By Jerry W Markham
This entire monetary heritage of the U.S. specializes in the expansion and enlargement of banking, securities and assurance because the colonial interval. The ebook breaks down into classes of frenzied hypothesis, quiet development, panics and livid growth.
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Additional info for A Financial History of the United States (3-volume set)
28 The Treasury had some selfish motives in its money market operations. The secretary began reducing deposits of government funds with the banks unless they were secured by United States bonds. At the same time, deposits were increased at banks that secured those funds with government bonds. The secretary’s plan was to make government bonds scarce and increase the price of a planned sale of Panama bonds being issued by the government. ”29 The Secretary of the Treasury was criticized for other monetary arrangements.
The additional credit was then used to buy more stock on margin. This leveraged the investor’s profits as the market was going up, but it compounded losses when the market declined. Branch banking was still limited after the turn of the century. In 1901, there were forty-seven banks with a total of eighty-five branches in the United States. Thirteen of those banks were in New York. Because national banks were not allowed to open branch offices, the number of banks in the United States expanded into the thousands.
Some of those allegations were made by Henry Frick, the erstwhile partner of Andrew Carnegie. The charges led to scandal and eventually to the appointment by the New York legislature of its own investigating committee headed by Senator William W. Armstrong. The Armstrong Committee decided to conduct a broad review of the activities of all New York insurance companies, not just the Equitable. President Theodore Roosevelt also urged Congress in 1904 to consider whether the Bureau of Corporations should have jurisdiction over insurance.