Madison in his writings and speeches warned against the "tyranny of the majority" in democracy or the ability for the majority in a democracy to rule however it pleased because its powered was unchecked. Therefore, Madison did indeed believe that tyranny was possible in democracy because of this notion or fear of majority rule.
The answer is false since there's different meanings
In 1913, President Woodrow Wilson signed the Federal Reserve Act which created the Federal Reserve Bank of the United States which would monitor and regulate the Dollar.
So you can live :/ I guess