FINAL WARNING: Financial Background
Illuminati’s head man in the Senate. A member of Congress for 40
years, 36 of them in the Senate, he was Chairman of the powerful
Senate Finance Committee.In the House of Representatives, Rep. E. B. Vreeland of New York,
proposed the Vreeland Bill. After making some compromises with
Aldrich, and Speaker of the House Joseph Cannon, at a meeting in a
hotel room at the Arlington House, his bill became known as the
Vreeland Substitute. It called for the acceptance of asset currency, but
only in cases of emergency, and the currency would be based on
commercial paper rather than bonds. It passed in the House, 184 -145;
but when it got to the Senate, Aldrich moved against it, and pushed for
further compromises. The Aldrich-Vreeland Bill, called the Emergency
Currency Act, was passed on May 30, 1908, and led to the creation of
the National Monetary Commission, which was made up of members of
Congress. Now, any monetary legislation sent to Congress, would
have to go through this group first.The Bill approved by the National Monetary Commission was known as
the Aldrich Bill, and formed the legislative base for the Federal
Reserve Act. It was introduced as an amendment to the Republican
sponsored Payne-Aldrich Tariff Bill, in order to have Republican
support. It was based on Warburg’s plan, except it would only have 15
districts; half of the directors on the district level would be chosen by
the banks, a third by the stockholders, and a sixth by the other
directors. On the National Board: two chosen by each district; nine
chosen by the stockholders; and seven ex-officio members to be the
Governor, Chairman of the Board, two Deputy Governors, Secretary of
the Treasury, Secretary of Commerce and Labor, Secretary of
Agriculture, and Comptroller of the Currency. Most people were
against the Bill, because it finally identified the banking institution as a
central bank, and the Democratic Party opposed it in the 1912 Party
platform.Aldrich was appointed as head of the National Monetary Commission,
and from 1908-10, at a cost of $300,000, this 16-man committee
traveled around Europe to study the central banking system.In 1910, Warburg gave a speech entitled, “A United Reserve Bank of
the United States,” which called for a United Reserve Bank to be