Establishment History of Central Banking in America: The New York Fed Masters the Art of Propaganda

The New York Fed has the "official" history of how central banking came to America. Here's an excerpt:

As America's industrial economy grew and became more complex toward the end of the 19th century, the weaknesses in the banking system became critical. The boom and bust cycles created by an inelastic currency and immobile reserves led to frequent financial panics, which triggered economic depressions. The most severe depression at that point in U.S. history came in 1893 and left a legacy of economic uncertainty.

As you'll notice, the Fed hasn't gotten rid of boom and bust cycles since its introduction.