![]() He met with House Banking Committee Chairman E.C. Wilson began to craft his monetary system soon after his election in 1912. The Federal Reserve Act still provides the framework for regulating the nation's banks, credit, and money supply even today. currency, and it created a new system that allowed a level of governmental control of the monetary supply that was unprecedented in American history. It helped to safeguard America's financial institutions, the American economy, and the supply of U.S. It was the most comprehensive overhaul of the nation's banking system since the Civil War and represented one of the crowning achievements of President Wilson's New Freedom program. The act created a Federal Reserve System, comprised of a Federal Reserve Board, twelve regional reserve banks, and the underpinnings of a smooth central banking system. On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act into law. The Federal Reserve Act created a Federal Reserve System, comprised of a Federal Reserve Board, twelve regional reserve banks, and the underpinnings of a smooth central banking system. economy had functioned without the sophisticated management of banking ever since Andrew Jackson destroyed the Second Bank of the United States in 1830. In contrast to the economies of Europe, the U.S. currency, the Federal Reserve Act is signed into law. In an effort to safeguard America's financial institutions, the American economy, and the supply of U.S. To read the full proclamation from April 6, 1917, declaring a state of war between the United States and Germany, click here. American troops did not enter combat until more than a year later. The Senate debated a war declaration first, passing it on April 4, and the House passed it on April 6. ![]() Wilson's speech asked for a declaration of war not as a crusade for justice, but as a somber and terrible act to “make the world safe for democracy.” In the speech, the President asked for increased taxation, a compulsory draft, and government repression of dissent to support the war cause. On April 2, 1917, the President decided to address a joint session of Congress that night. Nevertheless, Wilson believed that German behavior stood out of bounds of the civilized world and that a German victory would have disastrous consequences for Western civilization.Īfter the American press published the Zimmermann telegram, Wilson could count on support for a declaration of war if he asked for one from Congress. But he feared that war would undo the progressive reforms he sought domestically and exacerbate the social divisions already present in the country. He remained hopeful in early 1917 for a “peace without victory” that would secure a balance of power and equality of rights for all sides. ![]() Congress and the public were divided enough on the issue of intervention that the decision to enter the Great War fell on Wilson alone. Nevertheless, Wilson remained locked in a remarkable struggle between conflicting principles in his own ideology over the decision whether to go to war. President Wilson told the nation at his second inaugural on March 5 that he felt the United States had no control over its neutral status and that outside pressures “have drawn us more and more irresistibly into their current and influence.” The telegram revealed a German plot to try to entice Mexico into joining against the United States. Shortly afterwards, the British released the Zimmermann telegram to the American government. Although President Woodrow Wilson had campaigned for reelection in 1916 emphasizing how he had kept the United States out of the war, he soon realized that the United States could not stand by and remain neutral in the Great War.Īt the end of January 1917, German U-Boats resumed unrestricted submarine warfare, attacking ships in the Atlantic Ocean. On April 6, 1917, the United States declared war on Germany. The Senate approves the declaration on April 4 by a vote of 82-6 on April 6, the House of Representatives passes the resolution by a vote of 373-50. Congress debates and votes on a declaration of war against Germany.
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