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4. Dez. 2015 · In November 1910, six men – Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip and Paul Warburg – met at the Jekyll Island Club, off the coast of Georgia, to write a plan to reform the nation’s banking system. The meeting and its purpose were closely guarded secrets, and participants did not admit ...
Senator Nelson Aldrich (R-RI),framed his recommendations in a bill toestablish a "National Reserve Association ofthe United States." 1 Overthe years, certain critics ofthe Federal Reserve System have charged that the Fed eral Reserve Act, passed by the Congress in December 1913,was almost identical with the Aldrich Plan. The have claimed the Act
The Aldrich Plan strongly influenced the Federal Reserve Act of 1913, which established the Federal Reserve System. Aldrich also sponsored the Sixteenth Amendment, which allowed for a direct federal income tax .
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- Abigail Pearce Truman Chapman
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Aldrich then presented what was commonly called the "Aldrich Plan" – which called for establishment of a "National Reserve Association" – to the National Monetary Commission. Most Republicans and Wall Street bankers favored the Aldrich Plan, [7] but it lacked enough support in the bipartisan Congress to pass.
6. Jan. 1984 · Federal Reserve notes that were backed by gold and which were legal obligations of the Reserve Banks andthe U.5. government. The new central bank created by the Federal Reserve Act of 1 913 was very different in several key respects than that proposed in the Aldrich Plan, whose supporters, includ ing significant elements of the banking
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The Reserve Association would make emergency loans to member banks, would create money to provide an elastic currency that could be exchanged equally for demand deposits, and would act as a fiscal agent for the federal government.
