The Gold And Rediscount Policy Of The Federal Reserve Banks...
(This is a reproduction of a book published before 1923. T...)
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The Gold And Rediscount Policy Of The Federal Reserve Banks
Alonzo Barton Hepburn
De Vinne Press, 1921
("FOR three centuries this continent has been inhabited by...)
"FOR three centuries this continent has been inhabited by white men. The financial experience that accompanied the development of the territory now comprised within the United States, from an aboriginal wilderness to its present proud position in the sisterhood of nations, contains much that is crucial and many severe lessons. In the beginning there was a period of barter and trade during which commodity paid for commodity. It frequently happened, however, that a man wishing to purchase goods did not have for exchange anything which the vendor desired; this, and the difficulty of making change, inspired the colonial governments to provide a currency and to give it a fixed value in trade and taxes. At first articles of real value that would go without a government fiat were selected, such as beaver skins, musket balls, corn, etc.; later, printed money with government fiat was resorted to, in many cases with unfortunate results."
(Originally published in 1918. This volume from the Cornel...)
Originally published in 1918. This volume from the Cornell University Library's print collections was scanned on an APT BookScan and converted to JPG 2000 format by Kirtas Technologies. All titles scanned cover to cover and pages may include marks notations and other marginalia present in the original volume.
Artificial waterways and commercial development: (with a history of the Erie Canal)
(This book was digitized and reprinted from the collection...)
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Report of the Special Committee on Railroads, Appointed Under a Resolution of the Assembly
(This is a pre-1923 historical reproduction that was curat...)
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(This is a reproduction of a book published before 1923. T...)
This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book.
Alonzo Barton Hepburn was an American politician and banker. He served as Comptroller of the Currency from 1892 to 1893.
Background
Alonzo Barton Hepburn was born on July 24, 1846, in Colton, New York, United States, the son of Zina Earl Hepburn and Beulah (Gray) Hepburn. His father was descended from Peter or Patrick Hepburn, a Scotchman who settled at Stratford, Connecticut, about 1700. His mother came from similar stock: the Grays, Scotch-Irish, who came to Worcester, Massachusetts, in 1718. Hepburn’s American ancestors were pioneers throughout, moving across Vermont to the wild country of northern New York. The conditions of life in his early years were hard, and every child in the family of eight was called upon to be an “asset in the family economy”; hunting and fishing were economic activities as well as sports: but the family also gathered about the fireplace reading good books aloud by turn.
Education
Hard work in local academies and finally, for a year, in Middlebury College gave young Hepburn his education. In 1902 he was awarded the degree of A. B. as of the class of 1871.
Career
For a few years Alonzo Hepburn taught school and read law, beginning his legal practice in Colton, New York, where he served as school commissioner, instituting reforms against strong opposition. In 1875, over the opposition of the local Republican bosses, he was elected as a Republican to the New York legislature, where he continued for five successive terms. He early became known as a master of legislation. Hepburn’s first great public service was performed during his legislative career. He was chairman of the legislative committee appointed to inquire into railway-rate discrimination.
In 1880 Hepburn became superintendent of the state banking department of New York, in which capacity he introduced drastic reforms, including regular bank examinations. Declining reappointment in 1883, he lived in St. Lawrence County from 1883 to 1889, laying, in successful land and lumber operations, the foundation for his large fortune of later years. This was the only period of his life given primarily to his personal financial affairs. From 1889 to 1892 he was United States bank examiner in New York City. In 1892 he became comptroller of the currency in Washington, resigning in 1893. He was president of the Third National Bank of New York from 1893 to 1897, when that institution was absorbed by the National City Bank, of which, from 1897 to 1899, he was vicepresident. In 1899 he became vice-president of the Chase National Bank, with which institution he remained until his death, being president from 1904 to 1911, chairman of the board of directors from 1911 to 1918, and chairman of the advisory board from 1918 to 1922.
A life-long student of the theory and history of money, Hepburn was a leader in defending the gold standard against free silver. In 1903 be published History of Coinage and Currency in the United States and the Perennial Contest for Sound Money. The enlarged revision of this work, A History of Currency in the United States: with a Brief Description of the Currency Systems of All Commercial Nations (1915) was a classic. As chairman of the currency commission of the American Bankers Association, he was largely responsible for the organization of the National Monetary Commission under Senator Nelson W. Aldrich. An advocate of the Aldrich Plan, which involved a central bank with branches, he opposed the Federal Reserve Act, with its plan for regional reserve banks, until he succeeded in having incorporated in it the provision requiring one Federal Reserve bank to rediscount for another, thus pooling all of the gold in the system.
In addition to a long list of published articles, addresses, reports, and interviews, many of them of very great importance, covering the period from 1875 to 1922, Hepburn published Artificial Waterways and Commercial Development (1909), revised as Artificial Watcnvays of the World (1914), and The Story of an Outing (1913). His philanthropies were widespread. He dotted the North Country from which he came with public libraries and built a hospital at Ogdensburg. The School of Business of Columbia University, St Lawrence University, Middlebury College, Princeton, Williams College, New York University, Wellesley College, the Commercial Education Fund of the Chamber of Commerce of the State of New York, and the University Club of New York City, all received benefactions. He endowed a chair in the University of Tokyo on “The Constitution, History and Diplomacy of the United States. ”
Achievements
Alonzo Hepburn is remembered as the author of the “Hepburn Report” of 1879, which is a landmark in railroad history. This report was followed by corrective legislation, the “Hepburn Laws, ” and influenced the Federal Interstate Commerce Act adopted eight years later. Hepburn also served as president of the Chase National Bank from 1904 to 1911, playing a significant role in international finance and diplomacy through his friendships with statesmen and bankers in both Europe and Japan. He was constantly called upon for advice by high officials of many countries to the very end of his life.
