Banknotes Quotes
At the time any private bank could issue their own money. Private sector bankers thought it outrageous that the Congress should consider trampling on their rights to issue money. The solution that was finally adopted some years later was to use the Federal Reserve Board to control the money supply. It is independent of the Congress and the President but members are appointed by the President and confirmed by the Senate. Our system, like no other system, is a compromise where neither the Government or the Private Sector controls the American money supply.
