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President Woodrow Wilson, who strongly opposed private banks, signed off on the Federal Reserve Act, something he deeply regretted. Soon after, according to the Road to root, a theory, Wilson signed off on it. Out of fear of catastrophic inflation. The amount of gold being found in the late 18 hundreds was causing an endless rise of inflation by 1900, several mining companies were harvesting gold from the.
Canyon, which was a major undertaking, an 80 mile long road, was built to access a coal deposit for power and barges and steam ships were assembled in the canyon to deliver this coal every day. By 1912, the New York Times reported that billions of ounces of gold were estimated to be dredged from this operation.
And at this time, there was only 64 million ounces of gold in the US Treasury and 160. Worldwide. Adding billions of ounces would've been economically catastrophic. It would've driven the value of gold to zero, devastating the world's economies, and destroying the wealth of the world's most powerful people.