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I would like to start this paper by giving a clear definition of the federal reserve system The Federal Reserve System most well known as the Fed is the central banking system and monetary authority of the United States The Fed is made up of regional Federal Reserve banks and the Federal Reserve Board of Governors which their main responsibility is to supervise and to examine the state-chartered member banks also to regulate banks holding companies and finally to be responsible for the conduct of the monetary policy Furthermore some of the most important duties of the Fed are to keep full employment and to maintain a low state of inflation CPI 2 In order to clearly understand this concept and its purpose it is also necessary to give a clear definition of the word money As stated in the Webster dictionary money is 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 In conclusion money is a good thing for Humanity It frees people from spending too much time running around exchanging goods and services and allows them to undertake other activities such as pleasure production relaxation contemplation and temptationBack in the early nineteenth century the United States was experiencing a major national banking crisis One of the most remembered crises of the United States history was the Banking Panic of 1907 Abram P Andrew secretary of the National Monetary Commission collected nearly two hundred samples of different bank currencies
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