America's Bank: The Epic Struggle to Create the Federal Reserve (51 page)

open market interventions by,
263

origins of,
116
–17,
201

overseas trade and,
230

reserves in,
219
–20,
237
,
244
–45,
248
,
249
n

securities and,
245

Treasury securities bought and sold by,
225

see also
reserve banks, regional

Federal Reserve Board,
181
n
,
205
,
209
,
210
,
212
,
216
–18,
221
–22,
229
–30,
237
,
239
,
241
,
246
,
249
–50,
263
–64,
266
,
331

near-zero percent interest rates by,
8

proactivity by,
262

2008 bailouts by,
8
,
53

in Vanderlip’s plan,
239

Warburg on,
247
,
250
,
260
–63

Federal Reserve notes,
213
,
221
,
226
–27,
237
,
249
,
251

Federal Reserve System,
252
,
256
,
335

enactment of,
257

Wall Street threats against,
220
–21

Federal Reserve System, The
(Warburg),
268
–70

Federal Trade Commission,
266

Ferguson, James E.,
69

fiat money,
128
,
185
,
214
,
251

see also
money, government-issued

financial crisis of 2008,
1
,
8
,
53
,
62
,
221
,
225
,
238
,
259

financial panics,
2
,
46
,
48
,
49
,
204

San Francisco earthquake and,
51
–54

first Bank of the United States,
see
Bank of the United States, first

First National Bank of Chicago,
25
,
55
,
216

First National Bank of Little Falls, Minn.,
137

First National Bank of Muskogee,
19
,
204

First National Bank of New York,
62
–63,
80
,
176

First National Bank of Tombstone, Ariz.,
97

First National Bank of Weatherford, Tex.,
325

Forbes
,
116

Forbes, B. C.,
116
,
295

Ford, Henry,
198

Forgan, James,
55
,
121
,
129
,
184
,
187
,
216
,
297
,
323
,
324

Aldrich’s negotiations with,
130
–31

Glass-Owen opposed by,
219
,
228
–29,
231

Fowler, Charles,
33
,
78

France,
35
,
85
,
86
,
87
,
93
,
265

America’s financing of,
262

England’s war with,
83

free trade,
37

French Revolution,
84

Frick, Henry Clay,
196

Friedman, Milton,
25
n
,
269

Gage, Lyman,
25
–28,
47

Georgia,
106
,
190

Germany,
29
,
55
,
84
–85,
86
,
112
,
264

financial system of,
30

Gilded Age,
42
,
197

bankers in,
6

economics in,
83

Gladstone, William,
166

Glass, Carter,
11
,
19
,
34
,
118
,
179
,
196
,
199
,
255
–56,
259
,
304
,
311
,
312
,
314
,
315
,
317
,
318
,
319
,
321
,
327
,
331

ABA bankers and,
184
–85,
216
–17,
219
–22,
228
–29

background of,
17
,
153
,
204

banking bill framed by,
171
–73,
188
–89,
191
,
192
,
195
,
196
,
201
–3,
205
–9,
212
–14

bank reform and,
128

centralization resisted by,
177
,
187
–88,
252

as chair of Banking Committee legislative panel,
151
–56,
160
,
164
–65,
199
,
224
,
310

and congressional debates on Glass-Owen,
228
–30,
233
,
240
n
,
241
–42,
245
–49,
251
–53

at Democratic convention of 1896,
21
–22

Federal Reserve Banks and,
181
n

money systems in early life of,
11
,
13
,
15

as newspaper proprietor,
18
,
20
,
22
,
153

Owen’s feud with,
266
–67,
268

SEC legislation by,
266

as Senate authority on finance,
266

subcommittee hearings by,
184
–86

Trenton plan of,
188
–89,
313

Untermyer and,
155
–56,
204
–5,
268

Warburg and,
247
,
261

Wilson’s meeting with,
178
,
179
–84

Glass bill,
188
–89,
191
,
193
,
195
,
196
,
206
–9,
214
,
216

Warburg’s analysis of,
202
–3

Glass-Owen bill,
217
–22,
224
–37,
240
–53,
265
,
329

Aldrich Plan and,
225

Democratic caucus and,
322

in House Banking Committee,
209
,
214
,
219
,
221
–22,
224
–25

in House of Representatives,
221
,
229
–31,
241
,
329

O’Gorman and Reed’s shift on,
328

in Senate,
231
–51,
329

Glass-Steagall Act (1933),
249
,
266

gold,
11
–12,
15
n
,
209
,
237
,
270

Bank of England and,
56
–57,
83
,
85

decentralization of reserves of,
31
–32

Federal Reserve System and,
334

international movements of,
264

intrinsic value of,
13

in Klondike,
26

money backed by,
128

Panic of 1907 and,
59

in Reserve Banks,
181
,
213
,
227
,
246

reserves of,
113
,
189

San Francisco earthquake and movement of,
51
–54

in United States,
85

World War I and,
260
,
262

gold certificates,
15
n

gold coins,
15
n
,
249

Goldman Sachs,
121
–22

gold standard,
16
,
20
,
41
,
230
,
244
,
258
,
277

abandonment of,
259

Bryan’s opposition to,
23
–24

Glass’s opposition to,
18

McKinley’s support of,
37

Republican Party and,
21

silver and,
16
,
19
–20,
230
,
277

González, Henry,
258

Goodwin, Doris Kearns,
163
n

government:

Aldrich Plan and safeguards against,
113
,
140

progressives and,
44

small,
2

government bonds,
14
,
24
,
217
,
220

government securities,
79
n
,
261
–62

Grant, James,
80

Gray, Andrew L.,
291

Great Britain,
36
,
48
,
70
,
84
,
93
,
197
,
328

America’s financing of,
262

commercial banking in,
85

gold standard in,
16
,
22

interest rates in,
48

Lombard Street financiers in,
17

greenbacks,
15
–16,
19
,
249

Gresham’s Law,
19

Greystone,
203
,
205

Griffin, G. Edward,
117

Hamburg,
30
,
31
,
262

Hamilton, Alexander,
2
,
28
,
53
,
107
,
117
,
142

influence of,
261
,
269

Hardwick, Theodore W.,
223

Harper’s Weekly
,
142
,
144
,
193

Harriman, Edward H.,
32

Harrison, Benjamin,
91

Harvard University,
43
,
53
,
57
,
67
,
80
,
83
,
139
,
262

Harvey, George,
142
–43

Harvey, William H.,
21

Havemeyer, Theodore,
37

Hearst, William Randolph,
43

Hearst newspaper chain,
148

Heinze, Frederick Augustus,
283

Henry, Robert L.,
151
–52,
221
–22,
224
–26,
228
,
323

Hepburn, A. Barton,
20
,
38
,
73
,
184
–85,
187
,
205
,
209
,
318
,
323

History of Crises Under the National Banking System
(Sprague),
80

History of the American People, A
(Wilson),
142

Hitchcock, Gilbert,
231
–32,
235
n
,
236
,
238
,
242
–44,
247
–48

Hitchcock bill,
243
–44,
247
–48,
329

Hone, Philip,
98

House, Edward M.,
301
,
309
,
313
–14,
318

on banking bill,
196
,
203
,
205
–7,
219
,
229
,
250

on central bank,
174
,
183
n

Seymour’s edition of papers of,
267

Untermyer and,
195
–96

Warburg and,
174
,
183
,
219
,
233
,
243
,
253

as Wilson’s ally,
144
–46,
157
,
190
,
250
–51

Wilson’s falling-out with,
265
–66

House Banking and Currency Committee,
33
,
212
,
214
,
219
,
310
,
315

agrarian revolt on,
221
–22,
224
–25

amendments in,
322

Glass-Owen bill in,
209
,
214
,
219
,
221
–22,
224
–25

legislative panel of,
152
–53,
177
n

Money Trust inquiry under,
152
,
155
–56,
172

reconstituted, Glass appointed chairman of,
208
–9

House Democratic caucus, Glass-Owen and,
224
–25

House of Representatives, U.S.,
35
,
38

Aldrich Plan submitted to,
147
–48

Democratic control over,
105
,
171
,
200
,
208

Glass-Owen bill in,
221
,
229
–31,
241
,
329

in 1908 elections,
88

progressives in,
132

tariff reduction in,
200
–201,
210
–22

Wilson’s appearance in,
200
–201

House Rules Committee,
221

House-Senate conference,
331

Housman, Arthur,
26

Houston, David F.,
234
,
252
,
255
,
260

Hudson River,
48
,
71
,
108

tunnels under,
190
,
195
,
314

Huerta, Victoriano,
223
–24

Hulbert, E. D.,
177
,
318

Hunter, John,
294

Illinois,
47
,
157
,
158

immigration,
44
,
105