10

A few financial foundations showed up in the United States before the development of the Federal Reserve System,

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These were, all together: the sacred gold (and bimetallic) standard, the First and Second Banks of the United States

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the Independent Treasury, the National Banking System, clearinghouse affiliations, and the National Reserve Association

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The Fed was the last such foundation established.

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06

Despite the fact that it has persevered, the present-day Fed would be unrecognizable to its pioneers.

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05

The Federal Reserve System was the institutional response to this apparent issue

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04

Similarly as the highest quality level dealt with market influences to give an appropriate amount of gold-based cash

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03

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so the new Federal Reserve Banks would increase the highest quality level to guarantee that the business banking framework

02

The twelve provincial Federal Reserve Banks were to be situated in significant urban communities

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Each bank was to work independently in its area

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