Item Info
Publication Date: 12/27/1913
Media Type: Cartoons (Commentary)
Source: Print and Picture Collection
Notes:
The Federal Reserve Act (also known as the Glass-Owen Currency Act) was enacted on December 23, 1913 and called for the creation of a central banking system in the United States. Part of this system involved the creation of no more than 12 regional reserve banks.[1] This cartoon references the fact that Philadelphia was not originally slated to have a regional bank located there. A William Penn figure is shown rummaging through a sack of "gifts" and bemoaning the lack of a regional bank. Lobbying efforts would eventually establish Philadelphia as the home of the Third District Federal Reserve Bank.
From the December 1, 1913 issue of the Washington Times:
"GEOGRAPHY AND THE REGIONAL BANKS. - It is not remarkable that Philadelphia is excited over the discovery that it is in the way of being ignored in the distribution of regional banks through the Glass-Owen currency measure. The third city in the nation, with vast financial resources and interests, does not fancy being overlooked in the establishment of the facilities of the new system. Yet it has every prospect of that fate, and is arousing itself to a vigorous protest."[2]
Sources:
[1] Federal Reserve Board. (2003). The Structure of the Federal Reserve System. Retrieved from:< http://www.federalreserve.gov/pubs/frseries/frseri.htm >
[2] "Geography and the Regional Banks." (1913, December 1). The Washington Times, p. 8. Library of Congress - Chronicling America: Historic American Newspapers. Retrieved from: < http://chroniclingamerica.loc.gov/lccn/sn84026749/1913-12-01/ed-1/seq-8/ >
Country: Country:United States
State/Province:Pennsylvania
Creator Name: Richards, Frederick T. (1864-1921) - Artist