By Jerry W Markham
This accomplished monetary historical past of the us specializes in the expansion and enlargement of banking, securities and assurance because the colonial interval. The publication breaks down into classes of frenzied hypothesis, quiet progress, panics and livid enlargement.
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Additional info for A Financial History of the United States (3-volume set)
He sent a special message to Congress in 1908 in which he demanded regulation of speculators in the stock market. ” The president informed Congress that “complete control over the issue of securities” was needed. Roosevelt sought the creation of a federal commission to regulate the securities market, and he wanted to require corporations to be federally licensed. Roosevelt’s proposals were not adopted. Instead, Congress focused on the “inelastic” money supply as a prime culprit of the Panic of 1907.
In 1901, there were forty-seven banks with a total of eighty-five branches in the United States. Thirteen of those banks were in New York. Because national banks were not allowed to open branch offices, the number of banks in the United States expanded into the thousands. Most of those banks were small in size, but the failure of even small banks could have serious effects, particularly in a money center such as New York. Chain banks were being established in states where branch banking was prohibited.
The charges led to scandal and eventually to the appointment by the New York legislature of its own investigating committee headed by Senator William W. Armstrong. The Armstrong Committee decided to conduct a broad review of the activities of all New York insurance companies, not just the Equitable. President Theodore Roosevelt also urged Congress in 1904 to consider whether the Bureau of Corporations should have jurisdiction over insurance. That effort was unsuccessful, but the Armstrong Committee’s investigation in New York would have long-lasting effects.