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Topic: History of the Federal Reserve

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	EH.Net Encyclopedia: Federal Reserve
		On the private side, the Fed was to be polycentric system of 12 reserve banks, each having the power to produce a distinct gold-backed currency marked by a seal indicating the district of origin, each owned by its member banks, and each required to finance itself from earnings.
		On the public side, the most important government element was the Federal Reserve Board, a political body that was to oversee the operation of the system.
		Whether the populist founders of the Federal Reserve were fully aware of the role the open market operation loophole might play is subject to debate.
	eh.net /encyclopedia/article/toma.reserve (1042 words)

	Early History - About the Fed, Federal Reserve Bank of Chicago (Site not responding. Last check: 2007-10-12)
		As specified in the Federal Reserve Act, six of the Bank's nine directors were elected by member banks.
		The appointment was in keeping with the Federal Reserve Act, which specified two positions: governor, and chairman of the board and federal reserve agent.
		The federal reserve agent, in the words of one of the directors, was to "have a minor position." (The Growth of Chicago Banks)
	www.chicagofed.org /about_the_fed/our_history.cfm (1457 words)

	Federal Reserve System - Wikipedia, the free encyclopedia
		Federal Reserve Notes were created as part of the legislation, to provide a supply of currency.
		Edward Griffin argues that "the Federal Reserve Bank" was organized in secret at Jekyll Island, Georgia by a conspiracy of financiers.
		Masters of the Universe: The Secret Birth of the Federal Reserve is a 1999 documentary featuring authors Michael Collins Piper, William Gill, and Eustace Mullins, all of whom contend that "The Fed" is illegal and is the source of America's multi-trillion dollar national debt.
	en.wikipedia.org /wiki/Federal_Reserve (4066 words)

	A History of the Federal Reserve, Vol. I: 1913-51
		This book must be the starting point for future studies of Federal Reserve monetary policy, not only for the period covered by the book, but also for the succeeding fifty years because the Fed's organization and most of its beliefs and procedures were developed in the earlier period.
		The Fed's lack of attention to the banking structure is striking in light of England's experience, where the encouragement of amalgamations after the Panic of 1825, which was attributed to the fragility of small banks, contributed to the decline in the frequency and severity of panics as the nineteenth century progressed (none after 1866).
		The Federal Reserve Act has been interpreted as a legal implementation of the doctrine by its limitation of private discounting to real bills of exchange, that is, short-term lending secured by inventories.
	eh.net /bookreviews/library/0640.shtml (2945 words)

	Federal Reserve Bank of Minneapolis - About the Fed - Federal Reserve History (Site not responding. Last check: 2007-10-12)
		The Federal Reserve System is the central bank of the United States.
		Congress created the Federal Reserve through a law passed in 1913, charging it with a responsibility to foster a sound banking system and a healthy economy.
		This remains, today, the broad mission of the Fed and its component parts: the 12 Federal Reserve Banks nationwide, each serving a specific region of the country; and the Board of Governors in Washington, D.C., established to oversee the Fed System.
	minneapolisfed.org /info/sys/history (420 words)

	How the Fed works: History
		The Federal Reserve Bank of Cleveland was established in 1914 as a part of the Federal Reserve System, the central bank of the United States.
		Cleveland is the headquarters of the Fourth Federal Reserve District.
		The act established the Federal Reserve Banks, whose purpose would be to furnish an elastic currency for the country and to establish more effective banking supervision.
	www.clevelandfed.org /About/history.cfm (805 words)

	How the Federal Reserve works
		The Federal Reserve's unique and complex structure was designed by Congress to give the System a broad perspective on economic activity in all parts of the country — and to create a balance of public and private control.
		The Reserve Bank presidents are appointed to five-year terms by the bank's board of directors.
		The president of the New York Reserve Bank serves on a continuous basis and is the vice chairman of the Committee.
	www.clevelandfed.org /about/historyfrs.cfm (670 words)

	Federal Reserve Bank of Minneapolis - Money Curriculum Unit - History (Site not responding. Last check: 2007-10-12)
		The Federal Reserve notes we use today are an example of fiat money.
		The old coins were gradually removed from circulation and replaced with new copper-cored coins that were faced or “clad” with layers of an alloy of 75 percent copper and 25 percent nickel—the same alloy used in nickels.
		The Federal Reserve is responsible for maintaining the integrity of US currency by setting monetary policy —controlling the amount of money in circulation—to keep prices stable.
	minneapolisfed.org /econed/curric/history.cfm (713 words)

	Federal Reserve Bank of Philadelphia - History of Currency Counting
		Federal Reserve Banks operate much like any other bank: they accept and verify deposits, and provide cash on demand to their customers, individual member banks.
		The Federal Bill Counter enabled tellers to keep pace with rapidly increasing volumes of currency and was considered a marvel of the modern age.
		The Federal Bill Counter, virtually unchanged in design, was still the centerpiece of counting equipment, and fitness and authenticity continued to be determined by sight and feel.
	www.phil.frb.org /education/counting.html (2118 words)

	A History of the Federal Reserve: 1913-1951 by University of Chicago Press (Site not responding. Last check: 2007-10-12)
		To understand why the Federal Reserve acted as it did at key points in its history, Meltzer draws on meeting minutes, correspondence, and other internal documents (many made public only during the 1970s) to trace the reasoning behind its policy decisions.
		He explains, for instance, why the Federal Reserve remained passive throughout most of the economic decline that led to the Great Depression, and how the Board's actions helped to produce the deep recession of 1937 and 1938.
		A History of the Federal Reserve: 1913-1951 by Uni : Allan H. Meltzer's monumental history of the Federal Reserve System tells the story of one of America's most...
	www.tonsofspecials.com /sales.php?330431 (821 words)

	Brookings: Library: Archives: Committee on the History of the Federal Reserve System COMMITTEE ON THE HISTORY OF THE ...
		Called the Committee on the History of the Federal Reserve System, its original members were Allan Sproul (chairman), Donald Woodward (secretary), W. Randolph Burgess, William McChesney Martin, Jr., and Walter Stewart.
		Of particular interest and value are the "Register of Papers Which Bear on the History of the Federal Reserve System," compiled by the staff of the committee between 1954 and 1956 and providing location, size, and condition of collections listed, and the "Inventory of the Carter Glass Papers," completed in 1954 with committee support.
		Also included are fl-and-white photographs of Federal Reserve Board leaders, including a group shot of the first Board of Governors; and original copies of political cartoons concerning free silver printed in Judge, 1892-1896.
	www.brook.edu /lib/committee.htm (2138 words)

	Amazon.ca: A History of the Federal Reserve: Volume 1: 1913-1951: Books: Alan Greenspan,Allan H. Meltzer (Site not responding. Last check: 2007-10-12)
		Using meeting minutes, correspondence, and internal Federal Reserve documents, he traces the reasons behind Federal Reserves policy decisions, highlights the impact that individuals and events had on the Fed, and examines the Fed's influence on international affairs.
		Meltzer also examines the influence the Federal Reserve has had on international affairs, from attempts to build a new international financial system in the 1920s to the Bretton Woods Agreement of 1944 that established the International Monetary Fund and the World Bank, and the failure of the London Economic Conference of 1933.
		This much heralded account of the Federal Reserve is justly lauded in academic circles because Meltzer brings forth many Fed documents which have long been buried away and unavailable to scholars.
	www.amazon.ca /History-Federal-Reserve-1913-1951/dp/0226519996 (1040 words)

	SSRN-A History of the Federal Reserve; Chapter 3: In the Beginning, 1913-21 by Allan Meltzer (Site not responding. Last check: 2007-10-12)
		The experience during inflation and deflation convinced the Federal Reserve that its conception was flawed.
		Farmers and small merchants were highly critical of Federal Reserve policy, particularly the rise in interest rates and reliance on so-called progressive discount rates.
		To many in the south and west, the Federal Reserve had done what they feared most--raised interest rates to help Wall Street and bankers at the expense of farmers and merchants.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=55153 (645 words)

	American Liberty Dollar
		April 15, 2005 In a recent speech, former Federal Reserve Chairman Paul Volcker voiced his concerns for the future the American economy and that of the rest of the world.
		Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything.
		The Federal Reserve was illegally established, in 1913, by corrupt legislators in sufficient numbers to sneak the legislation through just hours before Christmas when the honest legislators who would have blocked it were home for the holidays (folks traveled by horse and buggy and trains back then).
	www.libertydollar.org /ld/federal-reserve (1535 words)

	Sources on Monetary History
		The coin collection covers the history of coinage from its origins to the present day, and the national collection of paper money, contained notes ranging from 14th century China to current issues from banks all over the world.
		An outline history of the French franc from the Battle of Poitiers onwards.
		A history of the Spanish and Mexican peso.
	www.ex.ac.uk /~RDavies/arian/other.html (2142 words)

	The Federal Reserve - Member and Non-Member Banks
		The structure of the Federal Reserve as described by the Federal Reserve Act made 12 Districts around the nation.
		Those seeking membership, “must subscribe to stock in their regional Federal Reserve Bank in an amount equal to 6 percent of their capital and surplus, of which 3 percent must be paid in.
		The interesting thing about stock in the Federal Reserve System is that these banks have no controlling interest.
	userpages.umbc.edu /~joelg2/fed/banks.html (276 words)

	FRBB: Boston Fed Presidents
		In 1927, President Coolidge appointed him to be a Governor of the Federal Reserve Board in Washington, DC, and in 1930, Young accepted the position of President of the Federal Reserve Bank of Boston.
		Morris was instrumental in the conception and construction of the Federal Reserve Plaza, the Bank’s current facility, which was dedicated in 1978.
		She began her career with the Federal Reserve System in 1968 at the New York Fed, working as a bank examiner, analyst, and supervisor.
	www.bos.frb.org /about/history/presidents.htm (2220 words)

	The Federal Reserve - Discount Rate
		Finally, in a move that is unrelated to monetary policy, the Federal Reserve may change the discount rate if the gap between it and the Federal Funds Rate is too great.
		The Federal Funds Rate, not directly under the control of the Federal Reserve, is the interest rate at which banks lend money to each other.
		Because only large banks borrow directly from the Federal Reserve, and the Federal Funds Rate is usually higher than the discount rate, large banks end up making great profits by borrowing from the Federal Reserve and then lending that money to smaller banks at the higher rate.
	userpages.umbc.edu /~joelg2/fed/drate.html (1039 words)

	THE FEDERAL RESERVE! IT'S ORIGINS, (Site not responding. Last check: 2007-10-12)
		The Federal Reserve Board shall have power to approve or to reject such application if, in its judgment, the amount of capital proposed to be set aside for the conduct of foreign business is inadequate, or if for other reasons the granting of such application is deemed inexpedient.
		Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government.
		The strategy of the Federal Reserve is to accumulate all the wealth through the very slow, but effective, technique of currency debasement.
	onlypill.tripod.com /generaleconomics/id8.html (2106 words)

	A History of the Federal Reserve, Volume 1: 1913 and 1951 by Allan H. Meltzer
		The Federal Reserve is arguably Washington's most powerful institution, and many believe Federal Reserve chairman Alan Greenspan is the nation's second-most-important government official.
		When the Federal Reserve was created in 1913, it was a decentralized institution made up of 12 semiautonomous regional Federal Reserve banks—largely passive, its guiding principles were regional autonomy and accommodation.
		With A History of the Federal Reserve, Allan H. Meltzer, one of the world's foremost monetary economists, has written the definitive biography of this institution, covering, in this first volume, its formative decades—the story of how the groundwork was laid to create a fiscal policy powerhouse of truly global reach.
	www.press.uchicago.edu /News/0301meltzerprs.html (623 words)

	Federal Reserve
		In the 70's this author was part of a group that sought a federal charter to organize a commercial bank.
		At the core of the enforcement process that protects the entire Federal Reserve swindle are the legal tender laws.
		However, when it comes to adjudicate conflicts and disparities with legal-tender laws, the Federal courts require adherence that federal reserve notes must be accepted as payment for all debts and transactions, public and private.
	batr.org /markets/federalreserve.html (1020 words)

	SSRN-A History of the Federal Reserve; Chapter 4: New Procedures, New Problems, 1923-29 by Allan Meltzer (Site not responding. Last check: 2007-10-12)
		The years 1923-1929 are often described as the best period in Federal Reserve history.
		The Federal Reserve developed much more activist procedures than envisaged by the authors of the Federal Reserve Act or practiced in earlier years.
		As in 1966-68 and 1996-97, the rise seems to have been driven, at least in part, by a belief that the Federal Reserve had learned to control inflation and mitigate recessions.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=54336 (710 words)

	Speaker shares history of Federal Reserve Board
		Olson, who was invited by the Economics Association to speak, gave a brief history of the Federal Reserve.
		Olson said the Federal Reserve was a young, central bank by global standards.
		The Federal Reserve is 93 years old, compared to the 250-year-old Bank of England, he said.
	www.collegian.psu.edu /archive/2006/04/04-18-06tdc/04-18-06dnews-01.asp (491 words)

	Amazon.com: A History of the Federal Reserve, Vol. 1: 1913-1951: Books: Allan H. Meltzer (Site not responding. Last check: 2007-10-12)
		Amazon.com: A History of the Federal Reserve, Vol.
		This book is the biography of an institution, the Federal Reserve System, much of it told by its principals.
		Federal Reserve Action — Our free T-Index program will help you determine the direction of the economy and stock market.
	www.amazon.com /History-Federal-Reserve-Vol-1913-1951/dp/0226519996 (1536 words)

	Federal Reserve Act
		In an attempt to moderate these economic swings and to decrease the power of large individual banks, the United States Government passed the Federal Reserve Act in 1913.
		The law also created a Federal Reserve Board, whose members were appointed by the president and had the power to manage the amount of money in circulation in the United States.
		The state legislature had to modify Ohio's banking laws after the Federal Reserve Act was passed, in order to ensure that the state's laws were compatible with the new national banking system.
	www.ohiohistorycentral.org /entry.php?rec=1488 (195 words)

	The Federal Reserve is PRIVATELY OWNED (Site not responding. Last check: 2007-10-12)
		About the Federal Reserve banks, Rep. McFadden said, "They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; the rich and predatory money lenders.
		Section 7 of the Federal Reserve Act, passed December 23, 1913, states that much of the profit of the FED should flow into the U.S. Treasury.
		Without the Federal Reserve System, there can be no continuing march towards socialism, and with it there can be no free economy.
	www.worldnewsstand.net /today/articles/fedprivatelyowned.htm (9812 words)

	Federal Reserve Interventionism
		In the words of its own charter, the Federal Reserve's purpose is "to help counteract inflationary and deflationary movements, and to share in creating conditions favorable to sustain high employment, stable values, growth of the country, and a rising level of consumption." Note the emphasis placed on consumerism as opposed to manufacturing and industry.
		And the words "growth of the country" is so nebulous that it would be well within the spirit of the Fed's past actions to interpret this to mean growth of government (as opposed to growth of the country's backbone, the middle class and its institutions).
		Sennholz went on to show that the Federal Reserve System facilitates the government's own inflationary financing "in period of emergency." It accomplishes this through a system of inflationary financing of budget deficits and the inflationary refunding of government loans.
	www.gold-eagle.com /gold_digest_03/droke061603.html (1510 words)

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