The Federal Reserve System (Classic Reprint)

THE FEDEEAL EESEKVE SYSTEM
By Henry Parker Willis, A.B., Ph.D.
The Federal Reserve Act, passed by Congress on December 23,1913, is the outcome of a discussion of banking conditions extending more or less sporadically over the years since the Civil "War, but assuming an increasing degree of urgency from and after the panic of 1893.
The JSTational Banking System had been established during the Civil War, partly as'the result of the Government's financial necessities of that period. It was, before the adoption of the new act, a system of independent and unrelated banks with capitals varying from $25,000' to $25,000,000, holding out, practically irrespective of any definite principles, to any group of five individuals the right to organize and incorporate under its terms. Its characteristic feature, apart from this competitive and independent aspect, lay in its provision for the issuance of currency protected by the bonds of the National Government which were required to be purcha

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