Search Results
7/3/2025, 5:06:14 AM
>>509364817
Several nationally important events took place on Jekyll Island during the Club era, including the first transcontinental telephone call made by Theodore N. Vail, president of AT&T, to Alexander Graham Bell, Thomas A. Watson and President Woodrow Wilson in 1915; and the development of the Aldrich Vreeland Act for the National Monetary Commission in 1908.
Role in the history of the Federal Reserve
Jekyll Island was the location of a meeting in November 1910 in which draft legislation was written to create a central banking system for the United States. Following the Panic of 1907, banking reform became a major issue in the United States. Senator Nelson Aldrich (R-RI), chairman of the National Monetary Commission, went to Europe for almost two years to study that continent's banking systems. Upon his return, he brought together many of the country's leading financiers to Jekyll Island to discuss monetary policy and the banking system, drafting legislation which was introduced in Congress as the "Aldrich Plan". Some ideas from the Aldrich Plan were later incorporated into the Federal Reserve Act.
On the evening of November 22, 1910, Sen. Aldrich and A.P. Andrews (Assistant Secretary of the United States Treasury Department), Paul Warburg (a naturalized German representing Kuhn, Loeb & Co.), Frank A. Vanderlip (president of the National City Bank of New York), Henry P. Davison (senior partner of J. P. Morgan Company), Charles D. Norton (president of the Morgan-dominated First National Bank of New York), and Benjamin Strong (representing J. P. Morgan), together representing about one fourth the world's wealth at the time, left Hoboken, New Jersey on a train in complete secrecy, dropping their last names in favor of first names, or code names, so no one would discover who they all were. The excuse for such powerful representatives and wealth was to go on a duck hunting trip on Jekyll Island.
https://en.wikipedia.org/wiki/Jekyll_Island_Club
Several nationally important events took place on Jekyll Island during the Club era, including the first transcontinental telephone call made by Theodore N. Vail, president of AT&T, to Alexander Graham Bell, Thomas A. Watson and President Woodrow Wilson in 1915; and the development of the Aldrich Vreeland Act for the National Monetary Commission in 1908.
Role in the history of the Federal Reserve
Jekyll Island was the location of a meeting in November 1910 in which draft legislation was written to create a central banking system for the United States. Following the Panic of 1907, banking reform became a major issue in the United States. Senator Nelson Aldrich (R-RI), chairman of the National Monetary Commission, went to Europe for almost two years to study that continent's banking systems. Upon his return, he brought together many of the country's leading financiers to Jekyll Island to discuss monetary policy and the banking system, drafting legislation which was introduced in Congress as the "Aldrich Plan". Some ideas from the Aldrich Plan were later incorporated into the Federal Reserve Act.
On the evening of November 22, 1910, Sen. Aldrich and A.P. Andrews (Assistant Secretary of the United States Treasury Department), Paul Warburg (a naturalized German representing Kuhn, Loeb & Co.), Frank A. Vanderlip (president of the National City Bank of New York), Henry P. Davison (senior partner of J. P. Morgan Company), Charles D. Norton (president of the Morgan-dominated First National Bank of New York), and Benjamin Strong (representing J. P. Morgan), together representing about one fourth the world's wealth at the time, left Hoboken, New Jersey on a train in complete secrecy, dropping their last names in favor of first names, or code names, so no one would discover who they all were. The excuse for such powerful representatives and wealth was to go on a duck hunting trip on Jekyll Island.
https://en.wikipedia.org/wiki/Jekyll_Island_Club
Page 1