After the panic of 1907, America faced a huge sort of crisis. The economy of America fell and the income of an average American family reduced up to 40% of the total. This caused a great sense of insecurity among the people. Many banks were forced to close their doors and hence America faced a damage that went beyond repair. The bankers and financiers of the country were worried about all this and the government took the initiative to solve this problem. For that purpose the congress formulated a committee under Senator Nelson Aldrich. On the night of November 22nd in 1910, nelson Aldrich along with the other committee members set out to Jekyll Island on a secret mission. Jekyll island was a place far away which was famously visited by the elite people for hunting and to get fresh air. Many of the elites were also settled there or had their own elite residences called ‘cottages’ by them where they stayed whenever they had a mood to visit Jekyll island for hunting or to find a peaceful time on their own.
The good thing about Jekyll Island because of which the place was chosen to carry out the secret task was the fact that there were no journalists to be found in that place and this reduced the chances of their mission to reach out the American crowd. What was the secret mission that was to be carried out in a place like Jekyll Island? Were they out for a two week vacation to Jekyll Island when the country was in crisis and they were the ones made responsible to find a solution to all its problems? Were they out taking fresh air or were they seriously up to some important task are the questions that boggle the mind of a person taking in all the afore mentioned story. Well, the answer to that is yes. They wanted to carry out a process of drafting a system which would be able to protect the economical stability of America and will help it in getting out from the entire upcoming economical crisis.
The committee included prominent figures of American history such as Paul Warburg who has played the most prominent part in American history. He is the one to bring about situations which caused America to face great twists and turns on its way to success and prosperity. There in Jekyll Island all of these people worked under Aldrich and drafted a plan of creating a decentralized federal reserve bank for the country. The function that Federal Reserve Bank was supposed to perform was to provide economic support to the country by reserving capital of the country and by having an impartial system. It was said that this bank would be made in such a way that no political agents would be able interfere or infiltrate the system. The major part of America from this point on revolves around the federal reserve bank and it brought many revolutions in the country.