Community
Dallas vs. Houston over federal banks
[dropcap]C[/dropcap]ivic leaders in Dallas and Houston waited nervously on April 2, 1914 for the decision on which of Texas’ two largest cities had been awarded the new federal bank.
The rash of bank failures caused by the Panic of 1907 underscored the urgent need for effective monitoring and management of the national money supply. To avert future crises, the country required a bank for the banks.
The Federal Reserve System was created by an act of congress in December 1913. The law cal...