1915 – DEATH OF NELSON ALDRICH, LEADER OF REPUBLICAN PARTY IN THE US SENATE
Aldrich was a key proponent of the Aldrich-Vreeland Act, a bill creating
a National Monetary Commission in 1908, which studied the problem of
monetary instability following the financial Panic of 1907. The
Commission played a pivotal role in calling for “reform” of the US
monetary system. The Act also established the “Aldrich-Vreeland system”
which through the Comptroller of the Currency authorized some banks to
issue new money. This helped the US deal with the financial crisis
associated with WWI. The expanded money power of the government,
however, was meant to be short-lived. The final volume of the
Commission’s report called for a privately owned central bank, the
“National Reserve Association,” in which “[c]ontrol was to be exercised
completely by private bankers.” Passage of this Act was a stepping-stone
to passage of the Federal Reserve Act in 1913.
Showing posts with label APRIL 16. Show all posts
Showing posts with label APRIL 16. Show all posts
Friday, March 29, 2013
APRIL 16, 1854 – BIRTH OF JACOB COXEY, OHIO BUSINESSMAN
1854 – BIRTH OF JACOB COXEY, OHIO BUSINESSMAN
Jacob Coxey, a businessman from Massillon, Ohio organized a 500-strong “Coxey’s Army” march beginning on March 25, 1894 from Massillon to Washington, D.C. (ending April 30) to promote federal intervention for job creation. The primary demand of this "petition in boots" was unique -- the direct printing and issuance of $500 million by the Federal Treasury to employ 4 million people. Coxey's Army proposed two bills. The first, a "Good Roads Bill," would help farmers with $500 million issued by the federal government in legal tender notes, or greenbacks, to construct rural roads. The second, a noninterest-bearing bonds bill, would empower state and local governments to issue noninterest-bearing bonds to be used to borrow legal tender notes from the federal treasury. This money would be used to build urban libraries, schools, utility plants and marketplaces. Millions of jobs would have been created -- debt-free.
Jacob Coxey, a businessman from Massillon, Ohio organized a 500-strong “Coxey’s Army” march beginning on March 25, 1894 from Massillon to Washington, D.C. (ending April 30) to promote federal intervention for job creation. The primary demand of this "petition in boots" was unique -- the direct printing and issuance of $500 million by the Federal Treasury to employ 4 million people. Coxey's Army proposed two bills. The first, a "Good Roads Bill," would help farmers with $500 million issued by the federal government in legal tender notes, or greenbacks, to construct rural roads. The second, a noninterest-bearing bonds bill, would empower state and local governments to issue noninterest-bearing bonds to be used to borrow legal tender notes from the federal treasury. This money would be used to build urban libraries, schools, utility plants and marketplaces. Millions of jobs would have been created -- debt-free.
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