PM in its first issue, June 14, reports that to Holt "it is all as simple as a nursery rhyme". The senate Munitions Investigating Committee, headed by Nye, established that the Morgan bank was a partisan of the Allies from 1914 on and did what it could, which was a great deal, to get the United States into the first World War. As purchasing agent for the Allies, its commissions amounted to more than $20,000,000; as banker, millions more. Lord Northcliffe is supposed to have said that the British spent $150,000,000 on propaganda between 1914 and 1917.
"The British 'Fifth column', as it parades across the pages of the Congressional Record, is more impressive than the Buckingham Palace guard. Thomas W. Lamont, the Morgan partner, leads the procession in busby and kilts. Behind him, prodding him with a pike, comes Lord Lothian, the British Ambassador. Then follow the Wall Street bankers; Henry L. Stimson, former Secretary of State; Lewis Douglas, former Budget Director; President James Conant of Harvard and assorted newspaper publishers. The device on their shields of British gold is William Allen White, rampant against the format of the Emporia Gazette. The British Fifth Column is 100 per cent American. The money behind White's advertisements is surely American money contributed by wealthy Anglophiles . . . sincere in their belief, shared by leaders of the Roosevelt administration, that the British Navy is this country's first line of defense and its destruction would imperil the Western world."(9)
Senator Holt, reacting to the appointment of Stimson, who advocates throwing our navy yards open to the British fleet, recalled that there had long been pressure from London to get Woodring out. "'It has succeeded', Holt shouted. 'Did Lord Lothian, the British ambassador, tell the President?' Holt said Woodring tried to do everything within the law to aid the allies, but to look out for the United States first, while his successor's policy was 'to do anything for the allies that is necessary and America be damned'." ( Boston Herald, June 21)
June 21, 1940