Converse, Edmund C., 192
Cooke, Henry, 133–35, 145
Cooke, Jay
beginnings, 132–35
House of Cooke, 133–35, 145–47, 147n, 156
crash of, 156
enormous political influence of, 134, 145–47, 156
expansion of, 156
master of public relations and mass propaganda, 134, 145–47
monopoly underwriter of government bonds, 134
national banking system, force behind, 134–35, 145, 156
Cooksey, George, 290
Coolidge, Calvin, 266–69, 311, 379–80, 420–22
Coolidge, T. Jefferson, 266, 335, 379
Cord, E.L., 298, 454
Corn Belt Advisory Committee, 285
Coughlin, Father Charles E., 460
Council of Foreign Relations (CFR), 346–47, 432
Counterfeiting, 130n
Coup de whiskey, 413, 445
Covington, J. Harry, 306
Cox, James M., 464
Crane, W. Murray, 267, 379
Credit expansion
controlled by large national banks, 238
increased number of banks and, 70
stock prices and, 418 See also Inflation; Banks
Cromwell, James H.R., 457
Crowley, Leo T., 339
Cumberland, William W., 233
Cunliffe, Walter, 359, 373
Cunliffe Committee, 359–60, 362, 365
Currency. See Money; Dollar
Currency Report, 237
Currie, Lauchlin, 332, 335–36, 338–39
Customs-duties scheme, 124
Czarist Russia, 212
D
Dairymen’s League Cooperative Association, 298, 454
Dallas, Alexander J., 84
Davis, John W., 268, 330, 331n, 381
Davis, Norman H., 311n, 344, 346, 432
Davis, Eric G., 390
Davison, Harry, 268, 369–70, 381
Davison, Henry P., 245, 252–53, 264, 264n, 311n, 346, 446
Dawes, Charles G., 269, 289, 296, 422n, 456
De Gaulle, Charles, 489
Dean, William B., 195
Debevoise, Thomas M., 310, 310n
Deflation, 20, 23, 55, 93, 101, 103, 160–61, 179, 357–58, 361, 363, 365–66, 390, 395–96, 424–25, 441, 451
Democratic Party, 172, 176,
party of personal liberty, 174,
distinctive ideology clash, 171
“choice, not an echo,” 171, 178
end of laissez-faire libertarian party, 187
Delano, Frederic A., 255, 265, 372, 448
Delano, Lyman, 301n
Depression
after paper money issue, 54
in crisis of 1839, 94, 101–03
in gold standard period, 160
of 1819–21, 81, 85, 89, 92
of 1870s, 154–59, 171, See also Great Depression
Dern, George, 335
Deterding, Sir Henri, 308
Dewey, Commodore, 212
Dewey, Davis R., 246
Dewey, John, 246
Dewey, Thomas E., 331n
Discount rate, 236, 248, 274–76, 286, 406, 409n
Dodge, William E., 195, 218
Dollar
key currency base of new international monetary order, 476–86
basic currency unit, 65, 65n
defined as weight of gold or silver, 66, 104
gold coin standard, only currency on, 356
gold-exchange standard and, 432, 486
imperialism, 43, 345, 437, 477
key currency, only, 476, 483
manipulations of, 49
nationalism, 43, 437, 448, 450
origin of word, 49n
redemption, 489
run on, 488
world shortage of, 487 See also Inflation
Donham, Wallace, 457
Dowd, Kevin, 42n, 351n
Douglas, Lewis W., 304, 307, 335, 347, 458, 464
Douglas, William O., 321n, 327–28
Duffield, J.R., 243
DuPont, 313, 370
Durant, William Crapo, 420n
Durkee, Hireh, 79n
E
Eames, Henry F., 198
Eastman, George, 448
Eastwood, Clint, 18
Eccles, Marriner S., 319n, 330n, 333n, 331–43
as Federal Reserve Board governor, 336–41
Boulder Dam, 333, 333n–34n
business empire of, 332–33, 332n
cartelization advocate, 333
New-Dealer, 332, 335–38, 343n
Eccles, David, 332
Economic theory as a priori science, 8
Economic and Financial Committee of League of Nations, 356
Economist, as “social scientist,” 215
Edison Electric Institute, 330
Edmunds, George F., 194
Ehrich, Jules, 303
Einaudi, Luigi, 487n
Elasticity
“elastic,” 187, 197, 202–03, 242–43, 248
“inelastic,” 187, 190, 205, 236, 242, 251
Eliot, Charles, 245
Ellis, Richard E., 70
Ely, Robert E., 249
Emergency Relief and Construction Act of 1932, 292
England. See Great Britain
Erhard, Ludwig, 487n
Exchange controls
German, 344, 469
high postwar price levels, salvage of, 390
in interwar years, 351, 360, 392, 428, 439, 452
possible cause of World War II, 475
post–World War II, 479–485
Exchange rates, 343–44
F
Fairchild, Charles S., 194, 198
Fairchild, Sidney T., 194
Fairman, Charles, 152
Falkner, Roland P., 221
Farben, I.G., 344
Farley, James A., 467
Farm prices
agitation for higher, 297, 456, 283
agricultural relief agency, 284
boom of 1880s, 166, 283
farm support for inflation, 287, 297–99, 432
Farrer, Gaspard, 365
Farwell, John V., 255
Fascism, 30
Faulkner, Roland P., 221n
Federal Advisory Council (FAC), 338
Federal Deposit Insurance Corporation (FDIC), 338–39
Federal Farm Loan Board (FFLB), 285–86, 289
Federal Intermediate Credit System, 286
Federal Open Market Committee (FOMC), 14, 319, 340
Federal Reserve Bank, 209, 250, 254, 257–58, 318–19, 337, 340–42, 371, 425, 426
Act of 1913
bailout of German Reichsbank, 286–87
Bank of England and, 368
efforts to help England, 423
credit policies of, 424
credit restraints removed, 341
easy money and bank failures, 426
effort to prevent gold inflow, 414
failure to control stock market boom, 418
failure of, 416, 445
fallacious qualitativist view, 419
favors granted to large banks, 247
monetary expansion by, 274
open market operations, complete control of, 340
origins of, 34, 39–40, 42, 190, 208
purpose of, 37, 368
spurious veil of regionalism, 247
stock market, deliberate stimulation of, 417
transfer power to political appointees in Washington, 318
veto power over district bank elections, 341
“Federal trough,” beginnings of, 59
Federalists
criticism of, 69n
support for central banks, 70–72, 83, 92, 101
Federation of British Industries, 362–64
Fels, Samuel S., 298, 454
Ferguson, E. James, 60n–61n
Ferguson, Thomas, 266, 308, 379, 433
Ferrell, H., 460
Fetter, F
rank W., 358
Fiat money. See Money
Field, Marshall, 198, 255
Financial and Economic Committee
establishment of central banks, 393
goals of, 391–92
reconstruction of Central and Eastern Europe, 391
Financial elites, 263
abortive attempts by, 41
advising governments, science of, 231
establishment agrees more money needed, 288
force behind Fed creation, 258
interrelations of major financial groupings, 263
Financial panic of 1884, 160
Finland, 398, 398n
Finney, Charles, 172
Fish, Stuyvesant, 194
Fisher, Irving, 95, 246, 337, 390, 448, 466, 473
as inflationist, 303–04, 449, 453–56
Fleming, Lamar, 346, 486
Fletcher, Duncan, 314
Flynn, John T., 293
Forgan, James B., 237, 246–48, 252, 256
Founding Fathers, 65, 211
Fowler Bill, 205–06, 234
Fowler, Charles N., 205
Fowler, Samuel, 136n
France, 399, 407, 409–10, 411, 430
legend as spoiler, 407
monetary and fiscal reforms, 407–08
Frankfurter, Felix, 293, 322, 322n, 323n
Frazier, Frederic H., 298, 454
Frederickson, George, 136n
French Revolution, 358
Frères, Lazard, 278–79, 456
Frey, John P., 448
Friedman, Milton, 34–39, 35n, 55n, 134–35, 162, 166, 169
Fries, J.W., 194
G
Gage, Lyman J., 201–04, 207, 235
Galbraith, John Kenneth, 347n
Gannett, Frank E., 454
Gardner, Lloyd C., 471
Garner, John Nance, 311
Garnett, Louis A., 194
Gavitt, J.P., 249
General Baking Company, 298, 454
General Electric, 193, 195, 287, 296, 330, 370, 448
General Motors, 296n, 321, 420n, 450
Genoa Conference, 390–98, 392n, 442
currency resolutions of, 393–96
George, Lloyd, 391
German Historical School, 30, 214
German Reichsbank, 26, 247, 250, 286, 412
Germany, 471
barter agreements, 344n, 470–71, 473–74
bilateral trade agreements, 469
British trade with Balkan nations evaporates, 470
domination of Europe by, 472
economic competition by, 473
Hull policy and, 472–75
mark protected by exchange controls, 428
trade competition, 469–75
Gerstle, Gary, 308, 433
Giannini, A.P., 334
Gifford, Walter S., 296
Gilbert, James H., 129
Gilbert, S. Parker, 287, 375n
Girard, Stephen, 84–85, 92
Glass, Carter, 257, 277n–78n, 293, 304, 316–17, 337, 340, 449, 455, 458
Glass-Steagall Act
of 1932, 258, 293, 315, 315n, 341–42, 432
of 1933, 315–17, 315n, 341
Goff, Frederick H., 448
Gold
as world money standard, 353
avoid outflow of, 359
exports, 168
fix and raise price levels to avoid redemption of, 393–94
going off, 297, 304
government intervention, groups advocating more, 299
market, attempt to destroy, 125
outflow and massive monetary inflation in Britain, 406
outflow as signal to contract overinflation, 406
Gold bullion, 67, 354
end of redemption, 463, 467
gold bullion standard, 381–85
redemption, purpose of, 383
Gold coin, 48–49, 66–68, 107, 228, 382, 384
circulation of, gold and silver coin, 105–06, 109–11
monetary circulation, weakens government control, 383
public use of, 476
Gold-exchange standard
breakdown of, 386, 443
circulation of gold coin, 382
conference imposes, 390
currency reform, 393
England abandons, 428–31
era ends in failure, 431
exchange bullion, not coin, 381
imperialism and, 218
imports rise with, 402
increase demand for pound as reserves, 390
interwar years, 351
reserves used instead of gold, 387
legacy of Genoa, 398
limits on monetary expansion broken, 385
monetary imperialism and, 218
not gold, 384
origin of, 208–09
pressure on Europe for, 386
prestige of gold, 381
series of crises evident, 489
unsoundness, fear of unchecked inflation of, 397
widespread adoption of, 398
Gold standard
Act of 1900, 202, 381
capital formation and, 165
cartelized banking system and, 167
deflation and, 160
discipline of, 438
diplomacy, 220, 389
economic growth and, 161
era of, 159
financial panic and, 160
fixed relationship between countries, 225
flawed and inflationary caricature of, 43
French bloc urged restoration of, 305
golden age of, 166
interest rates and, 163
international trade and, 438
laissez-faire and, 438
monetary warfare, 439
prewar, 352, 440
productivity and, 164
pseudo gold standard, instability of countries on, 440
real wage rates, 162
reformers and, 203
U.S. abandons, 458
Gold Standard Act
of 1900, 202–05, 381
of 1925, 367, 382
Goldenweiser, Emanuel, 338
Goldsmith, R.W., 164
Goldsmiths, 57
Gompers, Samuel, 448
Goodenough, F.C., 364
Gouge, William M., 90
Gould, Jay, 218
Government
benefits from fiat issue, 53
big government, 175, 179, 185–86, 259
coercion and legal prohibition, 22
debt and surplus capital with, 248
debt, wartime public, 150
federal government, 59, 61
debt expansion tied to, 113
encouraged inflation, 75
expenditures increase, 123
leadership in mobilizing ecocomic resources, 273
monetizing public debt, 113–14
monopoly of money, 153
paper money and, 51, 351
securities used for Fed notes inflation, 293
state, 60, 64–65, 83, 100, 113–14
debt during boom, 101–03
Government-bank-press complex created, 248–49
Grant, Ulysses S., 134, 151–53, 153n, 161
Great Britain
against tight money, 419, 421
betrayal of France and Fed, 429–30
cheap loans and, 442
continued inflation policy, 451
domination, 439–44
downward wage rigidity, 361
experiment ends in disaster, 452
export industries slump, 400–02, 441
export industries, over-valued pound and, 362
faces the postwar world, 356
Fed cooperation with, 443–45
financial committee and, 442
financiers desire prewar value in terms of gold, 359
general strike of 1926, 405
gold shortage, 359
great depression myth, 155
guilds, resurrection of, 404
> Hawtrey, advocate of central bank collaboration, 442
hoping for U.S. inflation, 360, 364–67, 396
inflation and, 451
international monetary situation, 451
A History of Money and Banking in the United States: The Colonial Era to World War II Page 52
