America's Bank: The Epic Struggle to Create the Federal Reserve (55 page)

Tennessee,
17
,
190

Tennessee Coal, Iron & Railroad Company,
71
–72,
139

Texas,
81
,
151

textile industry,
93

Third Bank of the United States, vetoing of,
3

Thomas, R. H.,
193

Thornton, Mark,
296

Timberlake, Richard,
70

Titanic
, RMS,
159

Tobacco Trust,
136

“Treason of the Senate” (Phillips),
43
–44,
89

Treasury bonds,
225
,
258

Treasury Department, U.S.,
30
,
46
–47,
118
,
136
,
181
n
,
206
,
235
–36,
263

Aldrich Plan and,
133
–34

America’s growing financial strength and,
25

Andrew at,
108
,
161

cash reserves in,
26
–27

under Cleveland,
24
–25

currency issued by,
207

Federal Reserve and,
257
,
260
–61

funds moved by,
46
–47

Morgan’s bailout of,
20

National Banking Acts and,
13
–14

New York banks and,
53
–55

Panic of 1907 and,
58
,
59
–60,
63
,
66

post-earthquake gold imports by,
52
–54

Reserve Banks and,
115

secretary of,
212
,
230
,
241
,
248
,
249
–50

silver and,
16
,
19

tariffs and,
26
,
41

2008 bailouts by,
8

Treasury notes,
261

Treasury securities,
15
n
,
225

short-term,
263

Treaty of Versailles,
266

Trenton, Glass plan presented at,
188
–89,
313

Truman, Harry,
257

Trust Company of America,
64
–65

trusts,
40
,
44
,
61
–66,
69
,
73
,
146
,
167
,
169
,
305

busting of,
38

Untermyer on,
155
,
193

Tumulty, Joseph,
191
,
210

Turkey,
93

Turner, Frederick Jackson,
105
,
142

Tyler, John,
3

Underwood, Oscar,
148

unemployment,
20

Union Pacific Railroad,
58

Union Railway Company,
42
n

United Copper Company,
283

United Kingdom,
see
Great Britain

United Reserve Bank,
111
,
113

“United Reserve Bank” lecture (Warburg),
101
–2

United States:

centralization feared by,
2
–5,
50
–51,
55
,
89
,
98
,
101
,
128
,
253
,
269
–70

as creditor nation,
262

decentralized banking in,
40
–41

economy of,
48
,
56
–57

Federal Reserve System and modernization of banking in,
253
–54

as financial also-ran,
5
–6

foreign investors’ abandonment of,
19

frontier traditions of,
4
,
101
–2

gold standard in,
16

improved financial standing of,
262

individualism in,
31
,
32

industrialization of,
5
,
11
,
18
,
34
,
60
,
198

manufacturing economy of,
36
–37

population increase in,
60

primitive nature of finance in,
11
,
31
–32,
46
–47,
56
,
198
,
253
–54

as rural,
4
–5

as sole industrialized nation without a central bank,
1
,
2
,
39

United Traction and Electric Company,
42
n
–43
n

Untermyer, Samuel,
169
,
171
,
255
,
303
,
304
,
310
,
314
,
317
,
318

attempt to usurp Glass’s legislation by,
155
–56,
171
–72,
177
,
195
–96

Glass’s feud with,
155
–56,
204
–5,
268

Money Trust hearings and,
155
–56,
175
,
191
–93,
195

U.S. Money vs. Corporation Currency
(Crozier),
150
–51

U.S. Steel Corporation,
71
–72,
93
,
139
,
196
,
288
,
305
,
308

utilities,
211

Vanderbilt, William,
110
,
190

Vanderlip, Frank A.,
47
–51,
73
,
90
,
91
,
159
,
170
,
175
,
196
,
197
,
209
,
234
,
244
,
258
,
293
,
299
,
301
,
321

Aldrich Plan and,
122

alternative plan by,
237
–43,
251

central bank supported by,
220
–21

as corporate director,
314

European recovery schemes,
265

on Glass-Owen bill,
220
–21,
233
,
257

at Jekyl Island conference,
108
–10,
112
,
114
,
116
,
118
,
294
,
296

on Money Trust hearings,
175
,
176
,
192

at National City Bank,
134
–35,
253

on 1912 election,
139
,
160

O’Gorman and Reed and,
327

outreach to bankers by,
128
–29

on overseas expansion of National City,
118
,
264
–65

and Panic of 1907,
57
,
60
,
66
,
69

on Republican progressives,
99
–100

on Roosevelt,
103
–4

Untermyer and,
155
,
205

Versailles peace negotiations,
265
–66

Virginia,
7
,
17

Volcker, Paul,
226
,
258

Wade, Festus J.,
179
,
184
,
187
,
216
–17,
219
,
231
,
241
,
247
,
312
,
324

Walbert, M. W.,
27

Wallace, George,
117

Wall Street,
8
,
23
,
57
,
61
,
80
,
97
,
121
,
166
,
184
,
191
,
193
,
196
,
205
,
206
,
214

Aldrich Plan and,
113
,
115
–16,
134
,
140
,
141
,
160

banking reform and,
70
,
131
,
175

Bank of England and recessions on,
5
–6

central bank supported by,
46
,
50
–51,
54
,
112
,
206

collusive tendencies of,
133
,
175
–76,
192
–93,
299

country banks and,
102

and dollar’s international limitations,
49

and election of 1912,
169

Federal Reserve Banks and,
257
,
258
–59,
260
–61

and founding of Fed,
7

on Glass-Owen,
232
,
245

Jekyl Island retreat and,
107
–23

laissez-faire and,
128

McAdoo and,
190
,
220

McKinley supported by,
23

market busts on,
29
–30,
31
,
150

Money Trust hearings and,
175
–78

panics on,
57
–58,
60
–61,
150
–51,
209

progressive skepticism toward,
45

public distrust of,
50
–51,
55
,
71
,
72
,
98
,
111
,
132
,
134
,
137
,
150
,
151
,
257

Roosevelt and,
158
,
305

short-term interest rates and,
47

silver standard opposed by,
16
,
20

threats by,
220
–21

Treasury and,
27
,
53

Wilson and,
73
,
143
,
145
,
157
,
174
,
183
n
,
196

Wall Street Journal
,
50
,
97
,
192
,
210
,
253

Walters, Henry,
288

war bonds,
47

Warburg, Aby,
30

Warburg, Felix,
30

Warburg, Fritz,
30

Warburg, James,
294

Warburg, Max,
30

Warburg, Nina Loeb,
31

Warburg, Paul,
38
,
46
,
50
,
85
,
147
,
159
,
168
,
169
,
195
,
196
,
199
,
225
,
238
,
256
,
258
,
259
,
267
–68,
295
,
303
,
304
,
313
,
320
,
335

Aldrich and,
74
,
75
,
88
–89,
96
,
98
,
99
,
100
–101,
111
–12,
116
,
127
,
131

on Aldrich Plan,
114
,
121
–22,
123
,
138
,
139
,
188

on Aldrich-Vreeland Act,
79

call for central bank by,
6
–7,
31
–33,
47
,
56
,
71
,
75
–76,
77
,
88
–89,
99
,
109
,
120
,
128
,
184
,
185
,
217
–18,
242
,
253
,
262
,
269
–70,
295

Citizens’ League and,
131
–33,
135
,
299

Colonel House and,
174
,
183
,
219
,
233
,
243
,
253

critique of American banking by,
1
–2,
29
–30,
31
–33,
38
–41,
45
,
49
,
51
,
55
,
70
,
73
–74

death of,
264

departure from Federal Reserve by,
334

on Federal Reserve Board,
247
,
250
,
260
–63,
267

German origins of,
29
,
74
,
262
–63

Glass and,
173
–74,
187
–88,
247
,
261
,
268
–69

Glass bill analyzed by,
202
–3

Glass hearings and,
185
–87,
312

on Glass-Owen bill,
219
,
232
–33,
242
–43,
244
–45,
247
–48,
251
,
253
,
325

on House legislative committee,
154

at Jekyl Island,
108
–9,
111
–14,
116
–17,
119
,
294

Laughlin’s disagreements with,
132
–34,
159
–61

modified central bank plan of,
75
–76,
286

on monetary reform,
93
–94

as naturalized U.S. citizen,
78
,
185
,
247

on New York Chamber of Commerce monetary committee,
19
–20

outreach to bankers by,
128
–29

Owen and,
243
,
248
,
334

Owen and McAdoo plans analyzed by,
207
–8

proposals by,
177
,
182
–83,
187
–88,
248
,
310

remedial proposals by,
253
,
333
–34

on reserves,
215
,
249

Roosevelt and,
149

Seligman’s encouragement to,
55
–56

speeches of,
101
–2

Stillman and,
32
–33,
65
,
70
–71

Taft and,
120