On December 24, 1913, about 213 national banks applied for a new federal reserve system created under a decree just signed by President Wilson on December 23, 1913 (November 27, 1913). This new federal banking system would provide bank notes and credit cards, a means of automatically shrinking when business growth and turnover drops. By establishing 12 Federal Reserve Banks as a deposit repository for member banks. The United States is now about to have a central agency to serve banks without having to have a single big bank like the Bank of England. When signing this decree, President Wilson used a few pins of gold and joked: ¡°I¡¯m holding gold on the signature.¡±