注 释

引 言

1. Ron Chernow，Alexander Hamilton（New York: Penguin Press，2004），347.

1. Nine Economic Policy Disasters and What We Can Learn from Them（Oxford: Oxford University Press，2013），45. Grossman’s third chapter，“Establish，Disestablish，Repeat，”is an elegant summary of the purposes of central banking internationally and of America’s first two aborted experiments.

1. Ibid.，45.

1. Alexis de Tocqueville，Democracy in America（1835；repr.，New York: Library of America，2004），448.

1. Ibid.，443.

1. Grossman，Wrong，43.

1. Richard Hofstadter，The American Political Tradition and the Men Who Made It（New York: Knopf，1991），69.

1. Robert Kuttner，Debtors Prison: The Politics of Austerity vs. Possibility（New York: Knopf，2013），183–185.

1. Richard Hofstadter，The American Political Tradition and the Men Who Made It（New York: Knopf，1991），36.

1. Ed Conway，The Summit: Bretton Woods，1944，J. M. Keynes and the Reshaping of the Global Economy（New York: Pegasus，2015），39，citing Barry Eichengreen，Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System（New York: Oxford University Press，2011），32.

第一章

1. Illinois Ancestors，speech available at www .illinoisancestors.org/lincoln/firstspeech.html. Accounts of the speech differ，but there is no doubt that during the 1840s Lincoln frequently advocated a national bank.

1. Andrew McFarland Davis，National Monetary Commission，The Origin of the National Banking System，61st Cong.，2d sess.（Washington，D.C.: Government Printing Office，1910），12–13.

1. Ibid.，13–14，quoting John Jay Knox，“By a Western Banker，”Hunt’s Merchants’ Magazine，January 1863. Knox was later U.S. comptroller of the currency.

1. Ibid.，12–14.

1. Ibid.，20–21.

1. Ibid.，19，quoting Cooke’s memoirs.

1. Ibid.，25，quoting Chicago Tribune，February 13，1863.

1. Ibid.，23，24.

1. Alexander Dana Noyes，National Monetary Commission，History of the National-Bank Currency，61st Cong.，2d sess.（Washington，D.C.: Government Printing Office，1910），10–14，18；and Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），21–23.

1. Davis，The Origin of the National Banking System，103.

1. McCulley，Banks and Politics During the Progressive Era，15.

1. Carter Glass，An Adventure in Constructive Finance（Garden City，N.Y.: Doubleday，1927），61–62.

1. McCulley，Banks and Politics During the Progressive Era，21–23；and Milton Friedman and Anna Jacobson Schwartz，A Monetary History of the United States，1867–1960（Princeton，N.J.: Princeton University Press，1971），31–32.

1. Richard H. Timberlake Jr.，The Origins of Central Banking in the United States（Cambridge，Mass.: Harvard University Press，1978），158–159.

1. Alexis de Tocqueville，Democracy in America（1835；repr.，New York: Library of America，2004），644.

1. McCulley，Banks and Politics During the Progressive Era，18，19–20.

1. For details on Robert Glass，as well as on Carter Glass，see Harry Edward Poindexter，“From Copy Desk to Congress: The Pre-Congressional Career of Carter Glass，”Ph.D. diss.，University of Virginia，1966，37–38. See also Rixey Smith and Norman Beasley，Carter Glass（New York: Longmans，Green and Co.，1939），3–36；James E. Palmer Jr.，Carter Glass: Unreconstructed Rebel（Roanoke: Institute of American Biography，1938），12–33；and Matthew Fink，“The Unlikely Reformer: CarterGlass’s Approach to Financial Legislation”（unpublished manuscript），4.

1. Poindexter，“From Copy Desk to Congress，”137.

1. Ibid.，224，183.

1. Friedman and Schwartz，Monetary History of the United States，24，41，and 91.

1. George Frederick Warren，Crop Yields and Prices，and Our Future Food Supply（Ithaca，N.Y.: Cornell University Press，1914），196.

1. Timberlake，Origins of Central Banking in the United States，161–162.

1. Alexander D. Noyes，“The Banks and the Panic of 1893，”Political Science Quarterly 9，no. 1（March 1894），17.

1. Ibid.，especially 16–18，24；and Robert L. Owen，The Federal Reserve Act（New York: Century，1919），2–3.

1. Barton Hepburn，A History of Currency in the United States（New York: Macmillan，1924），349–350.

1. James Grant，Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken（New York: Farrar，Straus and Giroux，1992），74.

1. Vincent P. Carosso，The Morgans: Private International Bankers，1854–1913（Cambridge，Mass.: Harvard University Press，1987），339.

1. Poindexter，“From Copy Desk to Congress，”177.

1. Ibid.，206–207.

1. Ibid.，125.

1. The precise Cleveland quote，widely cited，is“Though the people support the government；the government should not support the people.”

1. Nelson W. Aldrich Papers，Reel 59. Technically，McKinley promised to support a bimetallic system（gold and silver）if other nations did as well. Because most of Europe had no intention of switching，practically speaking，this meant that the Republicans were the party of gold.

1. Poindexter，“From Copy Desk to Congress，”15，204，224，and 234.

1. Richard Hofstadter，The American Political Tradition and the Men Who Made It（New York: Knopf，1991）；see especially 188–191.

1. Robert A. Degen，The American Monetary System: A Concise Survey of Its Evolution Since 1896（Lexington，Mass: D.C. Heath，1987），95；and Poindexter，“From Copy Desk to Congress，”246–247.

1. John Milton Cooper Jr.，Woodrow Wilson（New York: Knopf，2009），73.

1. “Report of the Monetary Commission to the Executive Committee of the Indianapolis Monetary Convention”（1897），available at openLibrary.org. See especially p. 37，discussing the phasing out of the requirement for depositing government bonds，and p. 43.

1. Annual Report of the Secretary of the Treasury on the State of the Finances，1896，lxxiii.

1. “Report of the Monetary Commission，”4.

1. Annual Report of the Secretary of the Treasury on the State of the Finances，1897，lxxiv–lxxvi；and Timberlake，Origins of Central Banking in the United States，172.

1. McCulley，Banks and Politics During the Progressive Era，56–57.

1. Arthur A. Housman to J. P. Morgan，June 14，1899，J. P. Morgan Jr. Papers.

1. Henry Morgenthau，All in a Life-Time（New York: Doubleday，1922），73.

1. Annual Report of the Secretary of the Treasury on the State of the Finances，1899，xc，xcii，xciv，and xcv.

1. A. Piatt Andrew，“The Treasury and the Banks Under Secretary Shaw，”Quarterly Journal of Economics 21，no. 4（August 1907），528–259，567.

1. Annual Report of the Secretary，1899，xci；and Annual Report of the Secretary of the Treasury on the State of the Finances，1901，74.

1. Friedman and Schwartz，Monetary History of the United States，135–136，139.

1. Annual Report of the Secretary，1901，76.

1. Friedman and Schwartz，Monetary History of the United States，142.

1. Annual Report of the Secretary，1901，73-74，77.

第二章

1. Alexander D. Noyes，“The Banks and the Panic of 1893，”Political Science Quarterly 9，no. 1（March 1894）.

1. Henry Dunning MacLeod，National Monetary Commission，An Address by Senator Nelson W. Aldrich Before the Economic Club of New York，November 29，1909，61st Cong.，2d sess.（Washington，D.C.: Government Printing Office，1910），26.

1. Author interview with Mark Williams.

1. A. Piatt Andrew，“The Treasury and the Banks Under Secretary Shaw，”Quarterly Journal of Economics 21，no. 4（August 1907），519–568；see especially 530–538 and 540–542. See also Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），102.

1. Harold Kellock，“Warburg，the Revolutionist，”The Century Magazine 90（n.s. 68—May to October 1915）.

1. Ron Chernow，The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family（New York: Random House，1993），40.

1. Kellock，“Warburg，the Revolutionist.”

1. Chernow，The Warburgs，69.

1. Paul M. Warburg，The Federal Reserve System: Its Origin and Growth—Reflections and Recollections（New York: Macmillan，1930），1:14–16.

1. “Changes in the Number and Size of Banks inthe United States，1834–1931，Material Prepared for the Information of the Federal Reserve System by the Federal Reserve Committee on Branch，Group，and Chain Banking，”3，available at http://fraser.stlouisfed.org/docs/historical/federal20reserve20history/frcom_br_gp_ch_banking/changes_in_banks_1834_1931.pdf. This report gives a figure of 13，925 banks in 1900；by 1903 the total was slightly higher than 15，000. The report was written for a Fed committee appointed in 1930，J. H. Riddle，executive secretary and director of research.

1. This anecdote is from Warburg，Federal Reserve System，1:18–19，except for the detail on Edward Harriman，which is from the research notes collected by Jeannette Paddock Nichols and Nathaniel W. Stephenson for the latter’s biography found in the Nelson W. Aldrich Papers，Reel 61.（These researchnotes are found in various reels of the Aldrich Papers and all are hereinafter cited as“Biographer’s notes.”）

1. Jerome L. Sternstein，“Nelson W. Aldrich: The Makingof the ‘General Manager of the United States，’ 1841–1886，”A.B. thesis，Brooklyn College，1959，199–200.

1. Nathaniel Wright Stephenson，Nelson W. Aldrich: A Leader in American Politics（New York: Scribner’s，1930），11–12.

1. Biographer’s notes，Aldrich Papers，Reel 58.

1. Sternstein，“Nelson W. Aldrich，”9.

1. Ibid.，38–41；the letter to Abby is on p. 32.

1. Biographical details on Senator Aldrich generally come from Stephenson，Nelson W. Aldrich. The impression that Aldrich felt entitled to membership in the aristocracy is informed by Nelson W. Aldrich Jr.，Old Money: The Mythology of Wealth in America（1988；repr.，New York: Allworth Press，1996），in particular p. 14；this is also the source for the objects（p. 26）and the land acquisition（p. 27）. Details about the château come from Biographer’s notes，Aldrich Papers，Reel 58；Aldrich，Old Money，26；and Stephenson，Nelson W. Aldrich，192.

1. Sternstein，“Nelson W. Aldrich，”150–151.

1. Ibid.，84–100.

1. Ibid.，105.

1. Quoted in ibid.，105–106.

1. Biographer’s notes，Aldrich Papers，Reel 58. See also Aldrich，Old Money，13–21.

1. Biographer’s notes，Aldrich Papers，Reel 59.

1. Stephenson，Nelson W. Aldrich，44.

1. Sternstein，“Nelson W. Aldrich，”159.

1. Sternstein，“Nelson W. Aldrich，”52–53；and Aldrich，Old Money，15–16.

1. Author’s correspondence with Douglas A. Irwin.

1. Biographer’s notes，Aldrich Papers，Reel 58.

1. Adam Smith，The Wealth of Nations（1776）.

1. Sternstein，“Nelson W. Aldrich，”194.

1. There is a rich literature on Aldrich’s relationship with the Sugar Trust；see especially Jerome L. Sternstein，“Corruption in the Guilded Age Senate: Nelson W. Aldrich and the Sugar Trust，”Capitol Studies: A Journal of the Capitol and Congress 6，no. 1（Spring 1978），as well as Biographer’s notes，Aldrich Papers，Reel 59；and Sternstein，“Nelson W. Aldrich，”236. Other details in this paragraph come from Sternstein，“Nelson W. Aldrich，”191，198–201，236，248，255–256，260，and 262.

1. Biographer’s notes，Aldrich Papers，Reel 59.

1. Michael Clark Rockefeller，“Nelson W. Aldrich and Banking Reform: A Conservative Leader in the Progressive Era，”A.B. thesis，Harvard College，1960，6.

1. Barton Hepburn，A History of Currency in the United States（New York: Macmillan，1924），v–xvi.

1. Sternstein，“Nelson W. Aldrich，”4.

1. Hepburn，History of Currency，v–xvi.

1. Banking and Currency Reform: Hearings Before the Subcommittee of the Committee on Banking and Currency，Charged with Investigating Plan of Banking and Currency Reform and Reporting Constructive Legislation Thereof，62nd Cong.，3rd sess.，House of Representatives，January 7，1913（Washington，D.C.: Government Printing Office，1913），77，available at http://books.google.com/books?id=pc0qAAAAYAAJ&printsec=frontcover&source=gbs_ge_summary_r&cad=0v=onepage&q&f=false.

1. Warburg，The Federal Reserve System，1:17.

1. Ibid.，1:14–15.

1. James G. Cannon and David Kinley，National Monetary Commission，Clearing Houses and Credit Instruments（Washington，D.C.: Government Printing Office，1911），6:70–73.

1. Richard Hofstadter，The Age of Reform: From Bryan to F.D.R.（New York: Vintage，1955），168–169，232.

1. Kellock，“Warburg，the Revolutionist.”

1. Warburg，The Federal Reserve System，1:12.

1. “Aldrich Becomes Converted to Idea of a Central Bank，May–October，1908，”Aldrich Papers，Reel 61（from Warburg Papers）.

1. “What Congress Left Undone，”The Outlook 73，no. 11（March 14，1903），available at www.unz.org/Pub/Outlook-1903mar14-00597a02. See also Rockefeller，“Nelson W. Aldrich and Banking Reform，”6；Stephenson，Nelson W. Aldrich，210；Robert H. Wiebe，Businessmen and Reform: A Study of the Progressive Movement（Chicago: Elephant，1989），64；and McCulley，Banks and Politics During the Progressive Era，104–105.

1. Jerome L. Sternstein，“King Leopold II，Senator Nelson W. Aldrich，and the Strange Beginnings of American Economic Penetration of the Congo，”African Historical Studies 2，no. 2（1969）.

1. Rockefeller，“Nelson W. Aldrich and Banking Reform，”50.

1. Arthur Weinberg and Lila Weinberg，eds.，The Muckrakers: The Era in Journalism That Moved America to Reform—The Most Significant Magazine Articles of 1902–1912（New York: Simon and Schuster，1965），xiv，xv，and xix.

1. David Graham Phillips，“The Treason of the Senate，”Cosmopolitan，March 1906. The previous year，Aldrich had been the focus of another broadside: Lincoln Steffens，“Rhode Island: A State for Sale，”McClure’s Magazine 24，no. 4（February 1905）.

1. Weinberg and Weinberg，The Muckrakers，xvii.

1. Ibid.，xvi–xvii，70.

1. Ibid.，xiii，xiv.

第三章

1. Vanderlip to Woodrow Wilson，October 29，1912，telegram，Frank A. Vanderlip Papers，Box 1-4.

1. Cyrus Adler，Jacob H. Schiff: His Life and Letters（1928；repr.，Grosse Pointe，Mich.: Scholarly Press，1968），1:277–279. The $100 million figure comes from A. Piatt Andrew，“The Treasury and the Banks Under Secretary Shaw，”The Quarterly Journal of Economics 21，no. 4（August 1907），542–543.

1. Biographer’s notes，Nelson A. Aldrich Papers，Reel 61，which makes reference to the“hard-boiled”loyalty shown by Americanbankers toward the National Banking Act.

1. Biographical details in this and the next paragraph come from Frank A. Vanderlip with Boyden Sparkes，From Farm Boy to Financier（New York: D. Appleton-Century，1935）；the opinion of Roosevelt is found on 80–82.

1. Anna Robeson Burr，James Stillman: The Portrait of a Banker（New York: Duffield，1927），185.

1. Henry Parker Willis，The Federal Reserve System: Legislation，Organization and Operation（New York: Ronald Press，1923），486. The 40 percent figure was given during the 1913 Senate debate on the Federal Reserve Act；in 1906，the percentage most likely was less，but it was still impressively high.

1. J. Lawrence Broz first proposed the thesis that American bankers lobbying for a central bank were motivated，at least in part，by their private interest in seeing the dollar become an international currency. See Broz’s“The Origins of Central Banking: Solutions to the Free-Rider Problem，”International Organization 52，no. 2（Spring 1998），231–268，as well as his“Origins of the Federal Reserve System: International Incentives and the Domestic Free-Rider Problem，”International Organization 53，no. 1（Winter 1999），39–70. See also Adler，Jacob H. Schiff，280–281

1. “The Currency，”report by the Special Committee of the Chamber of Commerce，New York State，submitted October 4，1906，and adopted November 1，1906，available at https://archive.org/stream/currencyreport00newyrich/currencyreport00newyrich_djvu.txt.

1. Ibid.

1. Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），89–90.

1. Adler，Jacob H. Schiff，284–285.

1. Vanderlip to James Stillman，April 27，1906，Vanderlip Papers，Box 1-2. Details on Stillman’s mansion from Burr，James Stillman，248，275. See also Kerry A. Odell and Marc D. Weidenmier，“Real Shock，Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907，”Journal of Economic History 64，no. 4（December 2004）.

1. Vanderlip to James Stillman，May 4，1906，Vanderlip Papers，Box 1-2.

1. Andrew，“The Treasury and the Banks Under Secretary Shaw，”543.

1. Ibid.，545.

1. Annual Report of the Secretary of the Treasury on the State of the Finances，1906，39，41.

1. Ibid.，41–42.

1. Ibid.，39，42.

1. Richard H. Timberlake Jr.，The Origins of Central Banking in the United States（Cambridge，Mass.: Harvard University Press，1978），220–221.

1. Harold van B. Cleveland and Thomas F. Huertas，Citibank: 1812–1970（Cambridge，Mass: Harvard University Press，1985），49.

1. McCulley，Banks and Politics During the Progressive Era，123.

1. Timberlake，The Origins of Central Banking in the United States，179.

1. Annual Report of the Secretary，1906，42–43.

1. Timberlake，The Origins of Central Banking in the United States，179.

1. Andrew，“The Treasury and the Banks Under Secretary Shaw，”544，559，561，and 565.

1. Shaw specifically claimed that if he was given $100 million to be deposited with or withdrawn from banks at his pleasure，and was permitted to set reserve requirements，he could avert any panic that threatened either the UnitedStates or Europe: see Annual Report of the Secretary，1906，46，49.

1. McCulley，Banks and Politics During the Progressive Era，92–93；and Robert H. Wiebe，Businessmen and Reform: A Study of the Progressive Movement（Chicago: Elephant，1989），63–64.

1. McCulley，Banks and Politics During the Progressive Era，92，95–97，124，and 133；and Michael Clark Rockefeller，“Nelson W. Aldrich and Banking Reform: A Conservative Leader in the Progressive Era，”A.B. thesis，Harvard College，1960，vi，x，and xi.

1. Wiebe，Businessmen and Reform，65.

1. Henry F. Pringle，The Life and Times of William Howard Taft（New York: Farrar and Rinehart，1939），2:716.

1. Paul M. Warburg，The Federal Reserve System: Its Origin and Growth—Reflections and Recollections（New York: Macmillan，1930），1:12.

1. Harold Kellock，“Warburg，the Revolutionist，”The Century Magazine 90（n.s. 68—May to October 1915）.

1. Vanderlip to James Stillman，March 22，1907，Vanderlip Papers，Box 1-2.

1. Andrew，“The Treasury and the Banks Under Secretary Shaw，”548（also the source for Reichsbank）.

1. O. M. W. Sprague，National Monetary Commission，History of Crises Under the National Banking System，61st Cong.，2d sess.（Washington，D.C.: Government Printing Office，1910），241.

1. McCulley，Banks and Politics During the Progressive Era，125.

1. Ibid.，119；and Sprague，History of Crises，241.

1. Cleveland and Huertas，Citibank，51–52.

1. Perkins to J. P. Morgan，April 30，1907，George W. Perkins Sr. Papers，Box 9.

1. Perkins to J. P. Morgan，May 31，1907，ibid.

1. Perkins to J. P. Morgan，June 19，1907，ibid.

1. “Currency Outlook Under Aldrich Law，”The New York Times，March 4，1907.

1. Perkins to J. P. Morgan，May 27，1907，Perkins Papers，Box 9.

第四章

1. Walter Bagehot，Lombard Street: A Description of the Money Market（London，1873），20.

1. Ida Tarbell，“The Hunt for a Money Trust，III. The Clearing House，”American Magazine，July 1913，42.

1. Richard H. Timberlake Jr.，The Origins of Central Banking in the United States（Cambridge，Mass.: Harvard University Press，1978），184.

1. Frank A. Vanderlip with Boyden Sparkes，From Farm Boy to Financier（New York: D. Appleton-Century，1935），165–167.

1. Perkins to J. P. Morgan，July 12，1907，George W. Perkins Sr. Papers，Box 9.

1. Jon Moen and Ellis W. Tallman，“The Bank Panic of 1907: The Role of Trust Companies，”The Journal of Economic History 52，no. 3（September 1992），617.

1. Perkins to J. P. Morgan，October 3，1907，Perkins Papers，Box 9.

1. Perkins to J. P. Morgan，October 12，1907，ibid.

1. The speculator，whose name I omitted to avoid deluging the reader with an abundance of characters，was Frederick Augustus Heinze，one of the three so-called copper kings of Butte，Montana. The mining stock was that of United Copper Company. This account is largely based on O. M. W. Sprague，“The American Crisis of 1907，”The Economic Journal 18，no. 71（September 1908）.

1. Jon R. Moen and Ellis W. Tallman，“Why Didn’t the United States Establish a Central Bank Until After the Panic of 1907?”（unpublished manuscript，September 2007），27，table 3；the figures are for New York Cityonly.

1. Sprague，“The American Crisis of 1907，”357.

1. Ibid.，358.

1. “Knickerbocker Will Be Aided，”The New York Times，October 22，1907. ”

1. Robert F. Bruner and Sean D. Carr，The Panic of 1907: Lessons Learned from the Market’s Perfect Storm（Hoboken，N.J.: John Wiley and Sons，2007），75–76. Bruner and Carr also maintain that growing rumors of the two men’s connections both contributed to Barney’s downfall and“gained credence”when Barney was forced to resign.

1. Vincent P. Carosso，The Morgans: Private International Bankers，1854– 1913（Cambridge，Mass.: Harvard University Press，1987），536.

1. New York Clearing House，Minutes，October21，1907，cited in Moen and Tallman，“Why Didn’t the United States Establish a Central Bank，”12.

1. “Pays Out $8，000，000 and Then Suspends，”The New York Times，October 23，1907.

1. Quoted in Bruner and Carr，The Panic of 1907，78.

1. Ibid.

1. Lester V. Chandler，Benjamin Strong，Central Banker（Washington，D.C.: Brookings Institution，1958），28.

1. “Knickerbocker Will Not Open，”The New York Times，October 23，1907.

1. Thomas W. Lamont，Henry P. Davison: The Record of a Useful Life（New York: Harper and Brothers，1933），76.

1. Ibid.，especially 15.

1. Background on Strong from Chandler，Benjamin Strong；see also“Mrs. Strong Kills Herself，”The New York Times，May 11，1905；and Lamont，Henry P. Davison，59–62.

1. Carosso，The Morgans，539–540.

1. Ibid.，540–541；and Jean Strouse，Morgan，American Financier（New York: Random House，1999），579.

1. Carosso，The Morgans，542.

1. Annual Report of the Secretary of Treasury on the State of the Finances，1907，53–54. Cortelyou said his hands were“virtually tied.”

1. Vanderlip，From Farm Boy to Financier，174–175.

1. The letters of appreciation to Morgan can be found in the Pierpont Morgan Papers，Box 7，book 12. See also Ron Chernow，The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance（New York: Grove Press，1990），125；“J. P. Morgan Has a Cold，”The New York Times，October 26，1907；and“Lord Rothschild’s Tribute to Morgan，”The New York Times，October 26，1907.

1. Author interview with Ellis W. Tallman，who cited call reports of the New York Superintendent of Banking. According to Tallman，from August 22 to December 19，1907，deposits in New York City trusts fell 47.8 percent. The figure was inflated by the shuttering of the Knickerbocker，but even if the Knickerbocker is omitted from the calculation，deposits fell a hefty 33.7 percent.

1. A. Piatt Andrew，“Substitutes for Cash in the Panic of 1907，”The Quarterly Journal of Economics 22，no. 4（August 1908），509.

1. O. M. W. Sprague，National Monetary Commission，History of Crises Under the National Banking System，61st Cong.，2d sess.（Washington，D.C.: Government Printing Office，1910），290.

1. Andrew，“Substitutes for Cash in the Panic of 1907，”510–513.

1. Ibid.，501；the exact figures in the survey were 71 of 145 cities. In addition，Sprague，History of Crises，reports that 60 of 110 established clearinghouses made use，specifically，of loan certificates（p. 290）. Quotations and other details in this paragraph come from Andrew，“Substitutes for Cash in the Panic of 1907，”especially 497，504，and 507–508.

1. Andrew，“Substitutes for Cash in the Panic of 1907，”515.

1. Ibid.，501–502.

1. Ibid.，502A. For banks’ discretion，see also Sprague，History of Crises，287.

1. Andrew，“Substitutes for Cash in the Panic of 1907，”498–500；and Sprague，History of Crises.

1. Andrew，“Substitutes for Cash in the Panic of 1907，”497.

1. “Bankers Discuss Causes of Flurry，”The New York Times，December 3，1907.

1. Sprague，History of Crises，276. Sprague succinctly observed:“Suspension increases enormously the propensity to hoard money.”

1. A. Piatt Andrew，“Hoarding in the Panic of 1907，”The Quarterly Journal of Economics 22，no. 2（February 1908），293–295.

1. Sprague，“The American Crisis of 1907，”367. In“Hoarding in the Panic of 1907”（p. 293），Andrew suggests the far smaller figure of $230 million of currency that“passed out of the banks and disappeared from sight between August and December.”

1. Elmus Wicker，The Great Debate on Banking Reform: Nelson Aldrich and the Origins of the Fed（Columbus: Ohio State University Press，2005），39.

1. Annual Report of the Secretary of the Treasury on the State of the Finances，1907，53.

1. Banking and Currency Reform: Hearings Before the Subcommittee of the Committee on Banking and Currency，Charged with Investigating Plan of Banking and Currency Reform and Reporting Constructive Legislation Thereof，62nd Cong.，3rd sess.，House of Representatives January 7，1913（Washington，D.C.: Government Printing Office，1913），262，available at http://books.google.com/books?id=pc0qAAAAYAAJ&printsec=frontcover&source=gbs_ge_summary_r&cad=0v=onepage&q&f=false.

1. Andrew，“Hoarding in the Panic of 1907，”296–297（for San Antonio，Indianapolis，Wichita，Portland，and Galveston）.

1. Vanderlip，From Farm Boy to Financier，171.

1. Myron T. Herrick，“The Panic of 1907 and Some of Its Lessons，”Annals of the American Academy of Political and Social Science 31（March 1，1908），9. The cumulative reserve deficit of the national banks in New York City was $54 million，the largest ever.

1. See，for instance，Sprague，“The American Crisis of 1907，”367.

1. Sprague，History of Crises，304.

1. Paul M. Warburg，The Federal Reserve System: Its Origin and Growth—Reflections and Recollections（New York: Macmillan，1930），2:125.

1. Andrew，“Hoarding in the Panic of 1907，”290.

1. J. Lawrence Broz，“Origins of the Federal Reserve System: International Incentives and the Domestic Free-Rider Problem，”International Organization 53，no. 1（Winter 1999），44. The five severe crises occurred in 1873，1884，1890，1893，and 1907.

1. Timberlake，The Origins of Central Banking in the United States，183–184.

1. Sprague，“The American Crisis of 1907，”368；and Milton Friedman and Anna Jacobson Schwartz，A Monetary History of the United States，1867–1960（Princeton，N.J.: Princeton University Press，1971），156. From December 1906to November 1907，the Dow Industrials fell 40.9 percent.

1. Warburg，The Federal Reserve System，1:18–19.

1. “Mr. Warburg Urges Government Bank，”The New York Times，November 14，1907.

1. This account is based on Strouse，Morgan，American Financier，582–588.

1. Ibid.，589.

1. Ibid.（italics added）.

1. Lucy D. Chen，“Banking Reform in a Hostile Climate: Paul M. Warburg and the National Citizens’ League”（working paper，April 2010），available at www.fas.harvard.edu/~histecon/crisis-next/1907/docs/Chen-Warburg_Final_Paper.pdf.

1. William Diamond，The Economic Thought of Woodrow Wilson（Baltimore: Johns Hopkins University Press，1943），78–79.

1. “Dr. Wilson Defines Material Issues，”The New York Times，November 24，1907.

1. The title page of The Currency Problem and the Present Financial Situation，a book reproducing the Columbia lectures，can be found in the Nelson W. Aldrich Papers.

1. Paul M. Warburg，“American and European Banking Methods and Bank Legislation Compared，”February 3，1908，reprinted in Warburg，The Federal Reserve System，2:43，48，and 54.

1. Wicker，The Great Debate on Banking Reform，38.

1. Warburg’s plan was published as a letter to the Times on November 14，1907，under the headline“Mr. Warburg Urges Government Bank.”War-burg，in his later collection of speeches and essays（The Federal Reserve System，2:29–36），recycled a version of this plan under the more memorable title“A Plan for a ModifiedCentral Bank”；he said it had been published on November 12. The discrepancy between dates is unexplained.

1. Warburg，“A Plan for a Modified Central Bank，”in Warburg，The Federal Reserve System，2:34–35.

1. Warburg，The Federal Reserve System，1:31.

1. The biographical details on Aldrich in this paragraph are from Michael Clark Rockefeller，“Nelson W. Aldrich and Banking Reform: A ConservativeLeader in the Progressive Era，”A.B. thesis，Harvard College，1960，12–13.

1. Notes found in Aldrich Papers，Reel 61. See also Warburg，The Federal Reserve System，1:31–32.

1. Notes found in Aldrich Papers，Reel 61.

1. Warburg，The Federal Reserve System，1:32.

1. Paul Warburg to Aldrich，December 31，1907，Aldrich Papers，Reel 61；reprinted in Warburg，The Federal Reserve System，1:555–557.

第五章

1. Banking and Currency Reform: Hearings Before the Subcommittee of the Committee on Banking and Currency，Charged with Investigating Plan of Banking and Currency Reform and Reporting Constructive Legislation Thereof，62nd Cong.，3rd sess.，House of Representatives，January 7，1913（Washington，D.C.: Government Printing Office，1913），69，available at http://books.google.com/books?id=pc0qAAAAYAAJ&printsec=frontcover&source=gbs_ge_summary_r&cad=0v=onepage&q&f=false.

1. Theodore Roosevelt to Everett Colby，October 3，1913；George W. Perkins Sr. Papers，Box 13.

1. Harold Kellock，“Warburg，the Revolutionist，”The Century Magazine 90（n.s. 68—May to October 1915）.

1. Paul Warburg to Hon. Theodore E. Burton，April 30，1908，in Paul M. Warburg，The Federal Reserve System: Its Origin and Growth— Reflections and Recollections（New York: Macmillan，1930），1:553–554.

1. See various items in Nelson W. Aldrich Papers，Reel 61，including“Aldrich Becomes Converted to Idea of a Central Bank，May–October 1908”；as well as Michael Clark Rockefeller，“Nelson W. Aldrich and Banking Reform: A Conservative Leader in the Progressive Era，”A.B. thesis，Harvard College，1960，18–19；Henry Parker Willis，The Federal Reserve System: Legislation，Organization and Operation（New York: Ronald Press，1923），45–46；and Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），152–154.

1. Perkins to J. P. Morgan，May 22，1908，Perkins Papers，Box 9.

1. McCulley，Banks and Politics During the Progressive Era，153–154.

1. Speech of Senator Nelson W. Aldrich on S. Bill No. 3023，February 10，1908，quoted in Warburg，The Federal Reserve System，1:32.

1. James Grant，Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken（New York: Farrar，Straus and Giroux，1992），122–123. Tallies of the number of National Monetary Commission volumes differ. Andrew cites thirty-five volumes；see Andrew to Woodrow Wilson，November23，1911，A. Piatt Andrews Papers，Box 22，folder 7；however，Andrew L. Gray，Andrew’s grandnephew，cites twenty-three volumes in“Who Killed the Aldrich Plan?”The Bankers Magazine 54（Summer 1971），62–74.

1. “Minutes of Meetings of Monetary Commission，1908–1911”and“Chronology on Monetary Commission Work of Senator Aldrich，”both in Aldrich Papers，Reel 61. Regarding the recommendation of Davison，see Perkins to J. P. Morgan，July 14，1908，Perkins Papers，Box 9.

1. Jean Strouse，Morgan，American Financier（New York: Random House，1999），602.

1. Perkins to J. P. Morgan，July 23，1908，telegram，Perkins Papers，Box 9.

1. Correspondence in the Perkins Papers（Box 9）documents efforts for antitrust relief，both in general and specifically for International Harvester and U.S. Steel，each the fruit of Morgan-orchestrated mergers. See also Robert H. Wiebe，Businessmen and Reform: A Study of the Progressive Movement（Chicago: Elephant，1989），46–47. On rate fixing，Perkins’s April 21，1908，letter to Morgan（also in Perkins Papers，Box 9）contains this gem。

1. William Howard Taft to Aldrich，June 27，1908，Aldrich Papers，Reel 61.

1. McCulley，Banks and Politics During the Progressive Era，160.

1. Ibid.，159–161.

1. “Aldrich Satisfied with Currency Law，”The New York Times，August 1，1908.

1. North German Lloyd Steamship Co. to Arthur P. Shelton，July 23，1908，Aldrich Papers，Reel 27.

1. Perkins to Morgan，July 23，1908，George W. Perkins Sr. Papers.

1. Nathaniel Wright Stephenson，Nelson W. Aldrich: A Leader in American Politics（New York: Scribner，1930），335–336.

1. Ibid.，336；and Aldrich Papers，Reel 61.

1. Aldrich Papers，Reel 27；Rockefeller，“Nelson W. Aldrich and Banking Reform，”28；and Stephenson，Nelson W. Aldrich，335.

1. Typed“Family History，”A. Piatt Andrew Papers，Box 43，folder 8.

1. Andrew to W. G. Brown，December 5，1911，ibid.，Box 22，folder 7.

1. “Family History.”Andrew’s social outings with FDR are mentioned in his Diary of Abram Piatt Andrew，1902–1914，ed. E. Parker Hayden Jr. and Andrew L. Gray（Princeton，N.J.，1986）.

1. Andrew，Diary；for Andrew’s government salary，see Aldrich Papers，Reel 58.

1. Walter Bagehot，Lombard Street: A Description of the Money Market（London，1873）. Bagehot stresses that the duty as lender of last resort was merely tacit，not written down or“acknowledged”—see especially pp. 25，71.

1. Bagehot，Lombard Street，19，21；see also ibid.，66-67，78.

1. Forrest Capie，Charles Goodhart，and Norbert Schnadt，“The Development of Central Banking”（1994），available at http://eprints.lse.ac.uk/39606/1 /The_development_of_central_banking_28LSERO29.pdf. Specifically，its table 1.2，“The Number of Central Banks 1900–1990”（p. 6），states there were eighteen in 1900 and twenty in 1910. Background on central bank history and development is based on J. Lawrence Broz’s trenchant“The Origins of Central Banking: Solutions to the Free-RiderProblem，”delivered at the 1996 Annual Meeting of the American Political Science Association，and published in International Organization 52，no. 2（Spring 1998），231–268.

1. Bagehot，Lombard Street，16，28，and 84–85.

1. National Monetary Commission，Interviews on the Banking and Currency Systems of England，Scotland，France，Germany，Switzerland，and Italy，61st Cong.，2d sess.（Washington，D.C.: Government Printing Office: 1910），336.

1. Stephenson，Nelson W. Aldrich，336.

1. Biographer’s notes，Aldrich Papers，Reel 61.

1. Stephenson，Nelson W. Aldrich，335.

1. “Minutes of Meetings of Monetary Commission.”

1. Stephenson，Nelson W. Aldrich，335；and Rockefeller，“Nelson W. Aldrich and Banking Reform，”32.

1. Biographer’s notes，Aldrich Papers，Reel 61；and Rockefeller，“Nelson W. Aldrich and Banking Reform，”28.

1. Bagehot，Lombard Street，11–13.

1. J. Lawrence Broz，“The Domestic Politics of International Monetary Order: The Gold Standard，”in Contested Social Orders and International Politics，ed. David Skidmore（Nashville: Vanderbilt University Press，1997），53–91.

1. Biographer’s notes，Aldrich Papers，Reel 61；and Stephenson，Nelson W. Aldrich，337–338.

1. Andrew，Diary；and“Chronology on Monetary Commission Work of Senator Aldrich.”

1. National Monetary Commission，An Address by Senator Nelson W. Aldrich Before the Economic Club of New York，November 29，1909，61st Cong.，2d sess.（Washington，D.C.: Government Printing Office，1910），28.

1. Frank A. Vanderlip with Boyden Sparkes，From Farm Boy to Financier（New York: D. Appleton-Century，1935），211.

1. Andrew，Diary.

1. Biographer’s notes，Aldrich Papers，Reel 61；and National Monetary Commission，Interviews.

1. National Monetary Commission，Interviews；quotes come from pp. 31–32，356，201–202，and 212，respectively.

1. Rockefeller，“Nelson W. Aldrich and Banking Reform，”23；and Aldrich Papers，Reel 29.

1. Stephenson，Nelson W. Aldrich，339.

1. Discussion of Roosevelt’s pending trip was public within weeks of the election: see，for example，“Explorers See Roosevelt，”The New York Times，November 21，1908.

1. This anecdote is drawn from Warburg，The Federal Reserve System，1:56，and from“Aldrich Becomes Converted to Idea of a Central Bank，May–October 1908，”Aldrich Papers，Reel 61.

1. Warburg，The Federal Reserve System，1:56–57.

1. Paul Warburg to Piatt Andrew，December 14，1908，Aldrich Papers，Reel 28；and Warburg，The Federal Reserve System，1:33–34，57.

1. “Money Commission Meets，”The New York Times，November 23，1908.

1. “Aldrich Weary of Senate，”ibid.，November 2，1908.

1. “Senator Aldrich Tells of His Trip，”ibid.，November 19，1908.

1. National Monetary Commission correspondence，Aldrich Papers，Reel 27. For New York State，see a banking department letter to Arthur Shelton，July 23，1909，ibid.

1. Rockefeller，“Nelson W. Aldrich and Banking Reform，”31–32，quoting the Milwaukee Journal.

1. Nicholas Murray Butler to Aldrich，January 25，1909，Aldrich Papers，Reel 29；Aldrich’s reply is in ibid.

1. “Chronology on Monetary Commission Work of Senator Aldrich”；Frank Vanderlip to Aldrich，December 1，1908，Aldrich Papers，Reel 28；and Vanderlip，From Farm Boy to Financier，211.

1. Henry F. Pringle，The Life and Times of William Howard Taft（New York: Farrar and Rinehart，1939），1:382（italics added）.

1. Ibid.，384，387–288.

1. Ibid.，392.

1. Vanderlip to Lord Revelstoke（Edward Charles Baring），January 27，1909，Vanderlip Papers，Box 1–3. For a full and compelling account of the Taft-Roosevelt relationship，see Doris Kearns Goodwin’s The Bully Pulpit: TheodoreRoosevelt，William Howard Taft，and the Golden Age of Journalism（New York: Simon and Schuster，2013）.

第六章

1. Nelson W. Aldrich，National Monetary Commission，An Address by Senator Nelson W. Aldrich Before the Economic Club of New York，November 29，1909，61st Cong.，2d sess.（Washington，D.C.: Government Printing Office，1910），27.

1. Taft quoted in“Taft Advocates Currency Reform，”The New York Times，June 23，1911.

1. Letters from U.S. Steel（April 6，1909）and National Biscuit（April 19，1909）to Aldrich are in Nelson W. Aldrich Papers，Reel 31；letter from Royal Weaving’s Joseph Ott to Aldrich（May 6，1909）is in ibid.，Reel 32.

1. 93Ibid.，Reels 31–33；see especially Reel 33，which contains Secretary of State Philander C. Knox to Aldrich，May 26，1909，enclosing translation of a note from the Turkish embassy.

1. Nathaniel Wright Stephenson，Nelson W. Aldrich: A Leader in American Politics（New York: Scribner’s，1930），351.

1. Paul Warburg to A. Piatt Andrew，July 26，1909，Aldrich Papers，Reel 35.

1. A. Piatt Andrew，Diary of Abram Piatt Andrew，1902–1914，ed. E. Parker Hayden Jr. and Andrew L. Gray（Princeton，N.J.，1986），entries for June 29，1909（Wright），and April 27，1910（Gettysburg）.

1. For the Taft-Aldrich relationship during the tariff legislation，see Henry F. Pringle，The Life and Times of William Howard Taft（New York: Farrar and Rinehart，1939），1:411–415；and Doris Kearns Goodwin，The Bully Pulpit: Theodore Roosevelt，William Howard Taft，and the Golden Age of Journalism（New York: Simon and Schuster，2013），593–594，597. The source for the White House portico is Stephenson，Nelson W. Aldrich，351. Taft’s letter to Aldrich of July 29，1909（Aldrich Papers，Reel 35）

1. Walter Nugent，Progressivism: A Very Short Introduction（New York: Oxford University Press，2010），84.

1. See the fascinating recollection“Notes on an Interview with A. Piatt Andrew，”February 1，1934，on mimeograph in the A. Piatt Andrew Papers. The interviewer，Andrew L. Gray，wrote that“Aldrich told me in personal conversations that his own inclination would have been to liberalize[reduce the duties]considerably but that he could not do so without letting down his old associations who had stuck by him through thick and thin.”

1. James W. Van Cleave of the National Association of Manufacturers to Aldrich，May 19，1909，Aldrich Papers，Reel 33. For appraisals of the Payne-Aldrich tariff，see Pringle，William Howard Taft，1:425；Robert H. Wiebe，Businessmen and Reform: A Study of the Progressive Movement（Chicago: Elephant，1989），95；Stephenson，Nelson W. Aldrich 357–358；and Arthur S. Link，Wilson，vol. 2，The New Freedom（Princeton，N.J.: Princeton University Press，1956），178.

1. Goodwin，The Bully Pulpit，593.

1. Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），226.

1. “Cummins Will Give No Quarter in Fight，”The New York Times，November 7，1909.

1. “Aldrich the Master of Details，”Current Literature 47（August 1909），145–147.

1. “Chronology on Monetary Commission Work of Senator Aldrich，”Aldrich Papers，Reel 61. For the meeting with Churchill，see Michael Clark Rockefeller，“Nelson W. Aldrich and Banking Reform: A Conservative Leader inthe Progressive Era，”A.B. thesis，Harvard College，1960，34–35；and Stephenson，Nelson W. Aldrich，362.

1. Various correspondence in Aldrich Papers，Reels 35–37.

1. Stephenson，Nelson W. Aldrich，363.

1. Henry Davison to Aldrich，August 6，1909，Aldrich Papers，Reel 35.

1. Aldrich to Porfírio Diaz，August 28，1909，ibid.，Reel 36.

1. Stephenson，Nelson W. Aldrich，367；Carrere and Hastings（architects）to Aldrich，July 15，1910，Aldrich Papers，Reel 42；and Senator Boies Penrose to Aldrich，March 25，1910，ibid.，Reel 41. Reel 61 of ibid. is replete with stock transactions，many of them substantial.

1. Various correspondence，Aldrich Papers，Reels 30，37.

1. Victor Morawetz，The Banking and Currency Problem in the United States（New York: North American Review Publishing，1909）；see especially 45–46，84–86.

1. “Taft with Aldrich for a Central Bank，”The New York Times，September 15，1909.

1. “Chronology on Monetary Commission Work of Senator Aldrich.”

1. Rockefeller，“Nelson W. Aldrich and Banking Reform，”35，54.

1. National Monetary Commission（probably A. Piatt Andrew）to Paul Warburg，November 19，1909，and unidentified Milwaukee newspaper clipping，both in Aldrich Papers，Reel 61.

1. Quoted in Rockefeller，“Nelson W. Aldrich and Banking Reform，”74.

1. An Address by Senator Nelson W. Aldrich Before the Economic Club of New York.

1. Paul M. Warburg，The Federal Reserve System: Its Origin and Growth—Reflections and Recollections（New York: Macmillan，1930），1:57.

1. Paul Moritz Warburg Papers，Folder 91.

1. Warburg，The Federal Reserve System，2:160.

1. “Minutes of Meetings of Monetary Commission，1908–1911，”Aldrich Papers，Reel 61.

1. An Address by Senator Nelson W. Aldrich Before the Economic Club of New York；quotes on 17，19.

1. Vanderlip to James Stillman，January 21，1910，Frank A. Vanderlip Papers，Box 1-3；see also Vanderlip to James Stillman，February 11，1910，ibid.

1. Nugent’s Progressivism is a worthy introduction to the subject.

1. According to the website Press Reference（www.pressreference.com/Sw-Ur/United-States.html），the number of newspapers in the United States hit a peak in 1910，at 2，600.

1. Pringle，William Howard Taft，1:413.

1. Vanderlip to Stillman，January 21，1910.

1. Warburg to Nelson Aldrich，December 24，1909，Warburg Papers.

1. Warburg，The Federal Reserve System，1:35–46，2:118.

1. Ibid.，1:85–86，2:160–61.

1. Ibid.，1:42–48；quote on 45–46.

1. Ibid.，36–37.

1. “Million Join in Welcome to Roosevelt，”The New York Times，June 19，1910；Pringle，William Howard Taft，1:538–55，especially 551 and 553–54；and Goodwin，The Bully Pulpit，640–641.

1. Theodore Roosevelt to Henry Cabot Lodge，August 17，1910，quoted in James Chace，1912: Wilson，Roosevelt，Taft and Debs—The Election That Changed the Country（New York: Simon and Schuster，2004），56.

1. Wiebe，Businessmen and Reform，91；and Pringle，William Howard Taft，1:420.

1. Notes（quoting Roosevelt letter to Lodge，September 10，1909），Aldrich Papers，Reel 61.

1. Arthur S. Link，Woodrow Wilson and the Progressive Era，1910–1917（New York: Harper and Row，1954），5. Reel 42 in the Aldrich Papers contains extensive correspondence and material relating to the Bristow charge. See also“Rubber，Aldrich and the Tariff，”The New York Times，July 28，1910；“Bristow Makes New Charge，”The New York Times，July 26，1910；“Insurgents Gained Four，”The New York Times，August 4，1910；and“Senator Bristow and Senator Aldrich，”The Outlook，August 27，1910.

1. Goodwin，The Bully Pulpit，643.

1. Vanderlip to James Stillman，September 2 and September 9，1910，Vanderlip Papers，Box 1-3.

1. Chace，1912，56. In his famous“New Nationalism”speech，delivered in Osawatomie，Kansas，on August 31，1910，Roosevelt said，“Every man holds his property subject to the general right of the community to regulate its use to whatever degree the public welfare may require it.”He also called for a“moral awakening.”

1. In his speech at Osawatomie，Roosevelt said:“It is of profound importance that our financial system should be promptly investigated，and so thoroughly and effectively revised as to make it certain that hereafter our currency will no longer fail at critical times to meet our needs.”

1. Aldrich’s correspondence（in the Aldrich Papers）documents that he was closely，and anxiously，monitoring the 1910 campaign.

1. Perkins to J. P. Morgan，October 11，1910，George W. Perkins Sr. Papers.

1. “Aldrich Not Badly Hurt，”The New York Times，October 22，1910；William H. Taft to Aldrich，October 21，1910，Aldrich Papers.

1. Results in Nugent，Progressivism，89.

1. Frederick Jackson Turner，“Social Forces in American History，”American Historical Review 16，no. 2，217–233. Turner had delivered the essay to the American Historical Association in Indianapolis on December 28，1910.

1. “Keep Politics Out of Finance—Aldrich，”The New York Times，November 12，1910. The occasion was the annual dinner of the Academy of Political Science of New York.

1. “Minutes of Meetings of Monetary Commission.”

第七章

1. Walter Bagehot，Lombard Street: A Description of the Money Market（London，1873），9. Apparently，the words up to the semicolon are Ricardo’s and the rest is a paraphrasing or interpretation from Bagehot.

1. “Report of the Secretary of the Treasury on the Subject of a National Bank，”read to the House of Representatives，December 15，1790.

1. Narrations of Jekyl trip sourced to the Warburg Papers，“Jekyl Island Conference，Nov. 18-26，1910”and“Jekyl Island Conference Nov.18，1910，”are in Nelson W. Aldrich Papers，Reel 61（hereinafter Warburg Narration 1 and 2，respectively）. The narrations are in the third person，but were written by eitherWarburg or someone with close access to him.

1. Warburg Narration 1；and“Notes on an Interview with A. Piatt Andrew，”February 1，1934，A. Piatt Andrew Papers.

1. Vanderlip’s 1935 memoir，From Farm Boy to Financier.

1. Warburg Narration 1；and Vanderlip，From Farm Boy to Financier，213–214. Some accounts say Warburg purchased a gun，but his son James said he“borrowed a lethal weapon”as camouflage: James Warburg，The Long Road Home（Garden City，N.Y.: Doubleday，1964），29.

1. Warburg Narrations 1 and 2 are the source for the entire train encounter between Warburg and Vanderlip.

1. Warburg Narration 2；and Vanderlip，From Farm Boy to Financier，215. Disappointingly，Andrew’s diary contains no entries for the several months leading up to and including the Jekyl trip.

1. Warburg Narration 1.

1. Vanderlip to James Stillman，November 29，1910，Frank A.Vanderlip Papers，Box 1-3；and Vanderlip，Farm Boy to Financier，215.

1. Description of club history and setting from my visit to Jekyll Island（as a footnote later in the chapter explains，the spelling of the island’s name was changed years later）；author interview with John Hunter，director of historical resources for Jekyll Island Authority；and displays at Jekyll Island Museum，January 18，2013. For Morgan arranging that there were no other guests，see Michael Clark Rockefeller，“Nelson W. Aldrich and Banking Reform: A Conservative Leaderin the Progressive Era，”A.B. thesis，Harvard College，1960，35.

1. Vanderlip，From Farm Boy to Financier，216. Vanderlip’s memoir recounts that Davison and Strong went swimming and riding. For reasons stated in endnote for page 108（on Notes pages 293–294），it is unlikely Strong was there，and since Andrew was an indefatigable athlete—in particular a swimmer and rider—and close to Davison，it is likely he meant Davison and Andrew.

1. Warburg Narration 1；and“The Drafting of the Aldrich Plan: Meeting of the Statesmen at Jekyl Island，”Aldrich Papers，Reel 61（hereinafter WarburgNarration 3）.

1. Vanderlip to Stillman，November 29，1910.

1. Warburg Narrations 1 and 3；and Michael A. Whitehouse，“Paul Warburg’s Crusade to Establish a Central Bank in the United States，”The Region（publication of Federal Reserve Bank of Minneapolis），May 1989.

1. Warburg Narration 1；and Vanderlip，From Farm Boy to Financier，216.

1. Warburg Narrations 1 and 3；Vanderlip，From Farm Boy to Financier，216；and Thomas W. Lamont，Henry P. Davison: The Record of a Useful Life（New York: Harper and Brothers，1933），98–100，101.

1. Warburg Narration 1.

1. Vanderlip，From Farm Boy to Financier，216.

1. Warburg Narration 1；and Lamont，Henry P. Davison，100.

1. Warburg Narration 1.

1. Ibid.

1. The description of the Aldrich Plan in this passage comes from Rockefeller，“Nelson W. Aldrich and Banking Reform，”especially39–45；“Aldrich Money Plan Avoids Central Bank，”The New York Times，January 18，1910；Paul M. Warburg，The Federal Reserve System: Its Origin and Growth—Reflections and Recollections（New York: Macmillan，1930），1:58–62；Elmus Wicker，The Great Debate on Banking Reform: Nelson Aldrich and the Origins of the Fed（Columbus: Ohio State University Press，2005），67–69；and Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），234–240.

1. Rockefeller，“Nelson W. Aldrich and Banking Reform，”41；McCulley，Banks and Politics During the Progressive Era，236，237；and“Aldrich Money Plan Avoids Central Bank.”

1. Warburg，The Federal Reserve System，1:59–60.

1. McCulley，Banks and Politics During the Progressive Era，234.

1. Rockefeller，“Nelson W. Aldrich and Banking Reform，”44–45.

1. “Introducing the Aldrich Plan to the Bankers and the General Public，”Aldrich Papers，Reel 61. See also Warburg Narration 1；and Warburg，The Federal Reserve System，1:58.

1. Vanderlip，From Farm Boy to Financier，217.

1. Vanderlip to Stillman，November 29，1910.

1. Ibid.

1. As discussed in an earlier note，the article byB. C. Forbes，“Men Who Are Making America，”appeared in Leslie’s Weekly on October 19，1916. It is probable that either Forbes or his source had been at the train depot inBrunswick，Georgia，to greet the unlikely“duck hunters.”See also Warburg，The Federal Reserve System，1:58，60. The authorized biography was Stephenson’s Nelson W. Aldrich.

1. Eustace Mullins，The Secrets of the Federal Reserve（1952；repr.，n.p.: Bankers Research Institute，1983）.

1. G. Edward Griffin，The Creature from Jekyll Island: A Second Look at the Federal Reserve，3rd ed.（Westlake Village，Calif.: American Media，1998）.

1. Mark Thornton of the Ludwig von Mises Institute presented a paper at the“Birth and Death of the Fed”conference on Jekyll Island，February 26–27，2010. Ron Paul was one of the conferees. Ben Bernanke，the Federal Reserve chairman，appeared as part of a subsequent conference，on November 4–6，2010，co-sponsored by the Atlanta Federal Reserve Bank and Rutgers University.

1. Frank Vanderlip to Glass，July 24，1913，Carter Glass Collection，Box 16.

1. For a further exploration of the bankers’ motives，see McCulley，Banks and Politics During the Progressive Era，229–332.

38.”Vanderlip to Aldrich，November 28，1910，can be found in both Aldrich Papers，Reel 43，and Vanderlip Papers，Box 1-3.

1. Warburg Narration 1.

1. “Introducing the Aldrich Plan to the Bankers and the General Public”；and Rockefeller，“Nelson W. Aldrich and Banking Reform，”58，59–60. The western bankers included Forgan and Reynolds in Chicago and Festus J. Wade in St. Louis.

1. Paul Warburg to Aldrich，December 6，1910，Aldrich Papers，Reel 43.

1. Paul Warburg to Andrew，December 18，1910，Andrew Papers，Box 22，folder 7.

1. Warburg Narration 1.

1. “Senator Aldrich Would Weld Greater Banking System，”The New York Times，January 8，1911；and Warburg，The Federal Reserve System，1:62.

1. “Senator Aldrich Ill，”The New York Times，January 6，1911；and“Aldrich Is Ill in Bed，”ibid.，January 13，1911.

1. “Introducing the Aldrich Plan to the Bankers and the General Public”；and Warburg，The Federal Reserve System，1:62. Mrs. Aldrich’s diary entry is quoted in Aldrich Papers，Reel 61. The advice of Aldrich’s doctor comes from Aldrich to Henry Davison，January 26，1911，telegram，Aldrich Papers，Reel 44.

1. “Introducing the Aldrich Plan to the Bankers and the General Public”；and Warburg，The Federal Reserve System，1:61–62.

1. A. Piatt Andrew，Diary of Abram Piatt Andrew，1902– 1914，ed. E. Parker Hayden Jr. and Andrew L. Gray（Princeton，N.J.，1986）；and James L. Laughlin，The Federal Reserve Act: Its Origin and Problems（New York: Macmillan，1933），16–17.

1. Warburg to Samuel Sachs，January 12，1911，Paul Moritz Warburg Papers，Box 1，folder 1.

1. Andrew，Diary；“Notes on an Interview with A. Piatt Andrew”；and“Introducing the Aldrich Plan to the Bankers and the General Public.”

1. A copy of Aldrich’s letter to commission vice chair Edward B. Vreeland，typed and edited in Aldrich’s hand，dated January 16，1911，is inthe Aldrich Papers，Reel 44. See also Rockefeller，“Nelson W. Aldrich and Banking Reform，”45.

1. Aldrich’s telegram of January 16，1911，to James Forganstates，“My doctors say that it is necessary for me to go South at once”（Aldrich Papers，Reel 44）；he apparently left that day. See also Andrew’s note of the same date to Forgan，in ibid.，Reel 61；and“Aldrich Goes to Georgia，”The New York Times，January 17，1911.

1. “Aldrich Money Plan Avoids Central Bank，”The New York Times，January 18，1911；and“Shaw Denounces the Plan，”ibid.，January 19，1911.

1. “Bankers Here Approve Plan: Paul M. Warburg Declares ItIs Well Adapted to Conditions in This Country，”ibid.，January 18，1911；“Introducingthe Aldrich Plan to the Bankers and the General Public”；Warburg，The Federal Reserve System，1:62–63，567–571；and Rockefeller，“Nelson W. Aldrich and Banking Reform，”63–64.

1. Warburg made this observation，retrospectively，in The Federal Reserve System，1:60–61.

第八章

1. Michael Clark Rockefeller，“Nelson W. Aldrich and Banking Reform: A Conservative Leader in the Progressive Era，”A.B. thesis，Harvard College，1960，46.

1. Ibid.，61.

1. Henry Davison to Aldrich，January 23，1911，telegram，Nelson W. Aldrich Papers，Reel 44.

1. Shelton invitation to bankers，January 23，1911，ibid.，Reel 44；“Minutes of Meetings of Monetary Commission，1908–1911，”ibid.，Reel 61；and Biographer’s notes，ibid. See also James Forgan to Andrew，January 17，1911，A. Piatt Andrew Papers，Box 22，folder 7；Rockefeller，“Nelson W. Aldrich and Banking Reform，”61；and Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），242–244.

1. Quoted in Nathaniel Wright Stephenson，Nelson W. Aldrich: A Leader in American Politics（New York: Scribner’s，1930），383–385.

1. Aldrich to Henry Davison，January 26，1911，telegram，Aldrich Papers，Reel 44. For details of Aldrich’s recuperation，see the diary of Abby Aldrich excerpted in ibid.，Reel 61.

1. Loose notes，ibid.，Reel 61；Forgan to Andrew，January 17，1911；A. Piatt Andrew to Warburg，March 30，1911，Paul Moritz Warburg Papers；Rockefeller，“Nelson W. Aldrich and Banking Reform，”62；and Robert Craig West，Banking Reform and the Federal Reserve（Ithaca，N.Y.: Cornell University Press，1974），84. For brevity，the account in the text omitted a step. After the ABA currency committee approved the Aldrich Plan in March，the organization’s executive committee，meeting in early May in Nashville，ratified that decision.

1. Laughlin to Paul Warburg，June 8，1911，James Laurence Laughlin Papers，Box 4，Paul M. Warburg folder.

1. “Currency Reform: Its Popular Side，”The New York Times，July 26，1911. Warburg’s account is in Paul M. Warburg，The Federal Reserve System: Its Origin and Growth—Reflections and Recollections（New York: Macmillan，1930），1:69–70，which more generally discusses his involvement in organizing the National Citizens’ League. See also Lucy D. Chen，“Banking Reform in a Hostile Climate: Paul M. War-burg and the National Citizens’ League”（working paper，April 2010），12，available at http://www.fas.harvard.edu/~histecon/crisis-next/1907/docs/Chen-Warburg_Final_Paper.pdf；Laughlin to Warburg，June 8，1911，as well as other correspondence inLaughlin Papers，Box 4，Paul M. Warburg folder；and Warburg’s correspondence in the Aldrich Papers，Reel 61.

1. Warburg，The Federal Reserve System，1:72，68；and Chen，“Banking Reform in a Hostile Climate，”15.

1. Warburg，The Federal Reserve System，1:131；Rockefeller，“Nelson W. Aldrich and Banking Reform，”66；and Chen，“Banking Reform in a Hostile Climate.”

1. The view of Willis，Roosevelt，and others that Laughlin should distance the league from Aldrich comes from James L.Laughlin，The Federal Reserve Act: Its Origin and Problems（New York: Macmillan，1933），38，43，and 78. See also the untitled essay on the Citizens’ League in the Aldrich Papers，Reel 61.

1. “Notes for Mrs. Nichols in Life of Aldrich”（accompanies letter to Jeannette P. Nichols，February 7，1927），Laughlin Papers，Box 2，Nelson W. Aldrich folder；see also notes from Warburg Papers in Aldrich Papers，Reel 61；Laughlin，The Federal Reserve Act，51；and Warburg，The Federal Reserve System，1:76，89.

1. “Notes for Mrs. Nichols in Life of Aldrich.”

1. Laughlin，The Federal Reserve Act，44–48；and Gabriel Kolko，The Triumph of Conservatism: A Reinterpretation of American History，1900–1914（New York: The Free Press of Glencoe，1963），188. For Warburg’s dislike of Laughlin，see Biographer’s notes，Aldrich Papers，Reel 58.

1. James Laughlin to James Forgan，August 13，1911，Aldrich Papers，Reel 61；Laughlin，The Federal Reserve Act，44–48；Stephenson，Nelson W. Aldrich，395；and“Notes for Mrs. Nichols in Life of Aldrich.”

1. “To Rid Money Plan of Aldrich’s Name，”The New York Times，July 6，1911；the editorial，“A Campaign for Monetary Reform，”appeared in the Times the next day，July 7.

1. Laughlin，The Federal Reserve Act，44. Forgan was among those who pressured Laughlin to cooperate with Aldrich.

1. Lester V. Chandler，Benjamin Strong，Central Banker（Washington，D.C.: Brookings Institution，1958），32，recounts that Strong，who was increasingly engaged with the topic of central banking，discussed the Aldrich Plan“at length”with Aldrich on the senator’s yacht in August 1911. See also A. Piatt Andrew，Diary of Abram Piatt Andrew，1902–1914，ed. E. Parker Hayden Jr. and Andrew L. Gray（Princeton，N.J.，1986），which records five days in July and August on which he met with Aldrich，often with other parties，on his yacht，usually to discuss the Aldrich Plan.

1. Rockefeller，“Nelson W. Aldrich and Banking Reform，”66.

1. Laughlin，The Federal Reserve Act，64，74–75，80–81，and 93. See also，for Laughlin’s publicity campaign，McCulley，Banks and Politics During the Progressive Era，244–245. Laughlin says the league’s periodical was bimonthly，but various others，including Warburg（The Federal Reserve System，1:73），say it appeared biweekly.

1. Numerous telegrams and letters from individual state associations，Aldrich Papers，Reel 45；Andrew to William H. Taft，August 28，1911，Andrew Papers，Folder 7；George Reynolds to Laughlin，July 14，1911，Laughlin Papers，Box 4，G. M Reynolds folder；and Rockefeller，“Nelson W. Aldrich and Banking Reform，”66.

1. “Taft Advocates Currency Reform，”The New York Times，June 23，1911；“MacVeagh Indorses Aldrich Bank Plan，”The New York Times，November 12，1911；“Memorandum Concerning Public Aspects of Mr. MacVeagh’s Administration，”Andrew Papers，Box 22，folder 4；Andrew to Senator W.Murray Crane，June 29，1912，ibid.，Box 20，folder 24；and“Notes on an Interview withA. Piatt Andrew，Feb. 1，1934，”ibid.，Box 2，folder 10，which states，“Senator Aldrich had little regard for Secretary MacVeagh.”See also Andrew Gray，“Who Killed the Aldrich Plan?”The Bankers Magazine 54（Summer 1971），available at http://books.google.com/books?id=RAB3ynybv0UC&lpg=PA216&dq=andrew+gray+who+killed+the+aldrich+plan&source=bl&ots=eNjeHvf9IF&sig=D8DUQr5tcU2CcjUPBEjVqYD9NX4&hl=en&sa=X&ei=UtEDU5rfFu3I0gHmgoDYCA&output=reader&pg=GBS.PA216.）

1. The public hearings are documented in Arthur Shelton to C. H. Huttig（president of the Third National Bank，St. Louis），October 13，1911，Aldrich Papers，Reel 46；“Minutes of Meetings of Monetary Commission”；and Rockefeller，“Nelson W. Aldrich and Banking Reform，”65.

1. Paul Warburg to Aldrich，October 15，1911，Aldrich Papers，Reel46（for Aldrich speeches in Indiana on October 26 and Chicago on November 11）；and Rockefeller，“Nelson W. Aldrich and Banking Reform，”65，which notes that Aldrich also spoke in Kansas City and（in the East）in Philadelphia and New York. In addition，he addressed the ABA in New Orleans in November.

1. “Money Trust Could Not Buy Control，”Journal of Commerce，October 23，1911；a clipping was found in Warburg Papers，Folder 91.

1. The National City episode is largely drawn from the splendid account in Harold van B. Cleveland and Thomas F. Huertas，Citibank: 1812– 1970（Cambridge，Mass.: Harvard University Press，1985），62–68. The National Cityletter was dated June 28，1911；it is quoted in“Giving Up Control of Outside Banks，”The New York Times，November 4，1911.

1. One notorious example of collusion concerned the National Bank of Commerce，the second-largest bank in New York. Morgan，Baker，and Still-man all owned slices of the bank and jointly directed its management and board. When National City conceived of its investment affiliate，the affiliate acquired Vanderlip’s share of the Bank of Commerce，so that National City now became a partner with two other Wall Street titans—Morgan and Baker.

1. John Farwell to Paul Warburg，July 20，1911，Aldrich Papers，Reel 61（from Warburg Papers）. The Times quote comes from“The National City Company，”November 4，1911. See also“Giving Up Control of Outside Banks.”

1. Paul Warburg to John Farwell，July 24，1911，Laughlin Papers，Box 4，Paul M. Warburg folder.

1. McCulley，Banks and Politics During the Progressive Era，245.

1. Vanderlip to Stillman，June 20，1911，Frank A. Vanderlip Papers，Box 1-4.

1. “The National City Company”；“Giving Up Control of Outside Banks”；Cleveland and Huertas，Citibank，66；McCulley，Banks and Politics During the Progressive Era，259；and Henry F. Pringle，The Life and Times of William Howard Taft（New York: Farrar and Rinehart），2:676.

1. “Wants a Bank Inquiry，”The New York Times，July 9，1911.

1. Laughlin，The Federal Reserve Act，155–156.

1. Bryan quoted in Rockefeller，“Nelson W. Aldrich and Banking Reform，”79.

1. Paul Warburg to Andrew，December 14，1911，Andrew Papers，Folder 7.

1. ”La Follette Invades Taft’s Home State，”The New York Times，December 28，1911.

1. James Neal Primm，A Foregone Conclusion（St. Louis: Federal Reserve Bank of St. Louis，1989），chapter 2，“Banking Reform，1907–1913”；available at www.stlouisfed.org/foregone/chapter_two.cfm.

1. Numerous letters of Vanderlip to James Stillman are in Vanderlip Papers，Box 1-4；see，for instance，April 6，April 15，June 20，July 21，and September 29，1911.

1. In William Howard Taft，Pringle writes that previously“there was an outside chance that harmony，of a sort，might be achieved again. But it was not possible after the steel suit”（2:673）. See also Doris Kearns Goodwin，The Bully Pulpit: Theodore Roosevelt，William Howard Taft，and the Golden Age of Journalism（New York: Simon and Schuster，2013），667–668.

1. J. P. Morgan Jr. to Henry Davison，June 5，1911，J. P. Morgan Jr. Papers，Box 5，book 8.

1. Vanderlip to James Stillman，October 17，1911，Vanderlip Papers，Box 1–4.

1. Proceedings of the 37th Annual Convention of the American Bankers Association，available at http://books.google.com/books?id=LBgaAQAAIAAJ&pg=PA340&lpg=PA340&dq=american+bankers+association，+proceedings+of+the+37th+annual+convention&source=bl&ots=dMH2bntf6H&sig=kT-uZ68Z3jQYHwsBaXmmcgtsm4E&hl=en&sa=X&ei=ldsQU6y2HuLFgG714DoDw&ved=CCcQ6AEwAAv=onepage&q=american20bankers20association2C20proceedings20of20the2037th20annual20convention&f=false].

1. McCulley，Banks and Politics During the Progressive Era，235–240.

1. “Bankers Indorse Aldrich Money Plan.”

1. Rockefeller，“Nelson W. Aldrich and Banking Reform，”79. For La Follette’s Hamilton speech，see“LaFollette serves notice on Aldrich Plan，Dec. 30，1911，Phil. N.Am. Dec. 31，”Aldrich Papers，Reel 61.

1. A newspaper clipping found in Aldrich Papers，dated December 7，1911（the name of the paper is clipped off）states matter-of-factly thatthe“chief purpose”of the Aldrich plan was“to concentrate financial power in the hands of a very few men.”For the Rocky Mountain News quote，see Rockefeller，“Nelson W. Aldrich and Banking Reform，”76.

1. National Monetary Commission，Letter from Secretary of the National Monetary Commission Transmitting，Pursuant to Law，the Report of theCommission，62d Cong.，2d sess.，January 9，1912（Washington，D.C.: Government Printing Office，1912），14.

1. McCulley，Banks and Politics During the Progressive Era，257.

1. Rockefeller，“Nelson W. Aldrich and Banking Reform，”83.

1. Warburg，The Federal Reserve System，1:413. That they could elect three of thirty-nine representatives is my analysis，based on Letter from Secretary of the National Monetary Commission，12–13.

1. “Aldrich Sees Taft，”The New York Times，December 14，1911. In the spring of 1911，Vanderlip was already writing Stillman，“It may interest you to know that Taft has practically abandoned hope of re-election to a second term”（Vanderlip to Stillman，April 15，1911）.

1. Theodore Roosevelt to Andrew，December 2，1911，Andrew Papers，Folder 23；for thirty-five volumes，see Andrew to Woodrow Wilson，November 23，1911，ibid.，Folder 7.

1. Arthur S. Link，Woodrow Wilson and the Progressive Era，1910–1917（New York: Harper and Row，1954），11.

1. Vanderlip to Stillman，July 21，1911.

1. John Milton Cooper Jr.，Woodrow Wilson（New York: Knopf，2009），28.

1. Woodrow Wilson，“An Historical Essay，September 15，1893: A Calendar of Great Americans，”in Arthur S. Link，ed.，The Papers of Woodrow Wilson（Princeton，N.J.: Princeton University Press，1966–1989），8:368–380.

1. Woodrow Wilson，A History of the American People，vol. 7，Critical Changes and Civil War（New York: Harper and Brothers，1906），45–46.

1. Ibid，47.

1. Wilson’s letter to Turner is quoted in Arthur S. Link，Woodrow Wilson: A Brief Biography（Cleveland: World，1963），28–29.

1. House to Woodrow Wilson，October 16，1911，Edward M. House Papers，Box 119a. In this letter，Colonel House relates gossip about Wilson’s non-support of Bryan in 1896. See also the confirming response of a Wilson aide，October 17，1911，ibid.

1. Cooper，Woodrow Wilson，91，106，and 120.

1. Ibid.，64；Link，Woodrow Wilson: A Brief Biography，47–49.

1. Paolo E. Coletta，William Jennings Bryan（Lincoln: University of Nebraska Press，1969），2:128；and“Gov. Wilson and the Aldrich Plan，”The New York Times，September 1，1911（citing Wilson’s August 26 interview with The Outlook）.

1. Edward House to William Jennings Bryan，December 6，1911，Aldrich Papers，Reel 61. For Wilson’s distancing himself from Harvey，see Cooper，Woodrow Wilson，141；and James Chace，1912: Wilson，Roosevelt，Taft and Debs— The Election That Changed the Country（New York: Simon and Schuster，2004），132–35.

1. Andrew to Woodrow Wilson，November 23，1911，Andrew Papers，Folder 7；Woodrow Wilson to Andrew，November 27，1911，ibid.；and Laughlin，The Federal Reserve Act，176–177.

1. William Garrett Brown to Andrew，December 4，1911，Andrew Papers，Folder 7；Andrew to Brown，December 5，1911，ibid.；and Andrew and Brown letters，Aldrich Papers，Reel 61（from Andrew Collection）. See also House to Woodrow Wilson，December 15，1911，House Papers，Box 119a.

1. Cooper，Woodrow Wilson，182–183. Further biographical details of House can be found in Louis Gould，“Wilson’s Man in Paris，”The Wall Street Journal，January 17–18，2015.

1. House to Woodrow Wilson，November 18，1911，House Papers，Box 119a；and Chace，1912，139.

1. Coletta，William Jennings Bryan，2:44.

1. Cooper，Woodrow Wilson，141–142.

1. House to Wilson，December 15，1911.

1. Woodrow Wilson to House，December 22，1911，House Papers，Box 119a.

1. Cooper，Woodrow Wilson，192.

1. Coletta，William Jennings Bryan，2:35–38；and Colonel House’s assistant to Wilson，December 30，1911，House Papers，Box 119a.

第九章

1. Warburg to James Laughlin，April 22，1912，Paul Moritz Warburg Papers，Folder 3. I have slightly shortened the quote；the passage in its entirety reads，“The Democratic members of the committee，leaving aside Pujo，are absolutely unfit to ever produce anything；they simply have not got the knowledge.”

1. “Wilson’s reference to Aldrich Plan（Phil. Press，Jan.9，1912），”January 8，1912，Nelson W. Aldrich Papers，Reel 61.

1. “Filing of Report of Monetary Commission，Jan. 8，1912（from Andrew Coll.，Gloucester），”ibid. The National Monetary Commission formally expired in March.

1. “Wilson’s reference to Aldrich Plan.”

1. Arthur S. Link，Woodrow Wilson and the Progressive Era，1910–1917（New York: Harper and Row，1954），11–12: and John J. Broesamle，William Gibbs McAdoo: A Passion for Change，1863–1917（Port Washington，N.Y.: Kennikat Press，1973），48–50

1. “Attitude of Wilson，Daniels，Kern and Bryan toward Aldrich Plan，Jan. 11，1912，”Aldrich Papers，Reel 61（from Warburg Papers）.

1. “Attitude of Wilson toward Aldrich plan，Jan.，1912: A memo to Mr. Warburg，from Mr. Dinwiddie，Jan. 26，1912，”ibid.（from Warburg Papers）.

1. “Monetary Plan and Roosevelt，1912，”ibid.（from Andrew Papers）. This document quotes Andrew’s letter to his parents of January 26，1912，which described the luncheon.

1. Paul M. Warburg，The Federal Reserve System: Its Origin and Growth—Reflections and Recollections（New York: Macmillan，1930），1:77–78.

1. Doris Kearns Goodwin，The Bully Pulpit: Theodore Roosevelt，William Howard Taft，and the Golden Age of Journalism（New York: Simon and Schuster，2013），580–582，678，and 681；James Chace，1912: Wilson，Roosevelt，Taft and Debs—The Election That Changed the Country（New York: Simon and Schuster，2004），31，107，and 108；and Henry F. Pringle，The Life and Times of William Howard Taft（New York: Farrar and Rinehart，1939），1:318，327，and 329，and 2:562，749，768，and 769.

1. Warburg，The Federal Reserve System，1:77.

1. Alfred Owen Crozier，U.S. Money vs. Corporation Currency:“Aldrich Plan”（Cincinnati: Magnet，1912），9，205.

1. Aldrich to James Forgan，January 31，1912，telegram，Aldrich Papers，Reel 47；and Nathaniel Wright Stephenson，Nelson W. Aldrich: A Leader in American Politics（New York: Scribner’s，1930），405. For Aldrich’s stock portfolio，see correspondence in Aldrich Papers，Reel 47.

1. Nelson W. Aldrich Jr.，Old Money: The Mythology of Wealth in America（1988；repr.，New York: Allworth Press，1996），26.

1. For the origins of the Pujo hearings，see Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Reserve System，1897–1913（New York: Garland，1992），260–64.

1. J. P. Morgan Jr. to Henry Davison，April 26，1912，J. P. Morgan Jr. Papers，Book 9.

1. Vanderlip to James Stillman，July 28，1911，Frank A. Vanderlip Papers，Box 1-4.

1. “To Split Money Inquiries，”The New York Times，March 6，1912. The next month，Laughlin made the point to Warburg that a separate legislative process was preferable. Referring to Samuel Untermyer，named as counsel to lead the Money Trust inquiry，Laughlin wrote，“Whatever Mr. Untermyer’s pyrotechnics，the Sub-Committee on the bill will continue its quiet work”（James Laughlin to Warburg，April 25，1912，Warburg Papers，Box 1，folder 3）.

1. For a detailed account of Glass’s early career，which documents the central role of racial politics for Glass and his Virginia contemporaries，see Harry Edward Poindexter，“From Copy Desk to Congress: The Pre-Congressional Career of Carter Glass，”Ph.D. diss.，University of Virginia，1966.

1. Rixey Smith and Norman Beasley，Carter Glass（New York: Longmans，Green and Co.，1939），49.

1. James E. Palmer Jr.，Carter Glass: Unreconstructed Rebel（Roanoke: Institute of American Biography，1938），54.

1. McCulley，Banks and Politics During the Progressive Era，292.

1. Andrew to Paul Warburg，March 25，1912，A. Piatt Andrew Papers，Box 22，folder 7.

1. Warburg to James Laughlin，April 22，1912，War-burg Papers，Box 1，folder 3.

1. For evidence that Glass，early in 1912，was infact hostile to centralization，see H. Parker Willis to Laughlin，March 30，1912，James Laurence Laughlin Papers，Box 2.

1. Warburg to Laughlin，April 22，1912；in this letter，Warburg warns Laughlin，“I am worried about[Willis’s]articles in the Journal of Commerce. He writes against centralization of reserves.”See also Lucy D. Chen，“Banking Reform in a Hostile Climate: Paul M. Warburg and the National Citizens’ League”（working paper，April 2010），19，available at www.fas.harvard.edu/~histecon/crisis-next/1907/docs/Chen-Warburg_Final_Paper.pdf.

1. James Laughlin to Willis，June 14，1912，Henry Parker Willis Papers，Box 7.

1. Henry Parker Willis，The Federal Reserve System: Legislation，Organization，Operation（New York: Ronald Press，1923），133–134.No notes from the subcommittee work in 1912 survive.

1. Willis to James Laughlin，June 17，1912，Willis Papers，Box 7；and“Glass Wins Again in Sixth District，”Richmond Times Dispatch，August 9，1912.

1. Vanderlip to James Stillman，May 4，1912，Vanderlip Papers，Box 1–4；Morgan Jr. to Davison，April 26，1912；McCulley，Banks and Politics During the Progressive Era，265–266；and Vanderlip to James Stillman，April 23，1912，Vanderlip Papers，Box 1-4（“The whole thing runs back to Unterrmyer’s ambition to go to the Senate”）. For background on Untermyer，see McCulley as well as Gabriel Kolko，The Triumph of Conservatism: A Reinterpretation of American History，1900–1914（New York: The Free Press of Glencoe，1963），220.

1. Vanderlip to James Stillman，May 17，1912，Vanderlip Papers，Box 1-4；this letter observes of a deal to sell a big block of Seaboard Company stock that“business as well as politics make strange bed fellows and one of the participants will beSamuel Untermyer for $1，000，000.”

1. Jean Strouse，Morgan: American Financier（New York: Random House，1999），9.

1. Vanderlip to Stillman，April 27，1912，Vanderlip Papers，Box 1-4；and Warburg to Samuel Untermyer（replying to Untermyer’s luncheon invitation），May 29，1912，Warburg Papers，Box 1，folder 3.

1. James Laughlin to Willis，May 5，1912，Willis Papers，Box 7，advising Willis that Glass should occupy the field“in order to anticipate Untermyer.”Willis certainly relayed this information to Glass.

1. The family was not long tenured in the South. Untermyer’s parents were German Jews who emigrated from Bavaria. When his father died，shortly after the Civil War，the rest of the family moved to New York.

1. “Major Leagues’ Clubs Ready for Long Battle，”The New York Times，April 7，1912. The other new stadiums were in Detroit and Cincinnati.

1. Chace，1912，214. For the early state of the race，see Wilson to Josephus Daniels，January 18，1912，in Arthur S. Link，ed.，The Papers of Woodrow Wilson（Princeton，N.J.: Princeton University Press，1966–1989），24:64–65；John Milton Cooper Jr.，Woodrow Wilson（New York: Knopf，2009），151–53；and Broesamle，William Gibbs McAdoo，52–53.

1. Arthur S. Link，Wilson，vol. 2，The New Freedom（Princeton，N.J.: Princeton University Press，1956），149.

1. William Jennings Bryan to Wilson，April 1，1912，in The Papers of Woodrow Wilson，24:273；and“Southwest Georgia Greets Gov. Wilson with Big Reception，”press clipping of April 18，in ibid.，24:344.

1. Paolo E. Coletta，William Jennings Bryan（Lincoln: University of Nebraska Press，1969），2:44. For newspaper endorsements，see Cooper，Woodrow Wilson，151，154.

1. Goodwin，The Bully Pulpit，670，673–674. For Taft and Roosevelt name-calling，see Chace，1912，111–112.

1. “Roosevelt Denies Taft Is Progressive，”The New York Times，April 4，1912；see also Pringle，William Howard Taft，2:772–773，776–777.

1. Goodwin，The Bully Pulpit，627；and Walter Nugent，Progressivism: A Very Short Introduction（New York: Oxford University Press，2010），89–90.

1. Pringle，William Howard Taft，2:768；and Goodwin，The Bully Pulpit，679. For background on Taft’s attitude on labor，see Pringle，William Howard Taft，2:619–625. Wall Street’s relationship with Roosevelt was complicated by his support for such Morgan-sponsored trusts as U.S. Steel. As Chace（1912，204）andVanderlip（Vanderlip to James Stillman，October 20，1910，Vanderlip Papers，Box 1-3）document，the House of Morgan had turned against Roosevelt by 1912. Perkins was the exception. However，many financiers were also dismayed by Taft，due to his vigorous antitrust policy.

1. Lamont to W. J. Oliver，September 3，1912，Thomas W. Lamont Papers，Box 123-6.

1. A. Piatt Andrew，Diary of Abram Piatt Andrew，1902– 1914，ed. E. Parker Hayden Jr. and Andrew L. Gray（Princeton，N.J.，1986），entries for April 27，29，and 30，1912；for the dinner with Warburg，see ibid.，entry for April 15.

1. Goodwin，The Bully Pulpit，690–692，571.

1. Vanderlip to James Stillman，April 22，1912，Vanderlip Papers，Box 1-4.

1. Goodwin，The Bully Pulpit，693–694；and Pringle，William Howard Taft，2:774，781–782，Taft’s quotations in this paragraph are from“Taft Opens Fire on Roosevelt，”The New York Times，April 26，1912.

1. James L. Laughlin，The Federal Reserve Act: Its Origin and Problems（New York: Macmillan，1933），65–67.

1. Laughlin to W. J. Lauck，May 25，1912，Laughlin Papers，Box 3，W. J. Lauck folder；and Laughlin，The Federal Reserve Act，54，65–67.

1. Speakers Bureau Reports for weeks ending June 8 and June 15，1912，Warburg Papers，Box 8，folder 108；and Publicity Report for week ending June 8，1912，ibid.，pp. 4–5.

1. Publicity Report for week ending June 15，1912，ibid. The Herald article can also be found in Warburg Papers.

1. For examples of the Citizens’ League’s outreach to both businessmen and editorial writers in Arkansas，as well as information on membership fees and a directory of the forty states with league offices，see Warburg Papers，Box 8，folder 108. This folder contains a flyer titled“attention! $$$ for you—it’s your business $$$，”as well as the letter to editorial writers from the Arkansas Division，addressed to“Editorial Writer，”May 11，1912.

1. Publicity Report for week ending June 8，1912（“Following the national conventions，which，it is confidently expected，will both declare for a non-partisan revision of the banking and currency laws”）；and Publicity Report for week ending June 15，1912（“It is anticipated that the Republican plank will be a frank endorsement of the plan of the National Monetary Commission”）.

1. See“Work of National Citizens League to get safe state Dem. Planks in 1912，along Aldrich bill lines，although ostensibly denouncing said bill，May 1912，”Aldrich Papers，Reel 61（from Warburg Papers）. This document quotes from several of Laughlin’s letters to Warburg in the spring of 1912.

1. Laughlin to William Jennings Bryan，June 3，1912，LaughlinPapers，W. J. Bryan folder.

1. Andrew，Diary，entries for June and July 1912；Franklin MacVeagh to Andrew（undated），Andrew Papers，Box 22，folder 1；Franklin MacVeagh to Andrew，April 23，1912，ibid.，folder 3；and Andrew to Franklin MacVeagh，May 10，1912，ibid.，Box 20，folder 20.

1. William H. Taft to Andrew，July 2，1912，ibid.，Box 22，folder 7. See also Franklin MacVeagh to Andrew，June 24，June 28，June 29，and July 2，1912，and Andrew to Franklin MacVeagh，June 28，1912，all in ibid.，folder 3；and Andrew to Nelson Aldrich，June 26，1912，ibid.，Box 20，folder 23. Various correspondence in the Andrew Papers documents that Andrew made public a letter airing his complaints withMacVeagh.

1. Nugent，Progressivism，91；Pringle，William Howard Taft，2:804–805；Goodwin，Bully Pulpit，705–706；and McCulley，Banks and Politics During the Progressive Era，259. The Republican platform is available from American PresidencyProject at www.presidency.ucsb.edu/ws/?pid=29633.

1. Andrew，Diary，entry of June 19，1912.

1. Pringle，William Howard Taft，2:803，809.

1. Wilson to Mary Allen Hulbert Peck，June 23，1912，in The Papers of Woodrow Wilson，24:495.

1. For Laughlin，see typed material on Citizens’ League，Warburg Papers，Box 8，folder 108；for Willis，see Willis to James Laughlin，June 17，1912，Willis Papers，Box 7；and for Andrew，see Andrew，Diary，entry for June 1912. The description of Baltimore comes from Broesamle，William Gibbs McAdoo，57.

1. Wilson to Mary Allen Hulbert Peck，June 17，1912，in The Papers of Woodrow Wilson，24:481–482.

1. Wilson to William Jennings Bryan，June 22，1912，in ibid.，493.

第十章

1. Speech in Frankfort，Kentucky，February 9，1912，in Arthur S. Link，ed.，The Papers of Woodrow Wilson（Princeton，N.J.: Princeton University Press，1966–1989），24:141–146.

1. Vanderlip to James Stillman，September 20，1912，Frank A. Vanderlip Papers，Box 1-4；and Henry Parker Willis，The Federal Reserve System: Legislation，Organization and Operation（New York: Ronald Press，1923），139–140. The two sources give generally consistent though not identical accounts of Wilson’s remark.

1. The Democratic platform is available from American Presidency Project at: www.presidency.ucsb.edu/ws/?pid=29590. For Bryan’s authorship of the platform，see Paolo E. Coletta，William Jennings Bryan（Lincoln: University of Nebraska Press，1969），2:62；and Michael Kazin，A Godly Hero: The Life of William Jennings Bryan（New York: Knopf，2006），188.

1. Convention details from John J. Broesamle，William Gibbs McAdoo: A Passion for Change，1863–1917（Port Washington，N.Y.: Kennikat Press，1973），58–60；James Chace，1912: Wilson，Roosevelt，Taft and Debs—The Election That Changed the Country（New York: Simon and Schuster，2004），150；Coletta，William Jennings Bryan，2:59–64，and William Gibbs McAdoo，Crowded Years: The Reminiscences of William G. McAdoo（Boston: Houghton Mifflin，1931），145. Michael Kazin，a Bryan biographer，says that even though Bryan’s wife was eager for him to launch a fourth campaign in 1912，Bryan was sincere in his expressed desire not to run（A Godly Hero，184）.

1. “Wilson Serene as Voting Goes On，”The New York Times，June 29，1912.

1. Wilson to Mary Allen Hulbert Peck，July 6，1912，in The Papers of Woodrow Wilson，24:541. Convention details come from“Murphy and Bryan in a Deadlock，”The New York Times，June 20，1912；“Break to Wilson Seems at Hand as Convention Adjourns Till Today；He Leads on the 42nd Ballot，”The New York Times，July 2，1912；Broesamle，William Gibbs McAdoo，61–62；Chace，1912，154；John Milton Cooper Jr.，Woodrow Wilson（New York: Knopf，2009），156；Arthur S. Link，Woodrow Wilson and the Progressive Era，1910–1917（New York: Harper and Row，1954），13；and Arthur S. Link，Woodrow Wilson: A Brief Biography（Cleveland: World，1963），54.

1. Link，Wilson and the Progressive Era，20，stresses that Wilson remained a Jeffersonian. For Wilson’s idealistic view of businessmen，see William Diamond’s insightful The Economic Thought of Woodrow Wilson（Baltimore: Johns Hopkins University Press，1943），51–55；Diamond curtly dismisses the question of Wilson’s leftward evolution，observing tartly（p. 87），“Precisely why Wilson underwent this change is a problem for his biographer.”Cooper’s very good biography，Woodrow Wilson，cites opportunism as a partial answer but does not attempt a definitive answer，noting（p. 106），“When，how and why Woodrow Wilson became a progressive would become hotly debated questions after he entered politics.”

1. Speech in Frankfort，Kentucky，February 9，1912，141–146；and Richard Hofstadter，The Age of Reform（New York: Knopf，1955），225.

1. Chace，1912，203. For background on Wilson’s and Roosevelt’s views on the trusts，see ibid.，166，194–203；Cooper，Woodrow Wilson，163；Diamond，Economic Thought of Woodrow Wilson，63–65；Hofstadter，Age of Reform，223–228；Doris Kearns Goodwin，The Bully Pulpit: Theodore Roosevelt，William Howard Taft，and the Golden Age of Journalism（New York: Simon and Schuster，2013），667–670；Gabriel Kolko，The Triumph of Conservatism: A Reinterpretation of American History，1900–1914（New York: The Free Press of Glencoe，1963），209；and Alpheus Thomas Mason，Brandeis: A Free Man’s Life（New York: Viking，1956），377.

1. See Cooper，Woodrow Wilson，10. Elsewhere Cooper notes that Wilson“had never been able to swallow the legacies of state rights and limited government”that Democrats inherited from Jefferson（p. 143）. For Wilson’s“Tory”remark，see Diamond，Economic Thought of Woodrow Wilson，42. Even as early as Wilson’s graduate thesis，Congressional Government: A Study in American Politics（1885），he deplored the sectionalism in Congress as frustrating the purposes of the federal government:“These petty barons，some of them not a little powerful，but none of them within reach[of]the full powers of rule，may at will exercise an almost despotic sway within their own shires，and may sometimes threaten to convulse even the realm itself ”（p. 30）.

1. Acceptance speech，August 7，1912，in The Papers of Woodrow Wilson，25:12，14.

1. Speech in Sioux City，Iowa，September 17，1912，in ibid.，152. Wilson meant that while he was against monopolization he had no trouble with a business growing large by lawful means—but this was a distinction surely beyond the average voter. Wilson also said in his acceptance speech of August 7，“Power in the hands of great business men does not make me apprehensive，unless it springs out of advantages which they have not created for themselves”（ibid，p. 11）. On Brandeis’s influence on the campaign，see Broesamle，William Gibbs McAdoo，66；Cooper，Woodrow Wilson，162–167；Kolko，The Triumph of Conservatism，208–209；Link，Wilson and the Progressive Era，20–21；and Mason，Brandeis，377–380.

1. Chace，1912，206.

1. Diamond，Economic Thought of Woodrow Wilson，54–55，70；and Link，Woodrow Wilson: A Brief Biography，53.

1. Due to Perkins’s role in the Roosevelt campaign，the Morgan-sponsored U.S. Steel was extremely uncomfortable with Perkins’s presence on its board. Jack Morgan asked Perkins—at least three times—to resign；Perkins refused: see J. P. Morgan Sr. to Perkins，August 18 and September 3，1912，and Perkins’s memorandum of September 4 documenting Morgan’s telephone call that day，all in GeorgeW. Perkins Sr. Papers，Box 12. For Morgan and Carnegie’s support of Taft and Schiff’s support of Wilson，see Chace，1912，204. The senior Morgan aide Thomas Lamont also supported Taft: Lamont to W. J. Oliver，September 3，1912，Thomas W. Lamont Papers，Box 123-6. For Warburg’s support of Wilson，see Ron Chernow，The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family（New York: Random House，1993），140. Kolko’s The Triumph of Conservatism，211，notes other prominent Jews supporting Wilson，including Henry Morgenthau Jr. and Bernard Baruch. For Untermyer’s gift and Vanderlip’s response，see Vanderlip to James Stillman，September 27，1912，Vanderlip Papers，Box 1-4.

1. McCulley，Banks and Politics During the Progressive Era，270–271. Aside from bankers，Citizens’ League members also contacted Wilson: see PaulM. Warburg，The Federal Reserve System: Its Origin and Growth—Reflections and Recollections（New York: Macmillan，1930），1:79；and James L. Laughlin，The Federal Reserve Act: Its Origin and Problems（New York: Macmillan，1933），113–114.

1. See，for example，Wilson’s speech in Columbus on September20，1912，in The Papers of Woodrow Wilson，25:203，in which his principal recommendation for currency reform was“You’ve got to make it elastic.”

1. Frank A. Vanderlip with Boyden Sparkes，From Farm Boy to Financier（New York: D. Appleton-Century，1935），225–226.

1. Vanderlip to Stillman，September 20，1912；and Willis，The Federal Reserve System，139–140.

1. Cooper，Woodrow Wilson，168；and Coletta，William Jennings Bryan，2:81.

1. Laughlin，The Federal Reserve Act，177–179.

1. Samuel Untermyer to Wilson，November 6，1912，in The Papers of Woodrow Wilson，25:528–529；Wilson’s response，dated November 12，is in ibid.，542.

1. Carter Glass to Wilson，November 7，1912，in The Papers of Woodrow Wilson，25:530–31；Wilson’s response，dated November 14，is in ibid.，547.

1. 1Wilson to Ira Remsen，November 14，1912，ibid.

1. H. Parker Willis to Glass，November 7，1912，Carter Glass Collection，Box 25/26. The conference had occurred the day before，November 6，which itself was the day after the election.

1. Ibid.

1. Ibid.

1. Glass to Arsène Pujo，November 8，1912；Glass to Arsène Pujo，November 12，1912；and Arsène Pujo to Glass，November 11，1912，telegram，all in ibid.，Box 64. See also“Laughlin’s untitled and undated retrospective memorandum”（typed），James Laurence Laughlin Papers，Glass bill folder.

1. James Laughlin to Willis，November 21，1912，H. Parker Willis Papers，Box 7.

1. Willis to Glass，November 7，1912.

1. Laughlin to Willis，November 21，1912；“Laughlin’s untitled and undated retrospective memorandum”；and Laughlin，The Federal Reserve Act，115，117–119，and 120–121.

1. Colonel House recorded that Glass admitted his lack of expertise: see Edward House to Wilson，November 28，1912，in The Papers of Woodrow Wilson，25:564. Glass’s lack of expertise was also on display in a December14，1912，letter to Willis:“As I said to you last night，quite a number of questions present themselves to my mind”（Willis Papers，Box 1）. Furthermore，Laughlin later wrote that Glass was“slow in taking in the banking principles，”although once he grasped them he was“firm in his position and was a good fighter for what he believed”（“Laughlin’s untitled and undated retrospective memorandum”）. See also Robert Craig West，Banking Reform and the Federal Reserve，1863–1923（Ithaca，N.Y.: Cornell University Press，1974），94.

1. Glass to H. Parker Willis，December 9，1912，Glass Collection，Box 25/26.

1. Warburg，The Federal Reserve System，1:81.

1. Ibid.，81–82. For the Morawetz article，see West，Banking Reform and the Federal Reserve，95.

1. Carter Glass，An Adventure in Constructive Finance（Garden City，N.Y.: Doubleday，1927），32–37.

1. Edward House to Wilson，November 28，1912，in The Papers of Woodrow Wilson，25:563–564.

1. “Five Men Control $368，000，000 Here，”The New York Times，December 11，1912.

1. See，for example，Jean Strouse，Morgan，American Financier（New York: Random House，1999），5.

1. Vanderlip to James Stillman，December 20，1912，Vanderlip Papers，Box 1-4.

1. House Committee on Banking and Currency，Report of the Committee Appointed Pursuant to House Resolutions 429 and 504 to Investigate the Concentration of Control of Money and Credit，62d Cong.，3d sess.，submitted February 28，1913（Washington，D.C.: Government Printing Office，1913），136；available at https://fraser.stlouisfed.org/docs/historical/house/money_trust/montru_report.pdf.（Hereinafter cited as Pujo Report.）

1. See，for example，the testimony of George F. Baker，ibid.，1503.

1. Ibid.，1050.

1. Ibid.，1019，1034，and 1035.

1. Vanderlip to Stillman，December 20，1912.

1. Laughlin Papers，Plan D folder.

1. Warburg to Henry Morgenthau，December7，1912，Paul Moritz Warburg Papers，Box 1，folder 3. Warburg’s plan was，characteristically，elaborated in great detail. He proposed to Morgenthau that Congress enact two pieces of legislation，one for a bank with branches，another providing for a nationalclearinghouse. Warburg’s letter to Colonel House of December 19，1912（Edward M.House Papers，Box 114a）documents that the plan was conveyed to House，which surelymeans that Wilson was advised of it.

1. A. Piatt Andrew，Diary of Abram Piatt Andrew，1902–1914，ed. E. Parker Hayden Jr. and Andrew L. Gray（Princeton，N.J.，1986），entry for December 14，1912. Apparently at their breakfast meeting，Glass advised Andrew of his continuing worries about securing the Banking Committee chairmanship. Three days later，Aldrich wrote Andrew（A. Piatt Andrew Papers，Box 3，folder 17），offering to help Glass gain the chairmanship，presumably by putting in a word with his friends inCongress. This suggests that Aldrich，by then of course retired，was held in higher esteem by congressional Democrats than their public utterances suggested. Lastly，in another example of pressure for a central bank，the economist Charles Conant urged Glass to endorse a“concentration”of reserves（Glass to Willis，December 9，1912）.

1. Glass to H. Parker Willis，December 14，1912，Glass Collection，Box 25/26.

1. James Laughlin to Willis，December 21，1912，Willis Papers，Box 7. On Glass’s irritation over the attention Untermyer received from newspapers，see，for example，Glass to H. Parker Willis，December 3，1912，Glass Collection，Box 25/26. For Glass’s efforts to screen witnesses，see West，Banking Reform and the Federal Reserve，97–100.

1. Willis to Carter Glass，December 14，1912，Willis Papers，Box 1.

1. Laughlin’s query regarding authorship is missing；Willis’sreply of December 18，1912（Laughlin Papers，Glass bill file）says:“As to authorship of the forthcoming measure，custom dictates that the Chairman’s name shall be given to any bill that may be reported.”Laughlin had proposed to Willis on December 2 thatthey and Glass meet promptly in Baltimore to discuss Laughlin’s progress. On December 6，when Laughlin received word from Willis that Glass wanted to put off a meeting until January，Laughlin realized his role would be strictly consultative. He immediately wired Glass，“Telegram received much disappointed at postponement.”More expressions of hurt followed. Notwithstanding his bruised feelings，Laughlin continued to revise his plan for Willis and Glass’s benefit，and succeeded in meeting Glass at his hotel on December 21.（See Laughlin correspondence of December 6，7，and 21，1912，inWillis Papers，Box 7.）

1. Laughlin to H. Parker Willis，December 7，1912，Laughlin Papers，Glass bill file.

1. Carter Glass to Wilson，December 14，1912，in The Papers of Woodrow Wilson，25:588–589；Carter Glass to Wilson，December 18，1912，in ibid.，608；and“The President-Elect Back from Bermuda，”The New York Times，December 17，1912.

第十一章

1. Carter Glass，An Adventure in Constructive Finance（Garden City，N.Y.: Doubleday，1927），110–111.

1. Banking and Currency Reform: Hearings Before the Subcommittee of the Committuee on Banking and Currency，Charged with Investigating Plan of Banking and Currency Reform and Reporting Constructive Legislation Thereof，62d Cong.，3rd sess.，House of Representatives，January 14，1913，233；available at http://books.google.com/books?id=pc0qAAAAYAAJ&printsec=frontcover&source=gbs_ge_summary_r&cad=0v=onepage&q&f=false.

1. Carter Glass to Willis，December 23，1912，Henry Parker Willis Papers，Box 1；and Glass to H. Parker Willis，December 19，1912，Carter Glass Collection，Box 25/26.

1. See，for example，Willis to Carter Glass，December21，1912，Willis Papers，Box 20，in which Willis warned Glass to expect a“sharp fight”from bankers lobbying for a central bank. Such missives inevitably distressed Glass.

1. James E. Palmer Jr.，Carter Glass: Unreconstructed Rebel（Roanoke: Institute of American Biography，1938），76. Glass’s telegram about his arrival is in Willis Papers，Box 1.

1. William Diamond，The Economic Thought of Woodrow Wilson（Baltimore: Johns Hopkins University Press，1943），16.

1. Harry Edward Poindexter，“From Copy Desk to Congress: The Pre-Congressional Career of Carter Glass，”Ph.D. diss.，University of Virginia，1966，4.

1. John Milton Cooper Jr.，Woodrow Wilson（New York: Knopf，2009），23；for Wilson’s feelings about the Civil War，see ibid.，34.

1. Diamond，Economic Thought of Woodrow Wilson，15.

1. Glass，An Adventure in Constructive Finance，81–82；and Rixey Smith and Norman Beasley，Carter Glass（New York: Longmans，Green and Co.，1939），90–92.

1. Glass to H. Parker Willis，December 29，1912，Glass Collection，Box 25/26.

1. Smith and Beasley，Carter Glass，90.

1. The most comprehensive source for what was presented at Princeton is Henry Parker Willis，The Federal Reserve System: Legislation，Organization and Operation（New York: Ronald Press，1923），141–147. See also James L. Laughlin，The Federal Reserve Act: Its Origin and Problems（New York: Macmillan，1933），127–128；and Glass，An Adventure in Constructive Finance，81–85. Warburg gives his interpretation in Paul M. Warburg，The Federal Reserve System: Its Origin and Growth— Reflections and Recollections（New York: Macmillan，1930），1:82.

1. For Willis and Glass’s intent，see Willis to Glass，December 19，1912，which states，“The effect of these changes will be to strengthenthe reserve banks very greatly as against the large national banks of New York and other central reserve cities.”For“local field，”see Willis，The Federal Reserve System，145.

1. Willis，The Federal Reserve System，141.

1. Whether Wilson definitively affirmed that a central bank would be superior is unknowable，but it seems likely. All we have is the account of Willis，who averred that the president-elect“recognized the fact that such an organization was politically impossible even if economically desirable”（ibid.，146）.

1. Wilson to Carter Glass，December 31，1912，in Arthur S. Link，The Papers of Woodrow Wilson（Princeton，N.J.: Princeton University Press，1966–1989），25:650；Glass，An Adventure in Constructive Finance，81–82；and Willis，The Federal Reserve System，146，147.

1. Glass to Willis，December 29，1912.

1. Carter Glass to Wilson，December 29，1912，in The Papers of Woodrow Wilson，25:641–42.

1. Glass to Willis，December 29，1912.

1. Carter Glass to Willis，January 3，1913，Willis Papers，Box 1.

1. James Laughlin to Willis，January 10，1913，ibid.，Box 7.

1. Gabriel Kolko，The Triumph of Conservatism: A Reinterpretation of American History，1900–1914（New York: The Free Press of Glencoe，1963），225–226；Robert Craig West，Banking Reform and the Federal Reserve，1863–1923（Ithaca，N.Y.: Cornell University Press，1974），113–115；and Willis，The Federal Reserve System，151.

1. Willis to Carter Glass，December 31，1912，Willis Papers，Box 20.

1. Banking and Currency Reform: Hearings Before the Subcommittee ofthe Committee on Banking and Currency，4.

1. The quoted portions of Warburg testimony come from ibid.，77，67，69，and 73. Warburg was not at all candid about his involvement with the Aldrich Plan（he referred sympathetically to the“framers”of the Plan，without divulging that he himself was one of them）.

1. Glass was upfront about his political motivations. In his cross-examination of Festus Wade，the chairman observed，“The situation，frankly，has its political aspects. I do not mean to say that anybody is proposing to mix politics withthe reformation of the currency；but understand that the majority members of this committee are confronted by the platform declaration of the Democratic Party against the so-called Aldrich Plan”（ibid.，206）.

1. Warburg，The Federal Reserve System，1:89.

1. Willis to Carter Glass，January 18，January 20，and January 23，1912，all in Willis Papers，Box 20；and James Neal Primm，A Foregone Conclusion（St.Louis: Federal Reserve Bank of St. Louis，1989），chapter 2，“Banking Reform 1907–1913”；available at www.stlouisfed.org/foregone/chapter_two.cfm.

1. Warburg，The Federal Reserve System，1:89–90；see also Willis to Glass，January 20，1913.

1. Warburg，The Federal Reserve System，1:170.

1. This is my construction from two separate quotations:“tantalizing puzzle”is from ibid.；the longer part of the quotation is from the same volume，（p. 85），and in the same context—i.e.，evaluating Glass’s regional plan—but was used there by Warburg in evaluating Morawetz’s plan back in1909.

1. Primm，A Foregone Conclusion，chapter 2；see also Arthur S. Link，Wilson，vol. 2，The New Freedom（Princeton，N.J.: Princeton University Press，1956），205.

1. Warburg，The Federal Reserve System，1:58.

1. Woodrow Wilson to Glass，January 9，1913，Glass Collection，Box 1.For the January 15 date of the draft，see Willis，The Federal Reserve System，147.

1. Willis to Carter Glass，January 21，1913，Willis Papers，Box 20；Willis to Glass，January 23，1913，Willis Papers，Box 20；and James Laughlin to Willis，January 21，1913，ibid.，Box 7（Laughlin all but begs，“I hope some way can bedevised by which we can have a chance to know what the committee bill will be”）. See also Warburg，The Federal Reserve System，1:82.

1. Laughlin，The Federal Reserve Act，136. The Trenton meeting was held on January 30.

1. The Trenton draft was reprinted in Willis，The Federal Reserve System，1531–1553. Willis says the draft included a“limited”guaranty（ibid.，147）；however，it consisted only of a plan for partial payment to depositors of failed banks and only up to the banks’ estimated asset values—that is，what depositors would receive without such a plan. For open market operations，see ibid.，1543；for compulsory membership and“not less than 15，”see ibid.，1532.

1. The gold provision of the Trenton draft—among other criteria，reserve banks would be required to hold gold equal to 50 percent of their outstanding note circulation—is in ibid.，1548.

1. West，Banking Reform and the Federal Reserve，106，noted the bills’ organizational similarity. See also Willis，The Federal Reserve System，1543–1544，for the agency’s functioning as the government’s fiscal arm；and West，Banking Reform and the Federal Reserve，108，for similar systems. Willis，The Federal Reserve System，526–527.

1. West，Banking Reform and the Federal Reserve，110；and Willis，The Federal Reserve System，1544–1547.

1. Willis，The Federal Reserve System，523–25. See also“Aldrich Bill Compared[by Willis]with Federal Reserve Act，”Nelson W. Aldrich Papers，Reel 61，which states，“It was not drawn，even largely，from any single source，but is the product of comparison，selection，and refinement upon the various materials，ideas，and data rendered available throughout a long course of study and agitation.”

1. Willis，The Federal Reserve System，523. In 1916，Glass similarly asserted that the Aldrich bill and his own“differ[ed]in principle，in purpose and in processes”（Warburg，The Federal Reserve System，1:407）. On the other hand，a neutral observer，West（Banking Reform and the Federal Reserve，112），says that“the bills are very similar.”This topic is treated at greater length in the epilogue.

1. House diary entry，December 19，1912，in The Papers of Woodrow Wilson，25:614；House to Woodrow Wilson，January 9，January 29，and February 5，1913，all in Edward M. House Papers，Box 119a；and Cooper，Woodrow Wilson，189. House was not the only naysayer on Brandeis，but he was the most decisive—see，for instance，House to Wilson，November 22，1912，House Papers，Box 119a；and House diary entry，February 26，1913，in The Papers of Woodrow Wilson，27:137. Although House’s November 22 letter bore ugly，anti-Semitic overtones，impugning Brandeis’s“Hebrew traits of mind，”House probably feared Brandeis’s influence rather than his ethnicity. See also Cooper，Woodrow Wilson，183，185，and 190. Wilson’s acquiescence is from Arthur S. Link，Woodrow Wilson and the Progressive Era，1910–1917（New York: Harper and Row，1954），30. House declined Wilson’s offer of a cabinet post in his letter of January 9，House Papers，Box 119a.

1. Cooper，Woodrow Wilson，181，205.

1. A Passion for Change，1863–1917（Port Washington，N.Y.: Kennikat Press，1973），4. For background on McAdoo prior to his entry into politics，see ibid，especially 4–31；William Gibbs McAdoo，Crowded Years: The Reminiscences of William G. McAdoo（Boston: Houghton Mifflin，1931）；Cooper，Woodrow Wilson，145–146；and Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），293–294.

1. Broesamle，William Gibbs McAdoo，24，78，and 123. He recounts that Kuhn，Loeb provided assistance to the tunnel entity in 1913.

1. Robert H. Wiebe，Businessmen and Reform: A Study of the Progressive Movement（Chicago: Elephant，1989），125–26；for McAdoo’s view of the federal government’s role，see，for instance，McAdoo，Crowded Years，61.

1. Cooper，Woodrow Wilson，185.

1. “Draft of Currency Bill，”Glass Collection，Box 16. This document is undated and unsigned although it appears to be from early 1913. Containing notes，probably by either Willis or Glass，it argues for fast action on currency reform as an“offset to tariff criticism，because it would essentially appeal to businessmen.”See also Willis to Representative Charles A. Korbly，February 8，1913，WillisPapers，Box 20.

1. See，for instance，Link，The New Freedom，203.

1. Joseph P. Tumulty，Woodrow Wilson as I Know Him（Garden City，N.Y.: Doubleday，Page，1921），170.

1. Untermyer was quite sarcastic in questioning Vanderlip，viz，“Of how many corporations are you a director Mr. Vanderlip；can you remember?”: PujoReport.

1. Ibid.，1542.

1. Ibid.，129.

1. James Grant，Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken（New York: Farrar，Straus and Giroux，1992），125.

1. This figure was widely used，including in the Pujo Report，251. According to Robert A. Degen，The American Monetary System: A Concise Survey of Its Evolution Since 1896（Lexington，Mass.: D.C. Heath and Company，1987），10，the total of banks in 1914 was twenty-eight thousand，a doubling from 1900. The minority report within the Pujo Report（also p. 251），says the resources of New York banks amounted to 23.2 percent of those nationally in 1900 and 18.9 percent of the total in 1912. The main body of the Pujo Report（p. 55）says the twenty largest banks in New York City held approximately 43 percent of the resources of banks in the city in 1911，up from 35 percent in 1901.

1. “160，980，084 Earned by National Banks，”The New York Times，December 9，1913.

1. Pujo Report，360.

1. Ida Tarbell，“The Hunt for a Money Trust，III. The Clearing House，”American Magazine，July 1913.

1. “Wilson Goes to Meet Taft，”The New York Times，March 5，1913；“How Wilson Was Sworn In，”The New York Times，March 5，1913；and Cooper，Woodrow Wilson，198，201.

1. Inaugural Address，March 4，1913，in The Papers of Woodrow Wilson，27:151.

1. Francisco I. Madero was overthrown in a coup on February18，1913，and executed four days later.

1. Carter Glass to Willis，March. 20，1913，Willis Papers，Box 1.

1. Carter Glass to Willis，March 10，March 13，and March 20，1913，all in ibid. Glass，in his memoir，recalled it was a“distinct advantage”that Congress was out of session and that the Banking Committee was not yet constituted，as itstripped him of the obligation to confer（An Adventure in Constructive Finance，93–94）.

1. George Evan Roberts to Glass，March 13，1913，Glass Collection，Box 14；and Willis，The Federal Reserve System，209.

1. Willis to Carter Glass，March 13，1913，Willis Papers，Box 20.

1. Samuel Untermyer to House，March 13，1913，House Papers，Box 112；House to Samuel Untermyer，March 17，1913，ibid.；and Samuel Untermyer to House，March 31，1913，ibid.

1. Charles Seymour，The Intimate Papers of Colonel House，Arranged as a Narrative by Charles Seymour（Boston: Houghton Mifflin，1928），161，citing House diary entries of March 13（re Vanderlip）and March 27，1913（re Morgan）. Warburg wrote frequently to House: see his letters of January 6，January 16，and February 18，1913，in House Papers，Box 114a.

1. House diary entry of March 25，1913，in The Papers of Woodrow Wilson，27:227.

1. Ibid.

1. House diary entries of March 22 and March 24，1913，in ibid.，215，223.

1. Cooper，Woodrow Wilson，193.

1. Vanderlip to James Stillman，April. 26，1913，Frank A. Vanderlip Papers，Box 1-5.

1. J. P. Morgan Jr. to James Stillman，March 12，1913，J. P. Morgan Jr. Papers，Book 11.

1. “European trip，1913. The Morgans. Lucy Aldrich to Lucy Greene，”Aldrich Papers，Reel 61. For Aldrich art purchases，see A. Imbert to Aldrich，March 21，March 25，and March 31，1913，ibid.，Reel 47.

1. Page is quoted is Vincent P. Carosso，The Morgans: Private International Bankers，1854–1913（Cambridge，Mass.: Harvard University Press，1987），646.

1. Vanderlip to James Stillman，April 4，1913，Vanderlip Papers，Box b1-5.

第十二章

1. “Banking Under Federal Control，”The New York Times，June 20，1913.

1. Arthur S. Link，Woodrow Wilson and the Progressive Era，1910–1917（New York: Harper and Row），48.

1. Data on Model Ts available at www.mtfca.com/encyclo/fdprod.htm；for the New York Stock Exchange，see Lance F. Davis，International Capital Markets and American Economic Growth: 1820–1914（New York: Cambridge University Press，1994），63. The rising propensity of people to deposit money in banks is a persistent theme of Milton Friedman and Anna Jacobson Schwartz，A Monetary History of the United States，1867–1960（Princeton，N.J.: Princeton University Press，1971）；see，for instance，15，56–68，122，and 164. Andrew Frame，Elastic Currency（Philadelphia: Annals of American Academy of Political Science，1908），12，states that individual deposits tripled from 1890 to 1908，to nearly $18 billion. By 1914，total deposits topped $21 billion—see Federal Reserve Bank of St. Louis，“Banking and Monetary Statistics，1914–1941，”17，a report available at http://fraser.stlouisfed.org/docs/publications/bms/1914-1941/BMS14-41_complete.pdf.

1. Vanderlip to James Stillman，May 12，1913，Frank A. Vanderlip Papers，Box 1-5.

1. William P. Goodwin，Money，Credit Currency，and a Currency Plan（Providence，R.I.，1910），11.

1. “Report of the Monetary Commission to the Executive Committee of the Indianapolis Monetary Convention”（1897），40；available at openLibrary.org.

1. Link，Wilson and the Progressive Era，35.

1. “Congress Cheers Greet Wilson，”The New York Times，April 9，1913. For the reversal of custom，see John Milton Cooper Jr.，Woodrow Wilson（New York: Knopf，2009），214；and Arthur S. Link，Woodrow Wilson: A Brief Biography（Cleveland: World，1963），180. An index of joint sessions of Congress documents that（outside of inauguration days）Wilson was the first president since John Adams to appear in joint session: http://history.house.gov/Institution/Joint-Sessions/60-79.

1. Cooper，Woodrow Wilson，214.

1. “Congress Greets Wilson，”The New York Times，April 9，1913.

1. Link，Wilson and the Progressive Era，35；“Wilson Preparing for Business Boom，”The New York Times，April 29，1913；and“Federal Control of Interest Rate，”The New York Times，April 30，1913.

1. Glass to H. Parker Willis，April 11，1913，Carter Glass Collection，Box 47. That Willis and McAdoo met on Sunday，April 13，is from Willis to Carter Glass，April 16，1913，Henry Parker Willis Papers，Box 20；they would also have a work session at McAdoo’s home on Saturday，May 3. For the bill’s new nomenclature，see Willis to Carter Glass，May 5，1913，ibid.

1. John J. Broesamle，William Gibbs McAdoo: A Passion for Change，1863–1917（Port Washington，N.Y.: Kennikat Press，1973），100，95.

1. Carter Glass，An Adventure in Constructive Finance（Garden City，N.Y.: Doubleday，1927），52–53；and Henry Parker Willis，The Federal Reserve System: Legislation，Organization and Operation（New York: Ronald Press，1923），169.

1. Glass，An Adventure in Constructive Finance，48–49；and Paul M. Warburg，The Federal Reserve System: Its Origin and Growth— Reflections and Recollections（New York: Macmillan，1930），1:91–92. Warburg’s analysis appears in his appendix，ibid.，613–625.

1. Warburg，The Federal Reserve System，1:613–614；a synopsis of his points follows in ibid.，614–625. The figure of twenty reserve banks can be found in Willis，The Federal Reserve System，171.

1. Warburg，The Federal Reserve System，1:92.

1. Willis to Carter Glass，April 29，1913，Willis Papers，Box 1；and Willis to Carter Glass，April 28，1913，ibid.，Box 20.

1. Willis to Carter Glass，May 2，1913，ibid.

1. Samuel Untermyer to House，May 3，1913，Edward M. House Papers，Box 112.

1. For biographical details on Senator Owen，see Kenny L. Brown，“A Progressive from Oklahoma: Senator Robert Latham Owen，Jr.，”The Chronicles of Oklahoma 62（Fall 1984）；Wyatt W. Belcher，“Political Leadership of Robert L. Owen，”The Chronicles of Oklahoma 31（Winter 1953–1954）；and Oklahoma Historical Society，“Oklahoma’s First Senator Dies，”Chronicles of Oklahoma 25，p. 178，available at http://digital.library.okstate.edu/Chronicles/contents.html.

1. “A Tribute to the Memory of Robert Latham Owen by the Officers and Directors of The First National Bank and Trust Co.，Muskogee，Ok.，”September 26，1947，Special Collections and University Archives（Coll. no. 1931.001），McFarlin Library，University of Tulsa，Tulsa，Oklahoma；and Robert Owen to L. M.Nichols，March 5，1912，L. M. Nichols Papers，Western History Collections，University of Oklahoma Libraries，Norman，Oklahoma，Box N-11，folder 4.

1. Robert L. Owen，The Federal Reserve Act（New York: Century，1919），2–3.

1. For the 1896 Democratic convention and Owen’s European trip，see ibid.，5–9. For his speech in Congress，see“Characters in Congress—Senator Robert Latham Owen of Oklahoma，”The New York Times，March 1，1908. See also press clippings in L. M. Nichols Papers，Western History Collections，Box N-11，folder 4.

1. Samuel Untermyer to Glass，April 16，1913，Glass Collection，Box 15/16；enclosed with this letter is one from R. C. Williken advising Untermyer that Glass“has done everything he could to discredit the great and important work performed by you[Untermyer]on the ‘Money Trust’ committee.”Untermyer，of course，had been trying to poach on Glass’s turf for nearly a year. For Owen and Untermyer，see Untermyer’s self-published Who Is Entitled to the Credit for the Federal Reserve Act? An Answer to Senator Carter Glass（New York，1927），10，reproducing a letter from Owen to Untermyer of May 14，1927，which states:“At your home you madevarious engagements for me to meet severally Frank A. Vanderlip，A. Barton Hepburn，Paul Warburg and others whose intimate views I desired in framing the Federal Reserve Act.”See also Vanderlip to Robert Owen，May 31，1913，Vanderlip Papers，Box 1-5. War-burg and Owen corresponded numerous times，but not until that fall.

1. A. Piatt Andrew，Diary of Abram Piatt Andrew，1902–1914，ed. E. Parker Hayden Jr. and Andrew L. Gray（Princeton，N.J.，1986），entries for May 19 through May 23，and also May 30.

1. Willis，The Federal Reserve System，240.

1. Untermyer，Who Is Entitled to the Credit for the Federal Reserve Act? 12，15.

1. House diary entry of May 11，1913，Arthur S. Link，ed.，The Papers of Woodrow Wilson（Princeton，N.J.: Princeton University Press，1966–1989），27:413.

1. House to Wilson，May 15，1913，in ibid.，436. See also Willis，The Federal Reserve System，245.

1. Broesamle，William Gibbs McAdoo，78，97.

1. Willis，The Federal Reserve System，194–95.

1. McAdoo to House，May 20，1913，House Papers，Box 73.

1. Willis，The Federal Reserve System，206；Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），295；and Broesamle，William Gibbs McAdoo，101.

1. According to Broesamle，William Gibbs McAdoo，80，Williams harbored a“pathological”dislike of Wall Street. On Williams’s role，see also ibid.，104，and Willis，The Federal Reserve System，194–195.

1. House to Wilson，May 20，1913，in The Papers of Woodrow Wilson，27:458. A copy of this letter can also be found in Glass Collection，Box 14.

1. House to Wilson，May 20，1913. Years later，in response to then Senator Glass’s published account of this affair，Untermyer denied any involvement，tartly adding，“Glass is either dreaming or senile”（SamuelUntermyer to Robert Owen，May 10，1927，Glass Collection，Box 24）.

1. Warburg，The Federal Reserve System，1:97–98.

1. Glass，An Adventure in Constructive Finance，100–101；and William Gibbs McAdoo，Crowded Years: The Reminiscences of William G. McAdoo（Boston: Houghton Mifflin，1931），243–244.

1. McAdoo，Crowded Years，222.

1. “Glass，An Adventure in Constructive Finance，101. For collecting negative reactions，see Willis to Carter Glass，June 5，1913，Willis Papers，Box 20.

1. Willis to Carter Glass，May 27，1913，Willis Papers，Box 1；see also Willis，The Federal Reserve System，241.

1. Vanderlip to James Stillman，May 24，1913，Vanderlip Papers，Box 1-5.

1. Carter Glass to Willis，June 6，1913，Willis Papers，Box 1.

1. Glass to Woodrow Wilson，June 7，1913，Glass Collection，Box 64；Glass to A. Barton Hepburn，June 7，1913，ibid.；and Glass to Willis，June 6，1913. Among those who provided letters were Hepburn，Reynolds，and the Chicago bankerE. D. Hulbert. Some letters were delivered to Wilson the following day. The Wilson quote（“I feel Mac is deceived”）is recounted by Glass in An Adventure in Constructive Finance，107–109. See also Rixey Smith and Norman Beasley，Carter Glass（New York: Longmans，Green and Co.，1939），106，citing a“flood”of protests from bankers and economists.

1. Glass to Hepburn，June 7，1913.

1. Glass to H. Parker Willis，June 9，1913，Glass Collection，Box 47. Glass’s letter said Owen was in agreement on the“essential principles，”but since they continued to differ on the issue of government vs. banker control，this was incorrect. For specifics on their negotiations，see Owen，The Federal Reserve Act，74–75.

1. The Dow Jones Industrials traded as low as 57 in late 1907. By May 1909 they were back in the low 90s，approximately their level before the Panic. For the next few years they traded mostly in the 80s and 90s. On March 4，Wilson’s inauguration，the average closed at 80. After the May–June swoon，it stood（on June 10）at 72.

1. Vanderlip to Stillman，May 24，1913，Vanderlip Papers，Box 1-5；his follow-up letter is dated June 6，1913，ibid.，and see also a further letter to Stillman of June 13，also in ibid. See also various market reports in the first week of June，such as“Stocks Lowest in Five Years，”The New York Times，June 5，1913，and“Review and Outlook，”The Wall Street Journal，June 9，1913.

1. William McAdoo to House，June 18，1913，House Papers，Box 73；and“Financial Markets，”The New York Times，June 13，1913.

1. “Review and Outlook.”

1. Paolo E. Coletta，William Jennings Bryan（Lincoln: University of Nebraska Press，1969），2:130–31；Joseph P. Tumulty，Woodrow Wilson as I Know Him（Garden City，N.Y.: Doubleday，Page，1921），178；and William Jennings Bryan and Mary Baird Bryan，The Memoirs of William Jennings Bryan（New York: Haskell House，1971），369–370. These three books give consistent accounts of the Wilson-Bryan meeting，though none supply a date.“Deep regret”is from Bryan and Bryan. Asevidence of Bryan’s desire to be supportive，he had told his brother to hold back articles on banking reform in The Commoner，the family periodical，until Wilson’s position became known.

1. Tumulty，Woodrow Wilson as I Know Him，178.

1. “Wilson Denounces Tariff Lobbyists，”The New York Times，May 27，1913.

1. For a general account of the tariff debate，see Cooper，Woodrow Wilson，216–218；Link，Wilson and the Progressive Era，36–42；and Link，Wilson，vol 2，The New Freedom（Princeton，N.J.: Princeton University Press，1956），177–194（La Follette quote on p. 190）.

1. Louis Brandeis to Wilson，June 14，1913，in The Papers of Woodrow Wilson，27:520；see also Alpheus Thomas Mason，Brandeis: A Free Man’s Life（New York: Viking，1956），397–399.

1. Glass’s account of this meeting is from Carter Glass to Willis，June 17，1913，Willis Papers，Box 1，and from Glass，An Adventure in Constructive Finance，112–114.

1. William G. McAdoo to House，June 18，1913，House Papers，Box 73.

1. Owen，The Federal Reserve Act，74；and Willis，The Federal Reserve System，250. See also“Find Many Flaws in Bill: Democrats Divided on Currency Measure，”The New York Times，June 21，1913. For Wilson’s choosing a fully political board，see Broesamle，William Gibbs McAdoo，110–111. Owen’s description of the meeting appears in his The Federal Reserve Act，74–76.

1. Glass to Willis，June 17，1913；and Glass to Woodrow Wilson，June 18，1913，Glass Collection，Box 8.

1. Willis，The Federal Reserve System，256，258.

1. Glass，An Adventure in Constructive Finance，123–125.

1. James Neal Primm，A Foregone Conclusion（St. Louis: Federal Reserve Bank of St. Louis，1989），chapter 2，“Banking Reform，1907–1913”；available at www.stlouisfed.org/foregone/chapter_two.cfm. For Bryan’s reaction to Wilson’s compromise solution，see Coletta，William Jennings Bryan，2:132.

1. New York Sun quoted in Link，The New Freedom，216. For the New York Times’s reaction，see“The President’s Views on Banking，”The New York Times，June 24，1913，and“A Radical Banking Measure，”ibid.，June 21，1913.

1. “Vast Scope of the New Currency Bill，”Washington Post，June 22，1913.

1. Press conference，June 26，1913，in The Papers of Woodrow Wilson，28:8.

1. Glass，An Adventure in Constructive Finance，127–128，130；William McAdoo to Wilson，June 18，1913，in The Papers of Woodrow Wilson，27:536；and Coletta，William Jennings Bryan，2:133. See also Broesamle，William Gibbs McAdoo，108–10.

1. Wilson’s letter to Peck of June 22，1913，is quoted in both Link，The New Freedom，213–214，and Cooper，Woodrow Wilson，220.

1. Link，The New Freedom，214；and“Money Reform Now，Is Wilson’s Demand，”The New York Times，June 24，1913. Wilson’s speech appears in Cong. Rec. S2132–33（June 23，1913）.

1. “Forgan Denounces Bill，”The New York Times，June 24，1913；and“Bankers Clear Up the Currency Plan，”ibid.

1. Willis，The Federal Reserve System，256–267. In deference to the banks，Willis scotched proposals to let individuals either do businesswith the Reserve Banks or own stock in them.

1. Willis to Carter Glass，May 26，1913，Willis Papers，Box 1；“Financial Markets，”The New York Times，June 20，1913；“Bankers Clear Up the Currency Plan”；Willis，The Federal Reserve System，273–274，394–395；and James L. Laughlin，The Federal Reserve Act: Its Origin and Problems（New York: Macmillan，1933），141–142，146–148（quote on 148）.

1. Glass，An Adventure in Constructive Finance，112–116. See also Primm，A Foregone Conclusion，chapter 2；and“Money Bill Goes In；No Voice for Banks，”The New York Times，June 27，1913.

1. Amended provisions to the bill reprinted in Willis，The Federal Reserve System，1605，1608，and 1609. See also ibid.，394–395；Laughlin，The Federal Reserve Act，149；“Money Bill Goes In；No Voice for Banks”；and Link，Wilson: The New Freedom，217.

1. Wiebe，Businessmen and Reform，130. It is my interpretation that the bill was essentially faithful to what Warburg’s camp wished. Furthermore，in The Federal Reserve System（1:101），Warburg describes the bill，aside from the“harmful changes”made to accommodate Bryan，as，“in the main，sound and highly commendable.”Similarly，Vanderlip’s first reaction to the published bill，even more favorable，was that it didn’t contain“any serious financial heresies”（Vanderlip to M. J. M.Smith，June 19，1913，Vanderlip Papers，Box 1-5）.

1. Willis，The Federal Reserve System，1596. The version of the bill submitted June 26 cut reserve requirements to 20，20，and 15 percent for central reserve，reserve city，and country banks，respectively（ibid.，1609–10），down from the previous standard of 25，25，and 15 percent. For powers of the reserve board: see ibid.，1603；for its import and export provisions，ibid.，1604.

1. McCulley，Banks and Politics During the Progressive Era，297.

1. Willis，The Federal Reserve System，1605. The“dual mandate”was enacted in the Federal Reserve Reform Act of 1977.

1. See Glass，An Adventure in Constructive Finance，118–121. For Chicago’s terror，see George Reynolds to Glass，July 7，1913，Glass Collection，Box 16:“The more I study the matter，the more I am convinced that the drastic and revolutionary requirement that all of the bank reserves of the country should betaken away from existing banks and placed with the Federal Reserve Banks，would have a much more far-reaching，detrimental effect upon business than any of you people have contemplated.”

1. Warburg，The Federal Reserve System，1:101；Paul Warburg to House，July 1913，telegram，House Papers，Box 114a.

1. Henry Davison to Aldrich，July 3，18，and 23，1913，Nelson W. Aldrich Papers，Reel 47.

1. A. Piatt Andrew，“The Bryanized Banking Bill，”Boston Evening Transcript，June 25，1913.

1. See Festus Wade to Glass，July 1，1913，Glass Collection，Box 28；and Festus Wade to Glass，July 3，1913，ibid.，Box 37（both moderate in tone）. See also George Reynolds to Glass，July 7，1913，ibid.，Box 16，in which Reynolds，though diffident，professes not to be“hostile”toward the legislation. Wiebe，Businessmen and Reform，131，215，adds texture on the variation of banker opinions. See also Glass，An Adventure in Constructive Finance，118，120–121；Gabriel Kolko，The Triumph of Conservatism: A Reinterpretation of American History，1900–1914（New York: The Free Press of Glencoe，1963），232–234；and Willis，The Federal Reserve System，395.

1. Willis，The Federal Reserve System，276.

1. “Amend or Abandon，”The New York Times，June 29，1913.

1. Glass to Solomon Wexler，July 3，1913，Glass Collection，Box 27；in this letter，Glass accused Wexler of reneging on their understanding. See also Glass，An Adventure in Constructive Finance，118，120–121；Willis，The Federal Reserve System，395 and（“warfare”）396；and Laughlin，The Federal Reserve Act，146.

1. Paul Warburg to House，July 22，1913，House Papers，Box 114a.

1. “The Government and Its Bonds，”The New York Times，July 14，1913.

1. “Drop in 2s a Bank Plot，Says McAdoo，”The New York Times，July 29，1913；see also Broesamle，William Gibbs McAdoo，109–110.

1. “160，980，084 Earned by National Banks，”The New York Times，December 9，1913；the precise numbers were 7，514 national banks and $11.186 billion in assets.

1. Frank Vanderlip to Glass，July 24，1913，Glass Collection，Box 16.

1. Wilson to Ellen Axson Wilson，July 20，1913，in The Papers of Woodrow Wilson，28:44–45.

1. “Growing a Nation: The Story of American Agriculture，”available at www.agclassroom.org/gan/timeline/farmers_land.htm.

1. See section 13，“Rediscounts，”of the bill draft in Willis，The Federal Reserve System，1603–4. On the fears of agrarians，see，for instance，Kolko，The Triumph of Conservatism，234，citing the belief of Representative Joe Eagle（D-Tx.）that the proposed Fed would adopt a“paternalistic relationship”toward its member banks.

1. On Henry and the radical rebellion，see Glass，An Adventure in Constructive Finance，131–134；Link，The New Freedom，219–221；and Kolko，The Triumph of Conservatism，234.

1. The radical amendments proposed in the House Banking Committee were covered extensively in the press；for example，these articles appeared that week in The New York Times:“Put Reserve Notes on a Gold Basis”（July 22，1913），“Radicals Propose New Currency Bill”（July 23），“Tangle over Money Bill”（July 24），and“Urge Cotton，Wheat and Corn Currency”（July 25）.

1. “Farmers’ Money，”ibid.，July 26，1913.

第十三章

1. Robert Craig West，Banking Reform and the Federal Reserve（Ithaca，N.Y.: Cornell University Press，1974），117–118.

1. Wilson to Ellen Axson Wilson，September 19，1913，in Arthur S. Link，ed.，The Papers of Woodrow Wilson（Princeton，N.J.: Princeton University Press，1966–1989），28:301.

1. Arthur S. Link，Woodrow Wilson and the Progressive Era，1910–1917（New York: Harper and Row，1954），50.

1. “Wilson Message；Gamboa’s Reply，”The New York Times，August 28，1913；see also“Wilson Suggests Plan to Mexico，”ibid.，August 5，1913；and John Milton Cooper Jr.，Woodrow Wilson（New York: Knopf，2009），239–240.

1. Joseph Patrick Tumulty memorandum to Wilson，July 28，1913（with adjoining editor’s note），in The Papers of Woodrow Wilson，28:90.

1. Wilson press conferences of July 28 and August 14，1913，in ibid.，89–90，151.

1. Wilson to Ellen Axson Wilson，July 27，1913，in ibid.，84–85.

1. “Wilson Plan Is Adopted，”The New York Times，July 29，1913.

1. The Glass-Owen bill was taken up by the Democratic caucus on August 11 and not approved until August 28.

1. For Representative Henry’s references to Jackson，see James Neal Primm，A Foregone Conclusion（St. Louis: Federal Reserve Bank of St. Louis，1989），chapter 2，“Banking Reform，1907–1913”；available at www.stlouisfed.org/foregone/chapter_two.cfm. For Henry’s reference to Aldrich Plan and his reading of Bryan，see“Money Bill Faces Crisis in Caucus，”The New York Times，August 18，1913.

1. “Money Bill Faces Crisis in Caucus.”

1. Even Willis，who had drafted the bill，admitted he had great difficulty framing a definition of acceptable commercial paper: see Banking and Currency: Hearings Before the Committee on Banking and Currency，on H.R. 7837（S. 2639），U.S. Senate，63rd Cong.，1st sess.，vol. 3，available at https://fraser.stlouisfed.org/publication/?pid=429.

1. William Jennings Bryan to Wilson，August 6，1913，inThe Papers of Woodrow Wilson，28:121；Paolo E. Coletta，William Jennings Bryan（Lincoln: University of Nebraska Press，1969），2:134；and Link，Wilson and the Progressive Era，50.

1. “Banks as Public Utilities，”The New York Times，August 16，1913.

1. Henry Parker Willis，The Federal Reserve System: Legislation，Organization，Operation（New York: Ronald Press，1923），1624–1625.

1. Owen’s defection and return to the fold was registered in a pair of embarrassing New York Times headlines，the first of which，“Owen Turns Critic of Currency Bill，”appeared on August 20，1913，followed，the next day，by“Owen Still Loyal to Currency Bill.”

1. Carter Glass，An Adventure in Constructive Finance（Garden City，N.Y.: Doubleday，1927），131–139，especially 139；William Jennings Bryan to Glass，August22，1913，Carter Glass Collection，Box 67；and“Bryan Letter Routs Currency Radicals，”The New York Times，August 23，1913.

1. Glass，An Adventure in Constructive Finance，139；and“Bryan Letter Routs Currency Radicals.”

1. One change was paring reserve requirements for country banks，from 15 percent of deposits to 12: see“Caucus Adopts Currency Bill，”The New York Times，August 29，1913. Another alteration was the wording on farm credit.

1. “Bankers Want Only One Federal Bank，”The New York Times，August 24，1913. Forgan’s“unworkable”and“incompetent”come from“Bankers Optimistic on Currency Law，”ibid.，August 23，1913. Forgan’s apology came in his letter to Glass of August 25（Henry Parker Willis Papers，Box 20），in which he humbly pronounced，“I have to sincerely apologize for the way in which I referred to you in my speech before the Bankers Conference here last Friday.”See also，on the bankers conference，Robert H. Wiebe，Businessmen and Reform（Chicago: Elephant，1989），131– 135；and Richard T. McCulley，Banks and Politics During the Progressive Era: The Origins of the Federal Reserve System，1897–1913（New York: Garland，1992），298.

1. Banking and Currency: Hearings，testimony of H. A.Moehlenpah，vol. 2，1539–1565. Moehlenpah，president of the Wisconsin Bankers Association，testified that when he tried to dissent，Reynolds objected，“We must go to the men at Washington，to the Administration，with a solid front，and if you have any objection . . . make it personally.”When Hepburn closed off debate with his gavel，another banker exclaimed，“God，this steam roller is working fine.”For the number of bankers present，see Vanderlip to James Stillman，August 29，1913，Frank A. Vanderlip Papers，Box 1-5.

1. “Bankers Optimistic on Currency Law”；Primm，A Foregone Conclusion，chapter 2；and Wiebe，Businessmen and Reform，133–34.

1. H. A. Moehlenpah testified（Banking and Currency: Hearings，2:1539–1565），“If it is a choice between the control of this new systemby the Government[or]the bankers，you will get a very large majority of them who willsay let the Government keep control of it.”

1. William McAdoo to House，August 27，1913，Edward M. House Papers，Box 73.

1. McAdoo to House，August 5，1913，ibid.，referring to the many letters McAdoo has received on the legislation，and concluding，“It has gone well.”

1. D. A. Tompkins，publisher of the Daily Observer，quoted in Arthur S. Link，Wilson，vol. 2，The New Freedom（Princeton，N.J.: Princeton University Press，1956），223.

1. Harry Wheeler to Carter Glass，August 13，1913，reprinted in Willis，The Federal Reserve System，417–421. For evidence of support among businesspeople for the bill，see Glass’s mail from correspondents in varied commercial fields in various boxes of the Glass Collection，in particular Box 19；Link，The New Freedom，223；and Wiebe，Businessmen and Reform，133–134.

1. See，for instance，“Coast Bankers See McAdoo，”The New York Times，August 15，1913. For McAdoo’s rejection of the Chicago demands，see“Wilson Stands Firm on Currency Bill，”ibid.，August 26，1913，in which McAdoo said“constructive criticism”would be“carefully considered”—a polite way of saying he did not regard this manifesto as constructive. For“fiasco，”see H. Parker Willis to Glass，August 25，1913，Glass Collection，Box 19. See also Link，The New Freedom，227.

1. Lester V. Chandler，Benjamin Strong，Central Banker（Washington，D.C.: Brookings Institution，1958），11. 30. Richard H. Timberlake Jr.，The Origins of Central Banking in the United States（Cambridge，Mass.: Harvard University Press，1978），192.

1. West，Banking Reform and the Federal Reserve，118.

1. Willis，The Federal Reserve System，364–372.

1. Ibid.，125. For the gold standard debate，see Glass，An Adventure in Constructive Finance，153；Coletta，William Jennings Bryan，2:135；and Link，The New Freedom，227. See also“Money Bill Passes House，285 to 85，”The New York Times，September 19，1913.

1. Willis，The Federal Reserve System，438.

1. Wilson to Ellen Axson Wilson，September 19，1913，in The Papers of Woodrow Wilson，28:301.

1. For the political orientation of the Senate，and of its Banking Committee，see West，Banking Reform and the Federal Reserve，130–131；“Bankers Find Clash over Currency Bill，”The New York Times，September 3，1913；and Link，The New Freedom，228.

1. Forgan appeared before the committee on September 2，followed the next day by Wade；their testimony appears in Banking and Currency: Hearings，1:25，126. The prolongation of the hearings and its effect on delaying the bill were widely reported: see，for instance，all in The New York Times，“Moves Delay in Senate”（September 5，1913），“Wilson Aims to Win Senate Support”（September 20），“MayReduce Reserve Banks”（September 26），and“Test for Currency Bill”（September 28）.See also Cooper，Woodrow Wilson，223.

1. Thomas McRae’s September 29 testimony and his cross-examination by Hitchcock appear in Banking and Currency: Hearings，2:1275–1288.

1. See for instance the August 2，1913，letter from W. S. Fant，president of the First National Bank of Weatherford，Texas，to Glass，arguing that as“money[interest rates]is always high，”bankers had better outlets for their capital（Glass Collection，Box 19）. For check clearing，see“Bankers Want Only One Federal Bank，”The New York Times，August 24，1913.

1. Warburg later commented，in The Federal Reserve System: Its Origin and Growth—Reflections and Recollections（New York: Macmillan，1930），1:105，“The bill，at every stage of its development，represented a great triumph of the fundamental principles for which banking reformers had striven namely，concentration and mobilization of reserves combined with an elastic note issue.”

1. Primm，A Foregone Conclusion.，chapter 2.

1. “Money Bill as Bad，Good，Partly Good，”The New York Times，September 28，1913，quoting Warburg’s article in the October 1913 issue of North American Review. See also Gabriel Kolko，The Triumph of Conservatism: A Reinterpretation of American History，1900–1914（New York: The Free Press of Glencoe，1963），especially 235–236；Kolko’s thesis is that banker“opposition”was essentially a ruse.

1. Frank Vanderlip to Glass，July 24，1913，Glass Collection，Box 16；Vanderlip to James Stillman，September 27，1913，Vanderlip Papers，Box 1-5. Also，Vanderlip took a middle ground in an August 29 letter to Still-man（ibid.）.

1. Primm，A Foregone Conclusion，chapter 2.

1. Wilson to Ellen Axson Wilson，July 27，1913，in The Papers of Woodrow Wilson，28:84–85. For Ellen’s disregarding her husband，see for instance her letter of September 4（ibid.，257），in which she asks him，“Is there fresh trouble about the currency bill—as the papers report?”Two days later（ibid.，260），she frets，“I am so concerned at the reports about the currency bill. They say you are fighting desperately with your back to the wall.”Wilson tries to soothe her nerves，replying on September 9（ibid.，267），“I am perfectly well. . . . The Senate is tired，some of the members of its committee are irritable and will have to be indulged.”For Wilson’s September 28 letter to Peck，see ibid.，336–337；he also confesses to his old friend that he was fearful he might“lose his patience and suffer the weakness of exasperation.”An editor’s note in ibid.（257）emphasizes that by early September，Republican and some Democratic senators were making clear that they intended to hold“lengthy hearings”on the currency bill.

1. Cooper，Woodrow Wilson，217–218；for the Revenue Act of 1913，see Link，The New Freedom，194（Link also quotes David Houston’s letter to W. H. Pageof September 12，1913）. The detail of signing the law with two gold pens comes from“Wilson Signs New Tariff Law，”The New York Times，October 4，1913.

1. Vanderlip to James Stillman，September 12，1913，Vanderlip Papers，Box 1-5.

1. “Wilson Signs New Tariff Law.”

1. “Foes of Money Bill Get Together，”The New York Times，October 1，1913. For Wilson’s timetable，see“Money Bill Fight May Take a Month，”ibid.，October 14，1913. At his October 6 press conference（in The Papers of Woodrow Wilson，28:364–365），Wilson publicly expressed confidence that the bill would pass in the special session.

1. “Altered Money Bill May Satisfy Wilson，”The New York Times，October 17，1913.

1. For the ABA trashing of the bill as well as Wilson’s reaction，see press conference of October 9，1913，as well as private correspondence to Ralph Pulitzer on October 9 and to Senator John Sharp Williams on October 11，all in The Papers of Woodrow Wilson，28:378–389；“2，000 Bankers Hit Money Bill Hard，”The New York Times，October 9，1913；Willis，The Federal Reserve System，403；Link，The New Freedom，229；Link，Wilson and the Progressive Era，51；Glass，An Adventure in Constructive Finance，193；and Richard J. Ellis，ed.，Speaking to the People；The Rhetorical Presidency in Historical Perspective（Amherst: University of Massachusetts Press，1998），170. See also Proceedings of the 39th Annual Convention of the Americans Bankers Association，available at http://babel.hathitrust.org/cgi/pt?id=njp.32101066788769；view=1up；seq=11.

1. Aldrich’s address was delivered on October 15 at the annual dinner of the Academy of Political Science: see Michael Clark Rockefeller，“Nelson W. Aldrich and Banking Reform: A Conservative Leader in the Progressive Era，”A.B. thesis，Harvard College，1960，89；Primm，A Foregone Conclusion；and“Aldrich Sees Bryan Back of Money Bill，”The New York Times，October 16，1913. Interestingly，Andrew said the Aldrich speech was“too denunciating”—one of the few times he ever criticized his former boss: A. Piatt Andrew，Diary of Abram Piatt Andrew，1902– 1914，ed. E. Parker Hayden Jr. and Andrew L. Gray（Princeton，N.J.，1986），entry of October 15，1913. For Wilson’s mail on the bill，see“Money Bill Delay Stirs Up Presi-dent，”The New York Times，October 7，1913. For the endorsements from the Merchants’ Association of New York and the U.S. Chamber of Commerce，see Link，The New Freedom，235.

1. “Banking and Monetary Statistics，1914–1941，”Federal Reserve Bank of St. Louis，16；available at http://fraser.stlouisfed.org/docs/publications/bms/1914-1941/BMS14-41_complete.pdf.

1. For Wilson’s threats to take his fight either to the people or to a Democratic caucus，see these four articles in The New York Times，all from the fall of 1913:“Wilson May Stump for Currency Bill”（October 3），“Money Bill Delay Stirs Up President”（October 7），“To Urge Money Bill as a Party Measure”（October 8），and“Bankers Views in Senate”（October 10）. See also Link，Wilson and the Progressive Era，51；Link，The New Freedom，230；Primm，A Foregone Conclusion，chapter 2；and，most especially，Ellis，Speaking to the People，170，which includes Wilson’s comment to the Washington Post.

1. Broesamle，William Gibbs McAdoo，113.

1. “Altered Money Bill May Satisfy Wilson，”The New York Times，October 17，1913；Cooper，Woodrow Wilson，223；and Link，The New Freedom，231.

1. For background on the three renegade senators，see Cooper，Woodrow Wilson，223，225，and 623；Primm，A Foregone Conclusion；and Link，The New Freedom，228. On Hitchcock，in particular，see Thomas W. Ryley，Gilbert Hitchcock of Nebraska: Wilson’s Floor Leader in the Fight for the Versailles Treaty（Lewiston，N.Y.:Edwin Mellen Press，1998），especially 58–62. For“O’Gorman’s resistance，”see Kenneth E. Miller，From Progressive to New Dealer: Frederic C. Howe and American Liberalism（University Park: Pennsylvania State University Press，2010），205–6. The New York Times coverage of O’Gorman’s efforts to secure patronage in the spring of 1913 documents that Wilson ignored O’Gorman on his first significant local appointment，for U.S. Attorneyin the Southern District of New York，and was set to ignore him again，for collector of customs—but then reversed course and appointed O’Gorman’s man: see“Marshall Named for Wise’s Place，”The New York Times，April 16，1913；“Test for O’Gorman on Collectorship，”ibid.，April 18，1913；“Polk Out of Race；O’Gorman’s Victory，”ibid.，April 30，1913；and“Mitchel Nominated for Port Collector，”ibid.，May 8，1913. On Reed，see Daniel McCarthy，“Show Me a Statesman，”The University Bookman 46，no. 3（Fall 2008），a review of Lee Meriwether’s Jim Reed，Senatorial Immortal）that is available at www.kirkcenter.org/index.php/bookman/article/show-me-a-statesman/.

1. H. L. Mencken，“James A. Reed of Missouri，”American Mercury，April 1929；available at http://truthbasedlogic.com/ownman.htm.

1. The Papers of Woodrow Wilson，28:369–370；and“Altered Money Bill May Satisfy Wilson，”The New York Times，October 17，1913.

1. Wilson to James O’Gorman，October 21，1913，in The Papers of Woodrow Wilson，28:421；and Wilson to James Reed，October 23，1913，in ibid.，425.

1. “Wilson Won’t Fight Money Bill Changes，”The New York Times，October 21 1913. According to Link，Wilson: The New Freedom，231，the President seemed on the verge of coming to terms with O’Gorman and Reed.

1. See Vanderlip testimony in Banking and Currency: Hearings，3:1933–2037 and 2052–2069，October 8，1913. In a September 24，1913，letter to James Stillman（Vanderlip Papers，Box b1-5），Vanderlip noted that he first met with O’Gorman and Reed in White Sulfur，West Virginia，in mid-September；the two senators expressed their opposition to the bill and encouraged him to appear before the committee. See also Vanderlip to James Stillman，October 10，1913，ibid.

1. Vanderlip to Stillman，October 10，1913.

1. Banking and Currency: Hearings，3:2056，October 8，1913.

1. Vanderlip to Stillman，October 10，1913；and Vanderlip to James Stillman，October 27，1913，Vanderlip Papers，Box 1-5.

1. Vanderlip to Stillman，October 10，1913.

1. Vanderlip to Stillman，October 27，1913.

1. Predictably，Glass did cite the Baltimore platform as incompatible with the Vanderlip plan: see“Wilson Upholds Glass Money Bill，”The New York Times，October 25，1913.

1. Vanderlip to Stillman，October 27，1913.

1. For accounts of Vanderlip’s second appearance before the committee and its reaction，see Banking and Currency: Hearings，3:2911–2967，October 23，1913；and“Currency Outlook Suddenly Changed，”The New York Times，October 24，1913.

1. Frank Vanderlip to Wilson，October 23，1913，in The Papers of Woodrow Wilson，28:428.

1. Wilson to Frank Vanderlip，October 24，1913，in ibid.，430.

1. Link，Wilson: The New Freedom，233–234；and Cooper，Woodrow Wilson，224.

1. “Strong Support for Central Bank，”The New York Times，October 29，1913.

1. Link，Wilson and the Progressive Era，49. The debate in the committee regarding the number of reserve banks was covered extensively in The New York Times: see，for instance，“Split on Regional Banks”（October 31，1913）and“Cut Regional Banks to Four at Start”（November 1，1913）.

1. “Would Curb Banks in Regional System，”The New York Times，November 2，1913.

1. “Split on Regional Banks”；“Wilson Is Blamed for Currency Halt，”The New York Times，November 11，1913.

1. Ryley，Gilbert Hitchcock of Nebraska，59，63.

1. Link，Wilson: The New Freedom，235；and Primm，A Foregone Conclusion，chapter 2.

1. Festus J. Wade to Wilson，October 25，1913，in The Papers of Woodrow Wilson，28:444.

1. Glass，An Adventure in Constructive Finance，168–174；and Primm，A Foregone Conclusion，chapter 2. Owen also participated in the debate，which was sponsored by the Economic Club of New York: see“Wall Street Defended to Owen and Glass，”The New York Times，November 11，1913.

1. “Fusion Mayoral Candidate Thrashes Tam-many，”The New York Times，November 5，1913；and“Wilson Is Cheered by Party Triumphs，”ibid.，November 6，1913. For O’Gorman’s and Reed’s shifts，see“Yield to Wilson on Regional Banks，”ibid.，November 8，1913. Link’s suggestion is in Wilson and the Progressive Era，51. Although Reed’s and O’Gorman’s resistance had seemed to weaken even before the election（see“Strong Support for Central Bank”），their support for Glass-Owen didn’t gel until November. See also Ryley，Gilbert Hitchcock of Nebraska，64. For a longer and satirical account of the effect of the election on the holdouts，especially O’Gorman，see“Revolt Against President Wilson Ends in a Fiasco，”The New York Times，November 16，1913.

1. Ryley，Gilbert Hitchcock of Nebraska，59；and“Wilson Is Blamed for Currency Halt.”

1. Vanderlip to James Stillman，November 15，1913，Vanderlip Papers，Box b1-5；and“Brighter Outlook for Currency Bill，”The New York Times，November 14，1913.

1. Vanderlip to Stillman，November 1，1913，Vanderlip Papers，Box 1-5；and Vanderlip to Stillman，November 15，1913.

1. “160，980，084 Earned by National Banks，”The New York Times，December 9，1913. More precisely，the figure was $1.068 billion.

1. Warburg to Robert Owen，November 10，1913，Paul Moritz Warburg Papers，Folder 12.

1. Warburg，The Federal Reserve System，1:120–121；the train ride occurred on November 10，1913.

1. The Warburg Papers are rife with correspondence（in English，German，and French）from October to December with bankers from Great Britain and numerous countries on the Continent. Many sources attest to Warburg’s lobbying: for instance，see Paul Warburg to House，November 14，1913，and November 28，1913，House Papers，Box 114a；Warburg to Robert Owen，October 30，1913，Warburg Papers，Folder 7；Warburg to Owen，November 10（including a schematic diagram by Warburg illustrating a preferred arrangement of reserve banks）；most especially，Warburg to Robert Owen，November 24，1913（seeking final copies of the two bills referred by the committee to the Senate），Warburg Papers，Folder 106；Warburg to William McAdoo，November 6，1913，cited in Warburg，The Federal Reserve System，1:114；and Warburg to William McAdoo，November 20，1913，cited in ibid.，124. Warburg and Jacob Schiffalso paid a visit to Colonel House on November 17—see Charles Seymour，The Intimate Papers of Colonel House，Arranged as a Narrative by Charles Seymour（Boston: Houghton Mifflin，1928），165.

1. Willis，The Federal Reserve System，471；and“Senate to Tackle Three Money Bills，”The New York Times，November 21，1913. The headline’s reference to“three”bills was misleading if technically accurate: the count included the Glass-Owen bill as passed by the House，which had no support in the Senate and was referred as a formality；only the version of Glass-Owen as modified in the Senate committee and the Hitchcock bill were referred with any hope of consideration.

1. Warburg，The Federal Reserve System，1:113–114.

1. Vanderlip to J. P. Morgan Jr.，November 18，1913，Vanderlip Papers，Box 1-5. See also“Senate to Tackle Three Money Bills.”

1. Ryley，Gilbert Hitchcock of Nebraska，64；see also“Brighter Outlook for Currency Bill，”The New York Times，November 14，1913. On the legislative maneuver see Link，The New Freedom，233–234；Willis，The Federal Reserve System，468；and James L. Laughlin，The Federal Reserve Act: Its Origin and Problems（New York: Macmillan，1933），167–168.

1. Laughlin，The Federal Reserve Act，167–168；and“Party Conference to Push Money Bill，”The New York Times，November 26，1913.

1. “Caucus Vote to Be Binding，”The New York Times，November 29，1913；and Coletta，William Jennings Bryan，2:137.

1. “Wilson Triumphs with Message，”The New York Times，December 3，1913；see also“An Annual Message to Congress，”December 2，1913，in The Papers of Woodrow Wilson，29:5.

1. Press conference of December 1，1913，in The Papers of Woodrow Wilson，28:600；“To Push Money Bill at Night Sessions，”The New York Times，November 27，1913；and“Adopt Long Hours to Pass Money Bill，”The New York Times，December 7，1913.

1. Vanderlip to. J. P. Morgan Jr.，November 18，1913.

1. “Money Bill Faces Close Senate Vote，”The New York Times，November 24，1913.

1. Timberlake，The Origins of Central Banking in the United States，201–2，notes that the inflation debate surfaced only in December. For contemporaneous discussion on whether reserves should be legal tender，see，for example，the New York Times’s outraged editorial of November 16，1913，“Bryanizing the Money Bill，”as well as Vanderlip’s second appearance before the Senate，Banking and Currency: Hearings，vol. 3. See also Willis，The Federal Reserve System，456–457，467–468.

1. Glass，An Adventure in Constructive Finance，210.

1. Willis，The Federal Reserve System，1654；the House language（ibid.，1626）was less explicit. However，the House version also permitted national banks to open overseas branches.

1. The two versions can be compared in ibid: Senate，1651；House，1623. See also West，Banking Reform and the Federal Reserve，212.

1. The Senate bill permitted farm mortgages for five years. The House bill also permitted such mortgages，but only for durations of one year. See Willis，The Federal Reserve System，1633–1634，1664.

1. “Root Sees Peril in Money Bill，”The New York Times，December 14，1913.

1. Although calculations of inflation before 1913 are necessarily estimates，various indices of wholesale prices did exist. Historical Statistics of the United States，1789–1945，prepared by the Census Bureau（Washington，D.C.: Government Printing Office，1949），231–232，shows a general wholesale index falling from 127 in1865，the year the Civil War ended，to 100 in 1873. It hit bottom at 71 in 1896，and recovered to 100 in 1912，where it remained in 1913. The index was a composite of various subindices，including ones for commodities，farm products，hides，and leather..

1. See the following entries in volume 29 of The Papers of Woodrow Wilson: Wilson to Mary Allen Hulbert Peck，December 8，1913（p. 23）；diary entries of House，December 12（pp. 32–33），December 14（p. 34），and December 16（p. 36）. See also William McAdoo to House，December 7，1913，House Papers，Box 73.

1. George Reynolds to Glass，December 18，1913，telegram，Glass Collection，Box 42；Willis，The Federal Reserve System，507–508；Link，The New Freedom，235；and Kolko，The Triumph of Conservatism，241.

1. Warburg to Robert Owen，December 4，1913，War-burg Papers，Folder 11；and Warburg to Robert Owen，December 15，1913，ibid.，Folder12. See also Warburg，The Federal Reserve System，1:121.

1. H. A. Wheeler to Warburg，December 13，1913，Warburg Papers，Folder 12；Solomon Wexler to Warburg，December 15，1913，telegram，ibid.；Warburg to H. E. Hammond，December 17，1913，ibid.；and Charles D. Norton to Warburg，December 17，1913，ibid. See also various Warburg correspondence in the Warburg Papers with officials of Merchants’ Association of New York and the New York Chamber of Commerce.

1. Festus J. Wade to Warburg，December 10，1913，ibid.，Folder11；and Festus J. Wade to Warburg，December 15，1913，ibid，Folder 12. On Warburg’s latest plan，see Warburg，The Federal Reserve System，1:122–124，as well as numerous items of correspondence toward the end of 1913 in the Warburg Papers.

1. Warburg，The Federal Reserve System，1:115；and Glass to Paul Warburg，November 22，1913，Glass Collection，Box 8.

1. Glass，An Adventure in Constructive Finance，209. See also Warburg，The Federal Reserve System，1:115–117，reproducing two letters attesting to their frequent contact. On December 15，1913，Warburg wrote to Glass on a favorite technical subject，rediscounting. Three days later he anxiously followed up，“Ihave not heard from you concerning the rediscount clause.”

1. Warburg，The Federal Reserve System，1:125. See also Glass to Paul Warburg，December 24，1913，Glass Collection，Box 8，in which Glass repeated the suggestion that Warburg consider a Federal Reserve Board post.

1. Willis，The Federal Reserve System，503；and“Democrats Heed Root’s Warning，”The New York Times，December 18，1913.

1. “President Takes a Drive，”The New York Times，December 18，1913；and Laughlin，The Federal Reserve Act，169. For the votes on December 19，see“Currency Bill Passes Senate，”The New York Times，December 20，1913；one Progressive also voted in favor.

1. Warburg to Robert Owen，December 19，1913，Warburg Papers，Folder 12.

1. Warburg to Arthur Spitzer，December 19，1913，ibid.，Folder 11. See also Warburg’s letter of December 19 to Harry A. Wheeler，president of the U.S. Chamber of Commerce，in ibid.，Folder 12；and Warburg，The Federal Reserve System，1:121.

1. Timberlake，The Origins of Central Banking in the United States，202.

1. The House-Senate conference dealt with dozens of individual items. The conference changes are detailed in Willis，The Federal Reserve System，511–19；and Glass，An Adventure in Constructive Finance，212–19；in addition，high（and low）points are treated in Warburg，The Federal Reserve System，1:126–129. See also Glass’s speech to the House of Representatives，December 22，1913，in Glass Collection，Box 22，as well as“Money Bill May Be Law To-day，”The New York Times，December 22，1913，and“Money Bill Goes to Wilson To-day，”“Currency Bill Conference Report，”and“Changes Made in the Bill，”all from ibid.，December 23. For a more detailed comparison，in his The Federal Reserve System，Willis reprinted the House bill（p. 1614），as well as the Senate bill（p. 1637），and those versions may be contrasted with the final Federal Reserve Act（p. 1667）.

1. Willis，The Federal Reserve System，456–57，467–68；for $1 and $2 bills，see“Changes Made in the Bill”；for distinctive engravings，see“Currency Bill Conference Report.”

1. “Money Bill May Be Law To-day”；and“Money Bill Goes to Wilson To-day.”For Warburg’s bitter disappointment，see War-burg，The Federal Reserve System，1:121–23，128–29.

1. “Money Bill May Be Law To-day”；and“Money Bill Goes to Wilson To-day.”For analysis of this issue，see West，Banking Reform and the Federal Reserve，132–33.

1. Warburg，The Federal Reserve System，1:128；Seymour，The Intimate Papers of Colonel House，139；Broesamle，William Gibbs McAdoo，115；and Willis，The Federal Reserve System，518. For amplifying the power of the board，see Willis，The Federal Reserve System，518. Glass，An Adventure in Constructive Finance，215，is the source for 4:10 a.m. Terms of board members in the House bill were to have been eight years；in the Senate bill，six years.

1. Seymour，The Intimate Papers of Colonel House，139. For House’s evening at the White House，see House diary，December 22，1913，in The Papers of Woodrow Wilson，29:55.

1. Glass’s December 22，1913，speech is in Glass Collection，Box 22；see also Willis，The Federal Reserve System，511；and“Money Bill Goes to Wilson To-day.”The House vote was 298–260.

1. “Wilson Signs the Currency Bill；Promises Friendly Aid to Business，”The New York Times，December 24，1913. Wilson asking Glass and Owen to come closer is from Glass，An Adventure in Constructive Finance，227. For the President’s departure，see these New York Times articles:“Wilson’s Vacation Plans”（December 21，1913），“President Off for a Rest”（December 24），and“President Wilson Spends Happy Day”（December 26）.

1. Warburg，The Federal Reserve System，1:129.

1. Ibid.

1. Link，The New Freedom，239.

1. The New York Tribune’s opinion was quoted in“Result Will Be Good，Is Opinion of Press，”a compendium of editorial reactions from other newspapers，The New York Times，December 24，1913；the Times’s own editorial，“An Important Omission，”appeared on December 25. For other editorial commentary，in the mainpositive，see the December 22 issues of Philadelphia Bulletin，Cincinnati Enquirer，Chicago Post，and New York Mail（all of which were excerpted in the Times compendium），as well as the Boston Daily Globe（December 22），the Washington Post（December 24），and the Lawrence（Mass.）Journal-World（December 24）.

1. “Review and Outlook，”The Wall Street Journal: December 29，1913，which also mentioned that the banks were pleased. See also“Owen Bill Is Liked，”The New York Times，December 21，1913.

1. Vanderlip to James Stillman，December 29，1913，Vanderlip Papers，Box 1-5；this letter includes“I feel firmly that I would rather take my chances under the legislature of the State of New York . . . than under the federal government so far as banking charter rights are concerned.”For the applications for membership，see“Banks Eager to Enter，”The New York Times，December 23，1913，as well as an untitled item in ibid.，December 24，1913.

1. Paul Warburg to Glass，December 23，1913，Glass Collection，Box 7.

1. House to Paul Warburg，January 1，1914，House Papers，Box 114a.

第十四章

1. Houston’s diary entry of December 23，1913，cited in Warburg，The Federal Reserve System:Its Origin and Growth Reflections and Recollections（New York: Macmillan，1930），1:129.

1. Carter Glass，An Adventure in Constructive Finance（Garden City，N.Y.: Doubleday，1927），36.

1. Samuel Untermyer，Who Is Entitled to the Credit for the Federal Reserve Act?（New York，1927），foreword.

1. James L. Laughlin，The Federal Reserve Act: Its Origin and Problems（New York: Macmillan，1933），136–37.

1. Glass，An Adventure in Constructive Finance，20，commenting on Charles Seymour’s The Intimate Papers of Colonel House.

1. Henry Parker Willis，The Federal Reserve System: Legislation，Organization and Operation（New York: Ronald Press，1923），523.

1. Paul Warburg to Laughlin，June 27，1929，James Laurence Laughlin Papers，Paul M. Warburg folder.

1. Willis，The Federal Reserve System，530.

1. Warburg to Laughlin，June 27，1929.

1. Willis，The Federal Reserve System，523.

1. Warburg quoted in“Our First Line of Financial Defense，”The New York Times，August 18，1918.

1. Vanderlip to James Stillman，December 29，1913，Frank A. Vanderlip Papers，Box 1-5.

1. Roger T. Johnson，Historical Beginnings . . . The Federal Reserve（Federal Reserve Bank of Boston，2010），chapter 3，“Making the System Work，”available at https://www.bostonfed.org/about/pubs/begin.pdf；and Sarah Binder and Mark Spindel，“Monetary Politics: Origins of the Federal Reserve，”Studies in American Political Development 27，no. 1（April 2013），1–13.

1. William L. Silber，When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America’s Monetary Supremacy（Princeton，N.J.: Princeton University Press，2007）；see especially chapter 4. The emergency currency was issued under the 1908 Aldrich-Vreeland Ac which had been set to expire in1914 but，providentially，had been extended for a year by the Federal Reserve Act.

1. Robert Craig West，Banking Reform and the Federal Reserve（Ithaca，N.Y.: Cornell University Press，1974），208–9，215；Ron Chernow，The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family（New York: Random House，1993），187；John J. Broesamle，William Gibbs McAdoo: A Passion for Change，1863– 1917（Port Washington，N.Y.: Kennikat Press，1973），115–16；and Silber，When Washington Shut Down Wall Street.

1. Willis to Carter Glass，August 18，1914，Henry Parker Willis Papers，Box 1；Warburg，The Federal Reserve System，1:493，495–496.

1. West，Banking Reform and the Federal Reserve，219，222.

1. See ibid.，186–87，190，215，and 218；and Broesamle，William Gibbs McAdoo，115–16.

1. Lester V. Chandler，Benjamin Strong，Central Banker（Washington，D.C.: Brookings Institution，1958），14，notes that the language of the bill suggested a passive approach. West makes a similar point in Banking Reform and the Federal Reserve，202，205，and 192.

1. For Sprague’s testimony，see Banking and Currency: Hearings Before the Committee on Banking and Currency，on H.R. 7837（S. 2639），U.S. Senate，63rd Cong.，1st sess.，1:362，Septermber 6，1913，available at https://fraserstlouisfed.org/publication/?pid=429.

1. West，Banking Reform and the Federal Reserve，182.

1. Ibid.，178.

1. Warburg，The Federal Reserve System，1:137–177（chapter 7）. Warburg began his campaign for remedial legislation as soon as the ink on the original Act was dry. In January 1914，he made（in elegant cursive）a list of items entitled“Points where changes may be made”（Warburg Papers，Folder 107）. Also found in his files（Folder 104），apparently from a year or two later，is a typed list entitled“Amendments to Federal Reserve Act which are to be pushed.”See also his eleven-page letter to Glass recommending amendments in 1916，reproduced in Warburg，The Federal Reserve System，1:707. For the Fed soaking up much of the bullion，see West，Banking Reform and the Federal Reserve，176–77；Robert L. Owen，The Federal Reserve Act（New York: Century，1919），95–97；and Warburg，1:149–57. In particular，Warburg states，“The im-portance of this new legislation can scarcely be overstated，for it was the amendment relating to reserves which enabled the Reserve System to corral and mobilize the country’s gold and thereby to finance，as well as it did，the unparalleled demands of the war”（p. 157）. For an excellent summary of the 1917 amendments and its effects，including a chart documenting the increased note circulation，see Raymond P. H. Fishe，“The Federal Reserve Amendments of 1917: The Beginning of a Seasonal Note Issue Policy，”Journal of Money，Credit，and Banking 23，no. 3（August 1991），part I.

1. Chernow，The Warburgs，187–89，captures the painful saga of Warburg’s departure，including Owen’s opposition to his renomination. For his support from bankers，see“Want Warburg to Stay，”The New York Times，July 23，1918. Although Owen and Warburg collaborated on the legislation，Owen never seems to have overcome his suspicion of Warburg as an international banker. Late in 1913，Owen offhandedly referred to Warburg’s firm，Kuhn，Loeb，as“representatives of the Rothschilds”—close to a blood libel，given that the claim（wholly unfounded）was used by anti-Semites to impugn Kuhn，Loeb’s loyalty. See Banking and Currency: Hearings，2:1867. For more on the tension between Owen and Warburg，see Warburg，The Federal Reserve System，1:498.

1. Gary Gorton and Andrew Metrick，“The Federal Reserve and Financial Regulation: The First Hundred Years”（working paper，August 2013），and Willis，The Federal Reserve System，1405–6，both credit the Fed with averting a panic. See also West，The Federal Reserve and Banking Reform，193–94.

1. Milton Friedman and Anna Jacobson Schwartz，A Monetary History of the United States，1867–1960（Princeton，N.J.: Princeton University Press，1971），235.

1. Gorton and Metrick，“Federal Reserve and Financial Regulation”；and West，The Federal Reserve and Banking Reform，187–88，190，and 219. Gorton and Metrick make the point that in 1913，the founders had no notion that active intervention in markets would weigh so heavily in the Fed’s activities. Warburg（The Federal Reserve System，1:176）tacitly admitted the point in acknowledging that“the importance of a definite open-market policy . . . is better understood todaythan it was when the Federal Reserve Act was written.”

1. See West，The Federal Reserve and Banking Reform，224；and Federal Reserve Bank of Richmond，“Federal Reserve History: The Fed’s Formative Years，”available at http://www.federalreservehistory.org/Events/DetailView/60.

1. “Warburg Assails Federal Reserve，”The New York Times，March 8，1929.

1. Priscilla Roberts，“World War I as Catalyst and Epiphany: The Case of Henry P. Davison，”Diplomacy and Statecraft 18，no. 2（June 2007），315–50.

1. Priscilla Roberts，“Frank A. Vanderlip and the National City Bank During the First World War，”Essays in Economic and Business History 20，no. 2（2002），8；Vanderlip’s memoir，written with Boyden Sparkes，is From Farm Boy to Financier（New York: D. Appleton-Century，1935）.

1. Nelson W. Aldrich Jr.，Old Money: The Mythology of Wealth in America（1988；repr.，New York: Allworth Press，1996），22. The figure of $16 million is an estimate.

1. Lewis Gould，“Wilson’s Man in Paris，”The Wall Street Journal，January 17–18，2015.

1. “Carter Glass，”The New York Times，May 29，1946.

1. See the Federal Reserve profile of Owen available at www.federalreservehistory.org/People/DetailView/92. Owen’s 1919 memoir was The Federal Reserve Act.

1. See Owen’s foreword to Gertrude M. Coogan’s populist tract，Money Creators: Who Creates Money? Who Should Create It?（Chicago: Sound Money Press，1935），a distillation of paranoid theories of the day，which Owen warmly endorsed.

1. Laughlin，The Federal Reserve System，533.

1. H. Parker Willis to Glass，December 25，1913，Carter Glass Collection，Box 42.

1. Willis，The Federal Reserve System，526，530；the quotation at the end of the paragraph is from 526–27. Willis’s book is full of backhanded swipes at Warburg. His statement（p. 439）that the Reserve System“was eventually placed for operation very largely in the hands of persons who had antagonized the adoption of the measure”can only be read as a derogatory comment on Warburg’s elevation to the board. Willis’s assertion（p. 528）that the Aldrich bill was“based upon German experience，”whereas the Federal Reserve Act was（supposedly）modeled after the Bank of England，was an attempt to use Warburg’s origins to taint the legacy of the Aldrich bill.

1. Untermyer，Who Is Entitled to the Credit for the Federal Reserve Act? foreword；the quotation later in the paragraph is from ibid.

1. Warburg to Laughlin，June 27，1929.

1. Warburg，The Federal Reserve System，1:10.

1. Ibid.，7.

1. Ibid.，133.

1. Friedman and Schwartz，Monetary History of the United States，171. Robert C. West reached the same conclusion in his detailed Banking Reform and the Federal Reserve，112. The Glass“admirer”is James E. Palmer Jr.，author of the sycophantic Carter Glass: Unreconstructed Rebel（Roanoke: Institute of American Biography，1938）: see p. 71.

1. James Warburg，The Long Road Home（Garden City，N.Y.: Doubleday，1964），29.