America's Bank: The Epic Struggle to Create the Federal Reserve (50 page)

Cosmopolitan
,
43
–44,
89

Council Bluffs, Iowa,
68

country banks,
14
,
26
,
39
n
,
40
,
49
,
52
,
55
,
140
,
218
,
220
,
229
,
245

central reserve and,
101
,
232

hoarding by,
69

reserves for,
231
–32,
248
n

Coxey, Jacob,
21

Creature from Jekyll Island, The
(Griffin),
117

credit,
27
,
28
,
68
,
227
,
245

access to,
167
–68,
244

bank,
175

concentration of,
196

disbursal of,
175

evaporation of,
30
,
84

fragility of,
65

government and,
238

local conditions for,
186

notes and,
200

overextension of,
56
–57

role of banks and,
118

stimulation of,
244

supply of,
258

credit markets,
30
,
209

in Europe,
39

liquidity in,
56

Crozier, Alfred Owen,
72
,
150
–51

Cuba,
93

Cummins, Albert B.,
95

currency,
181
,
200
,
252

Aldrich Plan and,
122

ceiling on,
246

circulation of,
246

elastic,
112
,
113
,
185
–86,
215
,
227
,
258
,
259
,
308

emergency,
209

gold-backed,
181

government,
150
,
204

government bonds and,
114
,
115

illiquid assets and,
181

legislation on,
194
,
210

private loans and,
115

source of,
199
–200

Treasury-issued,
207

volume of,
114

see also
money

currency associations, local,
79

currency reform,
5
–8,
19
,
73
,
75
,
95
,
160
,
165
,
183
,
314

Dallas, Tex., Federal Reserve Bank in,
260
n

Davison, Henry P.,
99
,
130
,
133
,
139
,
294

Aldrich Plan and,
122

in Aldrich’s European fact-finding mission,
82
,
85
–87

on Glass-Owen,
219

on Jekyl Island,
107
–10,
112

Morgan run by,
175
,
264

on National Monetary Commission,
80
,
96

outreach to bankers by,
128
–29

in Panic of 1907,
63
–64,
66

Vanderlip’s alternative bill and,
238
–40

Debs, Eugene V.,
168
,
171

“Defects and Needs of Our Banking System” (Warburg),
56

deflation,
18
,
246

Democratic National Convention:

of 1896,
21
–23,
153
,
204

of 1912,
159
,
160
–61,
215

Democratic Party,
128
,
155
,
170
,
191
,
231
,
239

agrarians in,
221
–22

Aldrich disliked in,
90
,
310

Aldrich Plan and,
150
,
154
–55,
160
–61,
164
–65

annual Jackson dinner of,
146
,
149

bankers’ distrust of,
199

banking reforms supported by,
81
,
144
,
240
–41

Bryan’s status in,
137
,
174
,
199

central bank and,
7
,
218
,
238
–39

in Congress,
105
,
171
,
200
,
208
,
230

conservatives in,
151

federalism in,
213

Federal Reserve Act and,
268

Glass-Owen and,
219
n
,
235
,
248

gold standard and,
16
,
23

governance by,
251
–52

government money supported by,
210

Jackson’s influence on,
153
,
157
,
210
,
225
,
236
,
240
,
252

Jeffersonians in,
166
,
167
,
204
,
307

laissez-faire in,
21
,
93

Morgan bailout and,
20

as party in transition,
156
,
165

platform of,
173
,
187

populists in,
199

power struggle within,
240
–41

progressives in,
99
,
132
,
133
,
148
,
156
–57,
165
,
191
,
204

shift to left by,
168

silver standard and,
22
–24

on slavery,
22

Wilson and,
45

see also
specific elections

deposit insurance,
81
–82,
188
,
249

federal,
82
n
,
185

state,
82
n

Depression, Great,
18
,
187
n
,
258
,
264

bank runs in,
249

depression of 1907,
see
Panic of 1907

depressions,
2
,
3
,
263

and Panic of 1893,
20
–21

de Tocqueville, Alexis,
3
–4,
16
–17

Detroit, Mich.,
97
–98,
304

Díaz, Porfirio,
97

Dimon, Jamie,
257

discount rates,
216
,
217
,
243
,
257
,
263

discount window,
225

dividends, Reserve Association and,
115
,
131

dollar,
5
,
85

government,
213
–14

as international currency,
262
,
281

in international trade,
48
–49

Dolliver, Jonathan,
95

Dow Jones Industrials,
319

Eagle, Joe,
322

East,
5

Aldrich Plan as seen in,
134

Bryan as viewed in,
22

progressives in,
104

tariff supported in,
37

Economic Club of New York,
99
,
328

economic contraction,
70

economy:

agrarian,
15

expansion of,
14

education,
44
,
100

eight-hour workday,
158

elections:

of 1884,
16

of 1892,
16

of 1896,
21
–24,
37
,
142
,
145
,
204
,
301

of 1900,
145

of 1904,
38

of 1908,
75
,
81
,
88
,
102
,
145

of 1910,
104
,
105
,
106
,
153

of 1912,
138
–39,
141
,
147
–51,
156
–63,
301
,
307
,
308
,
319

of 1913,
242

of 1916,
266

of 1972,
257

electrification,
40
,
60

Eliot, Charles William,
80

Europe,
36
,
52
,
61
,
175
,
277

Aldrich in,
35
,
96

Aldrich’s delegation to,
77
–78,
82
–91,
204
,
253
,
269

banking systems in,
70

central banks in,
1
–2,
30
,
39
,
54
,
56
,
74
,
83
,
86
,
111
,
114
,
185
,
204
,
269

credit in,
39
,
139
,
198

currency system in,
73

interest rates in,
209

Owen’s study trip to,
204

postwar insolvency of,
264

prewar,
86

reserves in,
87
–88

exchange rates,
264

factories, closure of,
20

Fant, W. S.,
325

farmers, farming,
6
,
8
,
39
,
70
,
71
,
98
,
100
,
165
,
232

banking reform and,
17
,
133
,
199
,
221
–22,
224
–26,
227
,
244
,
245

depression and failure of,
21

fall harvest and need for money for,
15
,
26
,
50
,
52
–53,
58
,
209

money shortage and,
18

populism and,
44
,
45

silver standard and,
16
,
19
,
22

as small businessmen,
16
–17,
98

tariff and,
36
–37,
93

in United States vs. Europe,
4
–5

farm mortgages,
237
,
329

Farwell, John V.,
131

Federal Reserve Act (1913),
8
,
49
,
113
n
,
115
n
,
137
,
189
,
203
,
217
n
,
257
,
265
–66,
268
,
313

Aldrich Plan and,
123
,
269
–70

banking system unified by,
270

as business-friendly,
251
–52

signing into law of,
251
–52

see also
Glass-Owen bill

Federal Reserve Bank of Chicago,
257

Federal Reverse Bank of New York,
257
,
258
–59,
260
–61,
294

Federal Reserve Banks,
67
,
74
,
111
,
115
n
,
128
,
181
n
,
216
,
226
,
228
n
,
236
,
252
,
321

as bankers’ banks,
188
,
216

board of,
see
Federal Reserve Board

capital of,
242

capstone of,
182
–83,
218

centralization and,
182

congressional amendments to charter of,
259

conspiracy theories surrounding,
117
–18,
262
–63

credit conditions and,
263

currency requests to,
225

as decentralized,
7
–8

discount rates and,
217

dividends and,
232
,
249

farm loans and,
245

federalist structure of,
257
–58

Glass and Willis proposal for,
181
–82

under Glass bill,
191

gold reserves in,
181
,
213
,
227
,
246

Great Depression and,
187
n
,
258
,
264

import and export trade,
218

interest rates and,
237
,
263

as lenders of last resort,
252

liquidity and,
218
,
263

loans issued by,
245

locations of,
248
,
257
,
260
n

McAdoo and,
208
,
257

market intervention by,
334

member bank borrowing from,
225

money issued by,
1
,
117
,
244
,
245
,
257
,
259

National Reserve Bank, as previous name of,
201

New York’s dominance of,
257
,
258
–59,
260
–61

notes issued by,
181
,
213
,
227
,
247
,
249

number of,
202
,
207
,
218
,
228
n
,
231
,
237
,
241
,
242
,
243
,
247
,
248
,
257
,
260
,
328