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Quote from : Wikipedia : Jekyll Island : The Jekyll Island Club
Du Bignon, who had inherited the southern third of the island from his father, purchased the rest of the island from his siblings with the help of his brother-in-law Newton Finney and an investor.
Their plan to sell the island as a winter retreat for the wealthy came to fruition on February 17, 1886, and the clubhouse was completed in January 1888.
Fifty-three members purchased shares for $600 each, and a limit of 100 members was imposed to preserve the club's exclusivity.
From 1888–1942 the club opened every January, except a few because of Yellow Fever outbreaks, to accommodate some of the world's wealthiest people.
Members and their families enjoyed activities such as biking, hunting, horseback riding, and tennis, and frequented the north beaches.
Some of the more esteemed members built mansion-sized cottages that still stand in excellent condition today.
During the Great Depression the club experienced financial difficulties, and by the time the United States entered World War II the era of the Jekyll Island Club was over.
The state of Georgia condemned the island in 1947 and paid the remaining members a total of $675,000.
Quote from : Wikipedia : Jekyll Island : Planning of the Federal Reserve System
At the end of November 1910, Senator Nelson W. Aldrich and Assistant Secretary of the Treasury Department A. Piatt Andrew, and 5 more of the country's leading financiers, who together represented about one-fourth of the world's wealth, arrived at the Jekyll Island Club to discuss monetary policy and the banking system, an event led to the creation of the current Federal Reserve.
According to the Federal Reserve Bank of Atlanta, the 1910 Jekyll Island meeting resulted in draft legislation for the creation of a U.S. central bank.
Parts of this draft (the Aldrich plan) were incorporated into the 1913 Federal Reserve Act.
On November 5 - 6, 2010, Ben Bernanke stayed on Jekyll Island to commemorate the 100-year anniversary of this original meeting.
Forbes magazine founder Bertie Charles Forbes wrote several years later:
Picture a party of the nation's greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily riding hundred of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned, lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written... The utmost secrecy was enjoined upon all. The public must not glean a hint of what was to be done. Senator Aldrich notified each one to go quietly into a private car of which the railroad had received orders to draw up on an unfrequented platform. Off the party set. New York's ubiquitous reporters had been foiled... Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry... Warburg is the link that binds the Aldrich system and the present system together. He more than any one man has made the system possible as a working reality.
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