合衆国貨幣市場と連邦準備制度の成立 : 「金融改革運動」との関連を中心として
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This paper deals with the banking and monetary reform movement that ultimately led to the Federal Reserve Act of 1913 and the development of the American money market from 1894-1913. The defects of the National Banking System have often been emphasized, however in this paper our main goal is to explain why the Chicago bankers supplied most of the ideas for reform, why the New York big bankers particpated in the reform movement after the panic of 1907, and why the central banking system was decentralized in many districts. We began by analyzing the financial reform plan put forward by the Secretary of the Treasury, L.J. Gage, and his intervention in the money market. Then we compared these with the reform ideas of the Chicago bankers. Chicago bankers required that the "asset currency" should be a short-term commercial paper because they were not in the bank note business and also considered that the "asset currency" was a means of extending their bank credit to largre scale business and thereby eliminafing the chances of the collapse of bank credit. The Gold Standard Act of 1900 partly met the requiremenst of the Chicago bankers, since the Treasury Department controlled the Treasury reserve of gold and the Treasury surplus. This gave the Treasury the necessary funds to influence the banking and business communities, it also helped to stabilize the relations between the American and London money markets. Next we examined the reform movement after the panic of 1907. With this panic as a turning point the Eastern big bankers cbnducted the financial reform. The Aldrich plan of 1912 was the outcome of the group work undertaken by the Eastern and Chicago bankers. In this plan the Chicago bankers recommended that the central bank should be a stabilizer for extension of their bank credit. The Eastern big bankers recommended that the central bank should be an adjuster of the domestic money market, and an institutional basis for foreign investment. Since the small bankers and businessmen presumed that the "Money Trust" (the "Wall Street") would control the domestic money market, the above proposals met much opposition. The Glass Plan which became the Federal Reserve Act realized the requirements of the Chicago bankers except for the legitimate bankers' balances. A few groups of country bankers considered the big bankers would threaten their existence, and they opposed any legislation. However a majority of the country bankers favored the general outline of the bill because it at least decentralized the central banking system and seemed to be free from big-banker domination. The establishment of the Federal Reserve System marked an epoch in the American money market and economy. This cantral banking system which was managed by the New York and Chicago bankers was crucial for the domestic money market as well as for the expansion of the overseas market for U.S. export and investment.
- 社会経済史学会の論文
- 1985-09-15
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関連論文
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- 秋元英一編, 『グローバリゼーションと国民経済の選択』, 東京大学出版会, 2001年1月, x+281頁, 4,500円
- 合衆国貨幣市場と連邦準備制度の成立 : 「金融改革運動」との関連を中心として
- 国法銀行制度下における合衆国貨幣市場とシカゴの地位 : 1894年「ボルティモア・プラン」の形成
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