Willis’s criticisms of, 267–68
Wilson and, 141–46, 148–49, 164, 170
Aldrich-Vreeland Act (1908), 79, 82, 209
American Academy of Political and Social Science, 120
American Bankers Association (ABA), 38, 55, 269, 297–98
Aldrich Plan and, 128–31, 134, 139–40
currency committee of, 130, 216–17
on Glass-Owen, 184, 216–17, 219, 228–29, 231, 235, 323
American Economic Association, 89
American Field Service, 264
Andrew, A. Piatt, 94, 96, 99, 133, 134, 149, 264, 285
on Aldrich’s European fact-finding mission, 82–83, 85–86
Glass and, 310
at Jekyl Island conference, 108, 110, 119, 122, 129, 294
on National Monetary Commission, 80
at 1912 Democratic convention, 163
at 1912 Republican convention, 161–62
on Panic of 1907, 67–68
role in preparing Aldrich Plan, 147–48, 177
Shaw criticized by, 53–54
in Taft campaign, 158
Treasury Department firing of, 161
Wilson and, 144
anti-federalists, 3
anti-Semitism, 169, 172, 262–63, 314, 334
antitrust, 72, 158, 167, 235, 288
antitrust laws, 80
banks and, see Money Trust
Arkansas, 160, 231, 305
Articles of Confederation, 253–54
asset currency, 33, 38, 74, 78, 79n
assets, 181
financial, 226
Atlanta, Ga., 68
Federal Reserve Bank in, 260n
Atlantic City, N.J., 129–30
automobiles, 44, 198, 199
Bachmann, Michele, 137
Baer, George Frederick, 288
Bagehot, Walter, 59, 84, 288, 293
Baker, George F., 62–66, 80, 116, 135, 139, 192, 299
Morgan’s collaboration with, 176
Baltimore, Md.:
banking reform meeting in, 20
Democratic National Convention in, 159–61, 163, 164–66
Baltimore platform, 327
bank assets, 189, 221
bank associations, 67
bank checks, 67
bank credits, 75, 261
bankers, 6, 7, 8
central banks supported by, 177, 179
distrust of, 27, 72, 127, 138, 150
Glass-Owen supported by, 247
nineteenth-century, 16
private, 115
reform-minded, 128
on silver, 16
Wall Street, see Wall Street
western, 85
Wilson on, 143–44
Bankers Trust, 64, 96
bank holidays, 68
Banking Act (1935), 266
banking charter rights, 332
banking reform, 5–8, 33, 45, 46, 60, 89, 93, 98, 150, 159, 175, 191, 201–22, 268–69, 325
Democratic, 81, 157, 199
federal control and, 216
Main Street and, 131
Taft and, 158
Wall Street and, 70, 131, 175
Wilson and, 73, 128, 143–44, 148–49, 167–68, 177, 195, 198, 201–2, 205–18, 221–22, 223, 227–28, 310
banking system, unified, 122
bank loans, currency and, 226–27
bank notes, 49, 150
Bank of Commerce, 299
Bank of England, 2, 83–84, 85–86, 335
American economy and, 56–57
currency supply and, 86–87
interest rates of, 5–6
loans in time of scarcity by, 70, 83, 288
money issued by, 117
notes issued by, 83, 84, 86
as private, 83–84
and Wall Street recessions, 5–6
Bank of France, 4, 84, 85, 214
cash reserves of, 87
Bank of the United States, first, 2–3, 84, 142, 246
Bank of the United States, Second, 3–5, 20, 84, 101, 115, 142, 187, 198, 246
Bank of the United States, Third (potential), 3
bank paper, 122, 246, 258
bank runs, 2, 63, 81, 200, 204, 245, 249
banks:
asset currency and loans by, 33
big, 4, 45, 136
bills of trade and, 39
branch offices of, 55
business and, 199
central reserve city, 14–15, 26–27, 39n, 182, 248n, 311
chartering of, 41
commercial, 47, 85
country, see country banks
deposits rising in, 199, 316
failures of, 13, 15, 19, 204
Fed and member, 322
federalism and, 183
for-profit, 181
in Gilded Age, 6
government power over, 207
growth of, 199
heartland, 46
hoarding by, 69, 259
interlocking directorates for, 222, 225, 228
international, 118
lending by, 33, 248
limited guarantee for, 313
middle-tier, see middle-tier banks
national, see national banks
under National Banking Acts, 14–15
New York, see New York, banks and bankers in
northern, 17
number of, 31, 135, 193, 278–79, 314
private, 3, 7–8, 48n, 63, 121–22, 185, 195, 228n
progressives on, 71
public control of, 115, 128
public oversight of, 148
regional, 149
Reserve Banks and, 181
reserve network, 101, 311
reserves of, 39, 70, 321, 325
self-regulation for, 119
shortfall by, 225
state, see state banks
Treasury loans to, 27, 41
Barney, Charles T., 62–63, 283
barter, 67
Baruch, Bernard, 308
baseball, 156
Bear Stearns, 62
Belmont, August, Jr., 165n
Berlin, 49, 57, 86, 88, 140
Bermuda, 171
Bernanke, Ben, 25, 188, 258, 296
Big Business, progressive skepticism toward, 45
bills of lading, 226
bills of trade, 32, 39
discounting of, 87, 226
bimetallic system, 16, 19–20, 230, 277
Blankfein, Lloyd, 122, 257
Board of Trade, British, 96
see also National Board of Trade
bonds, 24, 188
government, 14, 24, 75, 78, 114, 212, 217, 220, 225, 258, 277, 321
railroad, 15, 41, 78
Boston, Mass., 53, 156, 159
banks in, 12, 68
Federal Reserve Bank in, 260n
Boston Daily Globe, 332
Brandeis, Louis, 169, 190, 193, 211–12, 313–14
Brandt, T. R., 97
Brazil, 93
“Breaking the Money Trust” (Brandeis), 193
Bristow, Joseph L., 103, 237
Brown, William Garrett, 144, 145
Broz, J. Lawrence, 281, 289
Bryan, Nathan, 211
Bryan, William Jennings, 81, 88, 187, 201, 221–22, 225, 235, 236, 321
Aldrich Plan opposed by, 137, 148, 161, 164–65, 174
on banking bill, 205–7, 210, 212, 217, 218, 219, 227–28, 230
“cross of gold” speech of, 23, 142
in election of 1896, 22–24, 142, 204, 301
&n
bsp; on government-issued money, 128, 185, 200, 204, 213–14, 252, 323
on Money Trust hearings, 151
at 1912 Democratic National Convention, 164–66, 307
populism of, 44, 143, 199, 206
as secretary of state, 189–90
in Wilson administration, 170
Wilson’s requests for support by, 145–46, 148–49, 157, 301
Bulkley, Robert, 212
Burns, Arthur, 257
Business Men’s Monetary Reform League, 123
see also National Citizens’ League
Butler, Nicholas Murray, 55, 90
Butt, Archie, 159
California, 68, 157
women’s voting in, 156
call loans, 65
call money, 58
campaign contributions, 22, 23–24
Canada, gold rush in, 26
Cannon, Joe, 38
capital, 237
banking, 70
flows of, 264
international, 57
capitalism, 53, 73, 199
capitalization, 137
Carlisle, John, 24–25
car loans, 1
Carnegie, Andrew, 169
cash reserves, 69
cash substitutes, 67–68
central bank(s), 3–4, 17, 19, 50–51, 117–18, 183, 199, 228n, 231, 236, 237, 252, 261
ABA support for, 228, 229n
Aldrich Plan’s differences from, 113, 122–23, 140
America wary of, 41, 132, 241
bankers’ lobbying for, 311
Bryan’s opposition to, 164–65
customers of, 185
European, 1–2, 30, 39, 54, 56, 74, 83, 86, 111, 114, 185, 204, 269
federal structure of, 112–13
founders and, 141
and frontier traditions, 101–2
Gage’s call for, 28
government-owned, 206
industrialized nations and, 1, 2, 19, 264
in legislative proposals, 177
“modified,” 74, 101
opposition to, 2–8, 18, 19, 20, 32–33, 140
privately managed, 71, 119
as progressive idea, 104
Reserve Association and, 122–23
Reserve System and, 217–18
Vanderlip’s support for, 220–21, 238–43
Warburg’s call for, 6–7, 31–33, 47, 56, 71, 75–76, 77, 88–89, 99, 109, 120, 128, 184, 185, 217–18, 242, 253, 262, 269–70, 295
Wilson on, 7, 141–44, 149, 157, 170, 174n, 183–84, 312
see also South, central bank opposed in; United States, centralization feared by
central bank notes, 112
central bank of issue, 49
central government, opposition to, 1–4, 8
central reserve city banks, 14–15, 26–27, 39n, 182, 248n, 311
Chamber of Commerce, New York, 46–51, 121n, 123, 281
Chamber of Commerce, U.S., 229, 248
Glass-Owen endorsed by, 235
Charlotte Daily Observer, 229
Chase, Salmon P., 13–14
Chase Manhattan, 258, 265
Chase National Bank, 37, 184
check clearing, 39–40, 41, 114
checks, personal, 49
Chernow, Ron, 30
Chicago, Ill., 21, 85, 88, 95, 97, 123, 131, 140, 219, 321
bankers in, 53, 54–55, 121, 129, 173, 184, 186, 216, 229
central bank accepted by, 184
Federal Reserve Bank in, 260n
Republican convention in, 159, 161–63
as reserve city, 14, 39n, 69, 218–19, 241
Chicago, University of, 25, 121, 131
Chicago Tribune, 13
child labor, 104
China, 49
Churchill, Winston, 96, 117
city banks, central reserve, see central reserve city banks
Civil War, U.S., 6, 7, 17, 32, 34, 44, 68, 92, 180, 201, 219, 246, 251, 304, 330
banking chaos during, 12–13, 16
banking structure from, 20, 47
Democratic Party since, 156
tariffs in wake of, 36
Clark, Champ, 148, 157, 165–66, 215
Clayton Antitrust Act (1914), 229n
clearinghouses, 41, 67, 68, 74, 113, 186, 284, 310
Cleveland, Grover, 18–21, 24, 277
as “gold Democrat,” 16
Cleveland, Ohio, Federal Reserve Bank in, 260n
Coin’s Financial School (Harvey), 21
Columbia University, 55, 90, 94, 155
banking lectures at, 73, 286
Coming Battle, The (Walbert), 27
commercial banks, 122
Commercial Club of St. Louis, 98
commercial loans, discount of, 237
commercial paper, 39, 79n, 112, 225, 226, 258, 262
discounting of, 226, 262
comptroller of the currency, 212, 220, 241, 250
Conant, Charles A., 310, 330
Congress, U.S., 22, 55, 73, 74, 194
Aldrich Plan and, 141
bank credit and, 222
bank reform in, 46, 310
continuing debates over Federal Reserve in, 257
currency bill in, 58
failure of Bank of the United States rechartering by, 3
Glass bill debated in, 193
gold standard and, 16
hearings in, 128
monetary reform shifted to, 127–28
National Banking Acts in, 13
progressives in, 116
response to Panic of 1907 in, 77–79
Second Bank of the United States chartered by, 3
sectionalism in, 307
silver dollars and, 16
silver-purchase act and, 19, 20
special session of, 234–35
Third Bank legislated, 3
Congressional Government: A Study in American Politics (Wilson), 142n
conservation, 158
Constitution, U.S., 73
Sixteenth Amendment to, 191
Seventeenth Amendment to, 156, 201
Continental National Bank of Chicago, 85
Cooke, Jay, 12, 15
Cooper, John Milton, 194
copper mining, 61
corporate mergers, 33
corporate underwriting, 175
corporations, 44, 50
banking and, 41
capital and, 18
debt of, 1
greed of, 73
regulation of, 90, 100, 138
Cortelyou, George, 58, 59–60, 63, 66, 69
Cosmopolitan, 43–44, 89
Council Bluffs, Iowa, 68
country banks, 14, 26, 39n, 40, 49, 52, 55, 140, 218, 220, 229, 245
central reserve and, 101, 232
hoarding by, 69
reserves for, 231–32, 248n
Coxey, Jacob, 21
Creature from Jekyll Island, The (Griffin), 117
credit, 27, 28, 68, 227, 245
access to, 167–68, 244
bank, 175
concentration of, 196
disbursal of, 175
evaporation of, 30, 84
fragility of, 65
government and, 238
local conditions for, 186
notes and, 200
overextension of, 56–57
role of banks and, 118
stimulation of, 244
supply of, 258
credit markets, 30, 209
in Europe, 39
liquidity in, 56
Crozier, Alfred Owen, 72, 150–51
Cuba, 93
Cummins, Albert B., 95
currency, 181, 200, 252
Aldrich Plan and, 122
ceiling on, 246
circulation of, 246
elastic, 112, 113, 185–86, 215, 227, 258, 259, 308
emergency, 209
gold-backed, 181
government, 150, 204
government bonds and, 114, 115
illiquid assets and, 181
legislation on, 194, 210
private loans and, 115
source of, 199–200
Treasury-issued, 207
volume of, 114
see also money
currency associations, local, 79
currency reform, 5–8, 19, 73, 75, 95, 160, 165, 183, 314
Dallas, Tex., Federal Reserve Bank in, 260n
Davison, Henry P., 99, 130, 133, 139, 294
Aldrich Plan and, 122
in Aldrich’s European fact-finding mission, 82, 85–87
on Glass-Owen, 219
on Jekyl Island, 107–10, 112
Morgan run by, 175, 264
on National Monetary Commission, 80, 96
outreach to bankers by, 128–29
in Panic of 1907, 63–64, 66
Vanderlip’s alternative bill and, 238–40
Debs, Eugene V., 168, 171
“Defects and Needs of Our Banking System” (Warburg), 56
deflation, 18, 246
Democratic National Convention:
of 1896, 21–23, 153, 204
of 1912, 159, 160–61, 215
Democratic Party, 128, 155, 170, 191, 231, 239
agrarians in, 221–22
Aldrich disliked in, 90, 310
Aldrich Plan and, 150, 154–55, 160–61, 164–65
annual Jackson dinner of, 146, 149
bankers’ distrust of, 199
banking reforms supported by, 81, 144, 240–41
Bryan’s status in, 137, 174, 199
central bank and, 7, 218, 238–39
in Congress, 105, 171, 200, 208, 230
conservatives in, 151
federalism in, 213
Federal Reserve Act and, 268
Glass-Owen and, 219n, 235, 248
gold standard and, 16, 23
governance by, 251–52
government money supported by, 210
Jackson’s influence on, 153, 157, 210, 225, 236, 240, 252
Jeffersonians in, 166, 167, 204, 307
laissez-faire in, 21, 93
Morgan bailout and, 20
as party in transition, 156, 165
platform of, 173, 187
populists in, 199
power struggle within, 240–41
progressives in, 99, 132, 133, 148, 156–57, 165, 191, 204
shift to left by, 168
silver standard and, 22–24
on slavery, 22
Wilson and, 45
see also specific elections
deposit insurance, 81–82, 188, 249
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