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When you look up the word money in the dictionary you get this as the definition A commodity such as gold or an officially issued coin or paper note that is legally established as an exchangeable equivalent of all other commodities such as goods and services and is used as a measure of their comparative values on the market Money has three basic functions a medium of exchange a measure of value and a store of value Goods and services are paid for in money and debts are brought upon and then paid off in money Without money economic transactions would have to take place on a trading basis But who controls all of our countries money Back in the early nineteenth century our country was experiencing major national banking panics One of the most remembered of these panics was the Banking Panic of 1907 Abram P Andrew secretary of the National Monetary Commission collected nearly two hundred samples of different bank currencies created to stem the 1907 panic and he provided a description of the banks problems at that time The banks were so singularly unrelated and independent of each other that the majority of them had simultaneously engaged in a life and death contest with each other forgetting for the time being the solidarity of their mutual interest and their common responsibility to the community at large Two-thirds of the banks of the country entered upon an internecine struggle to obtain cash had ceased to extend credit to their customers had suspended cash payments and were hoarding such money as they had What was the result Thousands of men were thrown out of work thousands of firms went into bankruptcy the trade of the country came to a standstill and all this happened simply because the credit system of the country had ceased to operate The Region 1988 With all of the troubles the banking system was experiencing President Woodrow
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