Liberty and the ‘Money Trust’


Distrust and suspicion of the Money Trust has been prevalent throughout much of United States history, extending from commercial banks, which take deposits (and in the past issued banknotes), to investment banks. The colloquium, directed by Professor Jeffrey Hummel, explored the history of these disputes, from the founding of the republic to the proposals for increased bank regulation that emerged as a result of the financial crisis of 2007–9.


Conference Readings

Gallatin, Albert. The Writings of Albert Gallatin. Edited by Henry Adams. Philadelphia: Lippincott, 1879. (accessed September 25, 2013).

Ryback, William. "Case Study on Bear Stearns." Toronto Centre Discussion, Toronto, Ontario.

Admati, Anat and Martin Hellwig. The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It. Princeton: Princeton University Press, 2013.

Brandeis, Louis D. Other People’s Money and How the Bankers Use It. New York: Frederick A. Stokes Company, 1914.

Campbell, Alexander. The True American System of Finance: The Rights of Labor and Capital. Chicago: Evening Journal, 1864.

Carosso, Vincent P. “The Wall Street Money Trust from Pujo through Medina.” Business History Review 47, no. 4 (Winter 1973): 421-437.

Gouge, William M. A Short History of Paper Money and Banking in the United States. New York: Augustus M. Kelley Publishers, 1833, 1968.

Hoffmann, Susan. Politics and Banking: Ideas, Public Policy, and the Creation of Financial Institutions. Baltimore: Johns Hopkins University Press, 2001.

Holt Carroll, Charles. The Organization of Debt into Currency and Other Papers. Princeton: D. Van Nostrand Co., Inc., 1964.

Hubbard, R. Glenn and Anthony Patrick O’Brien. Money, Banking, and the Financial System. Carmel: Pearson, 2013.

Jefferson, Thomas. The Works of Thomas Jefferson, Volume 11 (1808-1816). Edited by Paul Leicester Ford. New York and London: G. P. Putnam’s Sons, 1905.

Jennings Bryan, William. The First Battle: A Story of the Campaign of 1896. Chicago: W. B. Conkey, 1896.

Kay, John. Other People’s Money. New York: Public Affairs, 2015.

Kotlikoff, Laurence J. Jimmy Stewart is Dead: Ending the World’s Ongoing Financial Plague with Limited Purpose Banking. Hoboken: John Wiley & Sons, 2010.

Leggett, William. Democratick Editorials: Essays in Jacksonian Political Economy. Edited by Lawrence H. White. Indianapolis: LibertyClassics, 1984.

McDonald, Oonagh. “The Repeal of the Glass-Steagall Act: Myth and Reality.” Cato Policy Analysis 804 (November 2016): 14-19.

Perkins, Edwin J. “The Divorce of Commercial and Investment Banking: A History.” The Banking Law Journal 88, no. 6 (June 1971): 483-528.

Pujo, Arsène. “Report of the Committee Appointed Pursuant to House Resolutions 429 and 504 to Investigate the Concentration of Control of Money and Credit.” House of Representatives, 62nd Congress, 3rd Session, Washington, DC, February 28, 1913.

Reich, Robert. “Why Hillary Clinton Is Wrong for Refusing To Resurrect Glass-Steagall.” In These Times (October 2015): 1-3. (accessed June 13, 2018).

Rich, Georg and Christian Walter. “The Future of Universal Banking.” Cato Journal 13, no. 2 (Fall 1993): 289-313.

Ritter, Gretchen. Goldbugs and Greenbacks: The Antimonopoly Tradition and the Politics of Finance in America, 1865-1896. Cambridge: Cambridge University Press, 1997.

Rothbard, Murray N. The Panic of 1819: Reactions and Policies. Auburn: Ludwig von Mises Institute, 1962.

Taylor, John. An Enquiry into the Principles and Tendency of Certain Public Measures. Philadelphia: Thomas Dobson, 1794.

Volcker, Paul. “How to Reform Our Financial System.” The New York Times (January 2010): 1-6.

White, Eugene Nelson . “Before the Glass-Steagall Act: An Analysis of the Investment Banking Activities of National Banks.” Explorations in Economic History 23, no. 1 (1986): 33-55.

White, Lawrence. “The Gramm-Leach-Bliley Act of 1999: A Bridge Too Far? Or Not Far Enough?” Suffolk University Law Review (2010): 1-30.