America 1919

Chapter 1580 - Capítulo 1580: 577: The Plan Against Morgan Begins

Capítulo 1580: Chapter 577: The Plan Against Morgan Begins

Donnie’s plan was progressing in an orderly manner, but at this time, Morgan in New York encountered great trouble.

This trouble forced Jack Morgan to personally come to Atlantic City to discuss countermeasures with Donnie.

In the past, such a situation was not really considered much.

But ever since Franklin Roosevelt was elected president,

the relationship between Donnie and Jack Morgan had become somewhat complicated.

In fact, Morgan had always been doing the same thing as Donnie,

trying to enhance “friendships” with political friends.

However, because the Morgan Family could not be as familiar as Donnie in knowing about every generation of U.S. presidents,

the Morgan Family could not make precise investments like Donnie.

The thing they preferred most was to make political donations to the presidential candidates they favored!

In the 1876 presidential election, John Morgan, Drexel, and other bank partners each donated $5000 to the Republican candidate Hayes.

Morgan also donated another $5000 in his father’s name, even though the latter felt uncomfortable with mixing banking with politics in this way.

Morgan explained to his father that such donations were “most beneficial for future syndicate business and business conveniences.”

Indeed, after Hayes became president, he appointed the “most suitable candidate” in the minds of these bankers—Ohio Senator John Sherman—as Treasurer, who lived up to expectations by continuously granting them the largest permissible loan licenses.

Afterwards, whenever Morgan went to Washington, he would go to see “their” Treasurer and visit the President, even if just for a brief greeting.

Additionally, providing “appropriate compensation” for the government servants from the “friendly assistance” offered by the Morgan Bank became routine.

Before this, Morgan supported the Republican Party, but due to the Tarot Society, during this campaign process, Jack Morgan also followed the advice within the Tarot Society.

Ultimately, Morgan’s support for the Republicans was placed on Franklin Roosevelt.

But support for Franklin Roosevelt was not exclusive.

Morgan invested on both sides, donating to both Franklin Roosevelt and Herbert Hoover.

However, Jack Morgan did not, like Donnie, manage the relationships on both sides before the election.

Nonetheless, in Jack Morgan’s view, since he donated to Franklin Roosevelt, he should receive the corresponding reward from Franklin Roosevelt.

Therefore, Jack Morgan hoped to have Russell Leffingwell, a former Morgan partner and Assistant Treasurer, take on the position of Treasurer.

This idea of Jack Morgan, naturally, was contrary to Donnie’s.

After all, Donnie also needed Robert Lillard to serve as the Treasurer of this term in the United States.

In such a context, it was inevitable that some differences would arise between the Block Family and the Morgan Family.

The final result, as everyone saw, was that after Donnie formed an alliance with Franklin Roosevelt, Robert Lillard became the new Treasurer of the United States.

And Jack Morgan’s recommendation, Russell Leffingwell, lost this qualification.

“Block, this is Roosevelt declaring war on the entire Wall Street!”

After Jack Morgan met with Donnie, he did not mention the previous competition for the Treasurer position.

Instead, he directly tied Donnie and Wall Street together.

Donnie was well aware of Jack Morgan’s anger at this moment.

It was already May by now.

After failing to compete for the Treasurer, Morgan still hoped to gain Franklin Roosevelt’s support.

After all, Franklin Roosevelt, who was very powerful after taking office, combined with the support of the public and Roosevelt’s maneuvers in Congress,

forced Morgan, the Wall Street behemoth, to have no choice but to submit to Franklin Roosevelt.

So, after confirming that Franklin Roosevelt wanted to abandon the gold standard, Morgan made a corresponding support plan.

Russell Leffingwell invited the famous American news commentator Walter Lippmann to lunch to discuss how to provide public opinion support for Roosevelt’s ending the gold standard.

Russell Leffingwell told Walter Lippmann: “Walter, you must explain to people why we can no longer afford to bind ourselves to the consequences of the gold standard. After this, perhaps Roosevelt can take action.”

The day after Lippmann’s column was published, Roosevelt publicly advocated ending the use of gold, detaching the US dollar from the gold standard.

This was the second collaboration between the Morgan Consortium and the federal government on the gold issue.

The last time was in 1895, when the elder Morgan teamed up with the United Kingdom’s Rothschilds to underwrite $65 million in U.S. federal government gold bonds, successfully raising 3.5 million ounces of gold, thereby rescuing the American gold standard system on the verge of collapse.

Although Franklin Roosevelt had previously vetoed the appointment of Russell Leffingwell as Treasurer,

senior partners in the Morgan Consortium still believed that with their own financial strength, extensive political and economic network, and proactive “goodwill” to the new government,

their close relationship with the Republican government throughout the 1920s would continue under Franklin Roosevelt’s rule.

But clearly, this idea was wrong.

Franklin Roosevelt first targeted Venus Bank, and now intends to target Morgan.

In fact, it is the same reason; he needs a target to establish power!