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Show WARBURG SACRIFICES P R I VATEJHT ER ESTS Declares He Will Devote His Entire Attention to Federal Reserve Board WASHPGTON Aug 1' Paul M Warburg s test mony before the sen ate bankin" comm ttee made public today revealed that as a member of the new federal reser e board he will d vest h mself of every f inane al n terest although not required by law to do so I am go ng to leave K hn Loeb i. Co and I am going to leave my Ham burg firm Mr Warburg told the com m ttee I am go ng to leave every single corporat on w th wn eh I am connected More than that I am going to leave every educational and ph lan thropie associat on w th wh ch I have been connected because I think a man who s on that federal reserve board ought to be 1 ke Caesar s wife he ought to be above susp c on he ought to be without any entangling alii ances Mr Warburg also declared that he intended to d spose of all his interests n railroads ment oning particularly the Bait more & Oh o in which he was a d rector Mr Warburg told the comm ttee that h s ch ef purpose in becom ng a natur al zed Amer can c t zen in 1911 was to bring about currency reform m th s country If you are go ng to sevei your banking connect ons and bxeak them all off 'Senator Eeed suggested. it must be at a tremendous f nane al sae r f ce? A sacrif ce, yes Mr Warburg re 1 1 ed I think it will be a b gger sac rf ce than any of these gentlemen around the table has any idea of When Eres dent W lson asked me whether J would tal e th s thing and put t up to me n a very k nd way and asked whether I was w 11 ng io make the sacr fice because he thought that I was the man for t I felt I had no r ght to deel ne and I will be glad to make the Bacr f ce because I th nk there is a wonderful opportun ty for bring ng a great p eee of constructive work into successful operat on and it appeals to me to do that The present Currency law Mr War burg deemed superior to the Aldrich bill n that dealing w th the ent re country t g ves d ff erent rates of d s co nt wh le the Aldr ch b 11 provides a uniform rate of discount The weak ness of the present law he said lay in the fact that the federal reserve board has got to have very large pow ers m order to overcome the deeentral izat on Throughout h s exam nat on as to var ous b g f nanc al deals of the last few j ears, Mr Warburg ref sed to d s cuss the business affa rs of h s part ners or to g ve judgment upon any of them Quest oned as to h s pol tics he said that bas callv he was a Kepubl can but that n the last contest he was for W 1 on |