liquid securities, 237–38
loan certificates, 67
loans, 5, 24, 78, 232
agricultural, 226
consumer, 199
currency and, 115
curtailment of, 70
discounting of, 31, 226
short-term, 39, 57, 79n, 112, 213, 218
local associations, in Aldrich Plan, 113, 137
Lodge, Henry Cabot, 102–3
Lombard Street, money scarcity and, 17
London, 30, 49, 77, 85, 140, 199
financiers in, 17, 22
Louisiana, 152
Louisville, Ky., 53
Lynchburg, Va., 17, 22, 155, 179, 203
Lynchburg News, 18, 20
McAdoo, Eleanor Wilson, 265
McAdoo, William Gibbs, 196, 316, 318, 324
banking reform and, 201–3, 206–9, 212, 217, 220–21, 229, 243, 250
Federal Reserve Banks and, 208, 257, 260–61, 263, 265
as secretary of Treasury, 190–91, 206, 235–36, 241, 250
trans-Hudson tunnels of, 190, 195, 220, 314
McAdoo plan, 206–8
McCombs, William F., 149
McCormick, Cyrus, Jr., 131
McCulley, Richard T., 57
McKinley, William, 21, 23, 25–26, 37, 246, 277
assassination of, 28
MacLeod, Henry Dunning, 29
McRae, Thomas, 231–32, 325
MacVeagh, Franklin, 121, 136
on Aldrich Plan, 133–34
Andrew fired by, 161
Madero, Francisco, 315
Madison, James, 3
Magnet, The (Crozier), 72
manufacturing:
in New England, 93, 98
in Rhode Island, 37
tariff and, 18, 36
Marriner S. Eccles Federal Reserve Board Building, 259
Massachusetts, 157, 159
mass production, 60
Mencken, H. L., 236
Mercantile National Bank, 61–62
merchants, 8, 67, 98
Merchants’ Association of New York:
central bank endorsed by, 101, 121n
currency committee of, 89
Glass-Owen endorsed by, 235
Merchants Loan and Trust Company of Chicago, 177
Metropolitan Club of New York, 88
Metropolitan Museum of Art, 85
Mexico, 85, 96–97, 195, 315
revolution in, 223–24, 246
middle-tier (reserve) banks, 14, 39n, 248n
hoarding by, 69
Midwest, 97
Aldrich Plan in, 134, 138
Citizens’ League and, 131
progressives in, 134, 137
Roosevelt’s support in, 168
Milwaukee, Wis., 90, 98, 270
minimum wage, 138, 165
mining, 67, 98, 283
Minneapolis, Minn., Federal Reserve Bank in, 260n
Minnesota, 17, 136, 230
Mint, U.S., 195
Mississippi valley, 98, 103
Missouri, 17, 165, 231
M. M. Warburg & Co., 30
Moehlenpah, H. A., 323, 324
Mondell, Frank, 230
monetarism, 226
monetary policy, 258
monetary reform, 5–8, 24, 48, 90, 92, 93–94, 97, 119, 128, 222, 251
Aldrich’s focus on, 89–91, 97–98, 120
public associations with, 123
money:
agricultural assets and, 221–22
bank-issued, 3, 6, 11–13, 17, 24–25, 41, 55, 78, 128, 200, 204, 213, 221, 226–27
concentration of, 215
counterfeiting of, 13
creation of, 264
financial independence and, 6
government-issued, 128, 185, 199–200, 204, 207, 213–14, 252, 323; see also fiat money
hoarding of, 69, 285
invented, 67
issuance under Aldrich Plan, 114
issued by Fed, 1, 117, 244, 245
national currency and, 41
paper, 11–13, 16
private issue of, 119
proper basis of, 225–27
Second Bank and, 3–4
supply of, 67, 225, 246, 258, 259, 270
trading of, 68
see also currency
Money and Currency (Ravenscroft), 97
Money Changers, The (Sinclair), 72
money question, 199–200
money shortages, 2, 6, 15–19, 27, 49, 53, 68–69, 185, 204, 263
Aldrich on, 37–38
Coxey’s march and, 21
Panic of 1907 and, 59–60
Money Trust, 134, 136–37, 182, 252, 259, 269, 270
Money Trust inquiry, 141, 151–52, 155–56, 160, 172, 175, 191–93, 195, 268, 303
monopolies, 22, 71, 167–68, 175–76, 308
fears of, 19
National City Bank as, 135
Untermyer hearings and, 175
Wilson and, 169
Montana, 61
Moore & Schley, 71
Morawetz, Victor, 97, 101, 149, 174, 186, 267, 312
Morgan, Jack, 155, 196, 308
Morgan, J. P., 26, 30n, 42, 58, 59, 61, 78, 80, 82, 85, 95n, 99, 104, 115–16, 135, 165, 169, 190, 192, 198, 219, 299
death of, 197
Jekyl Island Club and, 108, 110
in Money Trust hearings, 175–76, 197
and Panic of 1907, 61, 62–66, 70–73, 133
stability as goal of, 73
Treasury bailout by, 20
trusts sponsored by, 139, 288, 305
on Wilson, 143
Morgenthau, Henry, 27, 170, 174, 177, 187, 308, 310
Morse, Charles W., 62, 283
mortgage-backed securities, 226, 258
mortgages, 1
farm, 237, 329
liquidity of, 238
Mullins, Eustace, 117
Napoleon I, emperor of France, 86
Napoleonic wars, 70
Narragansett Bay, 35, 75
Nation, 53
National Association of Manufacturers, 94
National Banking Act, 13–16, 28, 39, 41, 48n, 49, 220, 251
loans based on real estate prohibited by, 17
mediums of exchange under, 15
National Banking system, 30, 33, 47, 59, 60, 61–62
National Bank Notes, 13–15, 41, 75, 79, 113, 181, 212, 249n
National Bank of Commerce, 299
national banks, 13–15, 30, 52, 122, 129, 134, 242
Federal Reserve membership sought by, 253
overseas business and, 48, 114, 183, 245, 296, 329
real estate loans not issued by, 199
regulations of, 136
reserves at, 186
National Biscuit Company, 93
National Board of Trade, 121, 123
National Citizens’ League, 131–33, 135, 144, 269, 305
Laughlin at, 131–36, 139, 153, 159–61, 171, 299
New York chapter of, 133
in 1912 election, 159–60
National City Bank of New York, 27, 32–33, 47–48, 108, 109, 196, 199, 233, 237–39, 253, 270
investment affiliate of, 134–36, 299
overseas expansion of, 118, 264–65
in Panic of 1893, 57
in Panic of 1907, 57, 65
reserves of, 109
in wake of San Francisco earthquake, 51, 52
National City Co., 134–37
National Monetary Commission, 79, 88, 94, 97, 104, 106, 120, 134, 141, 144, 287, 302, 305
&
nbsp; Aldrich Plan as report of, 147–48, 269
National Reserve Association, 113–15, 118, 122–23, 140
banking industry and, 130–31
governor and directors of, 114, 130–31, 140, 141, 188–89, 199
location of, 114
notes of, 133
political influence avoided by, 115
public accountability of, 141
state banks, 129
nativism, 22, 230
natural law, 25
Nebraska, 22, 81, 157, 165, 170, 231, 236
New Deal, 264, 266
New England, 98
textile industry in, 93
“New Nationalism” speech (Roosevelt), 293
New Orleans, La., 53, 131, 139–40
Newport, R.I., 37, 78, 199
New York, N.Y., 47, 63, 82, 85, 88, 98, 132, 144, 201, 216, 236, 299, 304
banking dominated by, 314
banking reform in, 60
banks and bankers in, 5, 7, 12, 49–50, 54–56, 68, 113, 135, 141, 186, 193, 220, 229, 252
banks vs. trusts in, 61–62, 69
cash shortage in, 65
as central reserve city, 14, 39n, 69, 231
city banks in, 26, 30, 39
corporate headquarters in, 50
Federal Reserve Bank of, 257, 258–59, 260–61
financiers in, 17
money market in, 60–61
National Banking Act and, 14–15
Panic of 1907 and, 99
run on safe-deposit boxes in, 68
subways in, 62
suffragettes in, 156
Warburg in, 31
New York Chamber of Commerce, 46–51, 121n, 123, 281
monetary committee of, 119–20
New York Clearing House, 61, 62–63, 193–94, 283
loan certificates from, 66–67
New York State, 95, 166, 231, 245
New York Stock Exchange, 65, 193, 198, 260
New York Sun, 214
New York Superintendant of Banking, 284
New York Times, 42n, 56, 58, 62, 63, 66, 73, 120, 122–23, 133, 143, 156, 198, 214, 219, 222, 252–53, 266, 286, 323, 332
New York Tribune, 36, 252, 332
Nixon, Richard, 257, 259
North, 17
central bank supported in, 4
tariff supported in, 37
North Carolina, 229
Northeast:
capital in, 242
Roosevelt’s support in, 168
strong dollar and, 18
Northern Pacific Railway, 28
Norway, 93
notes:
Bank of England, 83, 84, 86–87
credit and, 200
federal government, 205
issuing of, 83
Reichsbank, 87
Reserve Banks’, 205
Noyes, Alexander D., 29
O’Gorman, James, 231, 236, 238–39, 242, 327, 328
Ohio, 162
Oklahoma, 81–82, 200, 204
Oklahoma Territory, 19, 203–4
Omaha World-Herald, 236
Open Market Investment Committee, 264
Other People’s Money and How the Bankers Use It (Brandeis), 193n
Owen, Robert Latham, 19, 200, 263, 319, 323, 328
background of, 203–4
banking bill and, 203, 205, 207–9, 212–13, 217–18, 227, 241
as Bryan disciple, 200, 204, 205
European study tour of, 204
Glass’s feud with, 266–67, 268
as progressive, 205
Warburg and, 243, 248, 334
Owen bill, 205
Page, Walter Hines, 197
Palmer, James E., Jr., 335
Panama Canal, 47, 234
Panic of 1893, 19–21, 57, 60, 204
Panic of 1907, 57–58, 59–76, 77–79, 81, 99, 101, 133, 139, 150–51, 269, 319
paper money, 11–13, 16, 114
see also specific types
Paris, 31, 49, 51, 78, 86, 140, 209, 265
Parliament, British, 84, 166, 168, 241
Paul, Ron, 296
Payne-Aldrich tariff, 95, 103
Peary, Robert, 93
Peck, Mary Allen Hulbert, 163, 166, 214, 233, 246, 325
Peel, Sir Robert, 85–86
Pennsylvania, 158
pensions, 100, 199
Perkins, George W., 58, 60–61, 64, 73, 78, 80, 104
in Roosevelt’s 1912 campaign, 169, 305, 308
Perry, Marsden J., 42
personal checks, 49
Philadelphia, Pa., 5n, 49, 120
Bank of the United States in, 2–4
banks in, 12, 68
Federal Reserve Bank in, 260n
Philippines, 91
Phillips, David Graham, 43–44
“Plan for a Modified Central Bank, A” (Warburg), 75–76, 286
populism, populists, 21, 44, 71, 128, 137, 143, 185, 205, 221, 232
monetary, 230
Portland, Oreg., 67, 69
pound, British:
as international currency, 49
strength of, 85
Pound, Ezra, 117
press:
on Aldrich, 33–34, 44, 120, 122–23, 133, 134, 140
on Aldrich Plan, 134
Citizens’ League and, 160
on Federal Reserve System, 252–53
on Glass bill, 214
muckraking, 43–44
progressivism and, 100
Untermyer and, 310
Wilson’s campaign and, 157
prices:
falling, 18, 246
wholesale, 330
primary elections, 100, 138, 143
in 1912, 157
Princeton, N.J., 145, 170, 181, 184, 252
Princeton University, 23, 45, 83, 142, 143, 166, 250–51
profits, Reserve Association and, 115
Progressive Party, 167
progressives, 6–7, 41, 44–45, 205, 237
accountability to public of, 140–41
Aldrich disliked by, 89, 140
on banking, 71
banking reform and, 45, 138, 147
in Democratic Party, 99, 132, 133, 148, 156–57, 165, 191, 204
gathering strength of, 90
growing prominence of, 127
income tax and, 234
La Follette as member of, 72, 140
in 1912 election, 156
public control of financial institutions and, 115, 128
rejection of central bank by, 104, 123, 238
Republican, 92–93, 95, 96, 99–100, 103, 104, 105, 138
Wilson and, 307
promissory notes, 39
Providence, R.I., 34, 35, 42n, 68
Pujo, Arsène, 152, 155, 172, 302
Pujo hearings, see Money Trust inquiry
Pujo Report, 314
Pulitzer, Joseph, 110
Pullman strike of 1894, 21
quantitative easing, 259
racial segregation, 22, 153, 156, 204
Ragsdale, James, 222
railroads, 40, 67, 70, 81, 211
bonds for, 15, 41, 78
consolidation of, 73, 176
failure of, 20
financing of, 32, 33
public resentment toward, 78
rate fixing by, 288
regulation of, 21, 34, 38, 74, 100
stocks in, 58
railways, street, 42n, 190
Raleigh News and Observer, 157
Ravenscroft, D. W., 97
real bills theory, 24, 22
6n, 258
real estate, 17, 140
recession, 20–21, 258
Recession, Great, 259
Recession of 1907, 58–59
rediscounting, 331
Reed, James, 231, 236, 266, 327, 328
reform, 73–74
major twentieth-century financial reforms, 266
see also banking reform; currency reform; labor reform; monetary reform
regional reserve banks, 97, 101, 137, 149, 154, 177, 181–82, 184, 185–87, 227, 229, 242, 267, 311
Reichsbank, 57, 85, 87, 214
discounting by, 87
Republican National Committee, 162
Republican National Convention, of 1912, 159, 160
Republican Party, 48, 72, 78, 137, 169, 191, 235, 236, 239, 245, 248, 265
Aldrich Plan and, 137–38, 150, 160, 161–62
central bank and, 6–7
Democratic shift to left of, 168
dissatisfaction with Taft in, 138
in election of 1908, 75, 81
Federal Reserve Act and, 268
gold standard and, 21, 230, 277
hegemony of, 33
monetary reform and, 90
National Monetary Commission and, 81
and 1912 election, 157–60
progressives in, 92–93, 95, 96, 99–100, 103, 105, 138
silver opposed by, 16
tariff reform and, 211
tariff supported by, 37, 92–94
Tea Party wing of, 8, 137
reserve banks, regional, 97, 101, 137, 149, 154, 177, 181–82, 184, 185–87, 227
see also Federal Reserve Banks
reserves, 39n, 112, 131
bank, 188–89
Bank of France and, 87
central, 173, 185, 186
competition for, 69–70
disaggregation of, 70
district branches and, 114
as legal tender, 329
pooling of, 113, 119, 168, 202
regional, 186
structure of, 111–12
vault, 216
Revelstoke, Lord, 90
Reynolds, George, 85, 88, 96, 129, 184, 208, 216, 219, 229, 318, 321
Rhode Island, 5, 34, 36, 37,42, 93, 100, 105, 106, 130
Ricardo, David, 107, 293
Richmond, Va., 61
Federal Reserve Bank in, 260n
Riksbank, 93
Rockefeller, Abby Aldrich, 43, 265
Rockefeller, David, 265
Rockefeller, John D., Jr., 43
Rockefeller, Michael, 43n
Rockefeller, Nelson A., 265
Rockefeller, William, 48
Rocky Mountain News, 140
Rocky Mountains, 98
Rome, 35
Roosevelt, Franklin D., 82n, 83, 117
Roosevelt, Theodore, 28, 30, 55, 58, 61, 77, 81, 93, 245–46
African safari of, 88
Aldrich and, 38, 44, 102–3, 132, 141, 149–50, 158
Aldrich Plan and, 149–50
as increasingly progressive, 90–91, 104, 158, 167, 293
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