Assorted References. 1  American Civil War (in Remembering the American Civil War: The poetry and songs of the Civil War) 2  imagergy (in poetic imagery) 3  importance to literature (in literature: The scope of literature) 4  translation difficulties (in language: Translation)
It was created on December 23, 1913, with the enactment of the Federal Reserve Act in response to a series of financial panics (particularly the panic of 1907) that showed the need for central control of the monetary system if crises are to be avoided.
The Jekyll Island duck hunt that created the Federal Reserve. By Tyler E. Bagwell. In October of 1907 several banking firms, starting with the Knickerbocker Trust Company of New York, collapsed as depositors withdrew funds for fear of unwise investments and misuse of money. Lines of people waited in front of the Knickerbocker to close their accounts.