America's Bank: The Epic Struggle to Create the Federal Reserve (52 page)

income tax,
21
,
22
,
90
,
94
,
158
,
191
,
204
,
234

Indiana,
12
,
69

Indianapolis Monetary Convention,
24
–25,
33
,
74
,
81
,
131
,
200

Indian Chieftain
,
203
–4

individualism,
167

and American banking,
31
,
32

Industrial Revolution,
34

industry,
44

regulation of,
34

inflation,
3
,
8
,
111
–12,
226
,
244
,
245
–46,
247
,
257
,
258
,
263
,
329
,
330

banks and,
6
,
185

Second Bank and,
3

insurers, foreign,
51

Intercontinental Rubber Company,
103

interest-bearing deposits,
39
n

interest rates,
30
,
83
,
258
,
263

Bank of England’s,
57

Fed and,
216
,
218
,
261

near-zero percent,
8

in Panic of 1907,
65

short-term,
1
,
47
,
48
,
257

at trusts,
61

interlocking directorates,
222
,
225
,
228

international finance, America’s limits in,
48

International Harvester,
131
,
288

Interstate Commerce Commissions,
330

Intimate Papers of Colonel House, The
(Seymour),
267

investment banks, investment bankers,
122
,
237
–38,
260

Iowa,
17
,
85

Italy,
85
,
265

Jackson, Andrew,
7
,
23
,
50
,
72
,
84
,
92
,
97

influence of,
98
–99,
102
,
140
,
153
,
157
,
179
,
210
,
225
,
236
,
240
,
252
,
253
–54,
270

Second Bank opposed by,
3
–5,
20
,
33
,
101
,
115
,
187

Jackson, William,
211

Jefferson, Thomas,
23
,
142
,
201

central bank opposed by,
2
,
5

influence of,
166
,
167
,
204
,
210
,
261
,
307

as small-government advocate,
2
,
213
,
307

Jekyl Island:

Aldrich’s return to,
122
,
129
–30

bankers’ conference on,
106
,
107
–23,
130
–31,
154
,
188
,
238
,
249
n
,
261
,
264
–65,
294

conspiracy theories surrounding,
117
–18

Jekyl Island Club,
110

Jews,
31
,
108
,
169
,
172
,
304
,
308
,
314
,
334

John Birch Society,
117

Journal of Commerce
,
134
,
153
,
172
,
304

J.P. Morgan & Co.,
48
n
,
58
,
60
,
80
,
96
,
108
,
158
,
169
,
305
,
308

Justice Department, U.S.,
136
,
139

Kansas,
17
,
81
,
103

Kansas City, Mo.,
53
,
236

Federal Reserve Bank in,
260
n

Kansas City Star
,
98
,
157

Kitchener, Lord,
197

Knickerbocker Trust Company,
62
,
63
,
70

Kuhn, Loeb & Company,
31
,
41
,
70
,
75
,
108
,
195
,
260
,
314
,
334

labor,
6

Taft on,
305

Wilson’s support for,
169

Labor Department, U.S.,
158

labor reform,
22
,
34
,
38
,
158

child,
104

progressives and,
44

labor regulation,
34
,
90

labor unions,
40
,
105
,
221

La Follette, Robert M.,
72
,
95
,
172
–73,
211

in 1912 election,
138
,
140
,
156
,
157
,
162

laissez-faire,
3
,
8
,
25
,
44
,
128
,
209

and Aldrich Plan drafters,
115
,
119

Bryan and,
23

in Democratic Party,
21
,
93

Glass proposal and,
182
,
205

Wilson and,
141
,
166
,
213

Lamont, Thomas,
158
,
308

La Salle Street,
54
–55,
78
,
216

Laughlin, James L.,
25
,
81
,
121
,
255
,
303
,
304
,
309
,
310

at Citizens’ League,
131
–36,
139
,
153
,
159
–61,
171
,
299

Glass’s distancing from,
177
–78,
188

on National City Co.,
135
–36

at 1912 Democratic convention,
163
,
164

reform proposals by,
176
–77

Warburg’s disagreements with,
132
–33,
159
–61

Willis and,
153
–54,
178
,
267

Lawrence
(Mass.)
Journal-World
,
332

League of Nations,
266

legal tender,
244
,
249

Leslie’s Weekly
,
116

Lexington
(Ky.)
Herald
,
160

Lincoln, Abraham,
11
,
13
,
276

Lindbergh, Charles August,
137
,
141
,
151
,
230
,
252
,
259

Link, Arthur,
157
,
223
,
329

Lippitt, Henry F.,
211

liquidity,
41
,
258
,
263

liquid securities,
237
–38

loan certificates,
67

loans,
5
,
24
,
78
,
232

agricultural,
226

consumer,
199

currency and,
115

curtailment of,
70

discounting of,
31
,
226

short-term,
39
,
57
,
79
n
,
112
,
213
,
218

local associations, in Aldrich Plan,
113
,
137

Lodge, Henry Cabot,
102
–3

Lombard Street, money scarcity and,
17

London,
30
,
49
,
77
,
85
,
140
,
199

financiers in,
17
,
22

Louisiana,
152

Louisville, Ky.,
53

Lynchburg, Va.,
17
,
22
,
155
,
179
,
203

Lynchburg News
,
18
,
20

McAdoo, Eleanor Wilson,
265

McAdoo, William Gibbs,
196
,
316
,
318
,
324

banking reform and,
201
–3,
206
–9,
212
,
217
,
220
–21,
229
,
243
,
250

Federal Reserve Banks and,
208
,
257
,
260
–61,
263
,
265

as secretary of Treasury,
190
–91,
206
,
235
–36,
241
,
250

trans-Hudson tunnels of,
190
,
195
,
220
,
314

McAdoo plan,
206
–8

McCombs, William F.,
149

McCormick, Cyrus, Jr.,
131

McCulley, Richard T.,
57

McKinley, William,
21
,
23
,
25
–26,
37
,
246
,
277

assassination of,
28

MacLeod, Henry Dunning,
29

McRae, Thomas,
231
–32,
325

MacVeagh, Franklin,
121
,
136

on Aldrich Plan,
133
–34

Andrew fired by,
161

Madero, Francisco,
315

Madison, James,
3

Magnet, The
(Crozier),
72

manufacturing:

in New England,
93
,
98

in Rhode Island,
37

tariff and,
18
,
36

Marriner S. Eccles Federal Reserve Board Building,
259

Massachusetts,
157
,
159

mass production,
60

Mencken, H. L.,
236

Mercantile National Bank,
61
–62

merchants,
8
,
67
,
98

Merchants’ Association of New York:

central bank endorsed by,
101
,
121
n

currency committee of,
89

Glass-Owen endorsed by,
235

Merchants Loan and Trust Company of Chicago,
177

Metropolitan Club of New York,
88

Metropolitan Museum of Art,
85

Mexico,
85
,
96
–97,
195
,
315

revolution in,
223
–24,
246

middle-tier (reserve) banks,
14
,
39
n
,
248
n

hoarding by,
69

Midwest,
97

Aldrich Plan in,
134
,
138

Citizens’ League and,
131

progressives in,
134
,
137

Roosevelt’s support in,
168

Milwaukee, Wis.,
90
,
98
,
270

minimum wage,
138
,
165

mining,
67
,
98
,
283

Minneapolis, Minn., Federal Reserve Bank in,
260
n

Minnesota,
17
,
136
,
230

Mint, U.S.,
195

Mississippi valley,
98
,
103

Missouri,
17
,
165
,
231

M. M. Warburg & Co.,
30

Moehlenpah, H. A.,
323
,
324

Mondell, Frank,
230

monetarism,
226

monetary policy,
258

monetary reform,
5
–8,
24
,
48
,
90
,
92
,
93
–94,
97
,
119
,
128
,
222
,
251

Aldrich’s focus on,
89
–91,
97
–98,
120

public associations with,
123

money:

agricultural assets and,
221
–22

bank-issued,
3
,
6
,
11
–13,
17
,
24
–25,
41
,
55
,
78
,
128
,
200
,
204
,
213
,
221
,
226
–27

concentration of,
215

counterfeiting of,
13

creation of,
264

financial independence and,
6

government-issued,
128
,
185
,
199
–200,
204
,
207
,
213
–14,
252
,
323
;
see also
fiat money

hoarding of,
69
,
285

invented,
67

issuance under Aldrich Plan,
114

issued by Fed,
1
,
117
,
244
,
245

national currency and,
41

paper,
11
–13,
16

private issue of,
119

proper basis of,
225
–27

Second Bank and,
3
–4

supply of,
67
,
225
,
246
,
258
,
259
,
270

trading of,
68

see also
currency

Money and Currency
(Ravenscroft),
97

Money Changers, The
(Sinclair),
72

money question,
199
–200

money shortages,
2
,
6
,
15
–19,
27
,
49
,
53
,
68
–69,
185
,
204
,
263

Aldrich on,
37
–38

Coxey’s march and,
21

Panic of 1907 and,
59
–60

Money Trust,
134
,
136
–37,
182
,
252
,
259
,
269
,
270

Money Trust inquiry,
141
,
151
–52,
155
–56,
160
,
172
,
175
,
191
–93,
195
,
268
,
303

monopolies,
22
,
71
,
167
–68,
175
–76,
308

fears of,
19

National City Bank as,
135

Untermyer hearings and,
175

Wilson and,
169

Montana,
61

Moore & Schley,
71

Morawetz, Victor,
97
,
101
,
149
,
174
,
186
,
267
,
312

Morgan, Jack,
155
,
196
,
308

Morgan, J. P.,
26
,
30
n
,
42
,
58
,
59
,
61
,
78
,
80
,
82
,
85
,
95
n
,
99
,
104
,
115
–16,
135
,
165
,
169
,
190
,
192
,
198
,
219
,
299

death of,
197

Jekyl Island Club and,
108
,
110

in Money Trust hearings,
175
–76,
197

and Panic of 1907,
61
,
62
–66,
70
–73,
133

stability as goal of,
73

Treasury bailout by,
20

trusts sponsored by,
139
,
288
,
305

on Wilson,
143

Morgenthau, Henry,
27
,
170
,
174
,
177
,
187
,
308
,
310

Morse, Charles W.,
62
,
283

mortgage-backed securities,
226
,
258

mortgages,
1

farm,
237
,
329

liquidity of,
238

Mullins, Eustace,
117

Napoleon I, emperor of France,
86

Napoleonic wars,
70

Narragansett Bay,
35
,
75

Nation
,
53

National Association of Manufacturers,
94

National Banking Act,
13
–16,
28
,
39
,
41
,
48
n
,
49
,
220
,
251

loans based on real estate prohibited by,
17

mediums of exchange under,
15

National Banking system,
30
,
33
,
47
,
59
,
60
,
61
–62

National Bank Notes,
13
–15,
41
,
75
,
79
,
113
,
181
,
212
,
249
n

National Bank of Commerce,
299

national banks,
13
–15,
30
,
52
,
122
,
129
,
134
,
242

Federal Reserve membership sought by,
253

overseas business and,
48
,
114
,
183
,
245
,
296
,
329

real estate loans not issued by,
199

regulations of,
136

reserves at,
186

National Biscuit Company,
93

National Board of Trade,
121
,
123

National Citizens’ League,
131
–33,
135
,
144
,
269
,
305

Laughlin at,
131
–36,
139
,
153
,
159
–61,
171
,
299

New York chapter of,
133

in 1912 election,
159
–60

National City Bank of New York,
27
,
32
–33,
47
–48,
108
,
109
,
196
,
199
,
233
,
237
–39,
253
,
270

investment affiliate of,
134
–36,
299

overseas expansion of,
118
,
264
–65

in Panic of 1893,
57

in Panic of 1907,
57
,
65

reserves of,
109

in wake of San Francisco earthquake,
51
,
52