America 1919

Chapter 1591 582: All Eyes on Atlantic City

Secondly, regarding the current situation, to be honest, even if I personally joined, it would not necessarily be able to oppose Mr. President's new policies.

So Mr. Lamont, I'm terribly sorry, but I cannot agree to your request!"

Tom Lamont didn't expect that even after paying such a huge price, they couldn't persuade Donnie to join them.

At this time, Tom Lamont recalled his conversation with Jack Morgan before coming to Atlantic City to meet Donnie.

"I'm going to Atlantic City to invite Donnie to join us!"

"This is a futile effort; Donnie will not join you!"

"We are willing to pay a price that Donnie can't refuse!"

"That's just what you think is an irresistible price, not what Donnie truly finds irresistible."

"Sir, Donnie joining us offers even greater benefits!"

"Do you really think that Franklin Roosevelt has not promised Donnie greater benefits?"

Despite Jack Morgan's opposition, Tom Lamont eventually came to Atlantic City.

Now he realized that Jack Morgan understood Donnie Block better than he did.

He also became curious about what kind of benefits Franklin Roosevelt promised Donnie.

Such questions naturally couldn't be asked directly, so Tom Lamont played various probing tactics.

Faced with such probing, Donnie certainly wouldn't grant his wishes.

In the end, Tom Lamont left Atlantic City disappointed.

.

Marriner Eccles, who was advocating for Roosevelt's new policies, also hurriedly arrived in Washington at this time.

As a young banker from Utah, Marriner Eccles logically should have been on Wall Street's side.

But Franklin Roosevelt was very clever. He understood that the simplest and most effective way to suppress Wall Street, or even all these bankers nationwide, was to dismantle them from within.

If everyone showed their cards, it would be hard to break the balance between them.

After all, if all the bankers in the United States united, even the mighty Franklin Roosevelt would have to compromise.

This is similar to the situation with some Congress members now.

In the U.S. Congress, there is a group known as the Silver Group.

The so-called Silver Group is essentially from the western United States, including Utah, Nevada, Idaho, New Mexico, Montana, Arizona, and Colorado.

These seven states are major silver-producing areas in the U.S., with over 80% of the national silver enterprises, employing nearly five thousand people.

Most importantly, these seven states hold 14 seats in the Senate, about one-seventh of the total.

Their support or opposition is crucial for the passage of Franklin Roosevelt's new policies.

To garner their support, Franklin Roosevelt needed to compromise with them and agree to the 'Silver Purchase Act' they had long desired.

In simple terms, it means the U.S. Government would spend money to purchase silver from them.

Franklin Roosevelt had been contemplating this issue.

"Mr. President, I didn't mean to target Venus Bank, this was purely unintentional.

I hope, Mr. President, you can explain to Mr. Block on my behalf!"

Marriner Eccles expressed his concern upon meeting Franklin Roosevelt.

Franklin Roosevelt appeared calm, but he felt somewhat apprehensive inside.

Is this the influence of Donnie Block?

Without doing anything specific, just issuing a statement, he already frightened such a promising young banker.

And he was a banker from Utah with no business dealings with Venus Bank.

"Eccles, don't worry. Since you've chosen to stand with me, I will naturally support you!"

Franklin Roosevelt reassured Marriner Eccles and then continued.

"Before you arrived, I already had a conversation with Block over the phone.

From now on, just focus the issue on those people at Wall Street, and stop mentioning the Federal Reserve!"

Marriner Eccles breathed a sigh of relief but also understood.

Franklin Roosevelt had compromised with Donnie Block.

Giving up the attack on the Federal Reserve in exchange for Donnie's continued neutrality on the matter.

"If we give up the attack on the Federal Reserve, then Morgan's influence won't be that greatly diminished!"

Marriner Eccles reminded Franklin Roosevelt.

After the past battle with the Warburg and Rothschild families,

Venus Bank had become the largest shareholder of the Federal Reserve.

The second-largest shareholder was now Morgan.

Moreover, considering the complexity of the Federal Reserve, weakening its power also meant diminishing Morgan's influence.

But they instinctively avoided Venus Bank when attempting this.

Now Kafe Jackson made a statement on behalf of Venus Bank.

This indicated that they had touched on Donnie's core interests.

The connection between the Federal Reserve and Morgan is intricate.

Marriner Eccles believed that without Venus Bank's voice,

Franklin Roosevelt would certainly have continued with policies against the Federal Reserve.

Though Marriner Eccles feared Venus Bank, from his personal interest, he also hoped to seize this opportunity to ascend to the pinnacle of power in the U.S. banking industry.

According to Franklin Roosevelt's idea, they would set up a Federal Reserve Board in Washington.

By then, this board would have seven members.

In fact, if part of the Federal Reserve's power transferred to the board, regional banks would lose much of their initiative.

This would also impact Marriner Eccles's business.

But Franklin Roosevelt promised Marriner Eccles that he would not only become one of the seven members of the Federal Reserve Board but also receive an additional seat.

This would instantly enhance Marriner Eccles's status.

And naturally, his power would increase.

So Marriner Eccles hoped Franklin Roosevelt could persuade Donnie to not intervene in this matter.

Allowing them to continue with this plan!

Franklin Roosevelt understood Marriner Eccles's thoughts.

But he couldn't do that anymore.

Because Donnie clearly stated in the phone call that the Federal Reserve was his red line.

If he continued any action against the Federal Reserve, it would break their alliance and push Donnie towards Morgan.

By then, if Donnie and Morgan united, plus those on Wall Street,

the number of Congress members opposing his new policies would significantly increase.

He wouldn't be able to push for any new policies and would be forever entangled with these Congress members.

"It's still within our acceptable range!"

Franklin Roosevelt first responded to Marriner Eccles and then realized he couldn't fulfill the benefits previously promised to Eccles, so he offered new advantages.

"I have discussed with Block, after this matter, Wall Street will surely face a major reshuffle.

By then, the Treasury Department is willing to support your bank in entering Wall Street, transforming from a regional bank to a national bank."

Marriner Eccles felt immensely disappointed inside.

Even if Wall Street faces a reshuffle, it doesn't mean those established banks will disappear.

Standing on Franklin Roosevelt's side in this battle already made him their opponent!

By the time he goes to Wall Street, he will surely be targeted by these people.

Of course, on this point, Franklin Roosevelt should provide him with some support.

If there is any benefit, it would be transforming his bank from a regional to a national level.

But that still requires his development.

However, facing such a situation, Marriner Eccles had no other choice.

At this point, even Wall Street wouldn't accept him!

He could only follow Franklin Roosevelt to the end of the road!