A history of money and banking in the United States : the colonial era to World War II

In what is sure to become the standard account, Rothbard traces inflations, banking panics, and money meltdowns from the Colonial Period through the mid-20th century to show how government's systematic war on sound money is the hidden force behind nearly all major economic calamities in American history. Never has the story of money and banking been told with such rhetorical power and theoretical vigor. You will treasure this volume. From the introduction by Joseph Salerno: ''Rothbard employs the Misesian approach to economic history consistently and dazzlingly throughout the volume to unravel the causes and consequences of events and institutions ranging over the course of U.S. monetary history, from the colonial times through the New Deal era. One of the important benefits of Rothbard's unique approach is that it naturally leads to an account of the development of the U.S. monetary system in terms of a compelling narrative linking human motives and plans that often-times are hidden, and devious, leading to outcomes that sometimes are tragic. And one will learn much more about monetary history from reading this exciting story than from poring over reams of statistical analysis. Although its five parts were written separately, this volume presents a relative integrated narrative, with very little overlap, that sweeps across three hundreds years of U.S. monetary history.'' INTRODUCTION......Page 9 Part 1 A HISTORY OF MONEY AND BANKING IN THE UNITED STATES BEFORE THE TWENTIETH CENTURY......Page 49 SHILLING AND DOLLAR MANIPULATIONS......Page 51 GOVERNMENT PAPER MONEY......Page 53 PRIVATE BANK NOTES......Page 58 REVOLUTIONARY WAR FINANCE......Page 61 THE BANK OF NORTH AMERICA......Page 64 THE UNITED STATES: BIMETALLIC COINAGE......Page 67 THE FIRST BANK OF THE UNITED STATES: 1791–1811......Page 70 THE WAR OF 1812 AND ITS AFTERMATH......Page 74 THE SECOND BANK OF THE UNITED STATES, 1816-1833......Page 84 THE JACKSONIAN MOVEMENT AND THE BANK WAR......Page 92 THE JACKSONIANS AND THE COINAGE LEGISLATION OF 1834......Page 106 DECENTRALIZED BANKING FROM THE 1830S TO THE CIVIL WAR......Page 113 A FREE-MARKET “CENTRAL BANK”......Page 116 A FALSE START......Page 117 OPERATION BEGINS......Page 118 THE COUNTRY BANKS RESIST......Page 119 SUFFOLK’S STABILIZING EFFECTS......Page 120 THE SUFFOLK DIFFERENCE......Page 122 THE SUFFOLK’S DEMISE......Page 123 THE CIVILWAR......Page 124 GREENBACKS......Page 125 THE PUBLIC DEBT AND THE NATIONAL BANKING SYSTEM......Page 134 THE POST–CIVIL WAR ERA: 1865–1879......Page 149 THE GOLD STANDARD ERA WITH THE NATIONAL BANKING SYSTEM, 1879-1913......Page 161 PRICES, WAGES, AND REALWAGES......Page 163 INTEREST RATES......Page 165 A BURST IN PRODUCTIVITY......Page 166 CAPITAL FORMATION......Page 167 1896: THE TRANSFORMATION OF THE AMERICAN PARTY SYSTEM......Page 171 THE PROGRESSIVE MOVEMENT......Page 185 UNHAPPINESS WITH THE NATIONAL BANKING SYSTEM......Page 187 THE BEGINNINGS OF THE “REFORM” MOVEMENT: THE INDIANAPOLIS MONETARY CONVENTION......Page 190 THE GOLD STANDARD ACT OF 1900 AND AFTER......Page 204 CHARLES A. CONANT, SURPLUS CAPITAL, AND ECONOMIC IMPERIALISM......Page 210 CONANT, MONETARY IMPERIALISM, AND THE GOLD-EXCHANGE STANDARD......Page 220 JACOB SCHIFF IGNITES THE DRIVE FOR A CENTRAL BANK......Page 236 THE PANIC OF 1907 AND MOBILIZATION FOR A CENTRAL BANK......Page 242 THE FINAL PHASE: COPING WITH THE DEMOCRATIC ASCENDANCY......Page 256 CONCLUSION......Page 260 Part 3 FROM HOOVER TO ROOSEVELT: THE FEDERAL RESERVE AND THE FINANCIAL ELITES......Page 265 THE EARLY FED, 1914–1928: THE MORGAN YEARS......Page 266 THE HOOVER FED: HARRISON AND YOUNG......Page 273 THE ADVENT OF EUGENE MEYER, JR.......Page 280 MEYER IN THE HOOVER ADMINISTRATION......Page 288 THE NEW DEAL: GOING OFF GOLD......Page 299 BANKING AND FINANCIAL LEGISLATION: 1933-1935......Page 310 MARRINER S. ECCLES AND THE BANKING ACT OF 1935......Page 333 EPILOGUE: RETURN OF THE MORGANS......Page 345 Part 4 THE GOLD-EXCHANGE STANDARD IN THE INTERWAR YEARS......Page 353 THE CLASSICAL GOLD STANDARD......Page 354 BRITAIN FACES THE POSTWAR WORLD......Page 358 RETURN TO GOLD AT $4.86: THE CUNLIFFE COMMITTEE AND AFTER......Page 361 AMERICAN SUPPORT FOR THE RETURN TO GOLD AT $4.86: THE MORGAN CONNECTION......Page 370 BULLION, NOT COIN......Page 383 THE GOLD-EXCHANGE STANDARD, NOT GOLD......Page 386 THE GOLD-EXCHANGE STANDARD IN OPERATION: 1926-1929......Page 402 DEPRESSION AND THE END OF THE GOLD-STERLING-EXCHANGE STANDARD: 1929-1931......Page 426 EPILOGUE......Page 433 THE BACKGROUND OF THE 1920S......Page 439 THE FIRST NEW DEAL: DOLLAR NATIONALISM......Page 452 THE SECOND NEW DEAL: THE DOLLAR TRIUMPHANT......Page 478 EPILOGUE......Page 488 Index......Page 493 Local Disk......Page 0 articlopedia.gigcities.com......Page 2 articlopedia.gigcities.com......Page 1 INTRODUCTION 9 Part 1 A HISTORY OF MONEY AND BANKING IN THE UNITED STATES BEFORE THE TWENTIETH CENTURY 49 SHILLING AND DOLLAR MANIPULATIONS 51 GOVERNMENT PAPER MONEY 53 PRIVATE BANK NOTES 58 REVOLUTIONARY WAR FINANCE 61 THE BANK OF NORTH AMERICA 64 THE UNITED STATES: BIMETALLIC COINAGE 67 THE FIRST BANK OF THE UNITED STATES: 1791–1811 70 THE WAR OF 1812 AND ITS AFTERMATH 74 THE SECOND BANK OF THE UNITED STATES, 1816-1833 84 THE JACKSONIAN MOVEMENT AND THE BANK WAR 92 THE JACKSONIANS AND THE COINAGE LEGISLATION OF 1834 106 DECENTRALIZED BANKING FROM THE 1830S TO THE CIVIL WAR 113 A FREE-MARKET “CENTRAL BANK” 116 A FALSE START 117 OPERATION BEGINS 118 THE COUNTRY BANKS RESIST 119 SUFFOLK’S STABILIZING EFFECTS 120 THE SUFFOLK DIFFERENCE 122 THE SUFFOLK’S DEMISE 123 THE CIVILWAR 124 GREENBACKS 125 THE PUBLIC DEBT AND THE NATIONAL BANKING SYSTEM 134 THE POST–CIVIL WAR ERA: 1865–1879 149 THE GOLD STANDARD ERA WITH THE NATIONAL BANKING SYSTEM, 1879-1913 161 PRICES, WAGES, AND REALWAGES 163 INTEREST RATES 165 A BURST IN PRODUCTIVITY 166 CAPITAL FORMATION 167 1896: THE TRANSFORMATION OF THE AMERICAN PARTY SYSTEM 171 Part 2 THE ORIGINS OF THE FEDERAL RESERVE 185 THE PROGRESSIVE MOVEMENT 185 UNHAPPINESS WITH THE NATIONAL BANKING SYSTEM 187 THE BEGINNINGS OF THE “REFORM” MOVEMENT: THE INDIANAPOLIS MONETARY CONVENTION 190 THE GOLD STANDARD ACT OF 1900 AND AFTER 204 CHARLES A. CONANT, SURPLUS CAPITAL, AND ECONOMIC IMPERIALISM 210 CONANT, MONETARY IMPERIALISM, AND THE GOLD-EXCHANGE STANDARD 220 JACOB SCHIFF IGNITES THE DRIVE FOR A CENTRAL BANK 236 THE PANIC OF 1907 AND MOBILIZATION FOR A CENTRAL BANK 242 THE FINAL PHASE: COPING WITH THE DEMOCRATIC ASCENDANCY 256 CONCLUSION 260 Part 3 FROM HOOVER TO ROOSEVELT: THE FEDERAL RESERVE AND THE FINANCIAL ELITES 265 THE EARLY FED, 1914–1928: THE MORGAN YEARS 266 THE HOOVER FED: HARRISON AND YOUNG 273 THE ADVENT OF EUGENE MEYER, JR. 280 MEYER IN THE HOOVER ADMINISTRATION 288 THE NEW DEAL: GOING OFF GOLD 299 BANKING AND FINANCIAL LEGISLATION: 1933-1935 310 MARRINER S. ECCLES AND THE BANKING ACT OF 1935 333 EPILOGUE: RETURN OF THE MORGANS 345 Part 4 THE GOLD-EXCHANGE STANDARD IN THE INTERWAR YEARS 353 THE CLASSICAL GOLD STANDARD 354 BRITAIN FACES THE POSTWAR WORLD 358 RETURN TO GOLD AT $4.86: THE CUNLIFFE COMMITTEE AND AFTER 361 AMERICAN SUPPORT FOR THE RETURN TO GOLD AT $4.86: THE MORGAN CONNECTION 370 THE ESTABLISHMENT OF THE NEW GOLD STANDARD OF THE 1920S 383 BULLION, NOT COIN 383 THE GOLD-EXCHANGE STANDARD, NOT GOLD 386 THE GOLD-EXCHANGE STANDARD IN OPERATION: 1926-1929 402 DEPRESSION AND THE END OF THE GOLD-STERLING-EXCHANGE STANDARD: 1929-1931 426 EPILOGUE 433 PART 5 THE NEW DEAL AND THE INTERNATIONALMONETARY SYSTEM 439 THE BACKGROUND OF THE 1920S 439 THE FIRST NEW DEAL: DOLLAR NATIONALISM 452 THE SECOND NEW DEAL: THE DOLLAR TRIUMPHANT 478 EPILOGUE 488 Index 493 important.pdf 1 Local Disk -1 articlopedia.gigcities.com 2 important.pdf 1 Local Disk -1 articlopedia.gigcities.com 1 Shows through detailed historical investigation how sound money and banking have been the font of prosperity and freedom in American history, and how loose credit, paper money, and inflation have led to social and economic calamity. In chronicling how the gold standard was attacked and destroyed, Rothbard departs from the conventional method of merely assembling money-supply data to name the special interests that benefited from the destruction. Rothbard's story is informed by the Austrian School of economics.--From publisher description. Introduction / -- Joseph T. Salerno -- pt. 1. The history of money and banking before the twentieth century -- -- pt. 2. The origins of the Federal Reserve -- -- pt. 3. From Hoover to Roosevelt : the Federal Reserve and the financial elites -- -- pt. 4. The gold-exchange standard in the interwar years -- -- pt. 5. The New Deal and the international money system.