A History of Money and Banking in the United States
Index
(Prepared by Richard Perry)
A | B | C | D | E
F | G | H | I | J
K | L | M | N | O
P | Q | R | S | T
U | V | W | Y
A
Academy of Political Science (APS), 239, 241, 249–51
Accountants, 325, 326
Acheson, Dean G., 306, 347, 464, 466, 477
Adams, Brooks, 209–10, 214
Adams, Charles, 270, 311, 422
Adams, Henry, 209
Adams, Thomas S., 221n
Addis, Charles Frances, 365, 391, 447
Agricultural Adjustment Administration, 333, 471
Agricultural Credits Act
of 1921, 284
of 1923, 285
Aldrich, Nelson W., 206, 243–49, 252–57, 302
Aldrich Bill, 206, 244, 253
Aldrich Plan, 254–57
Aldrich-Vreeland Act, 244
Jeckyll Island retreat, 252–53
National Monetary Commission, 245–48
Aldrich, Winthrop W., 302, 302n, 309–12, 315–17, 341–42, 458, 484
Alexander, Magnus W., 454
Allied Supreme Council, 391
Allison, William Boyd, 199
Altschul, Frank, 456
Aluminum Corporation of America (ALCOA), 267, 378
Amalgamated Sugar Company, 332n, 333
America, Colonial
army impressments, 60
commodity money during, 48,
compulsory legal tender in, 52
inflationary paper money schemes, 50, 51, 58
American Academy of Political Science (AAPSS), 241, 243, 249
American Bankers Association (ABA), 205–06, 237, 244, 247, 256–58, 283, 482
American Car and Foundry, 302, 311
American Economic Association (AEA), 199, 215–18, 234, 246
American Federation of Labor, 275, 448
American Locomotive Company, 302
American Smelting and Refining, 370
American Telephone and Telegraph Company (AT&T), 198, 207, 267, 296, 379
Anaconda Copper, 279
Anderson, Benjamin M., 277, 278n, 304, 426n, 445, 449, 458, 486n
Andrew, Abram Piatt, 236, 245–46, 249, 253–54
Articles of Confederation, 62
Astor, John Jacob, 84
Astor, Vincent, 302, 310
Auchincloss, Gordon, 310
Austrian economics, 7, 11n, 25, 40
business cycle theory, 94
Aviation Corporation, 301n
B
Bacon, Robert, 192
Bailey, W. J., 414
Baker, George F., 207, 235, 245
Baker, Newton D., 281
Baldwin, Henry, 148n
Baldwin, Stanley, 367n
Ballantine, Arthur A., 289
“Bancor,” 481, 483
Bankers Magazine, 148, 204, 240
Banking, 87, 113, 143, 168, 295, 428, 448
Act of 1933, 315
Act of 1935, 317, 331, 337, 341–42
bank holiday, 453
branches and cartelization, 205
central reserve city banks, 136–41, 154
collapse of, 453
commercial paper, 163–64, 238, 250
compulsory par law of 1819, 81
country banks, 116–18, 121–22, 137–41, 197, 206, 242, 247
decentralized banking, 77, 112–14, 136n, 135, 137, 204–05, 238–39, 242–43, 247, 253
demand deposits, 69–71, 71n, 137, 144, 147n, 186–87, 418
paying interest on, 139–41
practice prohibited, 139n, 315, 318
failures
cotton speculation and, 101
easy money cause of, 277
effect money supply, 276
give other banks pause, 294
fractional reserve, 97, 295, 354–55
beginnings of, 57, 60
distrust of, 168
opposition to, 90–92, 112
post–Civil War, 168
pre–Civil War, 112–13
free, 77, 77n–78n
pre–Civil War era, 112–13, 135–37, 142, 152
transformation to centralized, 134–37, 142
national banking system, 120–22, 129, 132–47, 136n, 153, 246
change in structure, 141–42
creation of three national bank types, 136–37
Gold Standard Era and 159–60
inner contradictions of, 135
inverted pyramiding scheme of, 137–39, 141
unhappiness with, 185–88, 186n, 204
National Banking Acts, 134–35, 145, 163, 167, 186–87
National Banking System Act of 1863, 122
notes, expansion of, 56, 73
Peel’s Bank Act of 1844, 204n
“pet banks,” 93, 104, 208
private notes, 56–58
problems, 249
pyramiding, 62, 69, 71, 75, 90, 137–39, 140–42, 154, 160
state banking system
replaced by national banking system, 135, 137, 143
time deposits, 418
wildcat banking, 78–79, 114 See also Banks; Glass-Steagall Act; Credit expansion
Bank(s)
Bank for International Settlements (BIS), 276–77, 398, 426–27
Bank for Mutual Redemption, 121–22
Bank of England, 62, 99, 204, 245, 270–72, 286, 319, 360, 364–77, 382–86, 399, 406, 410, 421, 427–31, 442–47, 483
Committee on Currency and Bank of England Note Issue, 364
Bank of North America, 62–64, 63n, 68, 72
Boden-Kredit-Anstalt of Vienna, 450
central banks, 64, 234, 241, 252–53
abolish, 92, 104
academic organizations and, 249
acquiring legitimacy for, 236
drive for, 234
lender of last resort, 40, 187, 240, 246, 368
legislative activity for, 243–44
restraint, on inflation, myth of, 71–75, 78, 93–94, 96
secret conclave to draft plans for, 252–53
crisis of 1933, 293, 297
Federal Reserve Bank of Chicago, 445
Federal Reserve Bank of New York, 318, 399, 443–45, 484
First Bank of the U. S. 1791–1811, 68–72, 71n, 72n
First National Bank of Chicago, 201, 237, 246, 256, 302, 309, 456
First National Bank of Philadelphia, 146
First National Bank of Washington, D.C., 146
Fourth National Bank of New York, 146
International Bank for Reconstruction and Development, 482n
Kuhn, Loeb, 188, 192, 195, 230, 235, 235n, 292, 299, 310, 432
among financial elites, 263, 266
central bank proponent, 188, 234
Massachusetts Land Bank, 51–53, 55, 57–58, 58n
Mellon National Bank, 267, 378
National City Bank of New York, 298
New England Bank of Boston, 115
Rockefeller–Harriman–Kuhn, Loeb, 192, 262, 263
Second Bank of U.S. 1816–1833, 82–96
demise of, 92, 101
fraud abounded at, 86–88
launched inflation of money from inception, 86–87
Suffolk Bank, 114–22
demise of, 116, 121–22
free-market success, 115
stabilizing effects of, 118–19 See also Federal Reseve Bank
Barrows, David P., 225n
Barter, 90, 352
Baruch, Bernard M., 279–81, 299, 306, 313, 464, 466, 474
Beaverbrook, Lord, 405–06, 482
Bechtel, Stephen, 334n–34n
W.A. Bechtel Company, 333n–34n
Beckers, Dr. William, 279n
Belmont, August, 169
Bendix, Vincent, 298, 454
Benston, George J., 315
Benton, Thomas Hart, 91–92
Bernstein Plan, 490
Bestor, Paul, 289
Bethlehem Steel, 370
Bevan, Aneurin “Nye,” 404
Bicester, Lord, 369
Biddle, Nicholas, 92–94, 96
Billias, George Athan, 58
Bimetallism, 47, 104–06, 109–11, 167, 219, 222, 231, 353
coinage, 65–68
end of, 108
fallacies of, 220
Bingham, William, 92
Bird, Kai, 347
Birmingham, Stephen, 215
Black, Eugene R., 301, 336
Blackett, Sir Basil, 391–92, 447
Bland-Allison Silver Purchase Act of 1878, 160
Blumenthal, George, 279
Board of Economic Warfare, 339
Bombshell message, 307, 465–66
Bonn, Moritz J., 431
Boom-bust cycle, 54, 95, 355
Currency School cycle, theory of, 91
national, first, 89–91, 94–95, 101
full scale inflationary, 88
Boothby, G.R., 481
Bovenizer, George W., 320
Boyle, Andrew, 374
Boxer Rebellion, 228–29
Bradbury, Sir John, 365, 367
Bradley, Justice Joseph P., 153
Braeman, John, 291
Brandeis, Louis D., 299, 322
Bremner, Robert H., 291
Bretton Woods Agreement, 43, 208–09, 232, 306, 345–46, 432–33, 475, 482–86
Brimhall, Dean, 335
Britain. See Great Britain
British Royal Dutch Shell Oil, 308
Bronson, Isaac, 79
Bruere, Henry, 301n
Bryan, William Jennings, 169–70, 176–77, 188
Bryanism, 169, 177–78, 189–90, 197
Buchanan, James A., 87n
Bullitt, William C., 459
Bureau of Budget, 304, 335
Bureau of Insular Affairs (BIA), 221–22
Burgess, W. Randolph, 287, 483
Burnett, Cody, 59
Burton, Theodore, 245, 257
Bush, Irving T., 246
Bush, Thomas G., 194
Business Advisory Council (BAC), 300–01
Business Week, 278, 426
Business Men’s Monetary Reform League, 254
Butler, Nicholas Murray, 241
C
Cannan, Edwin, 366n
Capeadores, 415, 420
Capital formation, 165–69
Carey, Henry C., 148–49, 149n
Cartelization
of agriculture, 285, 334–34
of banking industry, 36, 186, 318, 322, 368, 372
of industry, 264, 277, 281, 299
of Wall Street, 296, 306, 318, 320, 327–28
Carver, Thomas Nixon, 236, 246
Catchings, Waddill, 273, 303
Central banks. See Banks
Census of 1890, 166
Chamberlain, Austen, 364n, 365, 367n
Chapman, Sidney, 211, 391
Charles I, 56–57
Chase, Salmon P., 123–26, 126n, 133–37, 143, 152
Chase, Stuart, 335
Cheves, Langdon, 94
Chicago School, 31
Chicago Times-Herald, 191
Chicago Tribune, 204, 414, 445
Churchill, Winston, 365–67, 367n
Citizens’ Reconstruction Organization (CRO), 296
Claflin, John, 235–36
Clark, John Bates, 214, 243, 416, 416n, 447
Clark, Spencer, 126n
Clayton, William L. (Will), 346–47, 478, 485–86
Cleveland, Grover, 168–69, 175–76, 178
Cline, Virgil P., 198
Cochran, Thomas, 267, 267n, 379
Cockayne, Brien, 360
Code of Fair Competition, 328–29n
Cohen, Benjamin V., 322, 330
Coinage Act
of 1792, 65, 65n, 104
of 1834, 104–06, 106n, 110–11
Collamer, Jacob, 126n
Collet, Mark W., 373
Colt, S. Sloan, 331
Colwell, Stephen, 148
Commercial and Financial Chronicle, 278, 278n, 426
Commission on International Exchange (CIE), 296
Committee for Constitutional Government, 454
Committee for the Nation to Rebuild Prices and Purchasing Power, 298, 303, 305, 307–08, 454–56
Committee on Currency and Foreign Exchanges, 359 See also Cunliffe Committee
Committee on Legislative Programs, 338
Conant, Charles A., 196–97, 199–200n, 201, 204, 208–14, 218, 221, 235, 243, 246, 248, 251, 389
Conant plan, 222–26
“conants,” 224
currency reforms, 232–33
failure in Cuba and China, 226–29
surplus capital, theory of, 210–16, 222–23, 230–32
Conference of Governors, 273
Committee for Constitutional Government, 454
Commonwealth and Southern Corporation, 330
Consolidated Gas Company of New York, 207
Continental Congress, 59, 61
Continentals, 59–60, 72
not worth a, 60
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, Frank 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
League of Nations, dominated by, 305
lower wage rates in south England, 401
new industries fare better, 401–02
Norman as major financial figure, 442
over-valued pound, 360
price stabilizationists, 452
recapture financial predominance, 358
scolds U.S. for abandoning gold, 459
secret central-bank conference, 444
Strong and Morgan, 444, 447
trade with Balkan nations evaporates, 470
union strikes and, 430
U.S. offer of debt relief, 452
violation of gold standard rules, 429–31
Great Depression, 209, 271–78, 290–313, 331–33, 332n, 423–26, 427n, 440–41, 450–57
Green, William, 275, 448
Greenbacks, 122–32, 147–50
as wartime “necessity,” 131–32
bank reserves, used as, 136–37
depreciation of, 123–27
first and “only” issue, 124
Legal Tender Act of 1862, 123
portraits on, 126n
refused by banks, merchants, 127–29, 132
state bank enthusiasism for, 129–30
Greenback Party, 177–78
Greenspan, Alan, 20
Grenfell, Teddy, 369, 374, 378
St. Just, Lord, 369
Gresham’s Law, 47, 50, 52–53, 64–68, 67n, 76, 81, 104, 107, 110n, 111, 127, 222, 228
Grew, Joseph C., 268, 380
Grigg, Sir Percy James, 367n
Griswold, John A., 148
Grundy, Felix, 81n
Gulf Oil, 267, 378
Guthridge, Jules, 196
H
Hadley, Arthur Twining, 199, 215–17
Hall, Perry, 330n
Hamilton, Alexander, 62, 64–66, 72
First Bank of the United States and, 68–70, 70n
financial program of, 68–72
Hamlin, Charles S., 217, 265, 372n
Hammond, John Henry, 454
Hand, James H., 454
Hanna, Hugh Henry, 190–91, 196, 201–02, 226
Hanna, Mark, 175, 189, 192, 201, 237
Harding, William P.G., 265–66, 372
Harding, Warren G., 238, 266, 283–84, 378–79
Harjes, Morgan, 370n
Harriman, W. Averell, 299–300, 300n–01n, 302, 307, 309
power in New Deal and Democratic Party, 300
Harris, Seymour E., 295
Harrison, Charles Custis, 191
Harrison, George L., 269, 274, 277–78, 287, 305, 335, 337, 417, 425, 427, 460–61
Hawtrey, Sir Ralph G., 366–67, 390n, 392, 392n, 397–98, 442, 447
Genoa Resolutions on Currency, 392–96
Hazlitt, Henry, 486n
Hearst, William Randolph, 457
Heckscher, Eli, 398
“Helicopter” model, 55n
Hentz, Henry, 195
Hepburn, A. Barton, 201, 205, 238, 242–43, 258, 449
Hepburn v. Griswold, 152–53
Herrick, Myron T., 237–38
Hertz, John D., 301n
High Lutherans, 174, 174n, 176
Hill, James J., 195, 268n, 380n
Himmelberg, Robert F., 281
Hinckley, Robert, 335
Hitler, Adolph, 33, 344n, 479
Hoarding, 240, 296, 383, 462
Hobson, John A., 210n
Hollander, Jacob H., 220–21, 229–30, 233, 389n
Homans, I. Smith, Jr., 148
Homer, Sidney, 163
Homo economicus, 34
Hoover, Herbert Clark, 269–333, 415, 422–23
Boulder Dam and, 333
evils of hoarding, 296
Fed and, 271, 275
“Hoover Plan,” 273
inflationary policy of, 271–78, 294
intervention in recessions, 272
recession intervention, 273
Reconstruction Finance Corporation and, 288–94, 288n
support for international monetary system, 452, 459
Wall Street investigation, 312–13
Hopkins, Harry, 300n–01n
Horne, Sir Robert, 392
House, Edward Mandell, 310
Houston, David F., 282
Howard, George, 330n–31n
Hughes, Charles Evans, 266–67, 266n, 379–80, 379n
Hull, Cordell, 344, 347, 471–77, 474n, 480
Hume-Cantillon mechanism, 354
Huntington, Collis P., 150
Hutzler, Abraham, 230
Hyperinflation, 25, 351n, 387, 407, 410–11, 410n
I
Ickes, Harold, 330
Imperialism, 212, 219–22, 251
consent of governed, 211
dollar, 43, 437, 477
economic benefits of, 213
financial, 386, 443
increased centralization of administrative power, 216
sponsors of, 218
surplus capital and, 208
Indianapolis Board of Trade, 190
Indianapolis Monetary Convention, 188–201, 204–07, 236, 252–53, 256
Inflation, 285
dollar, 487–88
economics of, 272, 424
general assets, as base of, 236
nostrums, main sponsors of, 58
paper money schemes, 50, 58
rise in prices and, 69
Treasury notes, to finance war, 75
Insull, Samuel, 329–30
International Clearing Union, 481
International Harvester, 255, 263
International Monetary Fund (IMF), 339n, 482–85
International monetary order, 42, 232, 307, 389, 351, 352, 374, 483–89
cheap money, seduced by, 425
efforts to reconstruct, 356, 368, 437, 439, 465–67, 469, 476, 478
monetary chaos and, 352, 431
pre–World War I, 437–38
restoration of, 356
Interstate Commerce Commission, 184, 186
Investment Bankers’ Association, 328
Investment Bankers Code Committee, 329
Investment Bankers Conference Committee, 329
Iron and Steel Association, 148
J
Jackson, Andrew, 91–92
against central bank, 92–93
coinage legislation and, 104
established branch mints, 107
Specie Circular and, 98–99, 107
unwarranted blame for 1937 panic, 97–98
Jacksonians, 41, 90–93, 97, 104–07, 109, 111–14, 123, 135
movement, 90–104
economy, 94–96, 98–99, 103
Era, 95, 114
favored free markets, 91
ideology of, 41
libertarians, 91
Jay, Pierre, 376
Jefferson, Thomas, 65n, 92, 178
Jeffersonians, 70, 136n
as libertarians, 91
Jekyll Island
Fed bill drafted at, 253–54, 264
Jenks, Jeremiah W., 199, 216, 223–24, 226, 228–29, 228n, 233, 389
“Joachimsthaler,” 49n
John Law’s Mississippi Bubble, 354
Johnson, Joseph French, 204–05, 204n, 236, 249–50
Jones, William, 85, 89, 92n
K
Kahn, Otto H., 448
Kelley, William D., 148, 149n
Kellogg, Frank B., 268, 380
Kemmerer, Edwin W., 224, 233–34, 234n, 251–52, 389,
Kendall, Amos, 91
Kennedy, Joseph P., 309, 323–24, 324n, 330
Kent, Fred I., 246, 249, 251
Key currency country, 385, 396–97, 476, 483–84
Keynes, John Maynard, 356, 362, 366, 367n, 368, 388–89, 405, 405, 478
Keynes Plan, 481–82
Keynesians, 295, 299, 331–32, 346, 362n, 367n, 487–89
King, William, 335
King Canute, 271
Kleppner, Paul, 170n, 174n
Knox, Colonel Frank, 296
Knox v. Lee, 153
Kuhn, Loeb. See Banks
L
Laissez-faire, 92, 113n, 174–79, 183, 273–82, 283n, 304, 321, 331, 438–39, 447, 453
Lamont, Robert P., 296
Lamont, Thomas W., 251, 264, 269, 269n, 282n, 309–10, 311n, 313, 321n, 330n, 369, 416, 422n, 467
Landis, James McCauley, 322–27, 325n, 327n, 329n
Laughlin, James Laurence, 195, 200, 255, 277n
League of Nations, 305, 356, 390, 397, 399, 415, 439, 441–43, 459
Leffingwell, Russell, 282n, 287, 303, 372, 416, 432, 456–57, 467
Lehman, Arthur, 303
Lehman Brothers, 299, 301n, 302, 314, 324
Lehman, Herbert H., 299, 302
Lehman, Philip, 303
Lehman, Robert, 301n
Lehrman, Lewis, 41, 47, 187
Leighton, George, 195
Leith-Ross, Frederick W., 403
Lend-Lease agreements, 479–80
Lenin, Vladimir, 209–10
capitalist imperialism theory, 209
Leon, Rene, 299, 308
Leviathan state, 259
Libertarian, 91, 175, 177–78
Liberty League, 347n, 478
Limantour, Jose, 225, 228
Lincoln, Abraham, 126n, 133
Lodge, Henry Cabot, 176, 189, 209
Loeb, Guta, 215n
Loeb, Nina, 235n
Loeb, Solomon, 235n
London School of Economics, 366n
Long, Breckenridge, 472
Lopez, Robert Sabatino, 109n–10n
Louisville Courier-Journal, 150
M
MacDonald, Ramsay, 404, 459
MacVeagh, Charlton, 331n
MacVeagh, Franklin, 198
Magoon, Charles, 227
Mahan, Alfred T., 209
Maloney Act, 329
Manifest destiny, yield to, 477
Marburg, Theodore, 218
Maria Theresa (silver dollar), 49n
Marshall, Alfred, 39, 360, 389
Marshall, John, 70, 70n
Marshall Plan, 24, 30, 347n
Martin, William McChesney, 327–28
Marxism, 30, 185, 242
Marxists, 171
Massachusetts, 50–55, 74, 87, 96, 118
paper money issues, 51–53
return to specie, 53, 54–55, 55n
McAdoo, William Gibbs, 265, 280, 311, 371
McAveeny, William J., 298, 454
McCain, Charles, 309
McCloy, John J., 347, 472
McCone, John A., 334n
McCraw, Thomas K., 323n, 325, 328
McCulloch, James W., 87n
McCulloch, Hugh, 134, 151
McCulloch v. Maryland (1819), 70
McGarrah, Gates, 276, 412, 427
McKenna, Sir Reginald, 362, 382
McKinley, William, 175, 191–92, 237
McKinley Tariff Act of 1890, 167
McNary, Charles L., 457
Mellon, Andrew W., 267, 269, 376–78, 415, 420–21, 423, 450
Merchants’ Association of New York, 250–51, 254, 449
Messersmith, George, 471
Mexican Currency Reform Act of 1905, 228
Meyer, Eugene, 278–301
appointed Fed governor, 286
Federal Farm Loan Board chief, 286
head, Reconstruction Finance Corporation, 289
most powerful financial force, 289
opposition to German bailout, 286
owner, Washington Post, 300n, 339–40
War Finance Corporation and, 280–86, 288
Miller, Adolph C., 266, 372n, 450
Mills, Ogden L., 269, 274, 287, 289, 295–96, 422n
Ministry of Reconstruction, 359
Mises, Ludwig von, 11–19, 21, 34, 110, 344, 355, 471
method of historical research, 11, 23, 25
method of specific understanding, 13–16, 32–33, 39
Mitchell, Charles E., 296n
Mitchell, John J., 191
Moffat, J. Pierrepont, 472, 479
Moffett, James A., 308
Moley, Raymond, 300n, 306, 464, 466
Monetarist myth of Fed contraction, 275, 294
of 1870’s, myth of, 154–55
pseudo-gold standard and, 440
Monetary imperialism, 218–19, 223, 228
Monetary reform movement of 1896–1900, 188–204
first monetary convention, 190–97
passage, Gold Standard Act, 202–04
second monetary convention, 198–202
Monetizing debt, 75, 142
Money
brokers, as scapegoats, 79–80
debasement, 50, 110n, 220, 222, 229
precedent set for, 105
demand for, 22, 203, 251
fiat, 51–59, 73, 75, 82–83, 100, 122, 123, 131, 160, 186, 206, 232, 271, 298, 303–07, 352, 356, 358, 360, 396, 410, 421, 431, 453
hard, 83, 90–91, 104, 112, 145, 151, 159, 178n, 186, 188–89, 231, 406, 441, 451, 484
medium of exchange, 48, 105, 226, 352, 356
paper money
colonial, 50–58
boom-bust economies and, 54
first issue of, 51
scarcity of money and, 52
Revolutionary War and, 83, 59, 231, 354, 488
purchasing power of, 22, 390
scarcity of, 50
supply increases v. productivity, 159 See also Greenbacks
Monopoly
government-imposed, 184
license to issue paper money, 62–63
redefined, 184–85
Moore, Ernest, 415–16, 416n
Morawetz, Victor, 247, 247n
Moreau, Emile, 399, 407
Morgan, Harry, 311n
Morgan, J.P., “Jack,” 169, 183–84, 192–93, 195, 198, 207, 222, 235–36, 243, 245, 247, 251–52, 264–65, 268, 270, 276, 279, 292, 303, 311–12, 314, 316–18, 321–22, 324, 330–31, 368–71, 377–78, 380–81, 422, 427, 446–47, 450, 457, 467
House of Morgan, 184, 263, 264, 282, 287, 297, 347, 368, 370, 386, 446
associates and colleagues in England, concern for, 297
Bank of England, association with, 270–72
Banking Act of 1933, 316–17
CFR and, 432, 346–47
concordance and conflict, 42
economic power destroyed, 315, 321, 330, 340
influence of, 188–207, 209, 222, 235–38, 243–45, 368–69, 397, 415
manipulation of Norman, 378
Mellon and, 267, 378
monopoly purchaser of goods, 370
New Deal, assaulted by, 432
political power and, 188, 268, 380
preferred list of financiers and politicians, 311
President Coolidge and, 266–67, 379–81
President Hoover and, 269, 422
Republican party and, 266
return of, 343
Rothschild of Vienna and, 427
Strong and, 264–65, 270–71
Theodore Roosevelt and, 263
trade agreements against, 344–45
twilight of power, 299, 306, 314–17
Morgan, J.P., Sr., 264
Morgenthau, Henry, Jr., 302, 335, 338–39, 344n, 346, 468, 477, 485
Morrell, Daniel, 148
Morrill, Chester, 338
Morris, Gouverneur, 59
Morris, Robert, 61–63, 62n, 63n, 68, 92n
Most, Johann, 178n
Mueles, Monsieur, 51n
Müller-Armack, Alfred, 487n
N
Nash, Gerald D., 288n
Nashville Banner, 191
National Aniline and Chemical Company, 279
National Association of Manufacturers, 281
National Association of Securities Dealers (NASD), 32n9
National Banking System. See Banking
National Citizens’ League for the Creation of a Sound Banking System, 255
National Civic Federation, 264
National Credit Corporation (NCC), 288
National Grange, 298, 454
National Monetary Commission (NMC), 244–46, 248–49, 251, 253–54
National Power Policy Committee, 330
National Recovery Administration (NRA), 328n–29n
National Socialism, 30
New Deal, 323, 343, 477–78, 480
diplomacy, 344, 468, 471–73, 479, 484
dollar nationalism and, 450
foreign policy, 43, 437
International Monetary System, 437
monetary policy, 298, 433
Morgan, assault on, 432
New Dealers, 317, 321–22, 328, 331, 335, 338
“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
final end of, 288
transformed into RFC, 288–90
War Industries Board, 280–82, 280n, 299
Warburg, Paul Moritz, 215n, 234–54, 235n, 239n–40n, 265, 372n–73n, 448n
central bank, leader in fight for, 239–54
Jekyll Island retreat, 252
Warburg, James P., 460, 464, 466
Ward, Eber, 148
Warren, George F., 455, 466
Washington Post, 300n, 339
Webster, Daniel, 83
Weinberg, Sidney J., 300
Weinstein, Allen, 158–59, 158n
Welfare-warfare state, 179
Welles, Sumner, 479
Wells, Senator William H., 85
Wertheim, Maurice, 303
Wetmore, Charles W., 192
Wheeler, Harry A., 255
Wheeler, Burton K., 298
Wheelock, Thomas, 242
Whigs, 101–02, 114
“free” banking advocates, 112
in second party system, 171
in third party system, 175
White, Harry Dexter, 339n, 475, 480–81
White Plan, 480–82
White, Horace, 249
Whitney, George, 321n
Whitney, Richard, 312–13, 321, 321n, 326–28
Wiggin, Albert H., 277, 287, 304, 307, 426n
removal as Chase Bank CEO, 309–10, 312n
Pecora’s assaults on, 312, 314–15
Wilburn, Jean Alexander, 96, 97n
Willcox, W.H., 221n
Willey, Colonel F.V., 364
Williams, John A., 148
Williams, John H., 484
Williams, John Skelton, 265, 372n–73n
Willing, Thomas, 68
Willis, Henry Parker, 195, 255, 255n, 257, 272, 371, 386, 416, 424, 438, 449
bank expansion, opposed for wrong reasons, 317
hard-money advocate, 304
Journal of Commerce editor, 277n, 416n, 426, 449, 458
opposition to Fed, 276n–77n, 277, 337, 342–43, 426
“real bills” doctrine, 276n, 316
Willkie, Wendell L., 330, 330n–31n
Willoughby, William F., 221n
Willson, A.E., 192
Wilshire, H. Gaylord, 210n
Wilson, Woodrow, 229n, 247n, 257, 265, 281–82, 310, 471
Wilson administration, 193, 282, 311n, 322
Winant, John G., 448, 483
Wirt, William A., 454
Wood, General Robert E., 298, 454
Wood, Leonard, 227
Wood, Stuart, 218
Woodbury, Levi, 107n
Woodin, William H., 302, 311n
Woodward, C. Vann, 36
World Economic Conference, 305–07, 432, 458–67, 477
bombshell message, 307, 465–66, 479
severe disagreements at, 465–66
Wrigley, Philip K., 298, 454
Wurlitzer, Rudolph, 298, 454
Wyatt, Walter, 338
Y
Young, Arthur N., 233
Young, Owen D., 287, 296, 448
Young, Roy A., 271–78, 422, 425
