A History of Money and Banking in the United States: The Colonial Era to World War II (74 page)

demand for, 22, 203, 251

monopoly purchaser of goods,

fiat, 51–59, 73, 75, 82–83, 100, 122,

370

123, 131, 160, 186, 206, 232, 271,

298, 303–07, 352, 356, 358, 360, 396,

New Deal, assaulted by, 432

410, 421, 431, 453

political power and, 188, 268, 380

hard, 83, 90–91, 104, 112, 145, 151,

preferred list of financiers and

159, 178n, 186, 188–89, 231, 406,

politicians, 311

441, 451, 484

President Coolidge and, 266–67,

medium of exchange, 48, 105, 226,

379–81

352, 356

President Hoover and, 269, 422

paper money

Republican party and, 266

colonial, 50–58

return of, 343

boom-bust economies and, 54

Rothschild of Vienna and, 427

first issue of, 51

Strong and, 264–65, 270–71

scarcity of money and, 52

Theodore Roosevelt and, 263

Revolutionary War and, 83, 59,

trade agreements against, 344–45

231, 354, 488

twilight of power, 299, 306,

purchasing power of, 22, 390

314–17

scarcity of, 50

Morgan, J.P., Sr., 264

504

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

Morgenthau, Henry, Jr., 302, 335,

New York Stock Exchange, 88, 271, 312,

338–39, 344n, 346, 468, 477, 485

321, 326–28, 418, 423

Morrell, Daniel, 148

New York Times
, 339, 420, 482–83, 486n Morrill, Chester, 338

Newsweek
, 300n, 307

Morris, Gouverneur, 59

Niemeyer, Otto, 364–65, 367, 382n, 391,

Morris, Robert, 61–63, 62n, 63n, 68, 92n

399n, 442

Most, Johann, 178n

Noble, Edward J., 301n

Mueles, Monsieur, 51n

Norman, Montagu “Monty,” 272, 360,

Müller-Armack, Alfred, 487n

365–430, 399n–400n

Bank for International Settlements

Nash, Gerald D., 288n

and, 272, 427

Nashville Banner
, 191

background of, 373

betrayal of France, 429–30

National Aniline and Chemical Com-

pany, 279

Britain’s major financial force, 442

National Association of Manufacturers,

Genoa Conference and, 391–92

281

House of Morgan and, 374–78

National Association of Securities Deal-

powerful impact on international

ers (NASD), 32n9

monetary policy, 375–76, 384,

409–12, 421, 423, 429

National Banking System. See Banking

Strong and, 373, 397, 412, 416,

National Citizens’ League for the Cre-

444–46, 444n

ation of a Sound Banking System, 255

Norris, George, 290

National Civic Federation, 264

North American Review
, 211

National Credit Corporation (NCC), 288

National Grange, 298, 454

Ocean Herald
, 191

National Monetary Commission

Olson, James Stuart, 288n

(NMC), 244–46, 248–49, 251, 253–54

“Open door” policy, 345, 469, 471, 476,

National Power Policy Committee, 330

478

National Recovery Administration

Open market purchases, 202, 207, 275,

(NRA), 328n–29n

294–95, 336, 375n

National Socialism, 30

Orr, Alexander E., 191, 193

New Deal, 323, 343, 477–78, 480

Ottawa Agreements of 1932, 478

diplomacy, 344, 468, 471–73, 479, 484

Overstreet, Jesse, 201

dollar nationalism and, 450

foreign policy, 43, 437

Page, Walter Hines, 416, 416n, 445

International Monetary System, 437

Palyi, Melchior, 362n

monetary policy, 298, 433

Panic of 1819, 76–80, 80n, 90–91

Morgan, assault on, 432

Panic of 1837, 95, 98–99, 121

New Dealers, 317, 321–22, 328, 331, 335,

338

Panic of 1857, 113, 121

“New Era” of permanent prosperity,

Panic of 1873, 134, 141, 150, 153–56

420, 449–50

Panic of 1893, 168–69, 169n, 176

New York Bible class, 266

Panic of 1907, 240–42

New York Chamber of Commerce, 234,

launch of drive for central bank, 240

236, 238, 251, 254

“Parallel standard,” 109–11

New York Herald-Tribune
, 270n

Party system transformation of 1896,

New York Journal of Commerce
, 204, 277, 169–79

277n–78n, 426, 449, 258

Patterson, C. Stuart, 191, 194, 252, 254

Index

505

Paul, Ron, 47

Property rights, private, 74–76, 79, 91

Payne, Henry C., 192–93

Proto-monetarist, position of, 95

Peabody, George Foster, 192–93

Public Utility Holding Act (PUHA), 330

Peake, Hayden, 340

Pullman Company, 191, 207

Pearson, Frank A., 455

Purves, Alexander, 208

Pecora, Ferdinand, 312, 314–15, 323,

Purchasing Power, 15, 22, 25–26, 175,

325n, 330

209, 383, 389, 393–94, 396, 411, 454, 465

Pecora–U.S. Senate Banking and

Putnam, George Haven, 200n

Currency Committee, 310–312,

311n, 314–15, 316n, 320

Quarterly Journal of Austrian Economics,
Peek, George, 471

42, 183n

Pendleton, George H., 150

Quesnay, Pierre, 399n

Pendleton Plan, 150–51

Raguet, Condy, 82, 91

Perkins, Charles E., 199

Railroads

Perkins, Frances, 300n

Atchison, Topeka and Santa Fe Rail-

Perrin, John, 255

way, 199, 239, 247n

Philippe, Raymont, 412n

Bangor and Aroostook Railroad, 454

Pierce, E.A., 327

Birmingham Railroad, 194

Pietism, pietists, 172–78, 174n–76n

Camden and Amboy Railroad, 153

branches of, 172n–73n

Erie Railroad, 207n

creed, 172–73

Hudson and Manhattan Railroad

impetus for party system transfor-

Company, 265

mation, 172

Missouri Pacific Railroad, 195, 292

“Protestantizing society,” 175

Morris and Essex Railroad, 153

Pigou, Arthur Cecil, 360

New York Central Railroad, 194,

207, 217, 265, 372

Pillsbury, C.A., 198

Philadelphia and Reading Railroad,

Plehn, Carl C., 224n

153

Poincaré, Raymond, 407–08, 411

Pittsburgh, Fort Wayne, and

Political Science Quarterly
, 214

Chicago Railroad, 191

Polk, James K., 91

Rand, James H., 298, 304, 448

Pollak Foundation for Economic

Raskob, John J., 311n, 313

Research, 273

Recession

Pomerene, Atlee, 295

always follows boom, 187, 272, 281,

Pope, Alfred A., 198

355, 361

Populists, 36, 177–78, 188–89

bank credit increased in, 197, 201,

Porter, Horace, 156

207

Positivist approach to economic history,

colonial era, 55, 65, 100

7, 9–13, 32–36, 35n, 39

of 1907, 240

Potter, William, 317

of 1920–21, 272–73, 281, 283, 358–61,

Pratt, Sereno S., 244

379, 395

Praxeology, 7, 11, 13–14, 25–26, 33–34,

of 1929–31, 272–74, 402, 424–25

35n, 40

recoveries from, 425

Price controls, 60, 103, 281, 447

Reconstruction Finance Corporatiion

Productivity, falling prices due to, 395

(RFC), 288–95, 288n

Progressive Era, 29–30, 179, 183, 186,

Rediscount rate, 414, 419, 423, 426

216, 264, 314

Reed, David A., 457

Progressive Party, 179, 314

Reform of the Currency
, 250–51

506

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

Remington Rand Company, 298, 448, 454

Roosevelt Cabinet, 300

Republican Party

unscrupulous money changers and,

party of great moral idea, 174

314

upheaval of, 175–76

Roosevelt, Theodore, 188n, 192, 199,

209, 216, 225, 229, 263, 300

state, changing role in, 172–74

ongoing transformation, 170–71

Root, L. Carroll, 195

See also
Pietism

Root, Oren, 331n

Resumption Act of January 1875, 151

Root, Elihu, 221, 228, 243, 251, 267–69,

289, 380, 422

Review of Reviews
, 216

Röpke, Wilhelm, 487n

Reynolds, Arthur, 237

Rosenwald, Julius, 255

Reynolds, George M., 237, 245, 247,

254

Rosenwald, Lessing J., 298, 454

Reynolds, Jackson E., 276, 427

Rothbard, Murray N., 7–41

Ricardo, David, 82, 210

approach to monetary history, 7,

10–11, 11n, 23–24, 30–34

Ricardian Currency School, 91

theoretical guide, 24–26, 30, 33

Ridgely, William B., 206, 243

Round Table
, 363–64

Riefler, Winfield W., 335

Rovensky, John E., 448

Rist, Charles, 407

Rovere, Richard, 347n

Roberts, George E., 243, 249, 255

Royal Commission on Indian Finance

Robey, Ralph W., 415, 449

and Currency, 389

Rockefeller forces, 298, 300–02, 309

Royal Economic Society, 388

CFR and, 347

Rueff, Jacques, 487n, 489

Committee for the Nation, behind-

Rueff Plan, 490

the-scenes role in, 307–08

Rumsey, Mary Harriman, 300n–01n

Morgan, resentment of, 308

Rockefeller, John D., Jr., 204–07, 206n,

Rylands, Peter, 363

244, 266, 302n, 309–10

Rockefeller, John D., Sr., 201, 207

Sage, Russel, 150

Rockefeller, Nelson Aldrich, 206n

Salter, Sir Arthur, 399n–400n, 415, 416n

Rockefeller, William, 207

Samuel Commission, 405

Rockoff, Hugh, 113n

Sapiro, Aaron, 285

Rogers, James Harvey, 473

Say’s Law, 210

Roman Catholicism, 173–77

Sayre, Francis B., 471

Roosevelt, Franklin D., 188, 265, 298–99, Schacht, Hjalmar, 412–13, 469–71

300, 306, 310, 322, 372, 448, 450,

Schell, Richard, 149

454–56

Schiff, Jacob, 234–39, 235n, 245, 251, 265

abandon gold-coin standard, 297,

Schilling, Richard, 177–78

301, 303–04, 308, 431, 453–58, 466

Schlick, Count of, 49n

academic economists and, 453

Schröder, J. Henry, 458

Atlantic Conference and, 345

banking influence, 456

Schultz, William J., 69n

bombshell message, famous, 307

Schwartz, Anna Jacobson, 34, 154–55,

Committee for the Nation, influence

155n, 164, 166, 169, 278, 336n

of, 454–55

Scott, D.R., 326

early monetary appointments, 301

Scott, Thomas A., 149–50

Fisher influence and, 453–55, 465–67

Scriveners, 56

Index

507

Seager, Henry R., 246

Special Drawing Rights, 488

Sears, Roebuck and Company, 255, 298,

Specie, 49–132

454, 456

as standard money, 353–54

Securities Act of 1933, 315, 320, 322

payment resumption and trade,

Securities and Exchange Commission

54–55, 85

(SEC), 320–21, 321n, 323–30, 325n,

payment, suspension of, 74, 75–80,

328n–29n

100, 123, 169, 200, 240

Securities Exchange Act of June 1934,

redemption, cessation of the boom

320–27

and, 98

Sego Milk Company, 332

See also
Gold coin; Money

Seligman, Isaac N., 215n, 218

Specie Circular, 98–99

Seligman, Edwin R.A., 215–16, 215n,

Sprague, Albert A., 198

218, 241–42, 246, 250

Sprague, Oliver M.W., 246, 305–06, 460,

Sexauer, Fred H., 298, 454

464, 466

Shaw, Dr. Albert, 216

Spring-Rice, Sir Cecil Arthur, 370

Shaw, Leslie M., 198–99, 207–08, 234,

Springfield (Mass.) Republican,
213

236

Stabilization Fund, 480–81

Shearman, Thomas, 218

Stable Money Association, 303, 448,

Shedd, John G., 255

453–54

Shelton, Arthur B., 249

Stable Money League, 448

Sherman, John, 130, 133–35, 145, 151,

Stahlman, E.B., 191

157

Stamp, Josiah, 447

National Banking Acts and, 134–35

Stanard, Edwin O., 191

Sherman Silver Purchase Act of

Standard and Poor’s, 417–18

1890, 167–69

Standard Oil Company, 192, 198, 263,

Shoup, Laurence H., 346

266n, 296n, 308n, 333n–34n, 379

Sibley, Joel, 170

Stearns, Frank W., 267, 379, 379n–80n

Siegel, Barry, 187, 265, 368

Stern, J. David, 457

Silva, Edward T., 215, 389

Stetson, Francis Lynde, 243, 247n

Silver Purchase Act

Stettinius, Edward, 347, 347n, 477

of 1878, 159–61

Stevens, Thaddeus, 148

of 1890, 167–69

Stewart, Walter W., 420n–21n

Silvermaster, Nathan Gregory, 339n

Stigler, George J., 32–34

Sloan, Alfred P., 296n

Stillman, James, 207, 235

Smith, Al, 309

Stimson, Henry L., 268n, 269, 287, 306,

Smith, Vera C., 77n–78n

347, 380n, 422, 472

Smith, Vivian Hugh, 369–70, 374

Stock market, 271–76, 304, 312–17

Snowden, Philip, 364

artificial stimulus, 274

Snyder, Carl, 420n

boom, 416–20, 422, 425

Sound Currency
, 196