Quotation by William Howard Taft

There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.
William Howard Taft (1857–1930), U.S. president. Paolo E. Coletta, The Presidency of William Howard Taft, p. 136, University Press of Kansas (1973). "Concentrated Banking and the 'Money Trust,'," first published Literary Digest 43: pp. 121-122 (July 22, 1911).

Nelson A. Aldrich, Chairman of the Senate Finance Committee and also chairman of the National Monetary Commission, proposed a great central bank with Reserve Association branches in numerous districts, all under the direction of private banks, and to issue untaxed asset currency. The plan was fiercely attacked by those who feared the concentration of "loanable" funds in cities in the districts, especially in New York, decried private rather than public control, and wanted the currency issued by the government, not by banks.
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