CHAPTER 1

WOODROW WILSON AND THE NEW FREEDOM

1.1 THE ELECTION OF 1912

1.2 IMPLEMENTING THE NEW FREEDOM: THE EARLY YEARS OF THE WILSON ADMINISTRATION

1.2.5 The Federal Reserve Act of 1913

Background. Following the Panic of 1907, it was generally agreed that there was need for more stability in the banking industry and for a currency supply which would expand and contract to meet business needs. Three points of view on the subject developed:

  1. Most Republicans backed the proposal of a commission headed by Senator Nelson W. Aldrich for a large central bank controlled by private banks.
  2. Bryanite Democrats, pointing to the Wall Street influence exposed by the 1913 Pujo Committee investigation of the money trust, wanted a reserve system and currency owned and controlled by the government.
  3. Conservative Democrats favored a decentralized system privately owned and controlled but free from Wall Street.

The bill which finally passed in December 1913 was a compromise measure. Provisions of the law were as follows:

  1. The nation was divided into twelve regions with a Federal Reserve bank in each region.
  2. Commercial banks in the region owned the Federal Reserve Bank by purchasing stock equal to six percent of their capital and surplus, and elected the directors of the bank. National banks were required to join the system, and state banks were invited to join.
  3. The Federal Reserve Banks held the gold reserves of their members.
  4. Federal Reserve Banks loaned money to member banks by rediscounting their commercial and agricultural paper. That is, the money was loaned at interest less than the public paid to the member banks, and the notes of indebtedness of businesses and farmers to the member banks were held as collateral. This allowed the Federal Reserve to control interest rates by raising or lowering the discount rate.
  5. The money loaned to the member banks was in the form of a new currency, Federal Reserve Notes, which was backed sixty percent by commercial paper and forty percent by gold. This currency was designed to expand and contract with the volume of business activity and borrowing.
  6. Checks on member banks were cleared through the Federal Reserve System.
  7. The Federal Reserve System serviced the financial needs of the federal government.
  8. The system was supervised and policy was set by a national Federal Reserve Board composed of the secretary of the Treasury, the comptroller of the currency, and five other members appointed by the president of the United States.

1.3 THE TRIUMPH OF NEW NATIONALISM

1.4 THE ELECTION OF 1916

1.5 SOCIAL ISSUES IN THE FIRST WILSON ADMINISTRATION