Jekyll Island Agreement
Jekyll Island Agreement
Aldrich, however, was not prepared for the progressive tide that reshaped American politics. Social activism was on the rise, and Americans were upset — not other than in our time — by the widening gap between rich and poor that manifested itself in the palace-style villas of railroad barons and industrial barons. The gradual movement was an attempt to balance the scales. Since progressives are all in favor of modernization, they should have viewed central bank proposals positively, but progressives were suspicious of bankers – even reformist bankers – from the start. And they were deeply suspicious of Senator Aldrich, who had acquired his great wealth in shady behind-the-scenes business with monopolies. Aldrich was so disgraced that he decided to flee the public with a group of Wall Street consultants and secretly rewrite the country`s banking laws. Aldrich`s secret efforts, a strange mission to a remote island in Georgia, would forever associate the creation of the Fed with the wildest claims of conspiracy theorists and crazies. Imagine a group of the nation`s greatest bankers flying from New York with a private wagon out of the dark, secretly walking hundreds of miles south, embarking on a mysterious departure, sneaking onto an island abandoned by all but a few servants, and living there for an entire week in such strict secrecy, that the names of none of them have been mentioned. So that the servants do not discover the identity and reveal to the world this strangest, most secret expedition in the history of American finances. I don`t have novels. I give the world the real story for the first time, as was written in Aldrich`s famous monetary report, the basis of our new monetary system. The greatest secret is resurrected to all. The public should not give any indication of what to do.
Senator Aldrich asked everyone to silently board a private car whose railway had been tasked with driving on a non-rare dock. From the plateau of the party. New York`s ubiquitous journalists had been foiled. Nelson (Aldrich) had confided to Henry, Frank, Paul, and Piatt that he would keep them locked up on Jekyll Island, outside the rest of the world, until they had developed and assembled a scientific monetary system for the United States, the real birth of the current Federal Reserve System, the plan that was made at Jekyll Island at the conference with Paul. Frank and Henry. Warburg is the link that connects the Aldrich system and the current system. More than any other man, he made the system possible as the reality of work. The men spent ten days in solitary confinement on Jekyll Island, hard at work, but undoubtedly also in leisure activities. (Aldrich and Davison were so drawn to the island that they became members of the club two years later.) At a Thanksgiving dinner with wild turkey filled with oysters, they argued and debated. But men knew they were incubating something bigger than themselves. They formulated a plan for the banking sector in the United States and for American banking power around the world. .