Interesting article lauding J. P. Morgan, but possibly many free-market economists would disagree highly.
We now have a central bank--the Federal Reserve. It is NOT owned by the U.S. government--in fact, we don't even know who DOES own it. It has NEVER been audited. And it is largly responsible for the huge inflation we have had in the last 50 or more years and for the economic situation in which we find ourselves. Since we went off the gold standard and then the silver standard, the Federal Reserve Bank has continued to print more and more paper money with no value but what people are willing to believe it has--and I've lost faith in our central bank.
Maybe the framers of the Constitution were correct when they didn't want a central bank!

As we all know, anyone who has a lot of money has a lot of power. Now imagine a group of people who have the power to create money. Imagine the power these people would have. This is what the Fed is.

No man did more to expose the power of the Fed than Louis T. McFadden, who was the Chairman of the House Banking Committee back in the 1930s. Constantly pointing out that monetary issues shouldn't be partisan, he criticized both the Herbert Hoover and Franklin Roosevelt administrations. In describing the Fed, he remarked in the Congressional Record, House pages 1295 and 1296 on June 10, 1932, that: (continued in second post, if allowed.)

"Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and he people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it." (continued to final post, if possible.)