In early November 1910, Aldrich met with five well known members of the New York Banking community to devise a central banking bill. Paul Warburg, an attendee of the meeting and long time advocate of central banking in the U.S. Aldrich's bill was met with much opposition from politicians. Critics were suspicious of a central bank, and charged Aldrich of being biased due to his close ties to wealthy bankers such as J. P. Morgan and John D. Rockefeller, Jr., Aldrich's son-in-law. Most Republicans favored the Aldrich Plan, but it lacked enough support in Congress to pass because rural and western states viewed it as favoring the "eastern establishment.
The Federal Reserve Act created 12 regional Federal Reserve banks, supervised by
a Federal Reserve Board. Each reserve bank is the central bank for its district.
The boundary lines of the districts were drawn in accordance with broad
geographic patterns of business, and the banks were placed in Boston, New York
City, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis,
Minneapolis, Kansas City, Dallas, and San Francisco. In addition some of the
regional banks have one or more branch banks attached to them.
WHEN: On December 23, 1913, the federal reserve act, also known as the Glass-Owen Bill, was passed, and the same year we begin paying income tax-and control of the money fell into private hands.
WHERE: The Scheme for the Federal Reserve Banking system Started at Jekyl Island NY somewhere around 1910 and was ratified in 1913 by Congress
WHY:As a way to control the money supply, and to make consumers slaves to credit.
Briefly, the Federal Reserve system was created by international banking families such as the Rothschilds, Warburgs and Rockefellers. This international banking cartel creates "money" out of thin air. It only costs them a few cents to print each Federal Reserve Note "dollar bill", and then they "bill" the American people for the full face value of the note. Then to add insult to injury, they charge us interest to borrow their so-called "money". If you or I did this, we would be arrested for counterfeiting and fraud. This system was instituted gradually, starting with the Civil War and culminating with the fraudulent passage of the Federal Reserve Act in 1913