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1908

Aldrich-Vreeland

Groups of national banks may issue emergency currency against more than government bonds. The same law funds a monetary commission. The Fed is 1913.

Ten-thousand-dollar gold certificate, series of 1900.
Ten-thousand-dollar gold certificate, series of 1900. The 1908 law is emergency notes, not a new definition of the dollar.Public domain.

The Aldrich-Vreeland Act of 1908 let groups of national banks issue emergency currency against assets other than only government bonds. It was a response to the scramble of 1907.

The same law funded a National Monetary Commission. It did not create the Federal Reserve, and it did not redefine the dollar. The Federal Reserve Act is 1913.

Panic of 1907 and the Fed →