After the panic of 1907 Congress realized that the present system was not adapted to the country's needs and that under it panics were possible that might properly be avoided by legislative provision.
Bill Taft: “After the panic of 1907 Congress realized that the present system was not adapted to the country's needs and that under…”
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gutenberg.orgEditor's note · Context
Taft reflects on the lessons learned from the panic of 1907 and the need for legislative changes in his 1930 address.
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