The Birmingham age-herald., 1914-05-16


 having experience. for although he
 ! was not a national banker, yet he was identified prominently with in- Iternational bankers He was a master of the science of banking and ss currency
 as that has been perfected fy the lead | ing civilized nations.
 1 MT. Warburg spoke occasionally and he prepared many articles. writing With l singular clearness and felicity of express
 sion so that men not familiar with bank ing principles were able to grasp his mean- ing He was careful to abstain from ab- stract statements. Associated with him
 was a considerable body of business men.
 John Claflin of New York, one of the
 great merchants of the United States, was
 a leading member of this organization. It
 numbered in its membership business men
 of high character and authority who as
 a whole represented all parts of the United States. Some of the business men of the south were especially earnest in carry ing on this campaign of education. In
 many respects it resembled a campaign of education, wholly nonpartisan, which was organized in 1895 for the purpose of reach ing the great body of the common peo- pie with intent to explain to them what
 business men regarded as the fallacy and
 danger which lurked in the so-called free silver proposition.
 w traordinary session by President Wilson a few weeks after his inauguration met, it
 was clearly established that members who had come fresh from the people, and es- pecally members who represented some l of the sparsely settled districts of the west and south. were persuaded that pub
 lie opinion had set strongly in favor of
 the repeal of the existing national bank ing and currency laws and the enactment of another law. The statement was often
 made in private. and occasionally in pub lie, that but for this pressure of public opinion it would have been impracticable to attempt the enactment of new na- tional banking and currency law. Some times 1t was said that President Wilson had earnestly recommended legislation of this kind because he had Slearned when on his various trips throughout the United States that the people believed the time had come when a new national banking and currency law should be enacted
 This public opinion in great measure reflected the results of the campaign of education undertaken by a considerable body of business men of the United States. Not all of the bankers of the United States were in sympathy with this move ment. It was an expensive undertaking. The preparation and dissemination of a vast amount of printed matter and other work entailed an expenditure understood to have aggregated about $50O.000.
 Tn this service MT. Warburg was very prominent, although before the public not quite so prominently as were some of the business men associated with the move- ment. Many of his friends believe that the service which he gave while this cam- paign of education was under way was even greater than can be any service which he will give while serving as a
 member of the board. For 1t is a greater thing to create wise public opinion than lit is to direct the operations even of a great national banking system. Some time in the winter a confidential view was circulated in this city intimating that President Wilson, who had gained thor ough knowledge of the work done by Mir. Warburg in this campaign of education, was disposed to look upon him as in the highest degree an available public ser- want for sarvice upon the federal reserve board.