"Quis Custodiet Ipsos Custodes?" The Federal Reserve System's Founding Fathers and Allied Finances in the First World War

Business History Review

Volumn 72, Issue 4, 1998, Pages 585-620

  Roberts, Priscilla ^a  

^a UNIVERSITY OF HONG KONG   (Hong Kong)

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[No Author keywords available]

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EID: 0032283047     PISSN: 00076805     EISSN: None     Source Type: Journal    
DOI: 10.2307/3116623     Document Type: Article

References (66)

1. Broz, International Origins, ch. 5; Arthur S. Link, Wilson: The New Frontier (Princeton, N.J., 1956), 199-240; Robert H. Wiebe, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, Mass., 1962), 72-79, 129-37; Gabriel Kolko, The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916 (New York, 1963), 156-58, 181-89, 217-54; James Livingston, Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890-1913 (Ithaca, N.Y., 1986); Robert Craig West, Banking Reform and the Federal Reserve 1863-1923 (Ithaca, N.Y., 1977), chs. 1-8; Murray N. Rothbard, "The Federal Reserve as a Cartelization Device: The Early Years, 1913-1930," in Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform, ed. Barry N. Siegel (Cambridge, Mass., 1984), 89-106; William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York, 1987), 280-81.
2. Broz, International Origins, ch. 5; Arthur S. Link, Wilson: The New Frontier (Princeton, N.J., 1956), 199-240; Robert H. Wiebe, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, Mass., 1962), 72-79, 129-37; Gabriel Kolko, The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916 (New York, 1963), 156-58, 181-89, 217-54; James Livingston, Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890-1913 (Ithaca, N.Y., 1986); Robert Craig West, Banking Reform and the Federal Reserve 1863-1923 (Ithaca, N.Y., 1977), chs. 1-8; Murray N. Rothbard, "The Federal Reserve as a Cartelization Device: The Early Years, 1913-1930," in Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform, ed. Barry N. Siegel (Cambridge, Mass., 1984), 89-106; William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York, 1987), 280-81.
3. Broz, International Origins, ch. 5; Arthur S. Link, Wilson: The New Frontier (Princeton, N.J., 1956), 199-240; Robert H. Wiebe, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, Mass., 1962), 72-79, 129-37; Gabriel Kolko, The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916 (New York, 1963), 156-58, 181-89, 217-54; James Livingston, Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890-1913 (Ithaca, N.Y., 1986); Robert Craig West, Banking Reform and the Federal Reserve 1863-1923 (Ithaca, N.Y., 1977), chs. 1-8; Murray N. Rothbard, "The Federal Reserve as a Cartelization Device: The Early Years, 1913-1930," in Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform, ed. Barry N. Siegel (Cambridge, Mass., 1984), 89-106; William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York, 1987), 280-81.
4. Broz, International Origins, ch. 5; Arthur S. Link, Wilson: The New Frontier (Princeton, N.J., 1956), 199-240; Robert H. Wiebe, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, Mass., 1962), 72-79, 129-37; Gabriel Kolko, The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916 (New York, 1963), 156-58, 181-89, 217-54; James Livingston, Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890-1913 (Ithaca, N.Y., 1986); Robert Craig West, Banking Reform and the Federal Reserve 1863-1923 (Ithaca, N.Y., 1977), chs. 1-8; Murray N. Rothbard, "The Federal Reserve as a Cartelization Device: The Early Years, 1913-1930," in Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform, ed. Barry N. Siegel (Cambridge, Mass., 1984), 89-106; William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York, 1987), 280-81.
5. Broz, International Origins, ch. 5; Arthur S. Link, Wilson: The New Frontier (Princeton, N.J., 1956), 199-240; Robert H. Wiebe, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, Mass., 1962), 72-79, 129-37; Gabriel Kolko, The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916 (New York, 1963), 156-58, 181-89, 217-54; James Livingston, Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890-1913 (Ithaca, N.Y., 1986); Robert Craig West, Banking Reform and the Federal Reserve 1863-1923 (Ithaca, N.Y., 1977), chs. 1-8; Murray N. Rothbard, "The Federal Reserve as a Cartelization Device: The Early Years, 1913-1930," in Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform, ed. Barry N. Siegel (Cambridge, Mass., 1984), 89-106; William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York, 1987), 280-81.
6. Broz, International Origins, ch. 5; Arthur S. Link, Wilson: The New Frontier (Princeton, N.J., 1956), 199-240; Robert H. Wiebe, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, Mass., 1962), 72-79, 129-37; Gabriel Kolko, The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916 (New York, 1963), 156-58, 181-89, 217-54; James Livingston, Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890-1913 (Ithaca, N.Y., 1986); Robert Craig West, Banking Reform and the Federal Reserve 1863-1923 (Ithaca, N.Y., 1977), chs. 1-8; Murray N. Rothbard, "The Federal Reserve as a Cartelization Device: The Early Years, 1913-1930," in Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform, ed. Barry N. Siegel (Cambridge, Mass., 1984), 89-106; William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York, 1987), 280-81.
7. Broz, International Origins, ch. 5; Arthur S. Link, Wilson: The New Frontier (Princeton, N.J., 1956), 199-240; Robert H. Wiebe, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, Mass., 1962), 72-79, 129-37; Gabriel Kolko, The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916 (New York, 1963), 156-58, 181-89, 217-54; James Livingston, Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890-1913 (Ithaca, N.Y., 1986); Robert Craig West, Banking Reform and the Federal Reserve 1863-1923 (Ithaca, N.Y., 1977), chs. 1-8; Murray N. Rothbard, "The Federal Reserve as a Cartelization Device: The Early Years, 1913-1930," in Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform, ed. Barry N. Siegel (Cambridge, Mass., 1984), 89-106; William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York, 1987), 280-81.
8. Broz, International Origins, ch. 5; Arthur S. Link, Wilson: The New Frontier (Princeton, N.J., 1956), 199-240; Robert H. Wiebe, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, Mass., 1962), 72-79, 129-37; Gabriel Kolko, The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916 (New York, 1963), 156-58, 181-89, 217-54; James Livingston, Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890-1913 (Ithaca, N.Y., 1986); Robert Craig West, Banking Reform and the Federal Reserve 1863-1923 (Ithaca, N.Y., 1977), chs. 1-8; Murray N. Rothbard, "The Federal Reserve as a Cartelization Device: The Early Years, 1913-1930," in Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform, ed. Barry N. Siegel (Cambridge, Mass., 1984), 89-106; William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (New York, 1987), 280-81.
9. during the World War," no date, 93, File 213-7, Lamont Papers; New York Times, 23 Nov. 1914; Chernow, The Warburgs, 161; Alfred Vagts, "M. M. Warburg & Co.: Ein Bankhaus in der deutschen Weltpolitik 1905-1933," Vierteljahrschrift für Sozial-und Wirtschaftsgeschichte 45 (Sept. 1958): 355.
10. during the World War," no date, 93, File 213-7, Lamont Papers; New York Times, 23 Nov. 1914; Chernow, The Warburgs, 161; Alfred Vagts, "M. M. Warburg & Co.: Ein Bankhaus in der deutschen Weltpolitik 1905-1933," Vierteljahrschrift für Sozial-und Wirtschaftsgeschichte 45 (Sept. 1958): 355.
11. during the World War," no date, 93, File 213-7, Lamont Papers; New York Times, 23 Nov. 1914; Chernow, The Warburgs, 161; Alfred Vagts, "M. M. Warburg & Co.: Ein Bankhaus in der deutschen Weltpolitik 1905-1933," Vierteljahrschrift für Sozial-und Wirtschaftsgeschichte 45 (Sept. 1958): 355.
12. Benjamin Strang to Frederick A. Delano, 22 Sept. 1916, File 211.1, Benjamin Strong Papers Federal Reserve Bank of New York, New York.
13. Strong, diary, 18 Mar. 1916, File 1000.2, ibid.; Strong to Fred I. Kent, 19 July 1915, Munitions Hearings, 30:9527; Warburg, Memorandum for Federal Reserve Board, 13 Nov. 1916, ibid., 26:8103-06; Warburg to Adolph C. Miller, 14 Nov. 1916, Box 169, William Gibbs McAdoo Papers, Manuscripts Division, Library of Congress, Washington, D.C.; Warburg to Strong, 23 Nov. 1916, Warburg to R. H. Treman, 23 Nov. 1916, File 211.3, Strong Papers; Warburg, "Memorandum for Mr. Glass," 1 Dec. 1916, Warburg, "Amendment Submitted by the Federal Reserve Board to Congress - End of Dec. 1916," Box 7, Paul M. Warburg Papers, Yale University Library, New Haven, Conn.
14. Strong, diary, 18 Mar. 1916, File 1000.2, ibid.; Strong to Fred I. Kent, 19 July 1915, Munitions Hearings, 30:9527; Warburg, Memorandum for Federal Reserve Board, 13 Nov. 1916, ibid., 26:8103-06; Warburg to Adolph C. Miller, 14 Nov. 1916, Box 169, William Gibbs McAdoo Papers, Manuscripts Division, Library of Congress, Washington, D.C.; Warburg to Strong, 23 Nov. 1916, Warburg to R. H. Treman, 23 Nov. 1916, File 211.3, Strong Papers; Warburg, "Memorandum for Mr. Glass," 1 Dec. 1916, Warburg, "Amendment Submitted by the Federal Reserve Board to Congress - End of Dec. 1916," Box 7, Paul M. Warburg Papers, Yale University Library, New Haven, Conn.
15. Strong, diary, 18 Mar. 1916, File 1000.2, ibid.; Strong to Fred I. Kent, 19 July 1915, Munitions Hearings, 30:9527; Warburg, Memorandum for Federal Reserve Board, 13 Nov. 1916, ibid., 26:8103-06; Warburg to Adolph C. Miller, 14 Nov. 1916, Box 169, William Gibbs McAdoo Papers, Manuscripts Division, Library of Congress, Washington, D.C.; Warburg to Strong, 23 Nov. 1916, Warburg to R. H. Treman, 23 Nov. 1916, File 211.3, Strong Papers; Warburg, "Memorandum for Mr. Glass," 1 Dec. 1916, Warburg, "Amendment Submitted by the Federal Reserve Board to Congress - End of Dec. 1916," Box 7, Paul M. Warburg Papers, Yale University Library, New Haven, Conn.
16. Strong, diary, 18 Mar. 1916, File 1000.2, ibid.; Strong to Fred I. Kent, 19 July 1915, Munitions Hearings, 30:9527; Warburg, Memorandum for Federal Reserve Board, 13 Nov. 1916, ibid., 26:8103-06; Warburg to Adolph C. Miller, 14 Nov. 1916, Box 169, William Gibbs McAdoo Papers, Manuscripts Division, Library of Congress, Washington, D.C.; Warburg to Strong, 23 Nov. 1916, Warburg to R. H. Treman, 23 Nov. 1916, File 211.3, Strong Papers; Warburg, "Memorandum for Mr. Glass," 1 Dec. 1916, Warburg, "Amendment Submitted by the Federal Reserve Board to Congress - End of Dec. 1916," Box 7, Paul M. Warburg Papers, Yale University Library, New Haven, Conn.
17. Strong, diary, 18 Mar. 1916, File 1000.2, ibid.; Strong to Fred I. Kent, 19 July 1915, Munitions Hearings, 30:9527; Warburg, Memorandum for Federal Reserve Board, 13 Nov. 1916, ibid., 26:8103-06; Warburg to Adolph C. Miller, 14 Nov. 1916, Box 169, William Gibbs McAdoo Papers, Manuscripts Division, Library of Congress, Washington, D.C.; Warburg to Strong, 23 Nov. 1916, Warburg to R. H. Treman, 23 Nov. 1916, File 211.3, Strong Papers; Warburg, "Memorandum for Mr. Glass," 1 Dec. 1916, Warburg, "Amendment Submitted by the Federal Reserve Board to Congress - End of Dec. 1916," Box 7, Paul M. Warburg Papers, Yale University Library, New Haven, Conn.
18. Livingston, Origins of the Federal Reserve System, 202-03; Kaufman, Efficiency and Expansion, 30; Broz, International Origins, 142-59; Abrahams, "Foreign Expansion of American Finance," 4-8.
19. Livingston, Origins of the Federal Reserve System, 202-03; Kaufman, Efficiency and Expansion, 30; Broz, International Origins, 142-59; Abrahams, "Foreign Expansion of American Finance," 4-8.
20. Livingston, Origins of the Federal Reserve System, 202-03; Kaufman, Efficiency and Expansion, 30; Broz, International Origins, 142-59; Abrahams, "Foreign Expansion of American Finance," 4-8.
21. Livingston, Origins of the Federal Reserve System, 202-03; Kaufman, Efficiency and Expansion, 30; Broz, International Origins, 142-59; Abrahams, "Foreign Expansion of American Finance," 4-8.
22. Ibid., 16-17; Kaufman, Efficiency and Expansion, 76; Parrini, Heir to Empire, 103-04; Phelps, Foreign Expansion of American Banks, 109-11.
23. Ibid., 16-17; Kaufman, Efficiency and Expansion, 76; Parrini, Heir to Empire, 103-04; Phelps, Foreign Expansion of American Banks, 109-11.
24. Ibid., 16-17; Kaufman, Efficiency and Expansion, 76; Parrini, Heir to Empire, 103-04; Phelps, Foreign Expansion of American Banks, 109-11.
25. Ibid., 16-17; Kaufman, Efficiency and Expansion, 76; Parrini, Heir to Empire, 103-04; Phelps, Foreign Expansion of American Banks, 109-11.
26. Chandler, Benjamin Strong, 32; Warburg, "Circulating Credits and Bank Acceptances," Proceedings of the Academy of Political Science 4 (July 1914): 159-72.
27. Chandler, Benjamin Strong, 32; Warburg, "Circulating Credits and Bank Acceptances," Proceedings of the Academy of Political Science 4 (July 1914): 159-72.
28. Russell C. Leffingwell to Secretary of the Treasury, 14 June 1920, Letterbook 43b, Russell C. Leffingwell Letterbooks, Manuscripts Division, Library of Congress, Washington, D.C.
29. Warburg, "The Discount System in Europe," Proceedings of the Academy of Political
30. Warburg, "History of the Development of the Acceptance Regulation," 5 Oct. 1915, 10-12, ibid.
31. Warburg, "History of the Development of the Acceptance Regulation," 5 Oct. 1915, 10-12, ibid.
32. Strong to Delano, 8 Feb. 1915, Munitions Hearings, 27:8389-90.
33. Warburg, "History of the Development of the Acceptance Regulation," 5 Oct. 1915, 21-27, Strong, redraft of acceptance regulations, Mar. 1915, Box 12, Warburg Papers.
34. J. P. Morgan, Jr., to J. P. Morgan & Company, 29 Mar. 1915, enclosed in Henry P. Davison to Strong, 9 Apr. 1915, File Federal Reserve Board 1915, Box 328, Nye Committee Papers.
35. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 93-95, File 213-7, Lamont Papers; Munitions Hearings, 28:8558-60; Grenfell to J. P. Morgan & Co., 27 Nov. 1916 (two telegrams), Davison to Morgan, Grenfell & Co., 29 Nov. 1916, Harjes to J. P. Morgan & Co., 1 Dec. 1916, J. P. Morgan & Co. to Grenfell, 30 Nov. 1916, Grenfell to J. P. Morgan & Co., 30 Nov. 1916, J. P. Morgan & Co., statement, 1 Dec. 1916, ibid., 28:8741-45; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Burk, Britain, America, and the Sinews of War, 85.
36. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 93-95, File 213-7, Lamont Papers; Munitions Hearings, 28:8558-60; Grenfell to J. P. Morgan & Co., 27 Nov. 1916 (two telegrams), Davison to Morgan, Grenfell & Co., 29 Nov. 1916, Harjes to J. P. Morgan & Co., 1 Dec. 1916, J. P. Morgan & Co. to Grenfell, 30 Nov. 1916, Grenfell to J. P. Morgan & Co., 30 Nov. 1916, J. P. Morgan & Co., statement, 1 Dec. 1916, ibid., 28:8741-45; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Burk, Britain, America, and the Sinews of War, 85.
37. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 93-95, File 213-7, Lamont Papers; Munitions Hearings, 28:8558-60; Grenfell to J. P. Morgan & Co., 27 Nov. 1916 (two telegrams), Davison to Morgan, Grenfell & Co., 29 Nov. 1916, Harjes to J. P. Morgan & Co., 1 Dec. 1916, J. P. Morgan & Co. to Grenfell, 30 Nov. 1916, Grenfell to J. P. Morgan & Co., 30 Nov. 1916, J. P. Morgan & Co., statement, 1 Dec. 1916, ibid., 28:8741-45; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Burk, Britain, America, and the Sinews of War, 85.
38. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 93-95, File 213-7, Lamont Papers; Munitions Hearings, 28:8558-60; Grenfell to J. P. Morgan & Co., 27 Nov. 1916 (two telegrams), Davison to Morgan, Grenfell & Co., 29 Nov. 1916, Harjes to J. P. Morgan & Co., 1 Dec. 1916, J. P. Morgan & Co. to Grenfell, 30 Nov. 1916, Grenfell to J. P. Morgan & Co., 30 Nov. 1916, J. P. Morgan & Co., statement, 1 Dec. 1916, ibid., 28:8741-45; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Burk, Britain, America, and the Sinews of War, 85.
39. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 93-95, File 213-7, Lamont Papers; Munitions Hearings, 28:8558-60; Grenfell to J. P. Morgan & Co., 27 Nov. 1916 (two telegrams), Davison to Morgan, Grenfell & Co., 29 Nov. 1916, Harjes to J. P. Morgan & Co., 1 Dec. 1916, J. P. Morgan & Co. to Grenfell, 30 Nov. 1916, Grenfell to J. P. Morgan & Co., 30 Nov. 1916, J. P. Morgan & Co., statement, 1 Dec. 1916, ibid., 28:8741-45; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Burk, Britain, America, and the Sinews of War, 85.
40. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 93-95, File 213-7, Lamont Papers; Munitions Hearings, 28:8558-60; Grenfell to J. P. Morgan & Co., 27 Nov. 1916 (two telegrams), Davison to Morgan, Grenfell & Co., 29 Nov. 1916, Harjes to J. P. Morgan & Co., 1 Dec. 1916, J. P. Morgan & Co. to Grenfell, 30 Nov. 1916, Grenfell to J. P. Morgan & Co., 30 Nov. 1916, J. P. Morgan & Co., statement, 1 Dec. 1916, ibid., 28:8741-45; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Burk, Britain, America, and the Sinews of War, 85.
41. J. P. Morgan & Co. to Grenfell, 28 Nov. 1916, J. P. Morgan & Co. to Harjes, 28 Nov. 1916, Munitions Hearings, 28: 8738-40.
42. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 95-97, File 213-7, Lamont Papers; Keynes, "Notes on Exchange Control," 1939, in Collected Writings of John Maynard Keynes, 16:210-12; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Peterson, Propaganda for War, 264; Lamont, Henry P. Davison, 211; Abrahams, "Foreign Expansion of American Finance," 77, 79; Burk, Britain, America, and the Sinews of War, 86-87.
43. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 95-97, File 213-7, Lamont Papers; Keynes, "Notes on Exchange Control," 1939, in Collected Writings of John Maynard Keynes, 16:210-12; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Peterson, Propaganda for War, 264; Lamont, Henry P. Davison, 211; Abrahams, "Foreign Expansion of American Finance," 77, 79; Burk, Britain, America, and the Sinews of War, 86-87.
44. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 95-97, File 213-7, Lamont Papers; Keynes, "Notes on Exchange Control," 1939, in Collected Writings of John Maynard Keynes, 16:210-12; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Peterson, Propaganda for War, 264; Lamont, Henry P. Davison, 211; Abrahams, "Foreign Expansion of American Finance," 77, 79; Burk, Britain, America, and the Sinews of War, 86-87.
45. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 95-97, File 213-7, Lamont Papers; Keynes, "Notes on Exchange Control," 1939, in Collected Writings of John Maynard Keynes, 16:210-12; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Peterson, Propaganda for War, 264; Lamont, Henry P. Davison, 211; Abrahams, "Foreign Expansion of American Finance," 77, 79; Burk, Britain, America, and the Sinews of War, 86-87.
46. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 95-97, File 213-7, Lamont Papers; Keynes, "Notes on Exchange Control," 1939, in Collected Writings of John Maynard Keynes, 16:210-12; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Peterson, Propaganda for War, 264; Lamont, Henry P. Davison, 211; Abrahams, "Foreign Expansion of American Finance," 77, 79; Burk, Britain, America, and the Sinews of War, 86-87.
47. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 95-97, File 213-7, Lamont Papers; Keynes, "Notes on Exchange Control," 1939, in Collected Writings of John Maynard Keynes, 16:210-12; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Peterson, Propaganda for War, 264; Lamont, Henry P. Davison, 211; Abrahams, "Foreign Expansion of American Finance," 77, 79; Burk, Britain, America, and the Sinews of War, 86-87.
48. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 95-97, File 213-7, Lamont Papers; Keynes, "Notes on Exchange Control," 1939, in Collected Writings of John Maynard Keynes, 16:210-12; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Peterson, Propaganda for War, 264; Lamont, Henry P. Davison, 211; Abrahams, "Foreign Expansion of American Finance," 77, 79; Burk, Britain, America, and the Sinews of War, 86-87.
49. J. P. Morgan & Co., "Memorandum Relative to Financing by J. P. Morgan & Co.," 95-97, File 213-7, Lamont Papers; Keynes, "Notes on Exchange Control," 1939, in Collected Writings of John Maynard Keynes, 16:210-12; Link, Wilson: Campaigns for Progressivism and Peace, 203; Devlin, Too Proud to Fight, 586; Peterson, Propaganda for War, 264; Lamont, Henry P. Davison, 211; Abrahams, "Foreign Expansion of American Finance," 77, 79; Burk, Britain, America, and the Sinews of War, 86-87.
50. J. P. Morgan & Co. to Grenfell, 28 Nov. 1916, Munitions Hearings, 28: 8738-39.
51. Strong to Curtis, 4 Dec. 1916, File 320.151, Strong Papers; Strong to Treman, 28 Nov. 1916, File 320.221, ibid.
52. Ibid.
53. Strong to Warburg, 28 Nov., 2, 21 Dec. 1916, File 211.3, ibid.
54. Warburg to Strong, 23 Nov. 1916, ibid.; see also Warburg, Memorandum for Federal Reserve Board, 13 Nov. 1916, Munitions Hearings, 26:8103-06.
55. Warburg to Strong, 23 Nov. 1916, ibid.; see also Warburg, Memorandum for Federal Reserve Board, 13 Nov. 1916, Munitions Hearings, 26:8103-06.
56. Warburg to Strong, 23, 27 Nov. 1916, ibid.; Warburg to House, 18 Nov. 1916, Box 114a, House Papers; Warburg, Memorandum to Federal Reserve Board, 13 Nov. 1916, Munitions Hearings, 26: 8103-06.
57. Warburg to Strong, 23, 27 Nov. 1916, ibid.; Warburg to House, 18 Nov. 1916, Box 114a, House Papers; Warburg, Memorandum to Federal Reserve Board, 13 Nov. 1916, Munitions Hearings, 26: 8103-06.
58. On the Allies' desperate financial situation in early 1917, see exhibits 2663-90, ibid" 8799-815; Link, Wilson: Campaigns for Progressivism and Peace, 379-82; Burk, Britain, America, and the Sinews of War, 91-95; Cooper, "Command of Gold Reversed," 227.
59. On the Allies' desperate financial situation in early 1917, see exhibits 2663-90, ibid" 8799-815; Link, Wilson: Campaigns for Progressivism and Peace, 379-82; Burk, Britain, America, and the Sinews of War, 91-95; Cooper, "Command of Gold Reversed," 227.
60. On the Allies' desperate financial situation in early 1917, see exhibits 2663-90, ibid" 8799-815; Link, Wilson: Campaigns for Progressivism and Peace, 379-82; Burk, Britain, America, and the Sinews of War, 91-95; Cooper, "Command of Gold Reversed," 227.
61. On the Allies' desperate financial situation in early 1917, see exhibits 2663-90, ibid" 8799-815; Link, Wilson: Campaigns for Progressivism and Peace, 379-82; Burk, Britain, America, and the Sinews of War, 91-95; Cooper, "Command of Gold Reversed," 227.
62. See Roberts, "Conflict of Loyalties," 1-32, 169-82.
63. Roberts, "American 'Eastern Establishment,'" 437-39, 450-52, 530-35.
64. Quotations from Strong, diary, 4 Sept. 1919, File 1000.3, Strong Papers; Strong to Brien Cokayne, 10 Dec. 1919, File 1115.2, ibid.
65. Warburg, "Uncle Sam's Gold Policy," reprinted from Manchester Guardian Commercial, 16 Nov. 1922, in The Federal Reserve System, 2:814.
66. Warburg, "Uncle Sam's Gold Policy," reprinted from Manchester Guardian Commercial, 16 Nov. 1922, in The Federal Reserve System, 2:814.