Len's Summary: Traces Treasury Secretary William McAdoo’s triumph over the monetary crisis sparked by the start of WWI. With the central bank (the Federal Reserve System) authorized by the Owen-Glass Act of December 1913 not yet in place, he closed the American Stock Exchange for four months to prevent foreigners from selling their holding and demanding gold in return. McAdoo both honored America’s commitment to the gold standard and sustained public confidence in the banking system, preventing a repeat of the disastrous 1907 run on American banks. The author is a professor at the Stern School of Business, NYU.
Ambassador Shurtleff, a retired American Foreign Service officer who served as President of The World War One Historical Association and as a past President of The Western Front Association – U S Branch, passed away on January 22, 2014. The searchable version of Len’s Bookshelf was created and will be maintained in his honor.