themselves the

constitutional power to issue money and regulate the value thereof." 

On page 31, Loucks writes, "The House of Morgan is now in supreme 

control of our industry, commerce and political affairs.

They are in complete control of the policy making of the Democratic, 

Republican and Progressive 

 

parties. The present extraordinary 

propaganda for ‘preparedness’ is planned more for home coercion 

than for defense against foreign aggression."22 The signing of the 

Federal Reserve Act by Woodrow Wilson represented the culmination