A Financial History of the United States (3-volume set) by Jerry W Markham

By Jerry W Markham

This finished monetary background of the us makes a speciality of the expansion and enlargement of banking, securities and assurance because the colonial interval. The e-book breaks down into sessions of frenzied hypothesis, quiet progress, panics and livid growth.

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Nelson Aldrich. A senator with close connections to the Rockefeller family, Aldrich was the father of the modern Federal Reserve. (Portrait by Anders Leonard Zorn, courtesy of National Portrait Gallery, Smithsonian Institution. ) The Hughes Committee The Panic of 1907 occasioned another large-scale investigation in New York. The Governor’s Committee on Speculation in Securities and Commodities rendered its report on June 7, 1909, to Charles E. Hughes, who had become the governor of New York after the Armstrong Committee’s investigation.

The Chicago Clearinghouse Association required periodic examinations of its member banks. New York adopted similar procedures. Many of the state banks were still operating without adequate reserves and posed a danger to the banking system. Other banking institutions were growing. Between 1896 and 1907, the number of trust companies increased from about 250 to almost 1,500. By the turn of the century there were also over 5,300 thrift institutions in the United States with assets of some $570 million.

Clearinghouse certificates and other emergency “currency” were issued by the clearinghouse banks and by individual manufacturers and corporations. The New York banks were furnished with $36 million in small bills by the Treasury in order to meet currency demands. The New York Clearing House delayed its issuance of certificates, which was thought to have exacerbated the panic. The clearinghouse refused assistance to the trust companies that were in trouble because they were not members. In particular, assistance to the 32 A NEW CENTURY Knickerbocker Trust Company was denied because it was not a member and was not a bank.

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Categories: Economic History