America 1919

Chapter 791: 271. Jack Morgan joins the Tarot Society_2

Jack Morgan shook his head helplessly and then said with a smile, “OK, Donnie, you can call the three of them now. Perhaps we should meet on a formal occasion and have a drink!”

Donnie’s smile was radiant; he knew the deal had succeeded.

The involvement of the Morgan Family in the Tarot Society wasn’t just about strengthening the society’s influence in the United States itself but also meant leveraging the Morgan Family’s influence to smoothly enter the European market!

The world creditor, that title didn’t come from nowhere!

“Jack, the matter isn’t actually them coming to Atlantic City, but rather the two of us should go to Washington.

Last year, I and Mr. Andrew Mellon had already agreed that my estate in Washington would become the place where the Tarot Society meets annually, and Jack, as a new member of the Tarot Society, naturally you have to go there!”

Jack Morgan nodded, showing no strong aversion to the idea, but asked, “Is there no issue with you heading to Washington at this time?”

It was a critical moment for Donnie’s acquisition of Breton Bank. Jack Morgan thought that Donnie couldn’t afford to leave Atlantic City for Washington.

Donnie smiled easily and said, “Nothing is keeping me here. The acquisition of Breton Bank has never been a difficult task, inviting you, Jack, to join the Tarot Society is the truly important matter!”

“OK, since there’s nothing holding you back, then naturally, nothing is keeping me either. When do we set off?”

Donnie said with a smile, “I’ll make arrangements. This matter still needs to be kept secret. We don’t wish for the Tarot Society’s affairs to be known too widely by outsiders!”

Jack Morgan agreed with Donnie’s arrangements. Regardless of their thoughts on the Tarot Society, once such an organization went public,

it would certainly cause discomfort to some people, among them their competitors and ordinary folks. After all, ordinary people tend to rebel against such organizations!

Under Donnie’s arrangements, while outsiders thought that Donnie and Jack Morgan were still conducting business discussions in Atlantic City,

Donnie and Jack Morgan had already set off for Washington and arrived there smoothly!

Before coming to Washington, Donnie had already been in touch with Andrew Mellon and others over the phone.

So, when Donnie and Jack Morgan arrived at the estate, Andrew Mellon, Coolidge, and General Pan Xing were already waiting there.

The three of them were very pleased about Jack Morgan joining the Tarot Society.

After all, the stronger the members of the Tarot Society, the more powerful the Tarot Society became.

“Jack, it’s been a long time since we last met!”

Andrew Mellon expressed their welcome on behalf of the three.

Jack Morgan said with a smile, “The last time I came to Washington, I didn’t see Mr. Mellon, which I regret!”

It had to be acknowledged that, enabled by loans to the Allies during World War I, the Morgan Consortium was at the height of its power at this time, becoming the most influential private bank in the world.

It could choose the most creditworthy clients and manage many large national loans on its own.

At a time when issuing foreign bonds was a novel concept to American investors, the Morgan Consortium’s approval ensured their popularity.

The Morgan Consortium spoke to foreign governments with the official voice of the American capital market.

Its influence did not come merely from money but also from some intangible things—prestige, political connections, banking alliances, and so on.

These were the things Mellon did not possess.

Yet it was this very prestige that made Morgan the imagined enemy of many, some of whom had even started to suppress Morgan.

Because no one wanted to see such a powerful consortium that could influence national policy existing in the United States.

Therefore, during this period, several events targeted Morgan. For instance, before World War I, countries sought loans from Morgan without the need for White House authorization.

However, in May 1921, during a White House meeting, President Harding informed Morgan’s spokesman, Thomas Lamont, and other Wall Street bankers that, for the nation’s interest, all future foreign loans must be approved by the State Department, Treasury Department, and Commerce Department.

Present ministers—Charles Evans Hughes, Andrew Mellon, and Hoover—expressed their support for the President’s stance.

The Morgan Consortium had no choice but to notify other banks of this arrangement.

Afterwards, Jack Morgan on behalf of Morgan and the Wall Street banks assured Harding that the bankers would “report in detail to the State Department all potential negotiations regarding foreign government loans.”

This incident was very different from the public perception of Harding.

Senator Carter Glass of Virginia condemned this encroachment on bankers’ rights.

This issue also began to subtly change the relationship between Morgan and the Harding Administration.

During this time, rumors persisted that a small conspiratorial group was always looking to dismantle the mighty Morgan, with the initial intent of weakening Morgan’s influence.

And all this, without Mellon’s shadow, no one would believe!

This time, Jack Morgan’s joining the Tarot Society also took this into consideration; he needed to ease relations with the Harding Administration, especially with Mellon.

Andrew Mellon understood Jack Morgan’s intentions, but for now, Andrew Mellon remained silent.