America's Bank: The Epic Struggle to Create the Federal Reserve (54 page)

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,
39
n
,
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,
260
n

Riksbank,
93

Rockefeller, Abby Aldrich,
43
,
265

Rockefeller, David,
265

Rockefeller, John D., Jr.,
43

Rockefeller, Michael,
43
n

Rockefeller, Nelson A.,
265

Rockefeller, William,
48

Rocky Mountain News
,
140

Rocky Mountains,
98

Rome,
35

Roosevelt, Franklin D.,
82
n
,
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

Morgan’s eventual rejection of,
305

in 1912 election,
138
–39,
149
–50,
156
,
157
–59,
161
–63,
168
–70,
301
,
308

popularity of,
102
–4

as progressive,
33
,
45
,
149

Taft’s break with,
91
,
102
–3,
139
,
149
–50,
157
–59,
161

third-party challenge by,
163

U.S. Steel and,
72
,
139

Vanderlip on,
47

Wall Street and,
305

Root, Elihu,
245
,
247
,
258

Rosenwald, Julius,
131

Rothschild, Lord,
85

Rothschild family,
117
,
334

Royal Weaving Company,
93

Russian Revolution,
265

Ryan, Thomas Fortune,
165
n

Sachs, Samuel,
121
–22

St. Louis, Mo.,
184
,
216
,
247

Federal Reserve Bank in,
260
n

as reserve city,
14
,
39
n
,
69
,
232
,
241

San Francisco, Calif.,
241

earthquake in,
51

Federal Reserve Bank in,
260
n

San Juan Hill, battle of,
26

Schiff, Jacob,
31
–32,
41
,
49
,
55
,
66
,
169
,
281

call for financial reform by,
46
–47

on fears of centralization,
50
–51

Schonberg, Mathilda,
82

Schwartz, Anna,
269

scrip,
67

Seaboard Company,
304

Sea Girt, N.J.,
165
–66,
168

Searles, John E.,
42
n
–43
n

Sears, Roebuck,
131

Second Bank of the United States,
3
–5,
20
,
84
,
101
,
115
,
142
,
187
,
198
,
246

securities,
65
,
193

American,
19

Federal Reserve Banks and,
245

liquid,
237
–38

mortgage-backed,
226

Treasury,
15
n
,
225
,
263

Securities and Exchange Commission (SEC),
266

Seligman, Edwin,
55
–56,
73
–74,
94

Senate, U.S.,
95

Aldrich in,
33
,
36
–38,
89
–90,
95

Aldrich Plan submitted to,
148

Democratic gains in,
105
,
171
,
200
,
208

direct elections to,
21
,
90
,
138
,
156
,
201
,
204

Glass-Owen bill in,
231
–51,
329

1908 elections,
88

tariff reform in,
210
–11,
233
–34

Senate Banking and Currency Committee,
200
,
203
,
260
,
263

Glass-Owen in,
224
,
231
–43

Senate Finance Committee,
33
,
38

Seventeenth Amendment,
156
,
201

Seymour, Charles,
267

shares, bank,
134

Shaw, Leslie,
30
,
46
–47,
123
,
282

and Panic of 1907,
58

in wake of San Francisco earthquake,
52
–54

Shelton, Arthur,
129
,
294
,
297

at Jekyl Island,
108

Sibley, Joseph,
18

silver, intrinsic value of,
13

silver certificates,
15
n
,
249

silver dollars,
15
n
,
16

silver interests, Bryan supported by,
23
–24

silver standard,
16
,
19
–20,
21
,
22
,
277

in 1896 election,
21
–24,
142

Glass’s support for,
18

gold and,
16
,
19
–20,
230
,
277

Sinclair, Upton,
72

Sixteenth Amendment,
191

Smith, Adam,
37

social activism,
6
,
33
,
158

Socialist Party,
168
,
171

South,
19
,
154

Bryan in,
88

central bank opposed in,
3
,
4
,
19
,
154

cotton farming in,
139
–40

Democratic Party in,
7
,
22
,
165

Glass’s compromises and,
7
–8

Laughlin’s tour of,
133

in 1912 elections,
148
,
168

racial segregation in,
22
,
153

South Africa,
52

South America,
49

Southern Society of New York,
191

Spanish-American War,
26
,
47

Sprague, Oliver,
57
,
62
,
80
,
262

Standard Oil,
48
,
53
,
136

state banks,
129
,
136
,
202

credit from,
199

states’ rights,
3
,
22
,
165
,
167
,
180
,
266
,
307

steel industry,
70
,
71

Steffens, Lincoln,
38

Stephenson, Nathaniel,
42
n

Sternstein, Jerome L.,
35
,
42
n

Stillman, James A.,
86
,
100
,
106
,
135
,
233
,
265
,
299
,
301

Money Trust hearings and,
192

in Panic of 1893,
57

in Panic of 1907,
57
,
62
,
64
–66,
70
–71

Vanderlip and,
47
–48,
51
,
116
,
136
,
159
,
197
,
237
,
240
n

Warburg and,
32
–33,
65
,
70
–71

stock, copper-mining,
61

stock exchange,
66
,
71

capital and,
18

stock market,
28
,
30
,
39
,
52
,
122
,
198
,
209
,
237
,
319

Fed’s influence on,
1

National Banking Act and panics in,
15

New York bankers and,
50

in Panic of 1907,
65

plunge in,
58
,
70

Street, Julian,
60

Strong, Benjamin,
63
–65,
70
,
133
,
261
,
263
,
294

on central banking,
298

as leader of Fed,
263

Vanderlip’s alternative bill and,
238
–40,
243

Sugar Trust,
37
,
42
–43,
279

Sumner, William G.,
14

Supreme Court, U.S.,
136

Taft, Nellie,
150

Taft, William Howard,
91
,
92
,
97
,
162
n
–63
n
,
194
,
224
,
296

Aldrich and,
94
,
102
–3,
130
,
141
,
158

Aldrich Plan and,
133
,
150
,
158
,
162

baseball’s first pitch originated by,
156
,
159

in election of 1912,
138
–39,
141
,
149
–50,
151
,
157
–59,
161
–63,
168
–70,
301
,
308

on labor,
305

populist dissatisfaction with,
138

as presidential nominee,
81
–82

progressives and,
100
,
136
,
158

Roosevelt’s break with,
91
,
102
–3,
139
,
149
–50,
157
–59,
161

on tariff,
93

Wall Street and,
196

Warburg and,
120

Tallman, Ellis W.,
284

Tammany Hall,
166
,
236

Tarbell, Ida,
43
,
59
,
193
–94

tariff,
18
,
70
,
92
–93,
134
,
314

Aldrich and,
37
,
41
,
92
–95,
103
–4,
134
,
140
,
234
,
291

debate on,
36
–37

on importing art,
85
,
95
n

under McKinley,
25
–26

reduction of,
21
,
38
,
90
,
191
,
210
–11

Roosevelt and,
102
–3

Taft and,
102

Taft’s capitulation on,
102

Wilson on,
169
,
194
–95,
200
–201,
210
–11,
224
,
233
–34

in World War I,
234
n

taxes:

income,
see
income tax

progressive,
104
,
138

technological change,
44