Let me issue and control a nation’s money and I care not who writes the laws.—Rothschild
The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson…—FDR
The American people are suckers for the word “reform.” You just put that into any corrupt piece of legislation, call it “reform” and people say “Oh, I’m all for ‘reform,’” and so they vote for it or accept it.”—G. Edward Griffin
Though there had been steady steps toward centralization of the monetary and financial system in the United States—especially since banking and the federal government were connected by the National Banking System during and after the Civil War (ca. 1863-1913)—the financial-banking elite, especially in New York, still had several complaints prior to the creation of the Fed.
New York Banks, Wall Street, and “Monopoly”
The movement toward central banking, the Federal Reserve System, in America was a keystone of the Progressive movement. Like all other regulations and reforms of the Progressive era—as perfectly encapsulated by G. Edward Griffin’s quote above—the movement toward the Fed was ironically presented publicly as fighting banking “monopoly,” “stabilizing” the system, curbing inflationism, and disciplining banks and financial elites. In fact, it would involve the establishing of a monopoly in the name of fighting monopoly. Consequently, this would furnish government a handy tool for greater inflationism and would allow the banks in the system to engage in unsound monetary practices with the promise of government bailouts. Remarks Rothbard in A History of Money and Banking,
Fortunately for the cartelists, a solution to this vexing problem lay at hand. Monopoly could be put over in the name of opposition to monopoly! In that way, using the rhetoric beloved by Americans, the form of the political economy could be maintained, while the content could be totally reversed.
Banker Complaints
Prior to the establishment of the Federal Reserve, however, the movement toward centralization of the monetary and financial system was incomplete from the bankers’ perspective. The financial interests were still missing a few key factors and still observed major “flaws.” In summary, their main complaint was “inelasticity,” that is, banks within the national banking system were not able to expand money and credit to the extent that they wanted. These financial elites disliked the lack of complete centralization provided through the halfway step of the National Banking System, the lack of cartelization, competitive pressures from non-national banks, and the threat to New York banks’ financial supremacy. Regarding the New York financial interests, Ron Paul and Lehrman, in their Case for Gold (1982), avow,
…the large banks, particularly on Wall Street, saw financial control slipping away from them. The state banks and other non-national banks began to grow instead and outstrip the nationals. […]
— Read More: mises.org
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