desk, because I did not want to be one of those who try to inform and educate the country after they have been here for a month or so; and I kept that article until the end of 1906, shortly before the panic, when those conditions arose again, and when one newspaper wanted for an issue at the end of the year an article dealing with the conditions in our country.
“Then I took out that article and touched it up and brought it up to date; and that was the first article of mine that was published. It was called, ‘Defects and Needs of Our Banking System.’...
“That was, however, the first time that I know of that the question of the discount system and the concentration of reserves was really brought out; and I got a great many encouraging letters asking me to go on and explain my ideas.”
Mr. Warburg was perfectly willing to talk to the committee about himself, but not about Kuhn, Loeb & Company, his firm.
“I cannot discuss the affairs of my firm nor my partners,” he said, “nor be asked to criticise acts of my partners, either to approve them or in any other way,” but eventually he did tell a number of things which students of American financial affairs have considered interesting. Of which more later.
On page 77 of the testimony, more personal matters appear:
Senator Bristow—“When did you become a citizen of the United States, Mr. Warburg?”
Mr. Warburg—“1911. Did I not answer that?”
Senator Bristow—“Perhaps so. Did you intend to become a citizen when you came to the United States in 1902?”