A History of Money and Banking in the United States: The Colonial Era to World War II (75 page)

crash of 1929, 272, 417–25

South Sea Bubble, 353–54

acceptance program and, 239

Soviet Union, 33

Strakosch, Sir Henry, 391, 399n–400n,

Spahr, Walter E., 383n–84n

442

Spain, 49–50, 53, 65–68, 106–08, 220–21,

Straus, Isidore, 235

226–27

Strauss, Albert, 236

Spaulding, Elbridge G., 130

Strobel, Edward R., 217

508

A History of Money and Banking in the United States:
The Colonial Era to World War II

Strong, Benjamin, 257, 264–66, 269–72,

Thymology, 17–22, 26, 31–33, 40

309, 368–69, 371, 377, 378, 390,

Timberlake, Richard H., 42n, 76n, 99n,

399–400, 412, 415–17, 421, 443

351n, 353,

and England, 376, 413, 414, 416,

Times
of London, 364, 475, 482

Anglophile policies of, 444

Today
magazine, 300n, 307

coup de whiskey
, 445

Tollison, Robert D., 31

discount rates, lowering of, 445

Train, George Francis, 149

Fed postwar inflationary policy and,

Transportation, 78, 88, 120, 191, 197–98, 375

334, 392, 413

India, gold-coin standard and, 446

Trask, Spencer, 194

inflation policy, 83, 270–71, 372, 413,

Traylor, Melvin A., 302, 309, 456

415, 417

Triffin Plan, 490

Norman, and, 372–76, 397, 444

Tripartite Monetary Agreement, 344,

world depression, architect of, 271

432, 468

World War I entrance and, 446

Trivoli, George, 119

Strong, Reverend Josiah, 214

Truman, Harry S., 343, 484

Studenski, Paul, 123

Tucker, Rufus S., 450

Sunny, B.E., 255

Tullock, Gordon, 51

Swope, Herbert Bayard, 467

Sybil, Lady, 374

U.S. Chamber of Commerce, 255, 281

Taber, Louis J., 298, 454

U.S exports and, 474

Taft, William Howard, 238, 248, 253

U.S. Investor
, 210, 210n, 212–14

Taft, Robert A., 484, 484n

U.S. Treasury, 89, 99, 120–27, 135, 142,

157, 161, 206, 284–85, 297, 338, 367,

Talbert, Joseph T., 237

371, 382, 391, 415, 452, 480

Tansill, Charles Callan, 270n, 371n, 469n as central bank, 201–08, 222, 234, 236

Tariffs

depository, all congressional funds, 63

Carey “gospel” of, 148–49, 149 n

financial capital of world, 477

free-market lowering of, 92

Independent Treasury System, 104,

McKinley Tariff Act of 1890, 167

207–08

motive for, 25, 175

notes, 75, 76, 83, 89, 167–69

on steel, 24, 29, 147–48, 84

See also
Gage, Lyman

Taussig, Frank W., 199–200, 203, 246

Unemployment, 161, 357, 366–68, 377,

Taylor, Frank M., 199–200

395, 425, 441, 462

Taylor, Robert S., 195, 201

depressed export industries and, 361

Teagle, Walter C., 296n

Employment Fund and, 404

Temin, Peter, 35n, 94–95, 99, 103

hard money, villain for, 406

Texas Gulf Sulphur Company, 267n,

relief, 334

379n–80n

rational solutions for, rejected, 405

“Thaler,” 49n

trade unionism and, 361, 404

Thayer, Martin R., 126n

wage rates rigidity and, 400–03

Third World countries

Union for Sound Money, 190

exploitation of, 222

United Corporation, 321, 330

imposition of gold-exchange stan-

Untermyer, Samuel, 322

dard on, 233, 387–88, 389n

Utah Construction Company, 332n, 333,

victims of imperialism, 219

333n–34n

Index

509

Van Buren, Martin, 92, 104

central bank, leader in fight for,

Van Fenstermaker, J., 71n, 88n–89n

239–54

Vandenberg, Arthur, 457

Jekyll Island retreat, 252

Vanderlip, Frank A., 204, 207, 235–36,

Warburg, James P., 460, 464, 466

238–43, 246, 251, 253, 298, 454

Ward, Eber, 148

Vassar-Smith Committee on Financial

Warren, George F., 455, 466

Facilities in 1918, 360

Washington Post
, 300n, 339

Versailles, 450

Webster, Daniel, 83

Vietnam War-era, 14–15

Weinberg, Sidney J., 300

Virginia School, 31

Weinstein, Allen, 158–59, 158n

Vissering, G., 429

Welfare-warfare state, 179

Welles, Sumner, 479

Wade, Festus J., 244

Wells, Senator William H., 85

Wages, 51, 132, 161–62, 361, 367, 403–05, Wertheim, Maurice, 303

426, 45
7

Wetmore, Charles W., 192

Wall Street Journal
, 242, 244, 248–49

Wheeler, Harry A., 255

Wallace, Henry C., 285

Wheeler, Burton K., 298

Wallace, Henry Agard, 448

Wheelock, Thomas, 242

Wallace’s Farmer
, 448

Whigs, 101–02, 114

War

“free” banking advocates, 112

debt holders benefitted, 84

in second party system, 171

finance and, 73

in third party system, 175

monetizing debt, financing thru, 351

White, Harry Dexter, 339n, 475, 480–81

War(s)

White Plan, 480–82

Civil War, 122

White, Horace, 249

economic impact of, 130–31

Whitney, George, 321n

impact on U.S. banking system,

Whitney, Richard, 312–13, 321, 321n,

122, 144, 147–48, 153

326–28

French and Indian War, 54

Wiggin, Albert H., 277, 287, 304, 307,

King George’s War, 54

426n

of 1812, 72–73, 75, 84, 92, 122

removal as Chase Bank CEO,

of 1898, theory of imperialism, 211

309–10, 312n

Pecora’s assaults on, 312, 314–15

Revolutionary War finance, 59–62

Wilburn, Jean Alexander, 96, 97n

Spanish-American War, 11, 211–12,

216, 220–21, 389

Willcox, W.H., 221n

World War I, 227, 245, 270–71,

Willey, Colonel F.V., 364

279–84, 290, 299, 311, 346, 351,

Williams, John A., 148

356–58, 371, 384, 407, 410–11, 446

Williams, John H., 484

World War II, 475, 478

Williams, John Skelton, 265, 372n–73n

War collectivism, 280–81

Willing, Thomas, 68

War Finance Corporation (WFC),

Willis, Henry Parker, 195, 255, 255n,

280–86, 288–90

257, 272, 371, 386, 416, 424, 438, 449

final end of, 288

bank expansion, opposed for wrong

transformed into RFC, 288–90

reasons, 317

War Industries Board, 280–82, 280n, 299

hard-money advocate, 304

Warburg, Paul Moritz, 215n, 234–54,

Journal of Commerce
editor, 277n, 235n, 239n–40n, 265, 372n–73n, 448n

416n, 426, 449, 458

510

A History of Money and Banking in the United States:
The Colonial Era to World War II

opposition to Fed, 276n–77n, 277,

Wood, Stuart, 218

337, 342–43, 426

Woodbury, Levi, 107n

“real bills” doctrine, 276n, 316

Woodin, William H., 302, 311n

Willkie, Wendell L., 330, 330n–31n

Woodward, C. Vann, 36

Willoughby, William F., 221n

World Economic Conference, 305–07,

Willson, A.E., 192

432, 458–67, 477

Wilshire, H. Gaylord, 210n

bombshell message, 307, 465–66, 479

Wilson, Woodrow, 229n, 247n, 257, 265,

severe disagreements at, 465–66

281–82, 310, 471

Wrigley, Philip K., 298, 454

Wilson administration, 193, 282, 311n,

Wurlitzer, Rudolph, 298, 454

322

Wyatt, Walter, 338

Winant, John G., 448, 483

Wirt, William A., 454

Young, Arthur N., 233

Wood, General Robert E., 298, 454

Young, Owen D., 287, 296, 448

Wood, Leonard, 227

Young, Roy A., 271–78, 422, 425

• Title Page
  
• Contents
  
• Introduction by Joseph T. Salerno
  
• Part 1: A History of Money and Banking in the United States before the Twentieth Century
  
  • Shilling and Dollar Manipulations
    
  • Government Paper Money
    
  • Private Bank Notes
    
  • Revolutionary War Finance
    
  • The Bank of North America
    
  • The United States: Bimetallic Coinage
    
  • The First Bank of the United States: 1791-1811
    
  • The War of 1812 and Its Aftermath
    
  • The Second Bank of the United States, 1816-1833
    
  • The Jacksonian Movement and the Bank War
    
  • The Jacksonians and the Coinage Legislation of 1834
    
  • Decentralized Banking form the 1830s to the Civil War
    
  • A Free-Market "Central Bank"
    
  • A False Start
    
  • Operation Begins
    
  • The Country Banks Resist
    
  • Suffolk's Stabillizing Effects
    
  • The Suffolk Difference
    
  • The Suffolk's Demise
    
  • The Civil War
    
  • Greenbacks
    
  • The Public Debt and the Natinal Banking System
    
  • The Post-Civil War Era: 1865-1879
    
  • The Gold Standard Era with the National Banking System, 1879-1913
    
  • Prices, Wages, adn Real Wages
    
  • Interest Rates
    
  • A Burst in Productivity
    
  • Capital Formation
    
  • 1896: The Transformation of the American Party System
    
• Part 2: The Origins of the Federal Reserve
  
  • The Progressive Movement
    
  • Unhappiness with the National Banking System
    
  • The Beginnings fo the "Reform" Movement: The Indianapolis Monetary Convention
    
  • The Gold Standard Act of 1900 and After
    
  • Charles A. Conant, Suprlus Capital, and Economic Imperialism
    
  • Conant, Monetary Imperialism, and the Gold-Exchange Standard
    
  • Jacob Schiff Ignites the Drive for a Central Bank
    
  • The Panic of 1907 and Mobilization for a Central Bank
    
  • The Final Phase: Coping with the Democratic Ascendancy
    
  • Conclusion
    
• Part 3: From Hoover to Roosevelt: The Federal Reserve and the Financial Elites
  
  • The Early Fed, 1914-1928: The Morgan Years
    
  • The Hoover Fed: Harrison and Young
    
  • The Advent of Eugene Meyer, Jr.
    
  • Meyer in the Hoover Administration
    
  • The New Deal: Going Off Gold
    
  • Banking and Financial Legislation: 1933-1935
    
  • Marriner S. Eccles and the Banking Act of 1935
    
  • Epilogue: Return of the Morgans
    
• Part 4: The Gold-Exchange Standard in the Interwar Years
  
  • The Classical Gold Standard
    
  • Britain Faces the Postwar World
    
  • Return to Gold at $4. 86: The Cunliffe Committee adn After
    
  • American Support for the Return to Gold at $4.86: The Morgan Connection
    
  • The Establishment of the New Gold Standard of the 1920s
    
    • Bullion, Not Coin
      
    • The Gold-Exchange Standard, Not Gold
      
  • The Gold-Exchange Standard in Operation: 1926-1929
    
  • Depression and the End of the Gold-Sterling-Exchange Standard: 1929-1931
    
  • Epilogue
    
• Part 5: The New Deal and the International Monetary System
  
  • The Background of the 1920s
    
  • The First New Deal: Dollar Nationalism
    
  • The Second New Deal: The Dollar Triumphant
    
  • Epilogue
    
• Index