Transcription of The Federal Reserve Act of 1913 : history and digest
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The Federal Reserve Act of 1913 : history and digest
THE. Federal Reserve ACT. OF 1913. history AND digest . by V. GILMORE IDEN. PUBLISHED BY. THE NATIONAL BANK NEWS. PHILADELPHIA. Digitized for FRASER. Federal Reserve Bank of St. Louis Digitized for FRASER. Federal Reserve Bank of St. Louis Digitized for FRASER. Federal Reserve Bank of St. Louis Copyright, 1914. by Ccrtttiois Bator Digitized for FRASER. Federal Reserve Bank of St. Louis history of Federal Reserve Act history O N MONDAY, October 21, 1907, the Na . tional Bank of Commerce of New York City announced its refusal to clear for the Knickerbocker Trust Company of the same city. The trust company had deposits amounting to $62,000,000. The next day, following a run of three hours, the Knickerbocker Trust Company paid out $8,000,000 and then suspended. One immediate result was that banks, acting independently, held on tight to the cash they had in their vaults, and money went to a premium.
adopted in Baltimore. Concerning banking legis lation, this platform said: “We oppose the so-called Aldrich bill, of the establishment of a Central Bank, and we believe the people of the country will be largely freed from panics and consequent unemployment and business depression by such a systematic revision of our
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