America's Money Machine

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An earlier version of this book was published in 1966 by Books, Inc., under the title Fifty Years of Managed <strong>Money</strong> Copyright © 1966 and 1980 by Elgin Groseclose All rights reserved. No portion of this book may be reproduced without written permission from the publisher except by a reviewer who may quote brief passages in connection with a review. Library of Congress Cataloging in Publication Data Groseclose, Elgin Earl, 1899 <strong>America's</strong> money machine. Published in 1966 under title: Fifty years of managed money, by Books, inc. Bibliography: P. Includes index. 1. United States. Board of Governors of the Federal Reserve System-History. I. Title. HG2563·G73 1980 332.1'1'0973 80-17482 ISBN 0-87000-487-5 Manufactured in the United States of America P 10 9 8 7 6 5 4 3 2 1
Page 3: BOOKS BY ELGIN GROSECLOSE Money: Th
Page 8 and 9: CONTENTS Preface lX PART I The Root
Page 10 and 11: O N Preface SEPTEMBER 30 , 19 1 3,
Page 12: Preface Xl should be sold; how much
Page 15 and 16: xiv PREFACE Smith in 1776 that "no
Page 18 and 19: PART I The Roots of Reform
Page 20 and 21: 1. The Quality of the Times T HE EV
Page 22 and 23: The Quality of the Times 5 because
Page 24 and 25: The Quality of the Times 7 Illinois
Page 26 and 27: The Quality of the Times 9 debut of
Page 28 and 29: The First Shock Wave 11 McKinley ha
Page 30 and 31: The First Shock Wave 13 cover his t
Page 32 and 33: The First Shock Wave president of t
Page 34: The Lapping at the Dikes 17 per cen
Page 37: 20 PART I I THE ROOTS OF REFORM -wa
Page 40: The Rich Man's Panic 23 should make
Page 44 and 45: The Rich Man s Panic 27 Roosevelt w
Page 46 and 47: The Rich Man's Panic 29 Reassuring
Page 48 and 49: W HEN 5. A Measure of Expediency CO
Page 50 and 51: A Measure of Expediency 33 any chan
Page 52 and 53: A Measure ofExpediency 35 the expen
Page 54 and 55:
A Measure of Expediency 37 that acc
Page 58 and 59:
A Measure of Expediency 4 1 to acce
Page 60 and 61:
T HE 6. The Aldrich..Vreeland Bill
Page 62 and 63:
The Aldrich-Vreeland Bill 45 Reserv
Page 66 and 67:
An Interlude for Debate 49 fluctuat
Page 68 and 69:
An Interlude for Debate 51 With a c
Page 72 and 73:
The Great Investigation 55 At the s
Page 74 and 75:
The Great Investigation 57 aspect o
Page 76 and 77:
The Great Investigation 59 of all i
Page 78 and 79:
T HE 9. The Setting of the Current
Page 80 and 81:
The Setting of the Current 63 Well
Page 82 and 83:
The Setting of the Current 65 The p
Page 84 and 85:
I N 10. The Bill Considered COMMENT
Page 86 and 87:
The Bill Considered 69 session for
Page 88 and 89:
The Bill Considered 71 question to
Page 90 and 91:
The Bill Considered 73 Congress mea
Page 92 and 93:
The Bill Considered 75 assets and t
Page 94:
The Bill Considered 77 22, the conf
Page 98 and 99:
H ISTORY 11. Advent of Storm ALLOWE
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Advent of Storm 83 machinery manufa
Page 102:
Advent of Storm 85 The full stateme
Page 105 and 106:
88 PART II / THE GREAT REVERSAL The
Page 107 and 108:
go PART II / THE GREAT REVERSAL was
Page 109 and 110:
92 PART II / THE GREAT REVERSAL 30,
Page 111 and 112:
94 PART II / THE GREAT REVERSAL Fre
Page 113 and 114:
96 PART II / THE GREAT REVERSAL sin
Page 115 and 116:
98 PART II / THE GREAT REVERSAL in
Page 117 and 118:
W INDS 14. The Path of Retreat ALWA
Page 119 and 120:
102 PART II / THE GREAT REVERSAL va
Page 122 and 123:
The Path of Retreat 105 could not i
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The Path of Retreat 1°7 increase i
Page 126 and 127:
When to Reef Sail 109 With remarkab
Page 128 and 129:
When to Reef Sail 1 1 1 and distrib
Page 131 and 132:
FEDERAL RESERVE AND MARKET RATES OF
Page 133 and 134:
116 PART II / THE GREAT REVERSAL si
Page 136 and 137:
The Wounds of War 119 research, in
Page 138 and 139:
The Wounds of War 121 -but with the
Page 140 and 141:
The Wounds of War 123 Treasury infl
Page 142 and 143:
The Wound5 of War 125 cited, raised
Page 144 and 145:
17. Wading in the Big Pond r THE FE
Page 146 and 147:
Wading in the Big Pond 129 acquired
Page 148 and 149:
Wading in the Big Pond 131 1923, wh
Page 150 and 151:
Wading in the Big Pond 133 An Austr
Page 152 and 153:
18. The Lapping Waves of Crisis T H
Page 154 and 155:
The Lapping Waves of Crisis 137 The
Page 156 and 157:
The Lapping Waves of Crisis 139 Ele
Page 158 and 159:
The Lapping Waves of Crisis 141 Uni
Page 160 and 161:
19. The Fulcrum and the Lever T HE
Page 162 and 163:
The Fulcrum and the Lever 145 For d
Page 164 and 165:
The Fulcrum and the Lever 147 immed
Page 166 and 167:
The Fulcrum and the Lever 149 banks
Page 168 and 169:
M EANTIME, 20. The Gushing Fountain
Page 170 and 171:
The Gushing Fountain 153 Seventy-fo
Page 172 and 173:
PART III Debacle ofan Idea
Page 174 and 175:
21. The Crumbling of the Dikes ON A
Page 176:
The Crumbling of the Dikes 159 to s
Page 179 and 180:
PART III / DEBACLE OF AN IDEA the m
Page 182 and 183:
The New Thermopylae 165 its defects
Page 184 and 185:
The New Thermopylae 167 (N. Y.), of
Page 186 and 187:
The New Thermopylae 169 the shell o
Page 188 and 189:
The Keynesian Influence 171 This pr
Page 190 and 191:
The Keynesian Influence 173 Out of
Page 192 and 193:
The Keynesian Influence 175 The fac
Page 195 and 196:
178 PART III / DEBACLE OF AN IDEA t
Page 198 and 199:
The Not So New New Deal ment of com
Page 200 and 201:
The Not So New New Deal 183 of civi
Page 202 and 203:
T o 25. The New Deal and the Federa
Page 204 and 205:
The New Deal and the Federal Reserv
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The New Deal and the Federal Resero
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
T HROUGHOUT 26. New Bridles for Old
Page 214 and 215:
New Bridles for Old 197 trine of Ch
Page 216 and 217:
New Bridles for Old 199 on to say,
Page 218 and 219:
New Bridles for Old 201 orders defi
Page 220 and 221:
New Bridles for Old 203 for collate
Page 223 and 224:
206 PART III/DEBACLE OF AN IDEA A f
Page 225 and 226:
208 PART Ill/DEBACLE OF AN IOEA exc
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210 PART III/DEBACLE OF AN IDEA bus
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T HE 28. The Reversals of War REVER
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214 PART III / DEBACLE OF AN IDEA m
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216 PART III / DEBACLE OF AN IDEA o
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218 PART III / DEBACLE OF AN IDEA b
Page 237 and 238:
220 PART III' / DEBACLE OF AN IDEA
Page 239 and 240:
222 PART III/DEBACLE OF AN IDEA All
Page 241 and 242:
224 PART III/DEBACLE OF AN IDEA As
Page 243 and 244:
PART III/DEBACLE OF AN IDEA The bol
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PART III / DEBACLE OF AN IDEA The I
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230 PART III/DEBACLE OF AN IDEA Tha
Page 250 and 251:
The Role ofAtlas 233 nor did the Ma
Page 252 and 253:
L EN 31. The Not So Golden Years I
Page 254 and 255:
The Not So Golden Years 237 rates f
Page 256 and 257:
The Not So Golden Years 239 payable
Page 258 and 259:
The End ofa Dream 241 to safeguard
Page 260 and 261:
The End ofa Dream 243 InJune, 1958,
Page 262 and 263:
The End of a Dream 245 disparaged a
Page 264 and 265:
33. The Chute THE HISTORIAN OF THE
Page 267 and 268:
PART III/DEBACLE OF AN IDEA Woods s
Page 269 and 270:
34. Into the Pit APERSPECTIVE UPON
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254 PART III / DEBACLE OF AN IDEA t
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Into the Pit 257 The reciprocal of
Page 277 and 278:
260 PART III/DEBACLE OF AN IDEA arg
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PART III/DEBACLE OF AN IDEA of bime
Page 281 and 282:
264 PART III/DEBACLE OF AN IDEA be
Page 284 and 285:
Notes Preface. I. McCulloch v. Mary
Page 286:
Notes Chapter 9. 1. September 17, 1
Page 290 and 291:
Notes Chapter 27- 1. Op. cit. p. 25
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Selected Bibliography Albert, John
Page 294:
Selected Bibliography 277 Rist, Cha
Page 297 and 298:
I j j j j j j j j j j j j j j j j j
Page 302:
18,20,29,31,32,36,39,41,42, 47, 53,
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America's Money Machine

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