Test Your KnowledgeReturn to Jekyll Island
Click on the letter of your choice to test your
understanding.
A B C
Question 1
What event in U.S. history in the early 1900s resulted in a call for reform of central banking?
• The Panic of 1907A• The stock market crash of 1929B
• World War 1C
Question 2During the Panic of 1907, the U.S. Treasury contributed $25 million to help rescue the economy. Which of the following was NOT part of the additional rescue efforts that occurred during the panic?
• J.P. Morgan raised $25 million in emergency funds.
A• John D. Rockefeller
contributed $10 million of his personal funds.B
• Senator Nelson Aldrich contributed $30 million in donations.C
Question 3The ________________ established a commission tasked with studying the causes of the Panic of 1907 and developing a plan for a major overhaul of the nation’s financial system.
• Federal Reserve Act of 1913A• Aldrich-Vreeland Act of 1908B• National Monetary CommissionC
Question 4The Aldrich-Vreeland Act called for the creation of an 18-member committee to draft a proposal of reform for the banking and financial system. This committee was called the
• National Financial CommitteeA
• National Monetary CommitteeB
• National Economic Committee C
Question 5To break the gridlock and draft the report due to Congress, _____________ called a secret meeting in Jekyll Island.
• Frank Vanderlip A• J.P. MorganB• Senator Nelson AldrichC
Question 6The first and second Banks of the United States failed in part because of the public’s perception that:
• The banks were controlled by big banks and rich financiers.A
• The banks were controlled by the federal government.B
• The banks were controlled by the states.C
Question 7The draft legislation that resulted from the meeting on Jekyll Island was known as the ____; its terms called for the establishment of ____ regional banks called Reserve Associations to be part of a central banking system.
• National Monetary Commission; 10A
• Federal Reserve Act; 12B• Aldrich Plan; 15C
Question 8Which of the following is a duty specified for the Reserve Associations under the Aldrich Plan?
• Create an elastic currency and give emergency loans to member banks.A
• Serve as fiscal agent to the U.S. government,B
• Both A and B.C
Question 9Under the Aldrich plan, the central banking system would be led by a board with ____ members headed by a ______.
• 45; governorA• 7; presidentB• 9; director C
Question 10The Aldrich Plan did not successfully achieve passage due to what concern?
• Its banker-centered structure A
• Its government-centered structureB
• Its Association-centered structureC
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