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Alexander Hamilton and the Origins of the Fed (Paperback)
Loot Price: R1,110
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Alexander Hamilton and the Origins of the Fed (Paperback)
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The US in 1913 was one of the last major economies to establish an
institution of a central bank. The book examines, however, the
history and evolution of central banking in the US from the
perspective of central banking functions-i.e. aggregator of private
lending to the federal government, fiscal agent for the government,
regulator of money supply, monopoly over currency issuance, banking
system supervision, and lender of last resort. The evolution of
central banking functions is traced from earliest pre-1987
proposals, through the Constitutional Convention and Congressional
debates on Hamilton's 1st Report on Credit, the rise and fall of
the 1st and 2nd Banks of the United States, through the long period
of the National Banking System, 1862-1913. The book describes how
US federal governments-often in cooperation with the largest US
private banks in New York, Philadelphia, and elsewhere in the
northeast-attempted to expand and develop those functions,
sometimes successfully sometimes not, from 1781 through the
creation of the Federal Reserve Act of 1913. Other themes include
how rapid US economic growth, and an expanding, geographically
dispersed private banking system, created formidable resistance by
banks at the state and local level to the evolution and
consolidation of central banking functions at the national level.
Whenever central banking functions were dismantled (1810s, 1830s)
or were weakened (after 1860s), the consequences were financial
instability and severe economic depressions. The book concludes
with a detailed narrative on how, from 1903 to 1913, big eastern
banks-leveraging the Panic of 1907, weak economic recovery of
1909-13, and need to expand internationally-allied with
Congressional supporters to prevail over state and local banking
interests and created the Fed; how the structure of the 1913 Fed
clearly favored New York banks while granting concessions to state
and local banks to win Congressional approval; and how that
compromise central bank structure doomed US monetary policy to fail
after 1929.
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