文档介绍：Carnegie Endowment for International Peace
DIVISION OF ECONOMICS AND HISTORY
JOHN BATES CLARK, DIRECTOR
PRELIMINARY ECONO"MIC STUDIES OF THE WAR
EDITED BY
DAVID KINLEY
Profeslor of Political Economy. University of Illinois
Member mittee of Research of the Endowment
No. 15
EFFECTS OF THE WAR ON MONEY,
CREDIT AND BANKING IN FRANCE
AND THE UNITED STATES
BY
B. M. ANDERSON, JR., .
NEW YORK
OXFORD UNIVERSITY PRESS
AMERICAN BRANCH: 35 WEST 32ND STREET
LONDON, TORONTO, MELBOURNE. AND BOMBAY
1919
COPYRIGHT 1919
BY THE
CARNEGIE ENDOWMENT FOR INTERNATIONAL PEACE
2 JACKSON PLACE, \VASHINGTON. D C.
EDITOR'S PREFACE
Professor Anderson's study of " Effects of the War on Money,
Credit and Banking in France and the United States" needs no
commendation. It is full both of information and of suggestions,
and will be valuable not only to bankers but to other business
- men, to students, and to the general reader.
The account of occurrences and policies in the United States
is so full, accurate and clear that ment on them is
unnecessary. Certain matters stand out in the confu·sed history
of the early days of the war which should be guiding posts for
the future. For he would have been held a foolish prophet who,
before the war, would have predicted that the economic structure
of the world would have withstood as well as it actually did the
shock of the military cataclysm. The closing of the stock ex•
changes, the moratoria, the strength and wise action of central
banks and the provision of emergency currency, are the great
master strokes of policy that kept the economic " ship of state"
from shipwreck. '
The history of the action of the French banks will be, in the
main, new to most American readers. The policy showed in many
ways' the shortsightedness that characterized our own banking
policy in times of stress before the establishment of the federal
reserve system. Cooperation among the private ban