skillfully. His experience with monetary reform seems to have fathered that belief in him.
Politicians may be necessary pawns to play in the game, but as members of the government Mr. Warburg does not want them in banking. They are not bankers, he says; they don’t understand; banking is nothing for a government man to meddle with. He may be good enough for the Government of the United States; he is not good enough for banking.
“In our country,” says Mr. Warburg, referring to the United States, “with every untrained amateur a candidate for any office, where friendship or help in a presidential campaign, financial or political, has always given a claim for political preferment, where the bids for votes and public favor are ever present in the politician’s mind, ... a direct government management, that is to say, a political management, would prove fatal.... There can be no doubt but that, as drawn at present (1913), with two cabinet officers members of the Federal Reserve Board, and with the vast powers vested in the latter, the Owen-Glass Bill would bring about direct government management.”