Wilson did not wait to complete the Revenue Act of 1913 before proceeding to the next item on his agenda—banking. By the time Wilson took office, countries like Britain and Germany had established government-run central banks, but the United States had not had a central bank since the Bank War of the 1830s. In the aftermath of the Panic of 1907, there was general agreement among leaders in both parties of the necessity to create some sort of central banking system to provide a more elastic currency and to coordinate responses to financial panics. Wilson sought a middle ground between progressives such as Bryan and conservative Republicans like Nelson Aldrich, who, as chairman of the National Monetary Commission, had put forward a plan for a central bank that would give private financial interests a large degree of control over the monetary system. Wilson declared that the banking system must be 'public not private,  must be vested in the government itself so that the banks must be the instruments, not the masters, of business.'
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