The rich are, of course, no more pleased than poor people are about the loss of money, and so they were undoubtedly vigorous in their complaints. It was demanded that something be done. Strangely, that is not the solution that was adopted. The essence of interventionism is regulation. Interventionism is the great hope of many modern Calvinists, but they should look at the banking industry as an example of what interventionism means.
Banking is the most-regulated industry in the United States.
It is also the industry already regulated for the longest period of time. Because of that, banking ought to be the ideal industry in the United States. This is not the fault of individual bankers. The effect of government action has been to aggravate the situation in regard to fiduciary media. By setting out to regulate the issuance of fiduciary media, the government in effect popularized them.