Federal Reserve

Senator Carter Glass was deeply involved in financial legislation

Among the many accomplishments of the Wilson administration, we must include the enactment of the Federal Reserve Act. This included a Federal Reserve Board, appointed by the President, and regional Federal Reserve Banks. It all helped to clarify US currency and forced the banking system to hold money in reserve in an effort to prevent financial panics.

As part of the digital library, we hold several hundred documents from the Benjamin Strong Jr. Collection from the New York Federal Reserve Bank. These documents cover legislation and banking rates, but also the personal letters between the high-ranking politicians and bankers involved in shaping national financial policy.

We can also find some unexpected glimpses into life in the early 20th century. In one memo to the military mission to Armenia, we learn that all the staff on site in Paris will be expected to leave on the morning train for the move to Brest and that THERE ARE NO DINING CAR FACILITIES ON THIS TRAIN.