The anti-constitutional revolution of 1913 concludes: Democratic (socialist/proto-fascist) President Wilson—without a constitutional amendment—signs the Federal Reserve Act of 1913, in which Congress has shirked in its Article I, Section 8 [Clause 5] requirement to regulate the value of money by creating the privately owned Federal Reserve System of (central) Banks.  The 12 central banks will be in Boston, Massachusetts; New York City; Philadelphia, Pennsylvania; Richmond, Virginia; Atlanta, Georgia; Cleveland, federal enclave of Ohio; Chicago, Illinois; Minneapolis, Minnesota; St. Louis, Missouri; Kansas City, Missouri; Dallas, Texas; and San Francisco, California; and owned by private banks in their respective districts through stock subscriptions, which can only be sold to other private banks.

       NOTES:

• The Federal Reserve Act was passed by a vote of YEA-298, NAY-60, not voting-77, in the House of Representatives; and YEA-43, NAY-25, not voting-28, in the Senate)—over 20% of Congress did not vote on this act, because of the impending Christmas recess.
• In the century before the passage of this act consumer prices fell by an average of six percent; in the century since the passage of this act consumer prices have risen 1,300%.
• In the century before the passage of this act the greatest number of bank failures in one year was 496; in the century since the passage of this act of this act the greatest number of bank failures in one year was around 4,400.

       [restored 7/4/2021]