America's Bank: The Epic Struggle to Create the Federal Reserve Read Online Free PDF Page B

Cooper,
Woodrow Wilson,
181, 205.
    into “bitter poverty”: John J. Broesamle,
William Gibbs McAdoo: 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,
145–46; and Richard T. McCulley,
Banks and Politics During
the Progressive Era: The Origins of the Federal Reserve System, 1897
–
1913
(New York: Garland, 1992), 293–94.
    McAdoo was not a Wall Street insider: Broesamle,
William Gibbs McAdoo,
24, 78, and 123. He recounts that Kuhn, Loeb provided assistance to the tunnel entity in 1913.
    business was unsettled: 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.
    an address in January: Cooper,
Woodrow Wilson,
185.
    the Democrats were eager: “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 business men.” See also Willis to Representative Charles A. Korbly, February 8, 1913, Willis Papers, Box 20.
    His goal was to unshackle: See, for instance, Link,
The New Freedom,
203.
    “to take away from certain”: Joseph P. Tumulty,
Woodrow Wilson as I Know Him
(Garden City, N.Y.: Doubleday, Page, 1921), 170.
    a scorching indictment: Untermyer was quite sarcastic in questioning Vanderlip, viz, “Of how many corporations are you a director Mr. Vanderlip; can you remember?”: Pujo Report.
    “Have you ever competed for any securities”: Ibid., 1542.
    “well-defined identity and community”: Ibid., 129.
    Public revulsion was nearly uniform: 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.
    twenty-five thousand individual banks: 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.
    net earnings of the national banks: “160,980,084 Earned by National Banks,”
The New York Times,
December 9, 1913.
    “When Mr. Morgan gave the word”: Pujo Report, 360.
    “gradually gathering to itself”: Ida Tarbell, “The Hunt for a Money Trust, III. The Clearing House,”
American Magazine,
July 1913.
    Wilson rode to the Capitol alongside: “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.
    “We have been proud”: Inaugural Address, March 4, 1913, in
The Papers of Woodrow Wilson,
27:151.
    the president of Mexico: Francisco I. Madero was overthrown in a coup on February 18, 1913, and executed four days later.
    “I will be in frequent consultation”: Carter Glass to Willis, March. 20, 1913, Willis Papers, Box 1.
    Glass then urged Willis: 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