The Federal Reserve: A Knight in Shining Armor
"To suffer either the solicitation of merchants or the wishes
of government, to determine the measure of the bank issues,
is unquestionably to adopt a very false principle of conduct."
-Henry Thornton, 1802
The banker was frantic. A large mob was gathering outside his bank and the people were clamoring for their money. The banker called the Federal Reserve Bank in Minneapolis and warned that unless this "mad run" were stopped, he would soon be out of currency. With the bank nearly two-hundred miles from Minneapolis, a small plane carrying two Federal Reserve Bank officials and a half-million dollars in cash were quickly flown into town. Upon approaching the town the pilot guided the plane low over the main street in a sensational arrival and then landed. From there, the money was carried ceremoniously into town and stacked along the bank's teller windows. The sight of the money calmed the customers fears and saved the bank from failing.
Stories of bank runs- tales of people running to withdraw all their cash from their accounts- may seem dramatic, almost theatrical to people today. But to people living in an economically unstable society, like the early twentieth century, they were an expected occurrence. The banks were independent rivals, the amount of currency in circulation was fixed, and there was no element of trust between the depositor and the bank. Abram P. Andrews, secretary of the National Monetary Commission in 1908 provided a vivid description of the banks' quandary at the time:
"[The banks] were so singularly unrelated and independent of each other that the majority of them had simultaneously engaged in a life and death contest with each other, forgetting for the time being the solidarity of their mutual interest and their common responsibility to the community at large. Two-thirds of the banks of the country entered upon an internecine struggle to obtain cash, had ceased to extend credit to their customers, had suspended cash payments and were hoarding such money as they had." (Born...,12).
The banks, in an attempt...
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...o stabilize the volatile banking system by providing an elastic currency, affording means to distribute the currency, and allowing for government supervision of banking operations. No longer were banks independent organizations working against each other. Now they were secure, interrelated operations. The Federal Reserve Act worked because it eliminated the competition to hoard money between the banks and put the power into the hands of the government. Now, credit could be made available to expanding businesses, jobs could be created, and the banks would no longer have to worry about bank runs "running" them out of business. Because of the Federal Reserve Act, the economy could once again become expansionary with confidence.
Bibliography
"Born out of Panic." (1998, August) The Region, pp 14-16.
Clifford, A. Jerome. The Independence of the Federal Reserve System. Philadelphia: University of Philadelphia Press, 1965.
Hepburn, A. Barton. A History of Currency in the United States. New York: August M. Kelley Publishers, 1915.
With differing economies and the growth of specie and paper money, Brands argues that the basis of knowledge about the money system of this time lays a foundation for how Carnegie, Rockefeller, and others were able to manipulate the market and gain wealth. Leading into price manipulation by those in corporate
2) Davis, Gareth. The Destruction of the Second Bank of the United States Rationale and
The issue of whether or not America should have a National Bank is one that is debated throughout the whole beginning stages of the modern United States governmental system. In the 1830-1840’s two major differences in opinion over the National Bank can be seen by the Jacksonian Democrats and the Whig parties. The Jacksonian Democrats did not want a National Bank for many reasons. One main reason was the distrust in banks instilled in Andrew Jackson because his land was taken away. Another reason is that the creation of a National Bank would make it more powerful than...
...vil war largely due to necessity. The Union was fighting a costly war in both lives and labor, it is of no surprise then that they were desperate for both. Slaves provided a solution, cheap, dedicated labor, and soldiers willing to die for their cause. Furthermore, when this necessity was combined with eagerness on the part of the slaves to contribute and the desires of abolitionists to end slavery on moral grounds, including slaves in the struggle became more important than avoiding a delicate subject. Ultimately, the need for soldiers and laborers simply overwhelmed any desire or necessity to maintain political prudence.
Ernst, Joseph Albert. Money and politics in America, 1755–1775; a study in the Currency act of
She reminds Antigone that they are the only family members left and pleads with her not to commit such a crime, but Antigone refuses to accept the logic in her sister’s argument and will not be swayed, even though the idea of her death clearly upsets her sister. Ismene later has a change of heart and wishes to die alongside her sister in order to honor the dead as well, she even confesses to Creon, but Antigone rejects her idea of being a martyr, saying that her own death “will suffice” (Sophocles 136). Ismene then imagines life without her sister. The idea of losing the only kin she has left on Earth terrifies Ismene. She pleads to Antigone, “what life is dear to me bereft of you?” (Sophocles 136). Ismene would rather die than live without Antigone. In deciding to give her life for her brother, Antigone neglects her sister, and acts selfishly. She therefore should not have signed herself over to death as it has severely negative effects on her only living
Throughout the play Shakespeare developed Macbeth into a cold and depressed man. In the beginning Shakespeare developed Macbeth into a brave and loyal man. After the witches tell him of the prophecies Macbeth was convinced by his wife to kill Duncan. After this Macbeth starts to lose it by going crazy by seeing 3 apparitions then a row of kings(p125 sn1 lines 77-140). Shakespeare has turned the character of Macbeth totally around. Toward the end of the play when Macbeth starts to get things together he learns that he is going to be invaded by Malcolm, Donnalban, and Macduff. His wife also commits suicide. After hearing this he starts to treat his servants cold heartedly and then said "She should have died hereafter. There would have been a time for such a word.
Metzler, Allan H. A History of the Federal Reserve, Vol I and II. University Press Books, 2002
In the playwright, Antigone, by Sophocles Ismene’s main goal throughout the story is to prevent further tragedy and sorrow by reasoning with Antigone, her sister, with her rash decisions. For instance, Antigone and Ismene’s brother died fighting bravely without a proper funeral; so Antigone with her noble heart wanted to jeopardize her life for a dead loved one against their merciless king. However, Ismene did not want to see her beloved sister wind up dead over her brother so she said, “ But think of the danger! Think of what Creon will do.” Ismene wanted to keep the remainder of her family alive, so she knew that she had to make the “truth” clear to her sister. Therefore, she desperately tried to put things in perspective by making Antigone
The play Antigone is usually thought of as either the tragedy of Creon or the tragedy of Antigone, but it is just as much the tragedy of Antigone's sister Ismene. In the play, Antigone and Creon hold on to two different ideals, Antigone to the ideal of sororal duty and holy rights, while Creon holds on to the rules of his kingdom, dominated by the laws of men and of reason. Ismene is obsessed by her role as a woman, choosing to ignore her feelings of obligation towards her family, and remaining completely indecisive and inactive, as she believes a woman should. By the end of the play she is left in the same position as Creon, without any family in the world and feeling partially responsible for the outcome. If Ismene had stood up and done something either to stop Creon from sentencing Antigone to death, or to help Antigone in burying Polyneices, she would in the end be with her family in life or in death, and be better of than being left alone on earth alive. Also the actions of the characters in the play are very comparable to the ideas and strategies of the Greeks and Spartans in Thucydides, written shortly afterwards.
Society consists of many different sociological groups. These groups involve people of diverse races, religions, and more. Unfortunately, hate crimes happen when groups become angry or frustrated towards each other. These groups are formed mostly during times of economic struggle or even social change. Hate groups continue to be a problem in our society. A group believes that the reason for a specific problem is only the fault of another racial, religious, or other group. The most common forms of crime in our society are due to hatred. Hate crimes are defined as a crime motivated by hatred, prejudice, or intolerance of somebody’s race, religion, ethnicity, political affiliation, disability, and/or sexual orientation. Plenty of hate crimes happen due to the fact that someone is different from someone else.
Hate crimes occur all over the world. Here in the United States of America, most of the hate crimes are sparked by race and involve intimidation, vandalism, and assault. The following are examples of hate crimes: Hitler’s “Final Solution which caused the extermination of millions of Jews during the Holocaust, the genocide in Rwanda and Bosnia ("History of Hate Crime - Crime Museum", 2017).
Exposition: Determining Hate Crimes?Hate based on race, religion and sexual orientation exist within any cultural rich societies. When this type of hate fuels a person into taking violent actions upon those they hate, it is called a hate crime; a topic which the American public is seriously concerned about. It has been a widely discussed subject on the media, and often debates of whether or not a crime should be attributed with hate are the center for discussion.Does hate crime imply on any case when a person is convicted for inflicting damage on someone "different"? It is often difficult to set a benchmark for measuring sufficiency of hate as a cause to label it in front of crime. The term can be conveniently stretched and squeezed by people with different ideas and biases.
Hate Crime in the United States of America THESIS: In this research paper, information will be given on hate crime in the United States of America. It’s best to know about these types of crimes before it’s too late because it’s rarely reported or spoken about but does occur on regular bases. Hate crime didn't come about until the early 1980's. It's sad how these types of crimes still occur so many years later; there are innocent people who are attacked simply because of their race, religion or sexual orientation. Based on the articles, hate crime in the USA is very common and the chances to be a victim are high enough. Hate crimes are ignorant and pointless, they need to be stopped.Done to many different people in many different waysHate crimes are biased motivated, they're based on ethnicity, gender, language, nationality, physical appearance and sexual orientation. Hate crimes have various ways of being committed. They can be done either by physically assaulting another individual, doing damage to their property, bullying them, harassing them, verbal abusing or insulting someone. Hate crimes occur because of people who are prejudice and ignorant who can’t understand that there are differences among people. A victim of hate crime is more than likely to be attacked by another individual because of their race. The most common type of hate crimes that are committed is racially motivated. While gay people are also attacked often also, hate crimes based on sexual orientation come in second. In 2012 and 2013 there were 42,236 reported hate crimes. 85% were race hate crimes, 10% were sexual orientation, 4% were disability and religion hate crimes and 1% transgender. The FBI has found that most hate crime offenders are white at 70%...
McCallum, Bennett T. "Crucial issues concerning central bank independence." Journal of Monetary Economics 39.1 (1997): 99-112.