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HistoricalBeginnings…The Federal Reserve
By Roger T. JohnsonFederal Reserve Bank of Boston
 
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Roger T. Johnson was a member of the Public Services Department of theFederal Reserve Bank of Boston.Edited by Mary Jane CoyleDesigned by Marilyn RutlandPublished by Public and Community AffairsDepartment, Federal Reserve Bank of BostonRevised, December 1999COVER: The signing of the Federal Reserve Act by President WoodrowWilson, December 23, 1913, is depicted in this painting by Wilbur G.Kurtz, Sr. Commissioned by the Federal Reserve Bank of Atlanta in 1923,the painting is presently on loan to the Federal Reserve Board of Governorsin Washington, D.C. from the Woodrow Wilson Birthplace Foundation inVirginia. While more people were present at the actual signing of the Act,Mr. Kurtz chose to picture the following men. Left to right: Lindley M.Garrison, Secretary of War; Josephus Daniels, Secretary of the Navy;Franklin K. Lane, Secretary of the Interior; A.S. Burleson, PostmasterGeneral; Senator Robert Owen, Chairman of the Senate's Banking andCurrency Committee; Champ Clark, Speaker of the House; William G.McAdoo, Secretary of the Treasury; Woodrow Wilson, President of theUnited States; Representative Carter Glass, Chairman of the HouseCommittee on Banking and Currency; Representative Oscar W.Underwood; and William B. Wilson, Secretary of Labor.
Courtesy, Woodrow Wilson Birthplace Foundation
 
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Contents
INTRODUCTION
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CHAPTER 1. EARLY EXPERIMENTS IN CENTRAL BANKING
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1791: The First Attempt
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1816: The Controversial Second Bank
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1863: The National Banking Act
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Banking Problems Persist
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CHAPTER 2: FINANCIAL REFORM IN THE 20
TH
CENTURY
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1908: The Monetary Commission
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Bankers and the Aldrich Plan
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The "Money Trust"
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Back to the Drawing Board: The Glass-Willis Proposal
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Battle Lines Drawn
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Political Compromises
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Opposition from Bankers
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Passage by Congress
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CHAPTER 3. MAKING THE SYSTEM WORK
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District Line Dilemmas
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Opinion in Boston
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Canvassing the Nation
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Hello, Boston -- Goodbye, Baltimore
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Crossfire
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Getting It Together
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Electing Local Directors
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Wilson's Choices: The Federal Reserve Board
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FOOTNOTES
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BIBLIOGRAPHY
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