Economics and The Public Welfare

Index

Acceptance houses, 12, 13

Acceptance rates, 193 ff; during crash, 209. See FEDERAL RESERVE POLICY

Agricultural Adjustment Act, 334, 339

Agriculture, 18-19, 23, 61, 64, 66-7; exports, 89; 113-6, 119; effect of foreign loans, 178, 182; Federal Farm Board, 221, 222, 269; farm mortgages, 307; in World War II, 526

Aldrich, W. W., 284, 449, n.

Aldrich-Vreeland Act, purpose of, 17, 41

Anderson, B. M., 34, 99, n., 103, 125, n., 181, 204, n., 216, n., 234, n., 237, n., 273, n., 277, n., 280, n., 303, 318, n., 348, n., 367, n., 394, 444, n., 541, 482

Angell, J. W., 397

Assets of banks, 57, 174, 175; liquidity of, 179; brokers’ loans, 207. See LOANS, LIQUIDITY

Atkins, W. E., 303

Austria, 5, 11, 77, 91; inflation, 95; stabilized currency, 104-5; Zollverein, 233; financial collapse, 235-6, 430; annexed by Germany, 484

Ayres, L. P., 105, 281, n., 333, 493, 520, 521

Bailey, W. J., 182-3

Baker, F., 213

Baldwin, S., 476

Bankhead Amendment, 353. See NRA

Bank credit, in Austro-Hungary, 5-6; finance-time bills, 19; and loans to Europe, 22-23; in World War I, 30-36, 42, 47; post-war, 52, 54; as capital, 86; Ch. XVII, 119; for capital purposes, 122-24; and brokers’ loans, 190; in stock market crash, 215-16; quality of, 272, 277; in depression, 496; in World War II, 566

Bank creditor committees, 69

Bank expansion, normal vs. dangerous expansion, 128; Ch. XVIII, extent of, 133; on basis of excess reserves, 137; and open market operations, 146; in England, 167; effect on Europe, 170; and bank assets, 174-175

Bank failures, Ch. XLIII, 310

Bank for International Settlements, 233; and Austrian collapse, 235-6; and German banking crisis, 239, 240-1

Bank liquidity, 15, 68; decline in, 175; importance of, 177

Bank loans and investments, see ASSETS OF BANKS

Bank Moratoria, 286

Bank of United States, 205, 228-30, 269

Bankers’ acceptances, vs. commercial loans, 186; and money market, 194; open market, purchases of, 260. See ACCEPTANCE HOUSES, ACCEPTANCE RATES

Banking Act of 1933, Ch. XLVI, provisions of, 321 ff, 337. See GLASS BANKING ACT

Banking Act of 1935, Ch. LVII, 366; and marketability of assets, 458

Banking Holiday, Ch. XXXIX, 285; calendar of, 288; Ch. XLII, banks reopen, 308

Bankus Corporation, 229. See BANK OF UNITED STATES

Basle Committee, 237, n., 241

Bland-Allison Act of 1878, 358. See SILVER

Barnett, G. E., 303

Barthou, J. L., 482

Beckhart, B. H., 257, n.

Belcher, R. D., 521

Belgium, debts to U.S. and England, 102; World War II, 181. See STANDSTILL AGREEMENTS

Beneduce A., 241

Benes, E., 168

Berenger, J. L., 294.

Berglund, A., 303

Berle, A. A., 467, 496

Bethmann-Hollweg, 4, 10

Bismark, Prince Otto von, 10, 92

Black, E., 296

Black, H., 448

Blum, L., 482

Bogart, E. L., 303

Borah, W., 239

“Brain Trusters,” 280, n., 282, n.

Branch banking, in England, 74; objections to, 167; Ch. XLIV, vs. unit banking, 312; and Glass Banking Act, 323

Brazil, 4, 87

Bretton Woods Agreement, similar experiment after World War I, 49; Ch. LXXXI, 573 ff. See INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK

Briand, A., 157, 158

Broderick, J. A., 229

Brokers’ loans, 186-7; for account of others, 188-9; source of, 190; table of, 192; during panic, 214; table of, 215; for account of others, 216-17; in crisis of 1937, 441

Burgess, W. R., 135, 137, n.

Burns, A. R., 116, n.

Burton, T. E., 292

Byrd, H. F., 387, 526, 538, 570

Caillaux, E. A., 99, 294

Call loans, 23. See CALL RATES

Call money, 33. See CALL RATES

Call Rates, 23, 28, 32, 36, 186, 206, 209, 223,271

Canada, See OTTOWA IMPERIAL ECONOMIC CONFERENCE

Cannon, H. W., 258

Capital, 5,. 28, 86, 116; Ch. XVII, sources of, 119; table of corporate savings, 120; effect of undistributed profits tax, 384

Case, J. H., 230

Cassel, G., 163, 202, 342

Central banks, 231. See FEDERAL RESERVE SYSTEM

Central Republic Bank and Trust Company of Chicago, 274

Chamberlain, N., 483, 517

Chase National Bank, 70, 212, 321

“Cheap Money,” 22, 33, 116, 153, 172. Ch. XXIV, consequences of, 174; and stock prices, 177; Ch. XXV, intensification of, 180; and Conference of Governors, 181-182; explanations of, 183-4; effect on industrial consolidations, 203, 205, 219, 230; in post-war England, 591

Chicago Board of Trade, 71

China, and Silver Purchase Act, 360

Churchill, Winston, 517

Clark, J. B., 392, 399

Clayton, W. L., 590

Clayton Act, 63

Clearing houses, 17; Clearing House Committee, 33; Clearing house banks, 127, 212, 229-30; certificates, 17, 287

Cleveland, G., 258

Commercial banks, 30; table of deposits, 34, 134, 136; Ch. XXIX, commercial bank policy, 202; consolidations, 203; number of, 309; and government debt, 543 ff.

Commercial loans, 174. See ASSETS OF BANKS, BANK CREDIT

Commodities; coffee, 14, 221; cotton, 18, 71, 113, 221; prices of, 24-9, 39, 47, 56, 63, 71-3, 202-3, 225, 246; sugar, 66; wheat, 89-90, 113, 221, 222

Competition, 63. See SHERMAN ANTI-TRUST ACT, CLAYTON ACT

Conference of Central Bank Governors, 173, 180-2

Coolidge, C., 182, 188, 220, 301

Copeland, M. A., 303

Corporate profits, 28, 29. See UNDISTRIBUTED PROFITS TAX

Cotton, J. P., 226

Court, A. T., 492

Cravath, P. D., 103

Credit. See BANK CREDIT Crises, 3, 6, 17-18, 28, 47; Ch. VII, 56; Ch. VIII, 66, 77; Ch. XVI; Ch. XXX, 209, 211, 285, 287; Ch. LXVI, 432; Ch. LXX, 467; Ch. LXXIV, 493

Crisp, C. R., 292

Crissinger, D. R., 116-118, 136, 182, 187

Cuba, 55, 66

Currency, inelastic, 17; emergency currency, 18, 47, 49, 64, 91; benefit of sound currency, 97; Continental currencies, 102-4

“Current ratio,” definition, 68

Currie, L., 367, n., 440

Dawes, C. G., 105, 274

Dawes Plan, 95, 102, Ch. XV; foreign loan, 105; currency stabilization, 106, 107, 109, 115-6, 148, 199-200, 225, 236

Debt Funding Commission, 292-3

Debt, governmental, 42, 80, 232; recommendations for refunding of, 543 ff., table, extent of, 557

Debts, Interallied, 280, n., 284, Ch. XL, 291 ff., 302

Defense Plant Corporation, 570

De Groat, T. H., 241

Deibler, F. A., 303

Denmark, 22; Treaty of Versailles, 92

Deposits of banks, table, 34; demand, 34, 139; savings, 129; time, 129, 130, 131, 138

Dewey, C. S., 104

Dewey, D. R., 303

Dewey, T. E., 473

Douglas, L. W., 353, 522

Douglas, P. H., 400, 502

Ebersole, J. F., 303

Eccles, M. S., 366, 525

Economic planning, 220-1; and foreign trade, 301-7; effect of, Ch. LXXIII, 486 ff. See EMPLOYMENT

Economists’ National Committee on Monetary Policy, 541-2

Eden, A., 476

Einaudi, L., 119, 431, n.

Employment, 48, 74; effect of wages on, 440; and economic planning, 487. See ECONOMIC PLANNING, UNEMPLOYMENT

England, 6, in World War I, 12-14, 50-1; bank credit expansion, 52; artificially high wages, 74; recovery in 1920, 77; foreign trade, 87; debts to U.S., 102; and gold standard, 106, 143; cheap money policies, 153; employment and unemployment, Ch. XXII, 162; lack of flexibility, 163 ff; bank credit, 200; loses gold, 201; Hatry failure, 210; abandons gold standard, Ch. XXXIV, 244; effects of dropping gold standard, 250 ff; U.S. war debt, 293-6; equalization account, 417; empire conference, 420; Sterling Area, 424; protective tariff, 476; postwar position, Ch. LXXXI, 573; American loan, 589; cheap money, 591

England, Bank of, 4, 14, 19, 75; open market operations, 145, 235, 238-9, 245, 246-8, 270, 417, 593

Equilibrium theory, 59-60; compared with “purchasing power” doctrine, 390 ff.

Ethiopia, 475

Evans, G. H., 303

Excess reserves, Causes of, Ch. XIX, 141; and gold, 143; influenced by interest rates, 409-13

Exports, table, 255; agriculture, 269-70. See FOREIGN TRADE

Federal Deposit Insurance Corporation, 366, 552

Federal Farm Board, 221-2

Federal Reserve Act, 6, 16, 23, 42-3, 261

Federal Reserve Agent, 42-3, 209

Federal Reserve Bank of New York, 42, 58, 206, 209, 216, 22-3, 235, 239-40

Federal Reserve banks, 4, 17, 30-3, 41, 44, 47, 57-9, 68, 82, 84, 115, 131, 144, 146, 183, 185-6, 193-4, 216, 223, 245, 260, 308, 321, 349, 366, 408, 409, 468. See ACCEPTANCE RATES, CENTRAL BANKS, CHEAP MONEY, GOLD, etc.

Federal Reserve Board, 19, 36, 41, 44, 116-7, 206, 555

Federal Reserve Credit, 128, 264. See BANK CREDIT

Federal Reserve Notes, 42-3, 55, 261 ff.

Federal Reserve Policy, 144, 183, 185, 188 ff., 205-6, 209-10, 216, 223, 227, 259-64, 271, 437, 548 ff., 555

Federal Reserve System, 6, 31, 41, 82, 85-6, 115, 136, 138, 146, 190-1, 193, 206, 259-65, 271, 368, 437, 548

Federal Works Progress Administration, 523, n., 524

Fetter, F. A., 303

Fichte, J. G., 302

Finance time bills, 19

Fisher, I., 56, 202, 342

Fletcher, D., 367

Food Administration, in World War I, 38

Fordney Bill, 89-90. See TARIFFS Foreign Exchange, 13, 14, 18-19, 49-50, 63, 97, 103, 168. See STERLING, MONEY, GOLD

Foreign Loans, government, 14-15, 21-22, 49-50, 90, 102-5, 152, 226, 239, 274, 589. See DEBTS, INTERALLIED; ENGLAND, FRANCE, GERMANY, etc.

Foreign Loans, private, 178-9, 194, 225-6, 236. See DAWES PLAN, YOUNG PLAN, EXPORTS

Foreign trade, 18-19, 21-23, 48-9, 50, 52, 54-5, 60, 63, 64 m, 87-8, 90-1, 94, 97, 116, 178-9, 224

Franc, 94, 100, 156-9, 168

France, 5-6, 9, 11, 14, 50, 77, 87, 92, 94, 97-100, 102, 143, 154, 156, 158-61, 231-239, 256, 414, 474, 475, 478, 482, 515, 517, 534, 543; Bank of, 14, 154, 157, 168-9, 171-2, 235, 239, 245, 252, 482

Fraser, L., 581, n.

Friday, D., 120

Fuel Administration, 38

Funk, W., 484

Garfield, H., 39

George, L., 95

George, W. F., 530

Germany, 5-6, 8, 11-13, 22, 50, 77, 87, 92-98, 101-2, 105-7, 123, 143, 148-152, 199, 226, 227-8, 233, 236-9, 427-30, 474, 477, 489. Reichsbank, 9, 95, 105, 170, 200, 239-40. New Bank of Issue, 105-8

Giddings, F. H., 8

Gilbert, P., 151

Glass Banking Act. See BANKING ACT OF 1933

Glass, C., 18, 206, 239, 270-1, 275, 279, 282, 290, 304, 317, 321, 324, 351, 367, 471

Glass-Steagall Act, 261, 270-3, 276, 410

Gold, 4, 6-9, 12, 17-19, 31, 42-44, 55, 57, 60, 62, 82, 86, 93-94, 102-7, 141-43, 158, 162-3, 168, 170, 172, 185, 198, 234, 245, 253, 257, Ch. XXXV, free gold, 261, 271, 282, 285, 316, 330, 341-7, 349-50, 364-5, 408, 414, Ch. LXIII, 417 fr., 421, 424, 436, 503, 559, 573

Gold Exchange Standard, 168-170

Gold Reserve Act, Ch. LII, 348 ff.

Gold Standard, 6, 77, 106, 143, 163, 168-9, 171-2, 201, 225, 246-9, 256, 273-4, 279, 302, Ch. XLV, 310 ff.; Ch. LXII, 414 ff.

Goldschmidt, J., 153, 240

Gore, T. P., 319, 471

Government finance, borrowing, 29, 30-1, 33, 58, Ch. LXXVIII, 541 ff.; expenditures, 40, 60, 77, 232, 354, 356; receipts, 79, 232

Gresham’s Law, 142, 163, 408, 421

Haiti, 87

Hammond, M. B., 303

Hansen, A. H., 99, 497, n.

Harding, W. G., 89, 116-7, 136

Harding, W. P. G., 117, 135, 136

Harrison, G. L., 187

Harrison, P., 239, 371, 375, 388

Haskell, H. J., 284

Hawtrey, R. G., 153

Henderson, L., 525, 563, n.

Hepburn, A. B., 70, 86, n.

Hibbard, B. H., 303

Hirth, W., 121

Hitler, A., 4, 101, 227, 242, 408, 427-8, 475, 477, 480, 483

Hoare, S., 476

Hobhouse, L. T., 3

Hollander, J. H., 88, 89

Home Owners Loan Corporation, 570

Hoover, H., 38, n., 91, 220, 225, 239, 242-3, 267, 271, 278-9, 292

Hoover-Laval Agreement, 242, 274

“Hot Money,” 319, 424-5. See MONEY

House, E. M., 280, 363

Houston, D., 103

Hughes, C. E., 39, 225, 292, 365, 572

Hull, C., 234, n., 275, 277, 279, 304, 328-32, 435, 478, 483

Hungary, 104, 198, 200, 221, 583

Immigration, 73-4, 162. See LABOR

Income taxes, see TAXES

India, 87, 576

Industry, 23-24, 26-7, 29-30, 35, 47, 63, 64, 66-7, 80, 87, 203, 225

Inflation, 6, 95-6, 100, 273, 542 ff., 550

Ingalls, W. R., 48, n.

Interest rates, 6, 32, 33, 57-8, 62, 186, 193, Ch. XXVIII, effect on Europe, 198 ff., 227; in England, 245 ff.; function of, 394; theory of, 401-2, 405-6; and excess reserves, 410-13, 440. See FEDERAL RESERVE POLICY

International Bank for Reconstruction and Development, 580-1, 586

International Monetary Fund, 580, 584

International trade, see FOREIGN TRADE

Investment banks, 205, 322

Investment trusts, 204

Italy, 22, 50, 77, 97, 102

Japan, 4, 6, 11, 75, 77

Jeffers, W. M., 522

Johnson, H., 328

Jones, B., 177

Jung, G., 305

Kaiser-Frazer, 374

Kemmerer, E. W., 105, 284

Keynes, J. M., 5, n., 20, n., 99, 121, 153, 164, 342, 354, 356, 384, 386, 390, 401-2, 423, n.

Keynes-Morgenthau Plan, 578

Kinley, D. D., 8

Knapp, G. F., 423, n.

Knudsen, W. S., 522

Labor, 24, 26, 28, 39, 61, 73, 74, 162, 166, 507, 528 ff.; conditions, 511 ff. See EMPLOYMENT, WAGES

Lamont, T. W., 212, 467

Landon, A., 436

Latin-America, 66, 77

Lausanne Conference, 242, 274

Laval, P., 242

Layton, W. T., 237, n., 241

League of Nations, 90-2, 104, 474-5

Lend-lease, 574-5

Lenin, V. I., 426, 479

Leroy-Beaulieu, P., 11

Lewis, J. L., 437, 467

Liberty loans, 145-6

Lindsay, R., 284, 296

Lindsay, S. M., 88-9

Lippman, W., 278, 371

Litvinov, M., 486

Livermore, J., 304

Liverpool Cotton Exchange, 71

Loans. See CALL LOANS, WAR LOANS, ASSETS OF BANKS

Locarno Pact, 477

Lodge, H. C., 90

London International Economic Conference, 317, 328, 330, 359, 476

Long, H., 370

MacDonald, R., 245, 305

Malaya, 221

Malthus’s Law, 469

Management, 61, 80

Manufacturing production, 3, 24, 61, 64, 76-7, 80, 87, 252, 269, 272, 501. See EMPLOYMENT

Marginal Efficiency of Capital, 401-4

Margins, 36, 207, 208

Mark, German, 94-7, 106, 143

Marshall, A., 403

Marx, K., 496

McAdoo, W. G., 365, 367, n.

McCarl, J. R., 432

McGarrah, G. W., 209-10

McKenna, R., 292

McNary-Haugen Bill, 114-15

Mellon, A., 117, 182, 209, 218, 220, 292, 294, 301

Mellon-Berenger Agreement, 295

Meyer, E., 223

Mill, J. S., 391-2

Mills, F. C., 503

Mills, O. L., 88, 89, 281, 283

Mitchell, B., 303

Mitchell, C. E., 205, 206, 212, 282, 283

Mitchell. W. C., 59, n., 329, 397, 407, 422

Moley, R., 281, 331-2

Money, 5, 57, Ch. XVII, 119 ff., 259, 272, 287; “hot money,” 319, 424-5, Ch. LI, 341 ff.; value of, 423, n., 426 ff.

Money market, 6, 23, 28, 32, 41, 47, 52, 82, 136, 145, 189-90, 194, 199, 209, 264, 350. See BROKERS’ LOANS, BANK CREDIT, STABILIZATION FUND

Moore, G. H., 494, n.

Moreau, E., 241

Morgan, J. P., 22, 49, 212-13, 226

Morgenstern, O., 431, n.

Morocco, 198

Moulton, H. G., 386, 389, n., 395, n., 490

Multiplier, 396

Murchison, C., 303

Mussolini, B., 4, 474, 475

National budgets, European countries, 5, 102-3

National City Bank, 205, 206-7, 212, 283, 321

National Credit Corporation, 267, 271

Netherlands, 5, 22, 77, 87, 104, 143, 199; Bank, 170, 246, 253

Neurath, C., 484

Neutrality Act, 479

New Deal, 75, 99, 113, 115, 220, 222, 301 ff., 353, 362, 366, 370, 378-9, 433, 468, 471, 490. See ECONOMIC PLANNING, WAGES, TAXES, etc.

“New Eras,” 503-5

New York Stock Exchange, 12, 15, 63

Noble, H. C., 15, 16

Norman, M., 172-3, 181-2, 246

Northwestern Electric Company, 35

Norway, 256

Noyes, A. D., 9

NRA, 63, 75, 327, 332, 334, 336, 337, n., 338, 353, 433. See ECONOMIC PLANNING

O’Connor, J. J., 468, 470

Oesterreichische-Credit-Anstall, 233-5

Office of Price Administration, 561

Open-Market Operations, see FEDERAL RESERVE POLICY

Ostrolenk, B., 303

Ottawa Imperial Economic Conference, 476

“Oversavings” doctrine, 382-7

Palyi, M., 581, n.

Patterson, E. M., 303

Penrose, B., 88, 89

Pittman Act, 358

Pittman, K., 331, 358, 359

Poincaré, R., 156, 157, 234

Poland, 77, 104, 221, 476

Potter, W. C., 212

Price fixing, 37-9, 47-8, 63, 163, 526, 528, 550, 556 ff. See WORLD WAR I AND II

Propensity to consume, 401

Public Utilities Holding Company Act, 462

“Purchasing Power” theory, 328, 390 ff.

Quantity theory of money, 56

Quesnay, F., 171

Railroads, and World War I, 62

Real estate, 197, 205, 219, 269, 274. See ASSETS OF BANKS

Reconstruction Finance Corporation, 267, 271, 274-5, 277 ff., 346-7, 353, 571

Rediscount rates, 33, 41, 43, 47, 57-9, 86, 128, 144-5, 223. See FEDERAL RESERVE POLICY

Reed, J. A., 279

Reparations, 92-4, 97-8, 100, 102; and Dawes Plan, 106-8, 153, 199, 236, 239, 274, 291. See DEBTS, INTERALLIED

Reparations Commission, 98

Reserve requirements, 23, 34, 43, 137, 139. See EXCESS RESERVES

Revenue Bill of 1935, 371

Rist, C., 171, 173, 181-2

Robey, R., 182

Robinson, H. M., 105

Robinson, J. T., 239

Rockefeller, J. D., 218

Roos, C. F., 338

Roosevelt, F. D., 222, 279-80, 302, 305-6, 308, 316, 318, 319, 331, 432, 437, 468, 471, 472, 478, 489, 517-8, 522

Ruml, B., 534

Russia, 8-9, 12, 426-7, 479 ff., 485-6

Rydbeck, O., 241

Sage, R., 188

St. Louis and San Francisco Railroad, 220

Salvador, 221

Santo Domingo, 55

Saving Banks, 130-1. See BANKS

Savings vs. investment, 397 ff.

Schacht, Hjalmar, 151, 173, 181, 182, 199, 483

Schuster, F., 166-7

Schwab, C. M., 164

Securities Act, 325

Securities and Exchange Commission, 452-3, 458-66

Sherman Anti-Trust Act, 47, 163

Sherman Silver Act, 64, 358

Short-selling, 210-11, 247-8, 276, 455

Silver, 55, 64, 221, 317, 331, 358, 526. See THOMAS AMENDMENT, LONDON ECONOMIC CONFERENCE, MONEY

Silver Purchase Act, 359

Sismondi, S., 501

Smith, A., 122, 124

Smith, E. D., 471

Smith, J., 104, 583

Smith, M., 9-10

Smoot, R., 239, 284, 292

Smoot-Hawley Tariff, 224, 227

Soldiers’ Bonus Paper Money Bill, 273-4, 435, n.

Spain, 476

Sprague, O. M. W., 15, 29

Stabilization Fund, 349-50, 409, 414, 4/7

Stalin, J., 480

Stamp, J., 105, 164

Standard Oil, 218, 287

Standstill Committee, 237, n., 241-2

Static vs. dynamic theories, 406-7

Sterilization Fund, 417, 443, 468

Sterling, 6, 12-14, 19, 49, 50-1, 143, 162, 169, 170, 172, 200-1, 245-7, 250, 423, 515, 576; sterling area, 424, 590

Stimson, H. L., 226, 474

Stinnes, H., 96

Stock exchanges, 11-12, 15, 23, 123; new issues, 177-8, 191, 194, 203, 223

Stock market pool, 70-71, 213

Stock prices, 15, 16, 26-28, 177, 184, 195, 212-14, 217, 230, 232, 254, 268, 276, 443, 445, 515

Strong, B., 116-18, 173, 181-3, 187

Sweden, 5, 6, 22, 104-5, 199, 255

Switzerland, 5, 77, 87, 143

Tanaka, J., 241

Tardieu, A., 293

Tariffs, 5, 88-9, 103, 113; McNary-Haugen Bill, 114, 116; and foreign loans, 178-9, 219-20, 224-5; effect on German recovery, 226, 231, 233, 304

Taxes, 30, 40, 43, 94, 99, 121, Ch. LVIII, under New Deal, 370 ff.; Ch. LXXVII, war taxes, 530; estate tax, 121, 371-2, 374-7; income taxes, 94, 371, 373, 450, 530; undistributed profits tax, 378-89

Thomas Amendment to AAA, 296, 308, 326, 333, 349, 410

Thomas, E., 316, 318, n., 358

Trade balances, 54, 87-88

Transfer Committee, 106-7

Treaty of Versailles, 92, 93, 228, 234, 477

Tripartite Monetary Agreement, 414

Truman, H., 581

Tucker, R., 257, n.

Tukhachevski, M., 481, 484

Tydings, M. E., 470

Tyson, F. D., 303

Unemployment, 74, 75, 162, 225, 488

United Railways of St. Louis, 35

United States Steel Corporation, 16, 67, 68, 211, 497

United States Treasury, 33, 44, 54, 79, 232

Vanderlip, F., 50, 88

“V” loans, 567

Veblen, T., 9-11

Vissering, G., 246, 253

Wages, 29, 39, 61, 62; table of, 73; in England, 74, 162, 220, 249; effect on employment, 399-400, 508-9

Wagner Act, 437, 444

Wanamaker, J., 66

War Finance Corporation, 35, 36

War loans, 26, 29, 30, 32, 44. See GOVERNMENT BORROWING

War Powers Act, 522

Warburg, P., 103

Warren, G. F., 341

Wassermann, O., 149

Watson, J. E., 239

Wheeler, B. K., 437

White, W. A., 89, 182, n., 436

Wiggin, A. H., 212, 241

Wilkie, W. L., 472, 517

Williams, J. H., 577

Willis, H. P., 135

Willits, J. H., 303

Wilson, W., 11, 37, 40, 63, 90-1, 519, 572

World War I, 8, 9, 11, 29, 32, Ch. VI, 47 ff.; bank credit, 135, 145, 165, 228, 528, 565

World War II, 515 ff., Ch. LXXVI, economic policy, 519 ff.; price control, 528 ff.; Ch. LXXVIII, government borrowing, 541 ff.; 556, 565, 566, 570

Young, O. D., 105

Young Plan, 107-8, 200, 224-5, 228, 241

Young, R. A., 186, 223, n.

Zollverein, 233 ff., 475