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The Federal Reserve
In 1913, as Wilson entered the White House, the nation was largely united in the desire for banking reform, but sharply divided when it came to the method. Wall Street and many conservatives favored a central, private bank, holding government deposits and serving a reserve role for smaller banks. Progressives and interests in the South and West desired a series of regional banks, free from East Coast control.
The final Federal Reserve Act used ideas from both sides, creating the system still in use today; one large central bank with government oversight and twelve regional banks across the country. Crafted and passed only after intense negotiations with both the Senate and House, the bill was signed by the President on December 23, 1913.
This painting of the signing of the act was created in 1924 by Wilber [sic] G. Kurtz, Sr. It hung in the Federal Reserve Bank of Atlanta until 1967, at which time it was purchased by the family of Carter Glass and given to the Woodrow Wilson Museum. Kurtz, a prominent Atlanta artist, was perhaps best known for his works depicting the Civil War. He also served as a technical advisor for the 1939 film, Gone with the Wind. |