Historical Paper Series: Setting the Stage for a Central Bank: Conditions in the West before the Federal Reserve Act
On the eve of the Federal Reserve Act’s adoption in 1913, the western United States had already developed elements of a banking system and established trade patterns. The region had prospered through the gold rush and struggled through financial challenges following the San Francisco earthquake and fire of 1906. These experiences shaped the character of the region and the country as they entered a new era of U.S. central banking.
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