1913 (1856-1947) | Bank President | Senator | Owen-Glass Federal Reserve Act
Organiser and President for 10 years of First National Muskogee Bank. As Chairman of the Senate Committee on Banking and Currency, he was a key player (to his deep later regret) in the Owen-Glass Federal Reserve Act of 1913.
It would appear that there could be no subject of more supreme importance to the people of the United States than an understanding of money and its powers. It is remarkable, and a fact of surpassing importance, that the provision of the Constitution of the United States authorizing Congress exclusively to coin money and regulate the value thereof has been overlooked by American statesmen. Their failure to perceive the deep significance of this language of the Constitution has resulted in the indefensible expansion and contraction of money by private persons, bringing on monetary depressions periodically.
This quote must have been given long after he signed the Federal Reserve Act, since it did exactly what he here forbids - gave the right to print money to private persons. Nonetheless, I place it here as a helpful commentary on it by one of the signatories.back to index
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