An analysis of the legislative debate on the Federal Reserve Act of 1913.

This study was designed to investigate the argumentation employed in the debate on the Federal Reserve Act of 1913. The focus of the research was upon isolating, describing, and analyzing the arguments and evidence advanced by the advocates of both the Owen Amendments and the Hitchcock Report debated in the United States Senate. A study was made of the specific economic, social, and political forces of 1913 which produced the issues in the debate. It was found that the senators agreed on two basic propositions: (1) the National Banking System was unworkable; and (2) federal legislation was necessary to correct the defects of the National Banking System. Disagreement in the debate was limited to two basic issues: (1) which policy best controlled the money trust; and (2) which plan best provided an atmosphere for stable economic growth. The advocates of the Owen Amendments proposed the control of the money trust through the creation of a Federal Reserve Board and the restoration of competition in banking. The advocates of the Hitchcock Report claimed that only public ownership of stock in a regional banking system could effectively control the money trust. With regard to economic stability, both factions in the debate agreed that the three criteria of reserve availability, reserve safety, and currency elasticity were to be the basis for comparison of the two systems.

Name thesis:degree_name

M.A.

Level thesis:degree_level

Masters

Grantor

Baylor University.

Year dc:date.issued

1973

Author dc:creator

• Hendrix, Donna Sue, 1950-

Advisor dc:contributor.advisor

• Polk, Lee R.

• Debates and debating.
• Federal Reserve banks.

Statement dc:rights

• Baylor University works are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. Contact libraryquestions@baylor.edu for inquiries about permission.

Language dc:language.iso

en

Handle dc:identifier.uri

https://hdl.handle.net/2104/14254

OAI identifier oai:identifier

oai:baylor-ir.tdl.org:2104/14254