(Aldrich, Nelson). REPORT OF THE NATIONAL MONETARY COMMISSION. Letter from Secretary of the National Monetary Commission Transmitting Pursuant to Law, the Report of the Commission. (62d Congress 2d Session, Senate, Document No. 243). Washington: Government Printing Office, 1912. Octavo, 9-1/4 inches high by 5-3/4 inches wide. Softcover, bound in stapled printed self-wraps. The cover leaves are slightly soiled with minor stains. The head of the spine is bumped. 72 pages. Very good.
The final report of the National Monetary Commission which proposed draft legislation and recommendations to establish a National Reserve Association in the United States. The commission, was created by the Aldrich-Vreeland Act of 1908 following the panic of 1907. Investigating the banking laws, not only of the United States but those of European countries, the commission discovered how much more efficient the European financial system appeared to be. The plan was unanimously supported by both the Republican and Democratic parties though the public was wary of the idea as it resembled a central bank and suspicions about its author Senator Nelson Aldrich. Many of the features were incorporated into the banking reform bill known as the Federal Reserve Act. The bill created the central banking system and was enacted into law in December 23, 1913, granting the central bank the authority to issue legal tender.
A leader of the Republican party, Nelson W. Aldrich (1841-1915) was elected to the Senate representing Rhode Island. One of the "Big Four" who controlled major decisions in the Senate, Aldrich held a central position on the Senate Finance Committee and was referred to as the "general manager of the Nation".
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