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thought out plan to be known as the United Reserve Bank of the United 

States. This was published in The New York Times of March 24, 1910. The 

group interested in the purposes of the National Monetary Commission 

met secretly at Jekyll Island for about two weeks in December, 1910, 

and 

 

 

 

 

 

  

concentrated on the preparation of a bill to be presented to 

Congress by the National Monetary Commission. The men who were 

present  at  Jekyll  Island  were  Senator Aldrich, H. P. Davison of J.P. 

Morgan Company, Paul Warburg of Kuhn, Loeb Company, Frank 

Vanderlip of the National City Bank, and Charles D. Norton of the First 

National Bank. No doubt the ablest banking mind  in the group was 

that of Mr. Warburg, who had had a European banking training. 

Senator  Aldrich had no special training in banking."26

A mention of Paul Warburg, written by Harold Kelloch, and titled, 

"Warburg the Revolutionist" appeared in the Century Magazine, May, 

1915. Kelloch writes:

"He imposed his ideas on a nation of a hundred million people . . . 

Without Mr. Warburg there 

 

 

 

would have been no Federal Reserve Act. 

The banking house of Warburg and Warburg in Hamburg has always 

been strictly a family business. None but a Warburg has been eligible 

for it, but all Warburgs have been born into it. In 1895 he married the 

daughter of the late Solomon Loeb of Kuhn Loeb Company. He 

became a member of Kuhn Loeb Company in 1902. Mr. Warburg’s 

salary from his private business has been approximately a half million a 

year. Mr.Warburg’s motives had been purely those of patriotic self-

sacrifice."

The true purposes of the Federal Reserve Act soon began to disillusion 

many who had at first believed in its claims. W. H. Allen wrote in