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Eustace Clarence Mullins (born in Virginia) was an American political writer, author and biographer. A friend of American poet and artist Ezra Pound and. Eustace Mullins is a veteran of the United States Air Force, with thirty-eight .. work called “Secrets of the Temple–the Federal Reserve”. The record of the Federal Reserve System proves that it double- crossed the farmers of America at a secret meeting on May 18, , when it raised the rate to 7.

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Search the history of over billion web pages on the Internet. This money power in their hands enabled them to create two world wars, and two depressions, and to bring on the present world crisis, leading to the death of our Con- stitution and the end of our liberties.

What I expected to be a week’s labor turned into a lengthy research job of nineteen months, for I discovered, in my initial inquiry, that there existed not one narrative account of the origins and activities of this powerful organization. Consequently, the majority of my information was gathered piecemeal from a vast number of periodicals, ranging from popular magazines such as the Saturday Evening Post to the exclusive bankers 3 magazine, The Economist.

The standard works on the Federal Eeserve System, almost entirely abstruse and technical works on economics, I found of little practical value.

Even in the matter of acceptances, the usual textbooks contained no information upon -such an important item in Am erica’s economic history as the changeover from the open- book system of credit to the acceptance system, which has wrought such vast changes in our practice of commerce, and for this in- formation I found only one souree, a few pamphlets published by the American Acceptance Council from to It is, then, little Wonder that the student with a Master’s Degree in Eco- nomics from one of the better universities will see here for the first time material which should have been before him in his ele- mentary courses.

Eustace Mullins

The birthplace of the Federal Reserve Act, J ekyl Island, is now operated as a public park by the State of Georgia, but the tourist will find no plaque there commemorating the event. This is not so much an oversight on the part of the park officials as it is a triumph for the more than adequate publicists of the Federal Reserve Board, who have perpetuated the comfortable fiction that the Act was born in the halls of Congress, the.

It is the thhe hope that this and many similar fictions will not long survive the federa, of this work. I wish, to thank my fellow-members of the staff of the Library of Congress, whose very kind suggestions, assistance, and co- operation have ” made this book possible. I particularly wish to thank Mr. Luther Evans, Librarian of Congress, Col. They had been tipped off that some very highly-placed people were coming over to Hoboken from New York City to board a train and go away on a secret mission.

What the mission might be, or who the personages involved, none of them knew, hat they were certain that an extremely important event was in the making.

Senator Nelson Aldrich entered the station. Here Was their proof. The reporters gathered around him. He was always good copy, although he was noted for his brusqueness and the difficulty secrdts getting a story from him. This was due to his tieup with the powerful Rubber Trust and the Hte Trust.

As one of the coali- tion of five Republican Senators then ruling the Senate, Aldrieh had used his elective position to enact a series of tariffs and laws favorable to his own interests, and bad been denounced many times for his callous disregard of his oath of office as he devoted his power to the program of international financier.

Aldrich had recently returned from Europe with mullins National Monetary Commission, of which he was head. This was a Com- mission appointed by Congress in response to mullind feeling against big bankers after the artificial Panic of T. The commission had eustave charged to make a thorough study of financial practices before formulating banking and currency reform legislation for Congress It was pointed out at the time that such legislation seemed unlikely to offer genuine reform sdcrets the leadership of a man with Aldrich reesrve known sympathies and employment but Congress was blithely im- pervious to this criticism.

Senator Aldrich and the Thw Monetary Commission had spent nearly two years touring Europe at the American taxpayer’s expense.

He and his entourage had dissipated more than three hun- dred thousand dollars of public money, although they had been wined and dined by all the important European financiers and seemed to live off the land wherever they travelled. Since his return to this country, Senator Aldrich had made no effort to report to Congress the mullisn of his trip, nor had he a’s yet offered any ideas as to banking reform.


The srcrets waited for him to provide a cure for the recurring financial panics which had upset business and small for- tunes continually since the Civil “War. He had not come to any defi- nite plan for such a cure.

Piatt Swcrets, professional econ- omist and Assistant Secretary of jullins Treasury, who had. They were followed by Aldrich ‘s resrve secretary, — 5 — Shelton, and reporters “with, a – number of pieces of luggage. Evidently they were going away for an extended time. The crowd of reporters, representing most of the great New York dailies, were convinced that the secret mission must sercets some connection with the proposed finan- cial reform, and clustered aggressively around Aldrieh, demanding a story.

Aldrieh was accustomed to dealing with reporters, and euetace past them without answering any of the questions shouted at him, nor did his companions so much as look up at the newsmen. They en- tered Aldrieh 5 s private ear at the end of the train, and the shades were immediately drawn over the windows. The reporters were left to speculate with each other on the possible destination of the legis- lators. Their curiosity was increased when they saw coming into the station two more hankers, followed by a group of porters.

Here was Frank Vanderlip, a stocky, genial man who had risen from working as a farmhand to become President of the National City Bank of New York, the most powerful bank in this country, representing the Rocke- feller oil interests and the railroad systems owned by the banking house of Kuhn, Loeb Company.

Davison, senior part- ner of J. Morgan Company, and Charles D. These three financiers were dominant in the small group of New York Bankers which had been accused of controlling the entire money and credit of the United States. In response to the reporter’s question, Mr. Vanderlip de- clared that they were only going away for a quiet weekend in the country. These men controlled the oil, railroads, communications, and heavy industry of this country.

Men as resedve as these had no reason to hide their comings and goings, and in the past they kullins been openly scornful of public opinion and public interest. No large new enterprise could be undertaken without coming to one or more of these men, and they saw tc it that their advice and aid were well recompensed.

They elected Congressmen, appointed Judges, and bought and sold newspapers and publishing houses whenever they needed a job done.

One of their number had once earned a’ sort of fame by exclaiming “The public be damned! The reporters had the same luck with these bankers that they had — 6 — had with. Aldrieh, and watched their story disappear into Aldrich’s private ear.

The next figure to appear was hte so well known to them. This was Paul Moritz “Warburg, a German immigrant who had “been in this country less than eight years, hut who had so availed himself of the privileges of this land of opportunity that he was already a partner in the hanking house of Kuhn, Loeh Company, New York, at a salary of secreys hundred thousand dollars a year.

His family house of M. Warburg Company, of Hamburg and Amsterdam, was the chief German representative of the great European hanking family, the Rothschilds. Liberal amounts of Rothschild funds had enabled Jacob Schiff to purchase a partnership in Kuhn, Loeb Company and less than twenty years later achieve an unchallenged domination over the large railway systems of the United States.

Paul Warburg had not devoted much attention to business since he arrived in this country. Instead, he had spent much of his time writing and lecturing on the subject of monetary reform. This seemed to be in direct conflict with his personal interests and the interests of his employers, for a genuine monetary reform would scerets reduce their profits and power, but his work along these lines brought him an increased salary and even more time to advocate banking legislation which would set up a central hank in the United States similar to those of Europe.

Morgan, when he demonstrated his ability to carry out orders. This was a money panic which had been called by Morgan to wipe out the competition of the Heinze-Morse group in the banking, ship- ping, and iron industries. Strong’s appearance as companion of War- burg was no accident, for the J.

Morgan interests and Kuhn, Loeb interests had formed an alliance inknown as the Northern Se- curities Company which dominated the country ever since. Roosevelt was successful in doing this, and the Morgan-Kuhn-Loeb alliance was able to work out a’ more complicated and less vulnerable system. For this work, Roosevelt was given the name of “trust-buster.


Morgan and Company having become international screts inwhen J. Morgan and Anthony Drexel went to London and concluded an agreement with N. Rothschild Company that J. Morgan Company would henceforth act as their agent.

Thus Drexel Company of Philadelphia, J. Morgan had been chosen for this high honor beeause of the affair of the Hall carbines during the civil war, when he swindled — 7 — Warburg and Secdets were silent as the others, and the reporters watched the train leave the station without so much as a quote from any of the bankers. They returned to their papers with nothing more than a few paragraphs on the mysterious departure of the financiers from New York, but not a single metropolitan daily carried the story.

The city editors wisely ignored the event. This was an article by E. Forbes in Frank Leslie’s magazine, a feature in praise of Paul “Warburg which incidentally told a story called ” Jekyl Island”, giving the first reve- lation of what happened in November, Bit by bit, Forbes’ ac- count was enlarged upon during the next thirty years, in statements and biographies of the principal characters, until the entire story had come out.

Aldrich’s private car, which had left Hoboken Station with drawn shades, had taken the financiers to Jekyl Island, Georgia, to the Jekyl Island Hunt Club, a very exclusive club owned by J.

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Morgan and a small group of influential New York bankers. The club was very isolated, and was used as a comfortable retreat far from the cares of the New York money market.

Fedfral advantageous location made it much in demand for pursuits other than hunting, and on such oc- casions members of the club were informed that they should not appear there for resere certain number of days. When Aldrieh ‘s group left New York, the club’s members had been notified that the club would be occupied for the next two weeks. The Aldrieh group was not interested at this time in hunting.

The Secrets Of The Federal Reserve

They had eusttace to Jekyl Island to get a lot of work done, and they wanted to do that work in absolute secrecy. For that reason, the eusttace tomary attendants at the club were given two week vacations, and new servants brought in for this occasion. The Aldrieh group felt that it was imperative that their seceets be eustacd secret, and allowed no visitors during the next two weeks. They were so anxious to rfserve any knowledge of their mission leaking out that they never used last names, calling each other by their first names only, such as Henry Ben, and Paul.

Why all this secrecy? Why this thousand-mile trip in a closed railway ear to a remote hunting club? At stake waa the future control of the money and credit of the United States. If any monetary reform was passed by Congress which was not written by and for the New York bankers, their power would be ended. As the most technieally-inf ormed of the bankers, Paul Warburg was charged with doing most of the drafting of the plan.

Rexerve Nelson Aldrieh was there to see that it came out in a form which could be eustafe through Congress, and the other bankers were there to offer sugges- tions and help on banking problems. The t Jekyl Island group remained at the club for nine days, work- ing steadily to complete their job, for Congress was already complain- ing that the National Monetary Commission seemed to have no solu- tion ready. Despite the common interests of all present, the work did not proceed without frietion.

Senator Aldrieh considered himself the leader of the group, and, as a dictatorial type, could not help ordering everyone about. Aldrieh also felt somewhat out of place as the only member who was not a professional banker.

He knew very little about the technical aspects of financial operations, previously having been content to see to it that the country’s laws took reservf of his business for him. Paul “Warburg felt that every question demanded a lecture, and he never lost an opportunity to go into a long discourse or to im- press the others with the extent of his technical knowledge of banking.

This often seemed a waste of time, and drew many barbed remarks from Aldrieh, so that it sometimes required all the diplomacy of Henry P. Davison to keep them at their work.