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Academy of Political Science (APS), 108, 113, 115
Aldrich, Nelson W., 110–111, 112, 115, 116, 117, 125, 130–131
Allison, William Boyd, 99 American Academy of Political and Social Science (AAPSS), 108–109, 113
American Association for the Advancement of Science (AAAS), 109
American Bankers Association, 105, 110–111, 112, 118
American Economics Association, 112
Ann Arbor Business Men's Association, 100
Associated Press, 113
Atchison, Topeka, and Santa Fe Railroads, 100
Atlas Engine Works of Indianapolis, 94
Austrian School, 25–26
Bacon, Robert, 95
Bank Acts, 75
Bank of England, 58–59, 61ff, 121n
Bank of Manhattan, 133
Bank of North America, 72
Bankers, 9, 70, 71, 86, 117, 145
Bankers Trust Company, 125,
banking, accounting and, 31–33; as legitimate business, 31–33, 41, 57; as cartel, 53, 70, 122; competition in, 53–54, 84; criminal law and, 40ff; deposit banking, 33–40, 62; embezzlement, 35, 39, 40ff; fractional reserve, 29–33, 37ff, 40ff, 43ff, 47ff, 144, 149n; fraud (see embezzlement); insolvency, 45ff, 146; loan, 29–33; money-warehouse, 34ff, 37ff, 43
barter, 13–15
Bechtel Corp., 130
Bretton Woods Agreement, 132–133
Bryan, William Jennings, 82, 91, 93
Burch, Philip H. Jr., 92n
Bush, Irving T., Ill, 115
business cycle, 40, 54–55, 119, 145
Cambridge Merchant's Association, 100
Cantillon, Richard, 25–26
Can v. Carr, 42
Central Banking (see also Federal Reserve), 11, 12; origins of, 58–62; functions of, 58ff, 65ff; lender of last resort, 62ff, 70, 79, 108, 119; politics of, 71–72; Wall Street and, 79–80
Central Intelligence Agency, 3
Chandler, Lester V., 127n
Chase National Bank, 101, 105, 109, 130
checking accounts, 57
Chernow, Ron, 93n
Chicago School, 22–23
Cipolla, Carlo, M., 54n
Civil War, 74, 75, 78, 80, 137, 149
Claflin, John, 107
Clarke, Dumont, 107
Clark, J.B., 110
Clark, Lawrence, E., 127n
Cochran, Thomas, 129
coin clipping, 27
collectivism, 87
Commercial National Bank of Chicago, 110
Conant, Charles A., 98, 102, 108, 109–110, 111, 112–113, 115
conspiracy view of history, 89
Continental, not worth a, 29
Converse, Edmund C., 95
Cooke, Jay, 78–79
Coolidge, Calvin, 129
Cottenham, Lord, 42–43
counterfeiting, 10, 21–27, 27–29, 36ff, 146
credit expansion, 52–53, 65ff, 119–120, 140–143; as a benefit to bankers, 70–71
Davison, Henry P., Ill, 116, 125, 130
Dean, William B., 97n
debt, public, 74
deflation, 20–21
Deposit Insurance, 133–137
Des Moines Regency, 99
Devaynes v. Nobel, 42
Dewey, Davis R., 112
Dewing, Arthur S., 85n
Defense Intelligence Agency, 3
discount rate, 144
Dobie, Aristead, 35n
Domhoff, G. William, 132n
Dorfman, Joseph, 101n
Duffield,J.R., 110
Eakins, David, 88n
Eccles, Marriner, 130
elasticity, 94–95, 98, 103, 107
election cycle, 8
Eliot, Charles, 111
exchange, theory of, 13; fixed rates of currency, 129
Exxon Corporation, 133
Fairchild, Charles S., 97n, 99
Federal Deposit Insurance Corporation (and FSLIC), 134–136
Federal Reserve, abolition of, 146–150; accountability of, 3–9; Act, 116–117; audit, need of, 3–4; bankers, relationship with, 9–10; Board, 121; counterfeiting, 10–11, 21ff; election cycle, 8, 119; governor of, 125–126; independence of, 5–9, 83; inflation, cause of (also see inflation), 7–11, 138–139; lender of last resort, 83, 138; market confidence in, 4; monopoly power of, 10–11, 119–120, 131–133; as oligarchy, 5–7, 70, 131; operations of, 121–122, 137–144; origins of, 70, 79–118; ownership of, 120–121; power of, 6–8, 131–132; propaganda and, 86–88, 97–98 secrecy of, 3–7, 11
Federal Reserve Note, 10, 131, 137–138
Ferguson, Thomas, 131n
Fiannini family, 130
First National Bank of Chicago, 102
Fish, Stuyvesant, 97n
Fisher, Irving, 112
Foley v. Hill and Others, 42–43
Food and Drug Administration, 7
Fowler, Charles N., 105
fractional reserves (see banking) Frank, Barney, 6
free trade, 73–74
French Empire, 60
fungibility, 36
Gage, Lyman, J., 102–103, 105–106
Gavitt,J.R, 113
Glass, Carter, 117
gold, as money, 16, 20, 27–29, 74, 103; confiscation of, 131–132; deposits, 119
Goldman Sachs, 130
gold Standard, 62ff, 93–95, 100–101, 103–104, 127, 137, 146–150
Gordon, David, 45n
government-business partnership, 87, 120–121
Grant, Sir William, 42
greenbacks, 74
Greenspan, Alan, 4,7–8, 133, 145
Hadley, Arthur Twining, 100
Hamilton, Alexander, 72–73
Hamlin, Charles S., 123
Hanna, Hugh Henry, 94–95, 97, 102
Hanna, Mark, 102
Harding, William P.G., 123, 129
Harper Brothers, 95
Hepburn, A. Barton, 101, 105, 109, 118
Hill, James J., 97n
Holden, J. Milnes, 43n
Hudson & Manhattan Railroad, 123
Hume, David, 22
income tax, 74
Indianapolis Board of Trade, 94
Indianapolis Monetary Commission, and Convention, 94–95, 96–104, 107, 111, 115 inflation, 7–11, 47ff; compared with crime, 10–11, 21ff, 27–29; effects of, 22–27; controlled through central banking, 118ff, 145; “hawks,” 70, 145; supposed social benefits of, 19–27; as a tax, 24–25, 59
insurance, deposit, 133–137, 149n
intellectuals, and banking, 86–88
International Harvester, 92
Interstate Commerce Commission, 7, 88, 90
Jefferson, Thomas, 74
Jekyll Island Club, 116–118, 124, 126
Jenks, Jeremiah W., 100
Joachimsthalers, 17
Johnson, Joseph French, 104–105, 104n, 108, 113, 114
Kennedy, Joseph P., 130
Kent, Fred I., 113
Kleppner, Paul, 91n
Knight, Frank R., 136n
Kolko, Gabriel, 81n, 85n, 86n, 118n
Kuhn-Loeb, 90, 92, 106–107, 111, 128, 120, 133
Lamont, Thomas W., 115, 125, 130
Lamoureaux, Naomi, 85n
Laughlin, J. Laurence, 96, 101, 115
Lehman Brothers, 130
lender of last lesort (see Federal Reserve; Central Banking)
Liechtenstein, 58n
Livingston, James, 94n
McAdoo, William Gibbs, 123, 126
McFaul,JohnM., 71n
McKinley, William, 82–83, 92–93, 94, 96, 98, 103
Merchants' Association of New York, 115
Mellon, Andrew W., 129
merger movement, 85
Miller, Adolph C., 123
Mills, Ogden, 129
money, cigarettes as, 17; demand for, 12–14; early American, 27–29; legal tender, 139; multiplier, 139–143; politics of hard, 72–73; origins of, 12–17; paper, 27–29, 45; supply of, 9–10, 18–20, 49–50, 55; types of, 10–11, 15–17; unique qualities of, 20, 36
Monaco, 59n
Morgan, J.P., and the House of Morgan, 82–83, 90, 91–92, 93n, 94–100, 105n, 111, 112, 116, 122–123, 124, 125, 127–128, 132,
Morris, Robert, 72
National Banking System, 70–79, 81
National City Bank, 107
National Civic Federation, 88, 93
National Monetary Commission, 110, 111, 113, 116
New Deal, 129–132; banking acts, 131
New York Chamber of Commerce, 115
New York City, 75
New York Merchants Association, 111–112
New York State Bankers' Association, 101
Norman, Montagu, 128
Northern Pacific Railroad, 97
Norton, Charles D., 116
open-market operations, 121–122, 131, 139–143
Overstreet, Jesse, 102
Panic of 1857, 93n
Patterson, C. Stuart, 115
Paterson, William, 60
Payne, Henry C., 95
Peel Act of 1844, 58, 61, 63ff
People's Bank v. Legrand, 44
Perkins, Charles E., 99
Perkins, George W., 92
Populists, 82
Pound, British, 17
Pratt, Seren S., 110
prices, level of, 20–27
property, private, 26
railroad pools, 84
redistribution, 23–25, 27, 28, 29, 135
reserve ratios (also see banking), 143–144
Reynolds, George M., 112
Riccis, 30
Ridgely, William B., 109
risk, 133–137
Roberts, George E., 110
Rockefellers, 57, 89–90, 92, 102, 105, 110–113, 116, 123, 124, 128, 130–131, 133
Roosevelt, Franklin, 129–132, 133
Rothbard, Murray N., 55n, 124n
Schiff, Jacob H., 106–107, 111, 115
Schlichtentha, 17
Seaboard Airline Railway, 123
Second Bank, 73
Seligman, E.R.A, 109, 112, 114
Sherman Antitrust Act, 92
Special Drawing Right, 147
Sprague, Oliver M.W., 112, 124
Standard Oil, 130
Stillman, James, 107
Stimson, Henry L.,
Straus, Isidore, 107
Strong, Benjamin, 124, 125–127, 128–129
T-account analysis, 31–33; of central banking, 67–69; of Fed, 140–143; of fractional-reserve banking, 47ff; of hyper-expansion, 51
Taft, William Howard, 92–93, 112, 116
Tansill, Charles Callan, 128n
tariff, protective, 73
Taussig, Frank W., 100–101, 104, 104n, 112
Taylor, Fred M., 100–102, 10ln
Taylor, Robert S., 101
Thalers, 17
Treasury Department, 6
Tullock, Gordon, 59n
Underwood, Oscar W., 123
United States Steel, 92
Vanderlip, Frank A. 105, 108–111, 115, 125
Volcker, Paul, 133
Wabash Railway, 123
Wade, Festus J., 110–111
Wall Street, and central banking, 79–81, 86, 94
Wall Street Journal, 112
Warburg, Paul Moritz, 107, 109, 111, 112, 113, 115–116, 117, 123, 125, 128
War of 1812, 73
Weinstein, James, 88n
Wharton School of Business, 104
White, Horace, 113
Wiggin, Albert, 131
Wilburn, Jean Alexander, 71n
Williams, John Skelton, 123
Willis, Henry Parker, 127n
Wilson, Woodrow, 93
World War II, 132–133
Yale Review, 95