The Origins of the Federal Reserve by Murray Rothbard

Author:Murray Rothbard [Rothbard, Murray]
Language: eng
Format: epub
ISBN: 978-1-933550-47-3
Publisher: Ludwig von Mises Institute
Published: 2009-11-06T16:00:00+00:00

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42 See the illuminating article by Emily S. Rosenberg, “Foundations of United States International Financial Power: Gold Standard Diplomacy, 1900–1905,” Business History Review 59 (Summer 1985): 172–73.

43 Also getting their start in administering imperialism in Puerto Rico were economist and demographer W.H. Willcox of Cornell, who conducted the first census on the island as well as in Cuba in 1900, and Roland P. Faulkner, statistician and bank reformer first at the University of Pennsylvania, and then head of the Division of Documents at the Library of Congress. Faulkner became commissioner of education in Puerto Rico in 1903, then went on to head the U.S. Commission to Liberia in 1909 and to be a member of the Joint Land Commission of the U.S. and Chinese governments. Harvard economist Thomas S. Adams served as assistant treasurer to Hollander in Puerto Rico. Political scientist William F. Willoughby succeeded Hollander as treasurer (Silva and Slaughter, Serving Power, pp. 137–38).

44 See Rosenberg, “Foundations,” pp. 177–81. Other economists and social scientists helping to administer imperialism in the Philippines were: Carl C. Plehn of the University of California, who served as chief statistician to the Philippine Commission in 1900–01, and Bernard Moses, historian, political scientist, and economist at the University of California, an ardent advocate of imperialism who served on the Philippine Commission from 1901 to 1903, and then became an expert in Latin American affairs, joining in a series of Pan American conferences. Political scientist David P. Barrows became superintendent of schools in Manila and director of education for eight years, from 1901 to 1909. This experience ignited a lifelong interest in the military for Barrows, who, while a professor at Berkeley and a general in the California National Guard in 1934, led the troops that broke the San Francisco longshoremen’s strike. During World War II, Barrows carried over his interest in coercion to help in the forced internment of Japanese Americans in concentration camps. On Barrows, see Silva and Slaughter, Serving Power, pp. 137–38. On Moses, see Dorfman, Economic Mind, pp. 96–98.

45 Parrini and Sklar, “New Thinking,” pp. 573–77; Rosenberg, “Foundations,” p. 184.

46 See Rosenberg, “Foundations,” pp. 186–88.

47 It is certainly possible that one of the reasons for the outbreak of the nationalist Mexican Revolution of 1910, in part a revolution against U.S. influence, was reaction against the U.S.-led currency manipulation and the coerced shift from silver to gold. Certainly, research needs to be done into this possibility.

48 See Rosenberg, “Foundations,” pp. 189–92.

49 The failure, however, did not diminish the U.S. government’s demand for Jenks’s services. He went on to advise the Mexican government, serve as a member of the Nicaraguan High Commission under President Wilson’s occupation regime, and also headed the Far Eastern Bureau of the State Department. See Silva and Slaughter, Serving Power, pp. 136–37.

50 Rosenberg, “Foundations,” p. 197.

51 Ibid., p. 198.

52 Ibid.

53 For an excellent study of the Kemmerer missions in the 1920s, see Robert N. Seidel, “American Reformers Abroad: The Kemmerer Missions in South America, 1932–1931,” Journal of Economic History 32 (June 1972): 520–45.

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