This was part of a book put out as support for his campaign for President in 1912. This came out something like a year and half (or so) before the Federal Reserve Act was signed. He was running on a campaign against the Trusts that ruled the world at the time. Of course he wasn't really running against them. All sides were really the same side. Democrat or Republican, from State Congressmen to Presidents, all sides were (and still are) working for Rockefeller's Megamonopoly.

So while this makes an excellent soundbite, it has nothing to do with The Fed specifically, but was rather part of a campaign promise to work for the American People against The Trust. A promise which he had no intention of keeping, considering he had been one of their top employees for over a decade before becoming their newest White House Lap Dog.