'U.S. Money vs. Corporation Currency, "Aldrich plan."' Summary

Published in 1912, Alfred Owen Crozier's 'U.S. Money vs. Corporation Currency' exposes what he saw as the dangers of the proposed Aldrich Plan, a blueprint for a central bank in the United States. Crozier, a fierce advocate for individual economic freedom, viewed the plan as a covert attempt by powerful financiers to seize control of the nation's monetary system. The book meticulously dissects the Aldrich Plan's proposed structure, arguing that it would grant enormous power to a select group of bankers, placing the financial well-being of the country at their discretion. He paints a stark picture of potential economic and political consequences, including the potential for unchecked inflation, manipulation of interest rates, and the erosion of democratic control over monetary policy. Crozier criticizes the secrecy surrounding the plan's development, highlighting the alleged collusion between influential bankers and government officials. He emphasizes the potential for the plan to benefit powerful financial interests while jeopardizing the financial stability of ordinary Americans. Crozier's passionate critique of the Aldrich Plan, while ultimately unsuccessful in preventing its passage, remains a significant document in the history of the debate over centralized banking and the role of government in regulating the financial system. While the plan itself was ultimately rejected, it served as a template for the Federal Reserve Act, which was passed in 1913. Crozier's work offers a glimpse into a pivotal moment in American economic history, highlighting the anxieties and concerns surrounding the development of a central bank and the potential impact on individual freedoms and economic autonomy.