"[16], The Aldrich Bill, however, did not become the Federal Reserve Act. I think this is a broad approach, and I like it for that reason; whereas some of the other proposals are not, and I think they would be a misstep at the present time. I am wondering whether you are prepared to go that far, where you say in your statement that you are not trying to outline the details, you mean you are not prepared to say yet what kind of over-all federal legislature should be set up to enact the kind of laws you contemplate? I don't think our present resolutions go far enough, I may be incorrect, but in my understanding, the resolution won't go far enough to change the United Nations from a league of nations to a league of people. I feel grateful to you for your splendid presentation, Mr. Warburg. I should like to make it clear, Mr. Chairman, that I do not minimize the many and complicated problems which will remain to be solved, once Senate Resolution 56 is enacted. Freed from its own myopic, penny-pinching fears, our Government can use this proposal to end the long nightmare in which we have been living. Senator THOMAS of Utah. Paul Warburg papers (MS 535). We then tried to switch to a positive approach, when Secretary Marshall, in launching his well-known project, declared: Our policy is not directed against any country or doctrine, but against hunger, poverty, desperation, and chaos. Our attempt to make this switch was frustrated by Molotov's famous walk-out, which doomed the Marshall plan to become primarily an instrument in the negative cold war. The New World Order, By Conquest or Consent - Spingola If we have it, can we get all the other folks to have that recognition, and then keep faith? The past 15 years of my life have been devoted almost exclusively to studying the problem of world peace and, especially, the relation of the United States to these problems. When the rulers of the Russian people decide that they, too, wish to participate on these terms, then, at long last, the arms race can come to an end, and all the world's peoples can be released from the burden which lies so heavily upon them, and from the overhanging threat of annihilation which beclouds their lives with fear. We have so far been attempting to deal with isolated parts of the world economy without an over-all concept or plan. Under it, all nations, including the Soviet Union, would be eligible for assistance. It virtually says to the President, Now, get busy and see if you can do something about this terrible situation that we are in. The State Department says that they have been busy. Senator SMITH of New Jersey. V. SHOULD WE LET RUSSIA PARTICIPATE IN THE NEW OVER-ALL PLAN? Americans, as before, are suspicious of large financial bodies, especially government ones. Do you think, Mr. Warburg, that it should be a fundamental objective of the foreign policy of the United States to support and strengthen the United Nations and seek its development into a world federation open to all nations with defined and limited power? I think this is true, and not only with respect to Russia. For example, we are trying desperately to integrate western Europe by one major effort, while making another wholly separate effort to raise the living standards of the so-called underdeveloped areas of Asia, Africa, and the Middle East. He was nominated by President Woodrow Wilson to be a governor on the Federal Reserve Board, and was a power in the system in its first years. ***Please sign up forCBN Newslettersand download theCBN News appto ensure you keep receiving the latest news from a distinctly Christian perspective.***.

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