Great economic reforms move slowly. It was 25 years after the panic of 1837 before the National Banking Act was passed. Six years after the Depression of 1907 the Federal Reserve System came into being.
Hero of the Federal Reserve Act was little Carter Glass of Virginia. Last week Senator Glass, now 74, sharper in voice and crustier in manner than in 1913, was again cast in a heroic role. An archfoe of speculation for many a long year, he was bitterly chagrined with 1929—5 great wave of stock...
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