A History of Money and Banking in the United States: The Colonial Era to World War II
Page 54
“New Era” of permanent prosperity, 420, 449–50
New York Bible class, 266
New York Chamber of Commerce, 234, 236, 238, 251, 254
New York Herald-Tribune, 270n
New York Journal of Commerce, 204, 277, 277n–78n, 426, 449, 258
New York Stock Exchange, 88, 271, 312, 321, 326–28, 418, 423
New York Times, 339, 420, 482–83, 486n
Newsweek, 300n, 307
Niemeyer, Otto, 364–65, 367, 382n, 391, 399n, 442
Noble, Edward J., 301n
Norman, Montagu “Monty,” 272, 360, 365–430, 399n–400n
Bank for International Settlements and, 272, 427
background of, 373
betrayal of France, 429–30
Britain’s major financial force, 442
Genoa Conference and, 391–92
House of Morgan and, 374–78
powerful impact on international monetary policy, 375–76, 384, 409–12, 421, 423, 429
Strong and, 373, 397, 412, 416, 444–46, 444n
Norris, George, 290
North American Review, 211
O
Ocean Herald, 191
Olson, James Stuart, 288n
“Open door” policy, 345, 469, 471, 476, 478
Open market purchases, 202, 207, 275, 294–95, 336, 375n
Orr, Alexander E., 191, 193
Ottawa Agreements of 1932, 478
Overstreet, Jesse, 201
P
Page, Walter Hines, 416, 416n, 445
Palyi, Melchior, 362n
Panic of 1819, 76–80, 80n, 90–91
Panic of 1837, 95, 98–99, 121
Panic of 1857, 113, 121
Panic of 1873, 134, 141, 150, 153–56
Panic of 1893, 168–69, 169n, 176
Panic of 1907, 240–42
launch of drive for central bank, 240
“Parallel standard,” 109–11
Party system transformation of 1896, 169–79
Patterson, C. Stuart, 191, 194, 252, 254
Paul, Ron, 47
Payne, Henry C., 192–93
Peabody, George Foster, 192–93
Peake, Hayden, 340
Pearson, Frank A., 455
Pecora, Ferdinand, 312, 314–15, 323, 325n, 330
Pecora–U.S. Senate Banking and Currency Committee, 310–312, 311n, 314–15, 316n, 320
Peek, George, 471
Pendleton, George H., 150
Pendleton Plan, 150–51
Perkins, Charles E., 199
Perkins, Frances, 300n
Perrin, John, 255
Philippe, Raymont, 412n
Pierce, E.A., 327
Pietism, pietists, 172–78, 174n–76n
branches of, 172n–73n
creed, 172–73
impetus for party system transformation, 172
“Protestantizing society,” 175
Pigou, Arthur Cecil, 360
Pillsbury, C.A., 198
Plehn, Carl C., 224n
Poincaré, Raymond, 407–08, 411
Political Science Quarterly, 214
Polk, James K., 91
Pollak Foundation for Economic Research, 273
Pomerene, Atlee, 295
Pope, Alfred A., 198
Populists, 36, 177–78, 188–89
Porter, Horace, 156
Positivist approach to economic history, 7, 9–13, 32–36, 35n, 39
Potter, William, 317
Pratt, Sereno S., 244
Praxeology, 7, 11, 13–14, 25–26, 33–34, 35n, 40
Price controls, 60, 103, 281, 447
Productivity, falling prices due to, 395
Progressive Era, 29–30, 179, 183, 186, 216, 264, 314
Progressive Party, 179, 314
Property rights, private, 74–76, 79, 91
Proto-monetarist, position of, 95
Public Utility Holding Act (PUHA), 330
Pullman Company, 191, 207
Purves, Alexander, 208
Purchasing Power, 15, 22, 25–26, 175, 209, 383, 389, 393–94, 396, 411, 454, 465
Putnam, George Haven, 200n
Q
Quarterly Journal of Austrian Economics, 42, 183n
Quesnay, Pierre, 399n
R
Raguet, Condy, 82, 91
Railroads
Atchison, Topeka and Santa Fe Railway, 199, 239, 247n
Bangor and Aroostook Railroad, 454
Birmingham Railroad, 194
Camden and Amboy Railroad, 153
Erie Railroad, 207n
Hudson and Manhattan Railroad Company, 265
Missouri Pacific Railroad, 195, 292
Morris and Essex Railroad, 153
New York Central Railroad, 194, 207, 217, 265, 372
Philadelphia and Reading Railroad, 153
Pittsburgh, Fort Wayne, and Chicago Railroad, 191
Rand, James H., 298, 304, 448
Raskob, John J., 311n, 313
Recession
always follows boom, 187, 272, 281, 355, 361
bank credit increased in, 197, 201, 207
colonial era, 55, 65, 100
of 1907, 240
of 1920–21, 272–73, 281, 283, 358–61, 379, 395
of 1929–31, 272–74, 402, 424–25
recoveries from, 425
Reconstruction Finance Corporatiion (RFC), 288–95, 288n
Rediscount rate, 414, 419, 423, 426
Reed, David A., 457
Reform of the Currency, 250–51
Remington Rand Company, 298, 448, 454
Republican Party
party of great moral idea, 174
upheaval of, 175–76
state, changing role in, 172–74
ongoing transformation, 170–71 See also Pietism
Resumption Act of January 1875, 151
Review of Reviews, 216
Reynolds, Arthur, 237
Reynolds, George M., 237, 245, 247, 254
Reynolds, Jackson E., 276, 427
Ricardo, David, 82, 210
Ricardian Currency School, 91
Ridgely, William B., 206, 243
Riefler, Winfield W., 335
Rist, Charles, 407
Roberts, George E., 243, 249, 255
Robey, Ralph W., 415, 449
Rockefeller forces, 298, 300–02, 309
CFR and, 347
Committee for the Nation, behind-the-scenes role in, 307–08
Morgan, resentment of, 308
Rockefeller, John D., Jr., 204–07, 206n, 244, 266, 302n, 309–10
Rockefeller, John D., Sr., 201, 207
Rockefeller, Nelson Aldrich, 206n
Rockefeller, William, 207
Rockoff, Hugh, 113n
Rogers, James Harvey, 473
Roman Catholicism, 173–77
Roosevelt, Franklin D., 188, 265, 298–99, 300, 306, 310, 322, 372, 448, 450, 454–56
abandon gold-coin standard, 297, 301, 303–04, 308, 431, 453–58, 466
academic economists and, 453
Atlantic Conference and, 345
banking influence, 456
bombshell message, famous, 307
Committee for the Nation, influence of, 454–55
early monetary appointments, 301
Fisher influence and, 453–55, 465–67
Roosevelt Cabinet, 300
unscrupulous money changers and, 314
Roosevelt, Theodore, 188n, 192, 199, 209, 216, 225, 229, 263, 300
Root, L. Carroll, 195
Root, Oren, 331n
Root, Elihu, 221, 228, 243, 251, 267–69, 289, 380, 422
Röpke, Wilhelm, 487n
Rosenwald, Julius, 255
Rosenwald, Lessing J., 298, 454
Rothbard, Murray N., 7–41
approach to monetary history, 7, 10–11, 11n, 23–24, 30–34
theoretical guide, 24–26, 30, 33
Round Table, 363–64
Rovensky, John E., 448
Rovere, Richard, 347n
Royal Commission on Indian Finance and Currency, 389
Royal Economic Society, 388
Rueff, Jacques, 487n, 489
Rueff Plan, 490
Rumsey, Mary Harriman, 300n–01n
Rylands, Peter, 363
S
Sage, Russel, 150
Salter, Sir Arthur, 399n–400n, 415, 416n
Samuel Commission, 405
Sapiro, Aaron, 285
Say’s Law, 210
Sayre, Francis B., 471
Schacht, Hjalmar, 412–13, 469–71
Schell, Richard, 149
Schiff, Jacob, 234–39, 235n, 245, 251, 265
Schilling, Richard, 177–78
Schlick, Count of, 49n
Schröder, J. Henry, 458
Schultz, William J., 69n
Schwartz, Anna Jacobson, 34, 154–55, 155n, 164, 166, 169, 278, 336n
Scott, D.R., 326
Scott, Thomas A., 149–50
Scriveners, 56
Seager, Henry R., 246
Sears, Roebuck and Company, 255, 298, 454, 456
Securities Act of 1933, 315, 320, 322
Securities and Exchange Commission (SEC), 320–21, 321n, 323–30, 325n, 328n–29n
Securities Exchange Act of June 1934, 320–27
Sego Milk Company, 332
Seligman, Isaac N., 215n, 218
Seligman, Edwin R.A., 215–16, 215n, 218, 241–42, 246, 250
Sexauer, Fred H., 298, 454
Shaw, Dr. Albert, 216
Shaw, Leslie M., 198–99, 207–08, 234, 236
Shearman, Thomas, 218
Shedd, John G., 255
Shelton, Arthur B., 249
Sherman, John, 130, 133–35, 145, 151, 157
National Banking Acts and, 134–35
Sherman Silver Purchase Act of 1890, 167–69
Shoup, Laurence H., 346
Sibley, Joel, 170
Siegel, Barry, 187, 265, 368
Silva, Edward T., 215, 389
Silver Purchase Act
of 1878, 159–61
of 1890, 167–69
Silvermaster, Nathan Gregory, 339n
Sloan, Alfred P., 296n
Smith, Al, 309
Smith, Vera C., 77n–78n
Smith, Vivian Hugh, 369–70, 374
Snowden, Philip, 364
Snyder, Carl, 420n
Sound Currency, 196
South Sea Bubble, 353–54
Soviet Union, 33
Spahr, Walter E., 383n–84n
Spain, 49–50, 53, 65–68, 106–08, 220–21, 226–27
Spaulding, Elbridge G., 130
Special Drawing Rights, 488
Specie, 49–132
as standard money, 353–54
payment resumption and trade, 54–55, 85
payment, suspension of, 74, 75–80, 100, 123, 169, 200, 240
redemption, cessation of the boom and, 98 See also Gold coin; Money
Specie Circular, 98–99
Sprague, Albert A., 198
Sprague, Oliver M.W., 246, 305–06, 460, 464, 466
Spring-Rice, Sir Cecil Arthur, 370
Springfield (Mass.) Republican, 213
Stabilization Fund, 480–81
Stable Money Association, 303, 448, 453–54
Stable Money League, 448
Stahlman, E.B., 191
Stamp, Josiah, 447
Stanard, Edwin O., 191
Standard and Poor’s, 417–18
Standard Oil Company, 192, 198, 263, 266n, 296n, 308n, 333n–34n, 379
Stearns, Frank W., 267, 379, 379n–80n
Stern, J. David, 457
Stetson, Francis Lynde, 243, 247n
Stettinius, Edward, 347, 347n, 477
Stevens, Thaddeus, 148
Stewart, Walter W., 420n–21n
Stigler, George J., 32–34
Stillman, James, 207, 235
Stimson, Henry L., 268n, 269, 287, 306, 347, 380n, 422, 472
Stock market, 271–76, 304, 312–17
artificial stimulus, 274
boom, 416–20, 422, 425
crash of 1929, 272, 417–25
acceptance program and, 239
Strakosch, Sir Henry, 391, 399n–400n, 442
Straus, Isidore, 235
Strauss, Albert, 236
Strobel, Edward R., 217
Strong, Benjamin, 257, 264–66, 269–72, 309, 368–69, 371, 377, 378, 390, 399–400, 412, 415–17, 421, 443
and England, 376, 413, 414, 416,
Anglophile policies of, 444
coup de whiskey, 445
discount rates, lowering of, 445
Fed postwar inflationary policy and, 375
India, gold-coin standard and, 446
inflation policy, 83, 270–71, 372, 413, 415, 417
Norman, and, 372–76, 397, 444
world depression, architect of, 271
World War I entrance and, 446
Strong, Reverend Josiah, 214
Studenski, Paul, 123
Sunny, B.E., 255
Swope, Herbert Bayard, 467
Sybil, Lady, 374
T
Taber, Louis J., 298, 454
Taft, William Howard, 238, 248, 253
Taft, Robert A., 484, 484n
Talbert, Joseph T., 237
Tansill, Charles Callan, 270n, 371n, 469n
Tariffs
Carey “gospel” of, 148–49, 149n
free-market lowering of, 92
McKinley Tariff Act of 1890, 167
motive for, 25, 175
on steel, 24, 29, 147–48, 84
Taussig, Frank W., 199–200, 203, 246
Taylor, Frank M., 199–200
Taylor, Robert S., 195, 201
Teagle, Walter C., 296n
Temin, Peter, 35n, 94–95, 99, 103
Texas Gulf Sulphur Company, 267n, 379n–80n
“Thaler,” 49n
Thayer, Martin R., 126n
Third World countries
exploitation of, 222
imposition of gold-exchange standard on, 233, 387–88, 389n
victims of imperialism, 219
Thymology, 17–22, 26, 31–33, 40
Timberlake, Richard H., 42n, 76n, 99n, 351n, 353,
Times of London, 364, 475, 482
Today magazine, 300n, 307
Tollison, Robert D., 31
Train, George Francis, 149
Transportation, 78, 88, 120, 191, 197–98, 334, 392, 413
Trask, Spencer, 194
Traylor, Melvin A., 302, 309, 456
Triffin Plan, 490
Tripartite Monetary Agreement, 344, 432, 468
Trivoli, George, 119
Truman, Harry S., 343, 484
Tucker, Rufus S., 450
Tullock, Gordon, 51
U
U.S. Chamber of Commerce, 255, 281
U.S. exports and, 474
U.S. Investor, 210, 210n, 212–14
U.S. Treasury, 89, 99, 120–27, 135, 142, 157, 161, 206, 284–85, 297, 338, 367, 371, 382, 391, 415, 452, 480
as central bank, 201–08, 222, 234, 236
depository, all congressional funds, 63
financial capital of world, 477
Independent Treasury System, 104, 207–08
notes, 75, 76, 83, 89, 167–69 See also Gage, Lyman
Unemployment, 161, 357, 366–68, 377, 395, 425, 441, 462
depressed export industries and, 361
Employment Fund and, 404
hard money, villain for, 406
relief, 334
rational solutions for, rejected, 405
trade unionism and, 361, 404
wage rates rigidity and, 400–03
Union for Sound Money, 190
United Corporation, 321, 330
Untermyer, Samuel, 322
Utah Construction Company, 332n, 333, 333n–34n
V
Van Buren, Martin, 92, 104
; Van Fenstermaker, J., 71n, 88n–89n
Vandenberg, Arthur, 457
Vanderlip, Frank A., 204, 207, 235–36, 238–43, 246, 251, 253, 298, 454
Vassar-Smith Committee on Financial Facilities in 1918, 360
Versailles, 450
Vietnam War-era, 14–15
Virginia School, 31
Vissering, G., 429
W
Wade, Festus J., 244
Wages, 51, 132, 161–62, 361, 367, 403–05, 426, 457
Wall Street Journal, 242, 244, 248–49
Wallace, Henry C., 285
Wallace, Henry Agard, 448
Wallace’s Farmer, 448
War
debt holders benefitted, 84
finance and, 73
monetizing debt, financing thru, 351
War(s)
Civil War, 122
economic impact of, 130–31
impact on U.S. banking system, 122, 144, 147–48, 153
French and Indian War, 54
King George’s War, 54
of 1812, 72–73, 75, 84, 92, 122
of 1898, theory of imperialism, 211
Revolutionary War finance, 59–62
Spanish-American War, 11, 211–12, 216, 220–21, 389
World War I, 227, 245, 270–71, 279–84, 290, 299, 311, 346, 351, 356–58, 371, 384, 407, 410–11, 446
World War II, 475, 478
War collectivism, 280–81
War Finance Corporation (WFC), 280–86, 288–90