America's Money Machine

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The Quality of the Times 9 debut ofHarriman's daughter Mary, known more for her fondness for fox hunting in Virginia than for the Virginia reel in the ballrooms of New York. 3 In October of 1906 Fish circularized the Illinois Central stockholders seeking proxies for the annual meeting of shareholders. The purpose of the solicitation was not made public, but rumors gathered that there had been a falling-out between the two financiers. The effect was a sensation in Wall Street that was promptly felt on the floor of the Exchange. The year that had started with such promise ended on a note of gloom.
T HE 2. The First Shock Wave SIGNIFICANCE of the Harriman-Fish rupture lies first in the shock it gave to the financial markets, and to public confidence in the integrity of the national financial leadership. More importantly, however, it served as the fuel that heated to the boiling point the Rooseveltian antagonism to Big Business. Roosevelt, like so many Americans born to wealth and position who, since the appearance of Das Kapital, have been guilf-ridden over their blessings, early became a reformer and pursuer of causes. His antecedents went back to the Dutch patroons ofcolonial New Amsterdam, and his family had been prominently identified with banking and finance in New York. In his youth Roosevelt entered politics, became a State assemblyman but, his health failing, he went West for recuperation and took up ranching for a while. His speech and manners ever afterward showed more the gravel of the frontier than the polish.of civilization. Returning to politics, he became famous for his fighting speech and his advocacy of the "strenuous life" and political reform. The episode in American history that is called the Spanish-American War became a further opportunity for flamboyant leadership, when he organized a regiment known as the Rough Riders and led them in his dashing charge up Sanjuan Hill. He was now a national figure and won election as Governor ofNew York in 1898. His reform administration alarmed his opponents who maneuvered quietly to inter him politically in the vice-presidency; but McKinley's death by an assassin's bullet in 1901 put Theodore Roosevelt in the seat of power. He promptly began his' efforts to reshape the Republican Party in his own image. 10
Page 3: BOOKS BY ELGIN GROSECLOSE Money: Th
Page 6: For My Beloved Louise with especial
Page 9 and 10: Vlll CONTENTS 22. The New Thermopyl
Page 11 and 12: x PREFACE sprawled under the weight
Page 14 and 15: Preface XIU cash, lawful money, leg
Page 16: Preface xv tary expansion and a che
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Page 21 and 22: 4 PART I / THE ROOTS OF REFORM An i
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Page 33 and 34: T HE 3. The Lapping at the Dikes YE
Page 36 and 37: The Lapping at the Dikes 19 On Mond
Page 39 and 40: 4. The Rich Man's Panic T HE STOCK
Page 42: The Rich Man s Panic 25 bocker Trus
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PART I / THE ROOTS OF REFORM propos
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PART I / THE ,ROOTS OF REFORM The P
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74 PART I / THE ROOTS OF REFORM Hou
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PART I / THE ROOTS OF REFORM of New
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PART II The Great Reversal
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PART II / THE GREAT REVERSAL then a
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84 PART II / THE GREAT REVERSAL Wha
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I T 12. The First Inundation WAS A
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The First Inundation 89 $43 million
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The First Inundation 91 and at a ti
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13. Collapse of a Theory THE SPLEND
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Collapse ofa Theory 95 should be re
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Collapse of a Theory 97 such paper
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Collapse ofa Theory 99 plete contro
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The Path of Retreat 101 Under Warbu
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The Path of Retreat 103 Along with
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106 PART II / THE GREAT REVERSAL of
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15. When to Reef Sail DURING THE FI
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110 PART II / THE GREAT REVERSAL Wa
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112 PART II / THE GREAT REVERSAL In
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Rediscount rate Date New York Feder
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When to Reef Sail 1 17 You have the
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120 PART II / THE GREAT REVERSAL ab
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122 PART II / THE GREAT REVERSAL of
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124 PART II / THE GREAT REVERSAL Th
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126 PART II / THE GREAT REVERSAL Ne
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PART II / THE GREAT REVERSAL that a
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PART II / THE GREAT REVERSAL 15 per
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148 PART II / THE GREAT REVERSAL Th
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150 PART II / THE GREAT REVERSAL ad
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152 PART II / THE GREAT REVERSAL Yo
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154 PART II / THE GREAT REVERSAL vi
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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
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158 PART III/DEBACLE OF AN IDEA tio
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The Crumbling of the Dikes 161 day
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T HE 22. The New Thermopylae EFFORT
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166 PART III / DEBACLE OF AN IDEA S
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168 PART III/DEBACLE OF AN IDEA in
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23. The Keynesian Influence JOHN MA
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172 PART III / DEBACLE OF AN IDEA a
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174 PART III / DEBACLE OF AN IDEA o
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176 PART III/DEBACLE OF AN IDEA tie
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T HE 24. The Not So New New Deal AF
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PART III / DEBACLE OF AN IDEA ties
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186 PART III / DEBACLE OF AN IDEA c
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188 PART III/DEBACLE OF AN IDEA For
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190 PART III/DEBACLE OF AN IDEA Sen
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192 PART III / DEBACLE OF AN IDEA J
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194 PART III/DEBACLE OF AN IDEA abu
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196 PART III/DEBACLE OF AN IDEA nor
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Ig8 PART III / DEBACLE OF AN IDEA R
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200 PART III/DEBACLE OF AN IDEA who
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202 PART III / DEBACLE OF AN IDEA o
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Where Two Tides Meet 207 billion. I
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Where Two Tides Meet 209 The conser
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Where Two Tides Meet 211 creating a
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The Reversals of War 2 13 the world
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The Reversals of War 2 15 per cent
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The Reversals of War 217 three-mont
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29. Doubtful Victory No HEAD of the
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Doubtful Victory 221 sury and the F
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Doubtful Victory 223 at a cost of 1
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Doubtful Victory 225 sleeping on hi
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3 o. The Role of Atlas THE FIFTH DE
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The Role ofAlIas 229 dollar deposit
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232 PART III/DEBACLE OF AN IDEA amo
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234 PART III / DEBACLE OF AN IDEA T
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236 PART III / DEBACLE OF AN IDEA f
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PART III / DEBACLE OF AN IDEA becau
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T OWARD 32. The End of a Dream THE
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242 PART III/DEBACLE OF AN IDEA Des
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244 PART III/DEBACLE OF AN IDEA -th
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246 PART III/DEBACLE OF AN IDEA Fol
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248 PART III/DEBACLE OF AN IDEA The
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The Chute fluctuating in value agai
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Into the Pit 253 As the relative ma
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Into the Pit 255 That bankruptcy wa
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258 PART III/DEBACLE OF AN IDEA ind
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Out of the Pit 261 A fourth misconc
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Out of the Pit 263 WarII the ratio
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Out of the Pit 265 The Federal Rese
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268 NOTES Chapter 4. 1. New York Ti
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Notes Chapter 19. 1. Federal Reserv
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274 NOTES Chapter 31. 1. See the au
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SELECTED BIBLIOGRAPHY Harding, Will
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About the Author ELGIN GROSECLOSE f
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Achesont Deant 19 1-g2 t 196 t 198
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