How did the 1908 Aldrich-Vreeland law and its commission lead to 1913?

"The National Currency Association herein provided for shall havo and exercise any and all powers necessary to carry out the purposes of this section, namely, to render available under the direction and control of the secretary of the treasury, as a basis for additional circulation, any securities, including commercial paper, held by a national banking" association."

"Tho bill says tho government shall lend currency to tho oxtont of seventy-five per cent of the market value of govern ment, state, municipal and other bonds."

"'If you want to come back to congress, vote for a currency bill. Defeat that measure and there there-will - will there-will be a panic before tho election next fall that' will wipe the republican party out of existence.'"

"Senator Nelson W. Aldrich (R-RI) was largely responsible for the Aldrich-Vreeland Currency Law and became the Chairman of the National Monetary commission."

"The Federal Reserve Act of December 23, 1913 took effect in November 1914, when the 12 regional banks opened for business. Ultimately, the emergency currency issued under the Aldrich-Vreeland Act was entirely withdrawn."

"Congress modified and extended the law in 1914 when British and other foreign creditors demanded immediate payments in gold in amounts that would ordinarily have been carried over and paid through exports of commodities ."

"The act also allowed national banks to start national currency associations in groups of ten or more, with at least $5 million in total capital, to issue emergency currency . ... The act proposed that the emergency currency had to go through a process of approval by the officers of the national currency associations before they were distributed by the Comptroller of the Currency ."

"The National Monetary Commission was a U.S. congressional commission created by the Aldrich–Vreeland Act of 1908. After the Panic of 1907 , the Commission studied the banking laws of the United States , and the leading countries of Europe."

"The chairman of the commission, Senator Nelson Aldrich , a Republican leader in the Senate, personally led a team of experts to major European capitals. They were stunned to discover how much more efficient the European financial system appeared to be and how much more important than the dollar were the pound , the franc and the mark in international trade."

"The commission's reports and recommendations became one of the principal bases in the enactment of the Federal Reserve Act of 1913 which created the modern Federal Reserve system."

"In the presidential campaign of 1912 two of the political parties in their national platforms condemned the plan proposed by the National Monetary Commission, and the successful Democratic Party, led by Woodrow Wilson , specifically opposed any plan involving a central bank. Many of the features of that plan, however, were incorporated in the banking bill, known as the Federal Reserve Act ."

"The bill, which created the central banking system of the U.S. and granted it the legal authority to issue legal tender, was introduced in Congress on June 26, and finally enacted into law, December 23, 1913."

"In November 1910, leading members of the American financial sector, including Paul Warburg , Abram Andrew , Frank A. Vanderlip , and Henry Davison , and members of J.P. Morgan , met on the island in secret to draft legislation for a central bank which would later influence the Federal Reserve Act . Due to the unpopularity of a central bank among Americans, Aldrich recommended the members conceal t"

"A proponent of Progressive Era themes of Efficiency and scientific expertise, he led a team of experts to study the European national banks. After his trip, he came to believe that Britain, Germany and France had much superior central banking systems."

"In 1913 Woodrow Wilson signed into law the Federal Reserve Act patterned after Aldrich's vision, creating the modern Federal Reserve System."

"The House Committee oa Banking and Currency today voted unanimously to table the Aldrich financial bill."

"The Vreeland bill, introduced in the house last week as a substitute for the Aldrich bill, and which it is understood will be considered at' a Republican caucus ne xt week, was not considered at today's meeting of the committee."

"The bill introduced by Fowler, pro providing - viding providing for a currency commission, will be considered at the meeting of the committee tomorrow."

"This commission was created in the last days of the s4ssion of n'oe gress which has just aa)oarned, by what is known as the "Aldrich-Vree"

"and Monetary Commission bills for reform of currency; by E. J. Hill. 1898."

"Under this feature of the bill, rail railroad - road railroad bonds can be used as the basis for currency issue, which, to my mind, is absolutely indefensible"

"When the bill finallX passed the house and senate, it was so amended that any kind of security held by the banks was made the basis for an emergency currency, provided such security should first"

"Since I attended the meeting of the commission, I have changed my view, and I now believe that it is the sincere purpose of all of the mem members - bers members of the commission, after a careful examination of the financial and banking systems of the old world"