The Fed was created because of the fear of instability that continuously caused bank runs. The influential bankers and senators believed a central bank would create a situation where money is lent to private banks, so the people investing in banks would not be afraid of the banks running out of money. This was done in secret because central banking was such an unpopular opinion among most.
yeah this was good Abby, it followed the prompt and fulfilled what he said about banks and the FED
It's definitely crazy to think that there was a time where your bank could fail and there wasn't hope that you could get your money back. I'm glad that we now have the Fed as a safety net for those situations.