[upper row L to R:] FDR, Edward Mandel
House, Oliver Mitchell Wentworth
Sprague, and William H. Woodin
[lower row L to R:] Henry Morgenthau
Jr., Rexford Tugwell, JP "Jack" Morgan
Jr., and Andrew Jackson
On November 21, 1933, US President
Franklin Delano Roosevelt wrote to his
friend Edward
M. House, a banker and former foreign
policy advisor to Woodrow Wilson. In
the letter he
mentions all of men pictured above, but
the most intriguing comments in his
letter were:
I had a nice talk with Jack Morgan (JP Morgan Jr) the other day and he seemed more worried about Tugwell's speech than about anything else, especially when Tugwell said, "From now on property rights and financial rights will be subordinated to human rights." J. P. M. did not seem much troubled over the gold purchasing, and confessed that he had been completely misled in regard to the Federal expenditures.The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson—and I am not wholly excepting the Administration of W. W. The country is going through a repetition of Jackson's fight with the Bank of the United States—only on a far bigger and broader basis.
click image to enlarge
F. D.
R., His Personal Letters, Volume 3.
Edited by Elliott Roosevelt. New
York; Kraus Reprint Co. 1950. pp.
373-373.
