There is evidently, then, a method of administration for which severe critics might even use the word “manipulation,” by which the plain provisions of a banking law, whatever they may be, may be, if not evaded, then somewhat adapted.
This idea is brought to mind by a more colloquial expression of Mr. Warburg’s to be found in his address on “bank acceptances” delivered in 1919:
“In this connection I am reminded of a story I once heard concerning a man belonging to a species now soon to be extinct and to be found by our children in Webster’s dictionary only, the ‘bartender.’ A man of this profession, in pre-historic times, was abandoning his position and was turning over his cash-register to his successor. ‘Please show me how it works,’ said the newcomer. ‘I will show you how it works,’ said the other, ‘but I won’t show you how to work it.’”
The politics of Mr. Warburg and the firm of Kuhn, Loeb & Company formed part of the inquiry, and Mr. Warburg made some interesting revelations, which illustrate the oft-repeated statement that it is part of Jewish policy—perhaps of large financial firms generally—to attach themselves to both parties so that certain interests may be the winners regardless of which party is defeated.
Senator Pomerene—“What are your politics?”
Senator Nelson—“No; we have not raised that before this committee.”
Senator Reed—“It has not been raised here, but I should like to know.”
Senator Pomerene—“It has been raised before the Senate.”
Senator Reed—“I will say why I should like to know.”
Senator Pomerene—“Well, I have no objection to saying what was in my own mind.”