The Money Men: Capitalism, Democracy, and the Hundred Years' War Over the American Dollar (Enterprise)
W. W. Norton & Company, 2010 M11 1 - 240 pages
An "insightful" (Publishers Weekly) history of the development of American capitalism and the men who made it great.Most Americans are familiar with the political history of the United States, but there is another history woven all through it, a largely forgotten history—the story of the money men. Acclaimed historian H. W. Brands brings them back to life: J. P. Morgan, who stabilized a foundering U.S. Treasury in 1907; Alexander Hamilton, who founded the first national bank, and Nicholas Biddle, under whose directorship it failed; Jay Cooke, who helped to finance the Union war effort through his then-innovative strategy of selling bonds to ordinary Americans; and Jay Gould, who tried to corner the market on gold in 1869 and as a result brought about Black Friday and fled for his life.
Paper currency? Bank notes? Checks? This central question raised subsidiary questions. How much money shall there be? Who ought to control it? To what ends?
But there was rarely enough of any currency so far from the imperial metropoles. “I am a good deal puzzled to fulfill your engagements,” he wrote his ...
Such a bank could float loans in the form of notes that would circulate as currency, but the extent of the loans would depend on the solid assets—chiefly ...
The merchants, many being creditors, supported a stronger currency—one that drove prices down and thereby enhanced the value of the debts they were owed.
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LibraryThing ReviewUser Review - jefware - LibraryThing
Shines a clear light on the people behind the war between capitalism and the populists. Made me appreciate Hamilton. Read full review
THE MONEY MEN: Capitalism, Democracy, and the Hundred Years' War Over the American DollarUser Review - Kirkus
A lively and accessible history of a once-dominant issue in American life.The Federal Reserve Act of 1913, which governs US monetary policy, was a compromise solution to a long and fierce brawl ... Read full review