Index

Academy of Political Science (APS), 77n, 80, 91

Adams, Brooks, 42, 43n, 47

Adams, Henry, 42

Adams, Thomas S., 56n

Aldrich, Nelson W., 37, 83, 84–85, 87, 89, 93–95

Aldrich Bill, 37, 83, 94

Aldrich Plan, 94, 97, 99–101

Aldrich-Vreeland Act, 83

Jekyll Island retreat, 93–94

National Monetary Commission (NMC), 83–85, 88–89, 91–92, 94

Allison, William Boyd, 27

American Academy of Political and Social Science (AAPSS), 80, 82, 89

American Bankers Association (ABA), 36–37, 74–75, 84, 86, 99– 101

American Economic Association (AEA), 28, 48, 50–52, 70, 86

American Telephone and Telegraph Company (AT&T), 26, 38n

Andrew, Abram Piatt, 73, 85, 89, 94, 97

Baker, George F., 38, 72–73, 85

Bankers Magazine, 35, 72n, 78

Banking

branches and cartelization, 37

commercial paper, 76, 90

country banks, 25, 36–38, 82, 87

decentralized banking, 76, 81–82, 87

demand deposits, 12

national banking system, 12–13, 35, 86–87

unhappiness with, 11–14

National Banking Acts, 12

Peel’s Bank Act of 1844, 36n

“pet banks,” 39

problems, 89

See also Banks; Credit expansion

Bank(s)

Bank of England, 35n, 85

central banks, 71, 80, 92–94

academic organizations and, 89

acquiring legitimacy for, 73

drive for, 71

lender of last resort, 12, 79, 86

legislative activity for, 83

secret conclave to draft plans for, 92–93

First National Bank of Chicago, 30, 75, 86, 99

Kuhn, Loeb, 14, 20, 22, 48n, 65, 71–73, 75, 77, 84, 94, 103

central bank proponent, 14, 71

Rockefeller-Harriman-Kuhn, Loeb, 20

Barrows, David P., 60n

Bimetallism, 53–54, 57, 63

fallacies of, 54

Birmingham, Stephen, 48n, 72n

Boxer Rebellion, 64

Bretton Woods Agreement, 41–42, 68

Bryan, William Jennings, 15

Bryanism, 16, 25

Bureau of Insular Affairs (BIA), 56–57

Burton, Theodore, 84, 87, 100

Bush, Irving T., 86, 92

Bush, Thomas G., 22

Businessmen’s Monetary Reform League, 97

Butler, Nicholas Murray, 80

Cartelization of banking industry, 12

Carver, Thomas Nixon, 73, 86

Central banks. See Banks

Chapman, S.J., 44

Chicago Times-Herald, 18

Chicago Tribune, 35

Claflin, John, 73

Clark, John Bates, 47, 82

Cline, Virgil P., 26

Conant, Charles A., 24–25, 28n, 29, 35, 43–45, 47, 56–59, 61–64, 66–69, 73, 75, 82, 85, 88–89, 91–92

Conant plan, 57, 59

“conants,” 59, 63

currency reforms, 69

failure in Cuba and China, 62–63

surplus capital, theory of, 43, 46, 88

Consolidated Gas Company of New York, 38n

Converse, Edmund C., 19

Credit expansion

controlled by large national banks, 76

See also Banks

Cumberland, William W., 70

Currency Report, 74

Czarist Russia, 45

Davison, Henry P., 85, 93–94

Dean, William B., 22

Democratic Party

end of laissez-faire libertarian party, 15

Dewey, Commodore, 45

Dewey, Davis R., 86

Dewey, John, 86

Discount rate, 74, 88

Dodge, William E., 23, 52

Duffield, J.R., 83

Eames, Henry F., 26

Economist, as “social scientist,” 48

Edmunds, George F., 21

Elasticity

“elastic,” 20, 25, 28, 33, 71–71, 81–81, 88

“inelastic,” 13, 16, 36, 73, 81, 91

Eliot, Charles, 85

Ely, Robert E., 89

Fairchild, Charles S., 22, 26

Fairchild, Sidney T., 22

Farwell, John V., 98

Faulkner, Roland P., 56n

Federal Reserve Bank, 101

favors granted to large banks, 86

origins of, 16–17, 41

spurious veil of regionalism, 87

Fiat money. See Money

Field, Marshall, 26, 98

Financial elites

advising governments, science of, 67

force behind Fed creation, 103

Fish, Stuyvesant, 22

Fisher, Irving, 86

Forgan, James B., 75

Founding Fathers, 44

Fowler Bill, 36–37, 71

Fowler, Charles N., 36

Gage, Lyman J., 30, 33, 35, 39–40, 72–73

Garnett, Louis A., 22

Gavitt, J.P., 89

General Electric, 20, 22

German Historical School, 48

German Reichsbank, 86, 90

Glass, Carter, 100

Gold coin, 63

Gold standard

Act of 1900, 33

fixed relationship between countries, 60

reformers and, 33

Gould, Jay, 52

Government

big government, 11

debt and surplus capital with, 88

Government-bank-press complex created, 88

Great Depression, 42

Gresham’s Law, 57, 63

Hadley, Arthur Twining, 27–28, 49, 51

Hamlin, Charles S., 50

Hanna, Hugh Henry, 17–18, 24, 29–30, 33, 61

Hanna, Mark, 15, 19, 30, 75

Harding, Warren G., 14n, 75

Harrison, Charles Custis, 18

Hentz, Henry, 23

Hepburn, A. Barton, 29, 36, 75, 82, 101

Herrick, Myron T., 75

Hoarding, 79

Hobson, John A., 43n

Hollander, Jacob H., 55, 56n, 58, 65, 69

Hutzler, Abraham, 65

Imperialism, 42–46, 49–50, 52–54, 55n, 56, 58, 59n, 60n, 64, 66

consent of governed, 44

economic benefits of, 45

increased centralization of administrative power, 49–50

sponsors of, 52

surplus capital and, 42

Indianapolis Board of Trade, 17

Indianapolis Monetary Convention, 18–20, 25, 33–34, 37–38, 73, 99

Inflation

general assets, as base of, 74

International Harvester, 98

International monetary order, 68

Interstate Commerce Commission, 9, 11

Jekyll Island

Fed bill drafted at, 93

Jenks, Jeremiah W., 27, 28n, 50, 58–59, 61, 64–65, 69–70

Johnson, Joseph French, 35–36, 73, 89, 91–92

Kemmerer, Edwin W., 59, 69–70, 91–92

Kent, Fred I., 85, 89, 91

Kuhn, Loeb. See Banks

Laissez-faire, 7–9, 16, 46, 48, 55

Lamont, Thomas W., 92

Laughlin, James Laurence, 22–23, 28–29, 92, 98–99, 101

Lehrman, Lewis, 13n

Leighton, George, 22

Lenin, Vladimir, 42–43

capitalist imperialism theory, 42

Limantour, Jose, 60, 63

Lodge, Henry Cabot, 15, 42

Loeb, Guta, 48n

Loeb, Nina, 48n, 72n

Loeb, Solomon, 72n

MacVeagh, Franklin, 26

Magoon, Charles, 63

Mahan, Alfred T., 42

Marburg, Theodore, 52

Marxism, 9, 81

McKinley, William, 14n, 15–16, 18–21, 25, 30, 33, 39, 75

Merchants’ Association of New York, 91, 92, 97

Mexican Currency Reform Act of 1905, 63

Mitchell, John J., 18

Monetary imperialism, 53, 58, 64

Monetary reform

movement of 1896–1900, 15–34

first monetary convention, 17–25

passage, Gold Standard Act, 33–35

second monetary convention, 25–29

Money

debasement, 54, 57, 64

demand for, 34, 91

fiat, 12, 68

hard, 11, 15, 16

medium of exchange, 62

Monopoly

government-imposed, 8

redefined, 8–9

Morawetz, Victor, 77, 87, 94

Morgan, J.P., “Jack,” 11, 20, 22-23, 26, 36, 38, 56, 73, 82, 85, 87, 92, 93

House of Morgan

influence of, 7, 8, 13-16, 18-20, 26-27, 38, 39, 42, 50, 52, 56, 69, 72-75, 84-86, 87n, 89, 92-94, 98, 101, 102n, 103

political power and, 13

National Citizens’ League for the Creation of a Sound Banking System, 98

National Monetary Commission (NMC), 83–85, 88–89, 91–92, 94

New York Chamber of Commerce, 71, 73, 75, 92, 97

New York Journal of Commerce, 35

North American Review, 44

Ocean Herald, 18

Open market purchases, 30, 39

Orr, Alexander E., 18, 20, 23

Overstreet, Jesse, 29

Panic of 1907, 79, 80–81

launch of drive for central bank, 80

Patterson, C. Stuart, 18, 21, 92, 97

Payne, Henry C., 19–20

Peabody, George Foster, 19–21, 23

Perkins, Charles E., 27

Perrin, John, 98

Pillsbury, C.A., 26

Plehn, Carl C., 60n

Political Science Quarterly, 35n, 48

Pope, Alfred A., 26

Populists, 15–16

Pratt, Sereno S., 83

Progressive Era, 7, 11, 49

Pullman Company, 18, 38n

Purves, Alexander, 39

Purchasing Power, 42

Putnam, George Haven, 28n

Railroads

Atchison, Topeka and Santa Fe Railway, 28, 77, 87n

Birmingham Railroad, 22

Erie Railroad, 18, 38n

Missouri Pacific Railroad, 22

New York Central Railroad, 22, 38n, 51

Chicago Railroad, 18–19

Recession

always follows boom, 12

bank credit increased in, 25, 30, 39

of 1907, 79

Reform of the Currency, 90

Review of Reviews, 28n, 50

Reynolds, Arthur, 74

Reynolds, George M., 74, 85–87, 94

Ridgely, William B., 38, 82

Roberts, George E., 82, 89, 99

Rockefeller, John D., Jr., 37n, 83

Rockefeller, John D., Sr., 18–19, 23, 26, 30, 37–38, 72, 75, 83, 89

Rockefeller, Nelson Aldrich, 37n

Rockefeller, William, 38

Roosevelt, Franklin D., 14n

Roosevelt, Theodore, 14n, 19, 27, 39, 42, 50, 59–60, 64, 85

Root, L. Carroll, 23

Root, Elihu, 56, 64, 82, 92

Rosenwald, Julius, 98

Say’s Law, 43

Schiff, Jacob, 71–73, 75–76, 85, 92

Seager, Henry R., 86

Sears, Roebuck and Company, 98

Seligman, Isaac N., 52

Seligman, Edwin R.A., 48, 50, 52, 80–81, 86, 91

Shaw, Dr. Albert, 50

Shaw, Leslie M., 26–27, 38–40, 71, 73

Shearman, Thomas, 52

Shedd, John G., 98

Shelton, Arthur B., 89

Silva, Edward T., 49n, 50–51, 56n, 60n

Sound Currency, 24

Spain, 43, 45, 54

Specie

payment, suspension of, 28, 79

See also Money

Sprague, Albert A., 26

Sprague, Oliver M.W., 86

Springfield (Mass.) Republican, 46

Stahlman, E.B., 19

Stanard, Edwin O., 18

Standard Oil Company, 20, 26

Stetson, Francis Lynde, 82, 87n

Stillman, James, 38, 72

Stock market

acceptance program and, 77n

Straus, Isidore, 73

Strauss, Albert, 73

Strobel, Edward R., 50

Strong, Reverend Josiah, 47

Sunny, B.E., 98

Taft, William Howard, 14n, 75, 87, 94

Talbert, Joseph T., 75

Taussig, Frank W., 27–28, 34, 86

Taylor, Frank M., 27–28

Taylor, Robert S., 22, 29

Third World countries

exploitation of, 56–57

imposition of gold-exchange standard on, 66

victims of imperialism, 53

Transportation, 18, 26

Trask, Spencer, 21

U.S. Chamber of Commerce, 98

U.S. Investor, 43n, 45

U.S. Treasury, 37

as central bank, 30, 37, 39, 57, 71, 73

Independent Treasury System, 39

Vanderlip, Frank A., 35, 38, 72–73, 75–76, 81–82, 85, 92, 94

Wade, Festus J., 84

Wall Street Journal, 81, 83, 88–89

War(s)

of 1898, theory of imperialism, 43

Spanish-American War, 43, 45, 49

World War I, 63, 85

Warburg, Paul Moritz, 48n, 72, 77, 82, 85–86, 90–94, 97, 102n

central bank, leader in fight for, 77–94

Jekyll Island retreat, 93

Wetmore, Charles W., 19

Wheeler, Harry A., 98

Wheelock, Thomas, 81

White, Horace, 89

Willcox, W.H., 55n

Willis, Henry Parker, 23, 98, 100–01

Willoughby, William F., 56n

Willson, A.E., 19

Wilshire, H. Gaylord, 43n

Wilson, Woodrow, 14n, 65n, 87n, 100

Wilson administration, 20

Wood, Leonard, 62

Wood, Stuart, 52

Young, Arthur N., 70