FINAL WARNING: Financial Background
a money system that wouldn’t be under the control of Wall Street’s
International Bankers. In fact, in the summer of 1912, when he
accepted the nomination as the Democratic candidate for the
Presidency, he said: “A concentration of the control of credit ... may at
any time become infinitely dangerous to free enterprise.” According to
the Federal Reserve’s historical narrative, the shift in Wilson’s point of
view was “a combination of political realities and his own lack of
knowledge about banking and finance (and) after his election to the
Presidency, Wilson relied on others for more expert advice on the
currency question.”Because of the voting split in the Republican Party, not only was
Woodrow Wilson able to win the Presidency, but the Democrats gained
control of both houses in Congress.DEMOCRAT (Wilson) 435 electoral votes 6,286,214
popular votes
PROGRESSIVE (Roosevelt) 88 electoral votes 4,126,020
popular votes
REPUBLICAN (Taft) 8 electoral votes 3,483,922 popular
votesRep. Carter Glass of Virginia, Chairman of the Banking and Currency
Committee, met with Wilson after his election, along with H. Parker
Willis (who was Dean of Political Science at George Washington
University) of the National Citizens League, to prepare a Bill, known as
the Glass Bill, which began taking form in January, 1913. Now Plan B
was set into motion. Remember, the National Citizens League,
headquartered in Chicago, had already announced their opposition to
the Aldrich Bill, now the Wall Street banking interests had come out
against the Glass Bill, which was actually the Aldrich Bill in disguise.The Wall Street crowd was generally referred to as the ‘money trust.’
However, a 1912 Wall Street Journal editorial said that the term ‘money
trust’ was just a reference to J. P. Morgan. The suspicion of the ‘money
trust’ peaked in 1912, during an investigation by a House banking
subcommittee which revealed that twelve banks in New York, Boston,
and Chicago, had 746 interlocking directorships in 134 corporations.
Rep. Robert L. Henry of Texas said that for the past five years, the
nation’s financial resources had been “concentrated in the city of New