Editing Federal Reserve (section)

=== Early Years ===
With the advent of elastic currency, capitalist crises could be forestalled. As Forgan, a banker and key agitator within the American Bankers Association would write, looking backward from 1922, "It is a well known fact that the banks have been and are carrying many industries which would have been forced to the wall, injuring our whole credit structure, had it not been for the fact that the banks in turn have been able to obtain needed currency from the Federal Reserve Banks by rediscounting notes."<ref name=":4">Forgan, James B. 1922. “Currency Expansion and Contraction.” ''The ANNALS of the American Academy of Political and Social Science'' 99 (1): 167–73. <nowiki>https://doi.org/10.1177/000271622209900123</nowiki>.</ref> On top of this, he writes, it "is difficult to see how we could have weathered the storm of the War."<ref name=":4" />