“Quis Custodiet Ipsos Custodes?” The Federal Reserve System's Founding Fathers and Allied Finances in the First World War

1998 ◽  
Vol 72 (4) ◽  
pp. 585-620 ◽  
Author(s):  
Priscilla Roberts
Keyword(s):  
New York ◽  
Federal Reserve ◽  
The United States ◽  
First World War ◽  
World War ◽  
Federal Reserve System ◽  
Operational Strategies ◽  
The First World War ◽  
First World ◽  
Reserve System

The First World War presented the newly formed Federal Reserve System with issues that were crucial in defining its future institutional character and operational strategies and priorities. From 1914 to 1917 disputes over the relationship between the U.S. and belligerent European nations divided competing groups of New York bankers who had helped to create the Federal Reserve System and who otherwise shared many of the same objectives for its future purpose and functions. These divisions grew particularly acrimonious over policies concerning acceptances, a new financial instrument that could substantially affect the Allied powers' ability to obtain war funding in the United States. Despite these wartime splits, the rival financial groups, led by Benjamin Strong and Paul M. Warburg, generally concurred in assigning a higher priority to the international implications of Federal Reserve policies than to domestic consequences. Likewise, after the war both united in using the Federal Reserve System to facilitate Europe's economic recovery.

THE ORIGINS OF THE FIRST WORLD WAR

2006 ◽  
Vol 49 (4) ◽  
pp. 1253-1271
Author(s):  
TALBOT C. IMLAY
Keyword(s):  
New York ◽  
Twentieth Century ◽  
World War I ◽  
The United States ◽  
First World War ◽  
World War ◽  
Öffentliche Meinung ◽  
Cambridge University ◽  
The First World War ◽  
First World

Anticipating total war: the German and American experiences, 1871–1914. By Manfred Boemeke, Roger Chickering, and Stig Förster. New York and Cambridge: Cambridge University Press, 1999. Pp. ix+506. ISBN 0-521-62294-8. £55.00.German strategy and the path to Verdun: Erich von Falkenhayn and the development of attrition, 1870–1916. By Robert T. Foley. Cambridge: Cambridge University Press, 2005. Pp. xiv+316. ISBN 0-521-84193-3. £45.00.Europe's last summer: who started the Great War in 1914? By David Fromkin. New York: Knopf, 2004. Pp. xiii+368. ISBN 0-375-41156-9. £26.95.The origins of World War I. Edited by Richard F. Hamilton and Holger H. Herwig. Cambridge: Cambridge University Press, 2003. Pp. xiii+552. ISBN 0-521-81735-8. £35.00.Geheime Diplomatie und öffentliche Meinung: Die Parlamente in Frankreich, Deutschland und Grossbritanien und die erste Marokkokrise, 1904–1906. By Martin Mayer. Düsseldorf: Droste, 2002. Pp. 382. ISBN 3-7700-5242-0. £44.80.Helmuth von Moltke and the origins of the First World War. By Annika Mombauer. Cambridge: Cambridge University Press, 2001. Pp. xvi+344. ISBN 0-521-79101-4. £48.00.The origins of the First World War: controversies and consensus. By Annika Mombauer. London: Pearson Education, 2002. Pp. ix+256. ISBN 0-582-41872-0. £15.99.Inventing the Schlieffen plan: German war planning, 1871–1914. By Terence Zuber. Oxford: Oxford University Press, 2002. Pp. xi+340. ISBN 0-19-925016-2. £52.50.As Richard Hamilton and Holger Herwig remark in the introduction to their edited collection of essays on the origins of the First World War, thousands of books (and countless articles) have been written on the subject, a veritable flood that began with the outbreak of the conflict in 1914 and continues to this day. This enduring interest is understandable: the First World War was, in George Kennan’s still apt phrase, the ‘great seminal catastrophe’ of the twentieth century. Marking the end of the long nineteenth century and the beginning of the short twentieth century, the war amounted to an earthquake whose seismic shocks and after-shocks resonated decades afterwards both inside and outside of the belligerent countries. The Bolshevik Revolution, the growth of fascist and Nazi movements, the accelerated emergence of the United States as a leading great power, the economic depression of the 1930s – these and other developments all have their roots in the tempest of war during 1914–18. Given the momentous nature of the conflict, it is little wonder that scholars continue to investigate – and to argue about – its origins. At the same time, as Hamilton and Herwig suggest, the sheer number of existing studies places the onus on scholars themselves to justify their decision to add to this historiographical mountain. This being so, in assessing the need for a new work on the origins of the war, one might usefully ask whether it fulfills one of several functions.

scholarly journals Book Reviews

2020 ◽  
Vol 10 (1) ◽  
pp. 35-45
Author(s):  
Jacob L. Susskind ◽  
Robert Fischer ◽  
Robert B. Luehrs ◽  
Joseph M. McCarthy ◽  
Pasquale E. Micciche ◽  
...  
Keyword(s):  
New York ◽  
The United States ◽  
First World War ◽  
American Business ◽  
State University ◽  
World War ◽  
The First World War ◽  
History Of ◽  
The University ◽  
First World

J. M. MacKenzie. The Partition of Africa, 1880-1900. London and New York: Methuen, 1983. Pp. x, 48. Paper, $2.95. Review by Leslie C. Duly of Bemidji State University. C. Joseph Pusateri. A History of American Business. Arlington Heights, Illinois: Harlan Davidson, Inc., 1984. Pp. xii, 347. Cloth, $25.95; Paper, $15.95. Review by Paul H. Tedesco of Northeastern University. Russell F. Weigley. History of the United States Army. Enlarged edition. Bloomington: Indiana University Press, 1984. Pp. vi, 730. Paper, $10.95. Review by Calvin L. Christman of Cedar Valley College. Jonathan H. Turner, Royce Singleton, Jr., and David Musick. Oppression: A Socio-History of Black-White Relations in America. Chicago: Nelson-Hall, 1984. Cloth, $24.95; Paper, $11.95. Review by Thomas F. Armstrong of Georgia College. H. Warren Button and Eugene F. Provenzo, Jr. History of Education and Culture in America. Englewood Cliffs, New Jersey: Prentice-Hall, Inc., 1983. Pp. xvii, 370. Cloth, $20.95. Review by Peter J. Harder. Vice President, Applied Economics, Junior Achievement Inc. David Stick. Roanoke Island: The Beginnings of English America. Chapel Hill and London: University of North Carolina Press, 1983. Pp. xiv, 266. Cloth, $14.95; Paper, $5.95. Review by Mary E. Quinlivan of the University of Texas of the Permian Basin. John B. Boles. Black Southerners 1619-1869. Lexington: The University Press of Kentucky, 1983. Pp. ix, 244. Cloth, $24.00; Paper, $9.00. Review by Kay King of Mountain View College. Elaine Tyler May. Great Expectations: Marriage and Divorce in Post-Victorian America. Chicago: University of Chicago Press, 1980. Pp. viii, 200. Cloth, $15.00; Paper, $6.95. Review by Barbara J. Steinson of DePauw University. Derek McKay and H. M. Scott. The Rise of the Great Powers, 1648-1815. London: Longman, 1983. Pp. 368. Paper, $13.95. Review by Linda Frey of the University of Montana. Jack S. Levy. War in the Modern Great Power System, 1495-1975. Lexington: The University Press of Kentucky, 1983. Pp. xiv, 215. Cloth, $24.00. Review by Bullitt Lowry of North Texas State University. Lionel Kochan and Richard Abraham. The Making of Modern Russia. Second Edition. New York: Penguin Books, 1983. Pp. 544. Paper, $7.95. Review by Pasquale E. Micciche of Fitchburg State College. D. C. B. Lieven. Russia and the Origins of the First World War. New York: St. Martin's Press, 1983. Pp. 213. Cloth, $25.00. Review by Joseph M. McCarthy of Suffolk University. John F. V. Kieger. France and the Origins of the First World War. New York: St. Martin's Press, 1983. Pp. vii, 201. Cloth, $25.00. Review by Robert B. Luehrs of Fort Hays State University. E. Bradford Burns. The Poverty of Progress: Latin Amerca in the Nineteenth Century. Berkeley: University of California Press, 1980. Pp. 185. Paper, $6.95. Review by Robert Fischer of the Southern Technical Institute. Anthony Seldon and Joanna Pappworth. By Word of Mouth: Elite Oral History. London and New York: Methuen, 1983. Pp. xi, 258. Cloth, $25.00; Paper, $12.95. Review by Jacob L. Susskind of the Pennsylvania State University, The Capitol Campus.

“Yiddish Is My Homeland”

2017 ◽  
Author(s):  
Kenyon Zimmer
Keyword(s):  
New York ◽  
New York City ◽  
Labor Movement ◽  
The United States ◽  
First World War ◽  
Eastern European ◽  
East Side ◽  
World War ◽  
The First World War ◽  
First World

This chapter explores how Eastern European Jews migrated to the United States. More than half made their homes in New York City, where Yiddish-speaking anarchist and socialist movements emerged from the sweatshops and tenement houses of Manhattan's Lower East Side. From the 1880s until well into the 1920s, anarchists constituted a “vital minority” within the American Jewish labor movement; Yiddish anarchism then grew to become the largest section of America's anarchist movement by the eve of the First World War. Along the way, anarchists created a vibrant revolutionary subculture deeply embedded in the larger “cultures of opposition” developed by immigrant Jewish workers and intellectuals.

“Those Entertaining Frisco Boys”: Hedges Brothers and Jacobson

2013 ◽  
Vol 7 (1) ◽  
pp. 29-63 ◽  
Author(s):  
BRUCE VERMAZEN
Keyword(s):  
South Africa ◽  
New York ◽  
World War Ii ◽  
San Francisco ◽  
The United States ◽  
First World War ◽  
World War ◽  
The First World War ◽  
Show Business ◽  
First World

AbstractCharles Frederick (Freddie) Hedges (1886–1920), his brother Elven Everett Hedges (1889–1931), and Jesse Jacobson (1882–1959) converged as Hedges Brothers and Jacobson in 1910 in San Francisco. Elven played piano, saxophone, and guitar, and all three sang and danced. In 1910–11, critics in San Francisco, Chicago, New York, and smaller cities greeted the act as something new and exceptionally good. Instead of pursuing more general fame in North America, the trio accepted a music-hall contract in England, where they became leaders in creating a craze for American ragtime singing, a craze that prepared the English public for the momentous arrival of jazz after the First World War. The trio recorded eight released songs for Columbia in 1912–13. In 1913, they also performed in Paris and South Africa. In 1914, after eight months back in the United States, they returned to English success but soon dissolved the act and performed separately until 1919, when they reunited to accept an unprecedented contract (£30,000 for six years). Early in 1920, Freddie killed himself. Forest Tell (b. 1888) replaced him in the trio, and the new group recorded six released songs for Zonophone in 1920. The trio disbanded at the end of the contract. Elven retired shortly afterward, but Jesse stayed in show business at least through World War II.

Stowaways at Bohemia's Shores: Undocumented Emigration and People-Smuggling Networks in Interwar East Central Europe

2020 ◽  
Vol 53 (3) ◽  
pp. 564-583
Author(s):  
Allison Schmidt
Keyword(s):  
Central Europe ◽  
The United States ◽  
First World War ◽  
World War ◽  
East Central Europe ◽  
East Central ◽  
The People ◽  
The First World War ◽  
Migrant Smuggling ◽  
First World

AbstractThis article investigates interwar people-smuggling networks, based in Germany and Czechoslovakia, that transported undocumented emigrants across borders from east-central Europe to northern Europe, where the travelers planned to sail to the United States. Many of the people involved in such networks in the Saxon-Bohemian borderlands had themselves been immigrants from Galicia. They had left a homeland decimated by the First World War and subsequent violence and entered societies with limited avenues to earn a living. The “othering” of these Galician immigrants became a self-fulfilling prophecy, as those on the margins of society then sought illegal ways to supplement their income. This article concludes that the poor economic conditions and threat of ongoing violence that spurred migrant clients to seek undocumented passage had driven their smugglers, who also faced social marginalization, to emigration and the business of migrant smuggling.

Iterative Modernism

Transfers ◽  
2011 ◽  
Vol 1 (1) ◽  
pp. 97-126 ◽  
Author(s):  
Greet De Block ◽  
Bruno De Meulder
Keyword(s):  
The United States ◽  
First World War ◽  
Transport Systems ◽  
New Order ◽  
World War ◽  
Urbanized Territory ◽  
Access Road ◽  
The First World War ◽  
First World ◽  
New Infrastructure

This article traces the implicit spatial project of Belgian engineers during the interwar period. By analyzing infrastructure planning and its inscribed spatial ideas as well as examining the hybrid modernity advocated by engineers and politicians, this article contributes to both urban and transport history.Unlike colleagues in countries such as Germany, Italy and the United States, Belgian engineers were not convinced that highways offered a salutary new order to a nation traumatized by the First World War. On the contrary, the Ponts et Chaussées asserted that this new limited access road would tear apart the densely populated areas and the diverse regional identities in Belgium. In their opinion, only an integration of existing and new infrastructure could harmonize the historically fragmented and urbanized territory. Tirelessly, engineers produced infrastructure plans, strategically interweaving different transport systems, which had to result in an overall transformation of the territory to facilitate modern production and export logics.

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