America's Money Machine: the Story of the Federal Reserve
AMERIC~S MONEY MACHINE BOOKS BY ELGIN GROSECLOSE Money: The Human Conflict (I934) The Persian Journey ofthe Reverend Ashley Wishard and His Servant Fathi (I937) Ararat (I939, I974, I977) The Firedrake (I942) Introduction to Iran (I947) The Carmelite (I955) The Scimitar ofSaladin (I956) Money and Man (I96I, I967, I976) Fifty Years ofManaged Money (I966) Post-War Near Eastern Monetary Standards (monograph, I944) The Decay ofMoney (monograph, I962) Money, Man and Morals (monograph, I963) Silver as Money (monograph, I965) The Silken Metal-Silver (monograph, I975) The Kiowa (I978) Olympia (I98o) AMERIC~S MONEY MACHINE The Story of the Federal Reserve Elgin Groseclose, Ph.D. Prepared under the sponsorship of the Institute for Monetary Research, Inc., Washington, D. C. Ellice McDonald, Jr., Chairman A Arlington House Publishers Westport, Connecticut An earlier version of this book was published in 1966 by Books, Inc., under the title Fifty Years of Managed Money Copyright © 1966 and 1980 by Elgin Groseclose All rights reserved. No portion of this book may be reproduced without written permission from the publisher except by a reviewer who may quote brief passages in connection with a review. Library of Congress Cataloging in Publication Data Groseclose, Elgin Earl, 1899 America's money machine. Published in 1966 under title: Fifty years of managed money, by Books, inc. Bibliography: P. Includes index. 1. United States. Board of Governors of the Federal Reserve System-History. I. Title. HG2563·G73 1980 332.1'1'0973 80-17482 ISBN 0-87000-487-5 Manufactured in the United States of America P 10 9 8 7 6 5 4 3 2 1 For My Beloved Louise with especial appreciation for her editorial assistance and illuminating insights that gave substance to this work CONTENTS Preface lX PART I The Roots of Reform 1.
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