G

Gage, Lyman J., 201–04, 207, 235

Galbraith, John Kenneth, 347n

Gannett, Frank E., 454

Gardner, Lloyd C., 471

Garner, John Nance, 311

Garnett, Louis A., 194

Gavitt, J.P., 249

General Baking Company, 298, 454

General Electric, 193, 195, 287, 296, 330, 370, 448

General Motors, 296n, 321, 420n, 450

Genoa Conference, 390–98, 392n, 442

currency resolutions of, 393–96

George, Lloyd, 391

German Historical School, 30, 214

German Reichsbank, 26, 247, 250, 286, 412

Germany, 471

barter agreements, 344n, 470–71, 473–74

bilateral trade agreements, 469

British trade with Balkan nations evaporates, 470

domination of Europe by, 472

economic competition by, 473

Hull policy and, 472–75

mark protected by exchange controls, 428

trade competition, 469–75

Gerstle, Gary, 308, 433

Giannini, A.P., 334

Gifford, Walter S., 296

Gilbert, James H., 129

Gilbert, S. Parker, 287, 375n

Girard, Stephen, 84–85, 92

Glass, Carter, 257, 277n–78n, 293, 304, 316–17, 337, 340, 449, 455, 458

Glass-Steagall Act

of 1932, 258, 293, 315, 315n, 341–42, 432

of 1933, 315–17, 315n, 341

Goff, Frederick H., 448

Gold

as world money standard, 353

avoid outflow of, 359

exports, 168

fix and raise price levels to avoid redemption of, 393–94

going off, 297, 304

government intervention, groups advocating more, 299

market, attempt to destroy, 125

outflow and massive monetary inflation in Britain, 406

outflow as signal to contract overinflation, 406

Gold bullion, 67, 354

end of redemption, 463, 467

gold bullion standard, 381–85

redemption, purpose of, 383

Gold coin, 48–49, 66–68, 107, 228, 382, 384

circulation of, gold and silver coin, 105–06, 109–11

monetary circulation, weakens government control, 383

public use of, 476

Gold-exchange standard

breakdown of, 386, 443

circulation of gold coin, 382

conference imposes, 390

currency reform, 393

England abandons, 428–31

era ends in failure, 431

exchange bullion, not coin, 381

imperialism and, 218

imports rise with, 402

increase demand for pound as reserves, 390

interwar years, 351

reserves used instead of gold, 387

legacy of Genoa, 398

limits on monetary expansion broken, 385

monetary imperialism and, 218

not gold, 384

origin of, 208–09

pressure on Europe for, 386

prestige of gold, 381

series of crises evident, 489

unsoundness, fear of unchecked inflation of, 397

widespread adoption of, 398

Gold standard

Act of 1900, 202, 381

capital formation and, 165

cartelized banking system and, 167

deflation and, 160

discipline of, 438

diplomacy, 220, 389

economic growth and, 161

era of, 159

financial panic and, 160

fixed relationship between countries, 225

flawed and inflationary caricature of, 43

French bloc urged restoration of, 305

golden age of, 166

interest rates and, 163

international trade and, 438

laissez-faire and, 438

monetary warfare, 439

prewar, 352, 440

productivity and, 164

pseudo gold standard, instability of countries on, 440

real wage rates, 162

reformers and, 203

U.S. abandons, 458

Gold Standard Act

of 1900, 202–05, 381

of 1925, 367, 382

Goldenweiser, Emanuel, 338

Goldsmith, R.W., 164

Goldsmiths, 57

Gompers, Samuel, 448

Goodenough, F.C., 364

Gouge, William M., 90

Gould, Jay, 218

Government

benefits from fiat issue, 53

big government, 175, 179, 185–86, 259

coercion and legal prohibition, 22

debt and surplus capital with, 248

debt, wartime public, 150

federal government, 59, 61

debt expansion tied to, 113

encouraged inflation, 75

expenditures increase, 123

leadership in mobilizing ecocomic resources, 273

monetizing public debt, 113–14

monopoly of money, 153

paper money and, 51, 351

securities used for Fed notes inflation, 293

state, 60, 64–65, 83, 100, 113–14

debt during boom, 101–03

Government-bank-press complex created, 248–49

Grant, Ulysses S., 134, 151–53, 153n, 161

Great Britain

against tight money, 419, 421

betrayal of France and Fed, 429–30

cheap loans and, 442

continued inflation policy, 451

domination, 439–44

downward wage rigidity, 361

experiment ends in disaster, 452

export industries slump, 400–02, 441

export industries, over-valued pound and, 362

faces the postwar world, 356

Fed cooperation with, 443–45

financial committee and, 442

financiers desire prewar value in terms of gold, 359

general strike of 1926, 405

gold shortage, 359

great depression myth, 155

guilds, resurrection of, 404

Hawtrey, advocate of central bank collaboration, 442

hoping for U.S. inflation, 360, 364–67, 396

inflation and, 451

international monetary situation, 451

League of Nations, dominated by, 305

lower wage rates in south England, 401

new industries fare better, 401–02

Norman as major financial figure, 442

over-valued pound, 360

price stabilizationists, 452

recapture financial predominance, 358

scolds U.S. for abandoning gold, 459

secret central-bank conference, 444

Strong and Morgan, 444, 447

trade with Balkan nations evaporates, 470

union strikes and, 430

U.S. offer of debt relief, 452

violation of gold standard rules, 429–31

Great Depression, 209, 271–78, 290–313, 331–33, 332n, 423–26, 427n, 440–41, 450–57

Green, William, 275, 448

Greenbacks, 122–32, 147–50

as wartime “necessity,” 131–32

bank reserves, used as, 136–37

depreciation of, 123–27

first and “only” issue, 124

Legal Tender Act of 1862, 123

portraits on, 126n

refused by banks, merchants, 127–29, 132

state bank enthusiasism for, 129–30

Greenback Party, 177–78

Greenspan, Alan, 20

Grenfell, Teddy, 369, 374, 378

St. Just, Lord, 369

Gresham’s Law, 47, 50, 52–53, 64–68, 67n, 76, 81, 104, 107, 110n, 111, 127, 222, 228

Grew, Joseph C., 268, 380

Grigg, Sir Percy James, 367n

Griswold, John A., 148

Grundy, Felix, 81n

Gulf Oil, 267, 378

Guthridge, Jules, 196