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U.S. Money vs. Corporation Currency, "Aldrich plan."

by Alfred Owen CROZIER (1863 - 1939)

Chapter 7 - Confessions of Wall Street

In 1908, the National Monetary Commission was established by Congress to study financial boom-and-bust cycles. Senator Nelson Aldrich (Republican-RI) was chair of the commission. He, in secret enclave with a group of bankers, drafted what was called The Aldrich Plan, which provided for a central "bank" that would hold funds individual banks could borrow in the case of a bank run, print currency, and act as the fiscal agent of the US government. However, the plan gave little power to the government and seemed to give almost absolute control of the country's currency to Wall Street financiers. This 1912 book outlines the dangers and supposed duplicity of The Aldrich Plan while it was being debated in Congress. (The plan was eventually defeated, but was used as a basis for the Federal Reserve Act, which was signed into law in 1913.) - Summary by TriciaG

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Listen next episodes of U.S. Money vs. Corporation Currency, "Aldrich plan.":
Appendix - Correspondence part i , Appendix - Correspondence part ii , Appendix - Press Notices of ''The Magnet'' , Chapter 10 - A Central Bank to be Bought? , Chapter 11 - Wall Street Stock ''Market'' , Chapter 12 - Panics Natural or Artificial? , Chapter 13 - Money is the Power , Chapter 14 - The Slavery of Debt , Chapter 15 part i - The National Banking System , Chapter 15 part ii - The National Banking System continued , Chapter 16 - Bank Graft and Crime , Chapter 17 - Crime of Conspiracy , Chapter 18 - Bank Credits vs Government Currency , Chapter 19 - The Legal Tender ''Joker'' , Chapter 20 - Reorganising the Money Supply , Chapter 21 - United States Monetary Council , Chapter 22 - The Octopus , Chapter 8 - Wall Street's First ''Plan'' , Chapter 9 - A Confidence Game