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.Three of theseven men, J.P.Morgan, James J.Hill, and George F.Baker, head ofthe First National Bank of New York belong to the so-called Morgangroup; four of them, John D.and William Rockefeller, James Stillman,head of the National City Bank, and Jacob H.Schiff of the privatebanking firm of Kuhn, Loeb Company, to the so-called Standard OilCity Bank group.the central machine of capital extends its controlover the United States.The process is not only economically logical; itis now practically automatic."3282 Thus we see that the 1910 plot to seize control of the money and creditof the people of the United States was planned by men who alreadycontrolled most of the country s resources.It seemed to John Moody"practically automatic" that they should continue with their operations.What John Moody did not know, or did not tell his readers, was thatthe most powerful men in the United States were themselvesanswerable to another power, a foreign power, and a power whichhad been steadfastly seeking to extend its control over the youngrepublic of the United States since its very inception.This power wasthe financial power of England, centered in the London Branch of theHouse of Rothschild.The fact was that in 1910, the United States was forall practical purposes being ruled__________________________32 John Moody, "The Seven Men", McClure s Magazine, August, 1911,p.41847from England, and so it is today.The ten largest bank holdingcompanies in the United States are firmly in the hands of certainbanking houses, all of which have branches in London.They are J.P.Morgan Company, Brown Brothers Harriman, Warburg, Kuhn Loeb andJ.Henry Schroder.All of them maintain close relationships with theHouse of Rothschild, principally through the Rothschild control ofinternational money markets through its manipulation of the price ofgold.Each day, the world price of gold is set in the London office ofN.M.Rothschild and Company.83 Although these firms are ostensibly American firms, which merelymaintain branches in London, the fact is that these banking housesactually take their direction from London.Their history is a fascinatingone, and unknown to the American public, originating as it did in theinternational traffic in gold, slaves, diamonds, and other contraband.There are no moral considerations in any business decision made bythese firms.They are interested solely in money and power.Tourists today gape at the magnificent mansions of the very rich inNewport, Rhode Island, without realizing that not only do these"cottages" stand as a memorial to the baronial desires of our Victorianmillionaires, but that their erection in Newport represented a nostalgicmemorialization of the great American fortunes, which had theirbeginnings in Newport when it was the capital of the slave trade.The slave trade for centuries had its headquarters in Venice, untilSeventeenth Century Britain, the new master of the seas, used itscontrol of the oceans to gain a monopoly.As the American colonieswere settled, its fiercely independent people, most of whom did notwant slaves, found to their surprise that slaves were being sent to ourports in great numbers.For many years, Newport was the capital of this unsavory trade.WilliamEllery, the Collector of the Port of Newport, said in 1791:".an Ethiopian cld as soon change his skin as a Newport merchant cldbe induced to change so lucrative a trade.for the slow profits of anymanufactory."84 John Quincy Adams remarked in his Diary, page 459, "Newport sformer prosperity was chiefly owing to its extensive employment in theAfrican slave trade."The pre-eminence of J.P.Morgan and the Brown firm in Americanfinance can be dated to the development of Baltimore as thenineteenth century capital of the slave trade.Both of these firmsoriginated in Baltimore, opened branches in London, came under theaegis of the House of Rothschild, and returned to the United States toopen branches in New York and to become the dominant power, notonly in finance, but also in government.In recent years, key posts suchas Secretary of Defense have been held by Robert Lovett, partner ofBrown Brothers Harriman, and Thomas S.Gates, partner of Drexel andCompany, a J.P.Morgan sub-48sidiary firm.The present Vice President, George Bush, is the son ofPrescott Bush, a partner of Brown Brothers Harriman, for many years thesenator from Connecticut, and the financial organizer of ColumbiaBroadcasting System of which he also was a director for many years.To understand why these firms operate as they do, it is necessary togive a brief history of their origins.Few Americans know that J.P.Morgan Company began as George Peabody and Company.George Peabody (1795-1869), born at South Danvers, Massachusetts,began business in Georgetown, D.C.in 1814 as Peabody, Riggs andCompany, dealing in wholesale dry goods, and in operating theGeorgetown Slave Market.In 1815, to be closer to their source ofsupply, they moved to Baltimore, where they operated as Peabodyand Riggs, from 1815 to 1835.Peabody found himself increasingly85 involved with business originating from London, and in 1835, heestablished the firm of George Peabody and Company in London.Hehad excellent entree in London business through another Baltimore firmestablished in Liverpool, the Brown Brothers.Alexander Brown came toBaltimore in 1801, and established what is now known as the oldestbanking house in the United States, still operating as Brown BrothersHarriman of New York; Brown, Shipley and Company of England; andAlex Brown and Son of Baltimore.The behind the scenes powerwielded by this firm is indicated by the fact that Sir Montagu Norman,Governor of the Bank of England for many years, was a partner ofBrown, Shipley and Company
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