Lords of Finance

433 “A pound is still a pound”: “Pound, Dollar and Franc,” Time, October 5, 1931.

433 “France will be heavily punished”: Boyle, Montagu Norman, 276.

435 “solidarity and politeness”: Letter from Moret to Harrison, October 7, 1931, quoted in Kindelberger, The World in Depression, 168.

435 “holes in the ground, privies”: Congressional Record, 72 Congress, 1 Session, December 9, 1931, 75: 233-6, quoted in Warren, Herbert Hoover, 164.

437 “more depressed than ever”: Hoover, Memoirs, 86.

438 “If there is one moment”: J. Bradford DeLong, “The Economic Foundations of Peace” http://econ161.berkeley.edu/Econ_Articles/lal.html

439 “Yes. It was called the Dark Ages”: Edwin Lefèvre, “When Is It Safe to Invest?” Saturday Evening Post, August 6, 1932.

439 A similar measure in late 1930: Bordo et al., “Was Expansionary Monetary Policy Feasible?”

441 “If you steal $25”: The Nation, March 8, 1933, quoted in Kennedy, The Banking Crisis of 1933, 126.

441 “the so-called depression”: “Radio address delivered on February 26, 1933, in Coughlin, Driving Out the Money Changers.

442 “It’s just as if I put my car”: “Close to Bottom,” Time, March 6, 1933.

443 “If the fall in the price of commodities”: Schlesinger Jr., The Crisis of the Old Order, 453. “England has played us”: “Roosevelt’s Ten,” Time, March 6, 1933.

443 At least six bills were circulating: “Inflation—Curse or Cure?” The Literary Digest, February 11, 1933.

444 Hoover composed a ten-page handwritten letter: Schlesinger Jr., The Crisis of the Old Order, 477.

445 he “did not want his last official act”: Josephson, The Money Lords, 120.

445 the New York Fed lost: Wigmore, “Was the Bank Holiday of 1933 Caused by a Run on the Dollar?” Tape 1, 745.

446 “Like hell, I will!”: Dorothy Roe Lewis, “What FDR told Hoover, March 3, 1933,” New York Times, March 13, 1981.

446 “Urban populations cannot do without”: “Letter from Lamont to Franklin D. Roosevelt,” February 27, 1933, quoted in Lamont, The Ambassador from Wall Street, 330.

447 At 9.15 p.m. on March 3: Pusey, Eugene Meyer, 235-36.

448 “a beleaguered capital”: Arthur, Krock. “100,000 at Inauguration,” New York Times, March 5, 1933.

21. GOLD STANDARD ON THE BOOZE

451 “In order to arrive”: Eliot, Collected Poems, 187.

451 To the surprise of many: See William Manchester, “The Great Bank Holiday,” Holiday, February 1960; “City Awaits Scrip as Cash Dwindles,” “Harvard Students Aided,” “Divorce Holiday in Reno,” and “Scrip at Princeton,” New York Times, March 7, 1933; “Envoys Lack Cash; Complain to Hull,” New York Times, March 9, 1933; “Michigan,” and “Money and People,” Time, March 13, 1933. The legislation was supplemented: William L., Silber, “Why Did FDR’s Bank Holiday Succeed?”

455 “all kinds of junk”: Josephson, The Money Lords, 120.

455 the first of his fireside chats: “The President’s Speech,” New York Times, March 13, 1933.

455 “Our President took such a dry subject”: “Will Rogers Claps Hands for the President’s Speech,” New York Times, March 14, 1933.

455 “We had closed in the midst”: Josephson, The Money Lords, 120.

456 “Capitalism was saved in eight days”: Moley, After Seven Years, 155.

458 “the white sheep of Wall Street”: Warburg, The Long Road Home, 107.