Yankee Finance Capitalism Part III: The Creature from Jekyll Island
The endurance of the system of Jeffersonian finance based upon the Independent Treasury system was remarkable given the post war transformation of the United States from an agrarian country to an industrial one. Tariff rates had increased, large subsidies were being awarded to the railroads, and the federal government drifted slowly but inexorably toward imperialism. The last major Jeffersonian edifice, the Independent Treasury, fell to the new Federal Reserve Bank (hereafter FRB) in 1913.
Source: http://freenorthcarolina.blogspot.com/2017/06/yankee-finance-capitalism-part-iii.html
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