The further reproach of the foundation lacking in the working class is contradicted by the social composition of the revolutionaries of 20 July. As I stated before, all this is irrelevant for the decision of this Tribunal. But my client has a moral right that his defense counsel does not completely ignore this polemic which took place in the spotlight of the world public.

In summing up it must therefore be said:

After the July elections in 1932 it was certain that Hitler would and was bound to seize power. Previously to this Schacht had expressively warned the foreign countries of this development, and therefore not contributed to it. After the seizure of power only two roads were open to him, as to every German: he either had to estrange himself or he had to enter the movement actively. The decision at these crossroads was a purely political one without any criminal aspect. Just as we respect the reasons which caused the foreign countries to collaborate with Hitler much more intensively and pro-Germanically than with the previous democratic governments of Germany, so we must recognize the good faith of all those Germans who believed themselves to be able to serve the country and humanity better because of the greater possibilities of exerting their influence within the movement, therefore, either within the Party or within the apparatus of officialdom, than by grumblingly standing aside. To serve Hitler as minister and President of the Reichsbank was a political decision, about whose political correctness one can now ex post facto argue, which however, lacked any criminal character. Schacht has always remained loyal to the motivating reason for his decision, namely to combat any radicalism from an influential position. Nowhere in the world did a warning signal appear for him. He only saw that the world trusted Hitler much longer than he himself, and permitted Adolf Hitler honors and foreign-political successes, which hampered Schacht's work, when it had already for a long time been directed at removing Adolf Hitler and his government. He led this struggle against Adolf Hitler and his government with a courage and a consequence, which must make it appear as a pure miracle that it was only after 20 July 1944 that the fate of the concentration camp and the danger of losing his head either through the People's Tribunal or through an act of the SS reached him. He is sufficiently clever and self-critical to refrain from escaping the realization that, from the purely political consideration, the picture of his character will waiver in history, or at least in the nearest future, confused by the favor and hatred of the parties. He humbly resigns himself to the judgment of history, even then, if one historian or another will label his political line as incorrect. With

1,500 million Reichsmarks from confiscated Jewish property, to the administration of an international committee, and Germany was to undertake the obligation to repay this amount to the committee in twenty yearly installments, and that in foreign currency; which is the exact opposite of what Justice Jackson asserted here. In December 1938 in London, I discussed this plan with Lord Berstedt, of Samuel and Samuel, with Lord Winterton, and with the American representative, Mr. Rublee. They were all sympathetically disposed toward this plan. Having been removed from the Reichsbank shortly thereafter, however, this matter was dropped. Had it been carried through, no single German Jew would have lost his life.

My opposition to Hitler's policies was known at home and abroad, and that so clearly that even in the year 1940 the Attache of the United States, Mr. Kirk, before leaving his Berlin post, sent me his regards, adding that after the war I would be considered as an unburdened man, a matter which is reported on in detail by witness Huelse in his affidavit, which is 37-B of my document book.

Instead of that, however, the Prosecution for a whole year has branded me in the world press as a robber, murderer, and betrayer. And it is this accusation that I have to thank for standing alone at the eve of my life without means of subsistence and without a home. But the Prosecution is mistaken if they believe, as was mentioned in one of their first speeches, that they can count me amongst the pitiful and broken personalities.

Certainly I erred politically, but my economical and financial policy of creation of work by the assistance of credit has wonderfully proven itself, although I have never claimed to be a politician. The figure of unemployment dropped from 7,000,000 to zero. In the year 1938 the income of the State had risen to such an extent that the repayment of the Reichsbank credits was fully safeguarded. The fact that Hitler refused this repayment, so ceremoniously documented by him, was a tremendous betrayal which I could not foresee. My political mistake was not realizing the extent of Hitler's criminal nature at an early enough time. But not with one single illegal or immoral act did I stain my hands. The terror of the Gestapo did not frighten me; for every terror must fail when conscience is at stake. Here lies this great source of power which religion gives us.

In spite of that, Justice Jackson considered it proper to accuse me of opportunism and cowardice. And this, after the end of the war, found me in the Extermination Camp at Flossenberg, where. I had been imprisoned for ten months, and where only by merciful