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381 Moret thought of himself: Netter, Histoire de la Banque de France, 341.
381 “ask favors from the French”: Boyce, British Capitalism, 296.
382 From his departure aboard the Berengaria: “Along The Highways of Finance,” New York Times, April 12, 1931.
382 “an orchestra leader”: “Norman Arrives on Banking Mission,” New York Times, March 28, 1931.
382 When they begged him: “Norman Goes Home Silent on His Plans,” New York Times, April 15, 1931.
383 “artificial” agency: Clarke, Central Bank Cooperation, 180.
383 “visionary and inflationary”: Clarke, Central Bank Cooperation, 180.
383 “very gloomy situation”: Morison, Turmoil and Tradition, 345.
383 “Russia was the very greatest”: Stimson Diary, April 8, 1931, quoted in Schmitz, Henry Stimson, 85.
383 “U.S. was blind”: Lamont Diaries, May 8, 1931, quoted in Kunz, The Battle for Britain’s Gold Standard, 46.
385 Rumors of the trouble: “False Rumors Lead to Trouble at Bank,” New York Times, December 11, 1930.
385 The bank had been founded: Werner, Little Napoleons and Dummy Directors, 1-12.
385 When, for instance, Bernard went to Europe: Ellis, A Nation in Torment, 109.
386 The Bank lent some $16 million: Lucia, “The Failure of the Bank of United States” and Trescott, “The Failure of the Bank of United States, 1930.”
386 two big projects on Central Park West: Werner, Little Napoleons and Dummy Directors, 125-27.
387 “lend freely, boldly”: Bagehot, Collected Works, Volume 9: Lombard Street, 79.
387 “A panic . . . is a species”: Bagehot, Collected Works, Volume 9: Lombard Street, 73.
388 “foreigners and Jews”: Letters from Thomas S. Lamont to Edward C. Grenfell, December 13 and 30, 1930, quoted in Chernow, The House of Morgan, 326.
388 “with a large clientele”: Letter from Russell Leffingwell to Benjamin Joy, January 23, 1931, quoted in Chernow, T
he House of Morgan, 326-27.
388 “I told them”: Werner, Little Napoleons and Dummy Directors, 206-07.
388 “I warned them”: Friedman and Schwartz, A Monetary History of the United States, 309n.
389 shaken by such: Friedman and Schwartz, A Monetary History, Appendix A.
390 By the middle of 1931: Federal Reserve System, Banking and Monetary Statistics, Washington, D.C., 1943, 18. See Bernanke, “Nonmonetary Effects of The Financial Crisis,” in Essays on the Great Depression, 41-69. in May 1931, the bank runs resumed: “More Bank Trouble,” Time, August 24, 1931.
391 The real issue for the governors: Gary Richardson, “Bank Distress During the Great Depression: The Illiquidity-Insolvency Debate Revisited” (December 2006), NBER Working Paper.
392 “the capitalist system”: “Ein’ Feste Burg,” Time, July 27, 1931, and Howe, World Diary, 111.
19: A LOOSE CANNON ON THE DECK OF THE WORLD
395 “three generations,” “Jewish machination,” “a product of the Jewish spirit”: Chernow, The Warburgs , 323.
396 On December 5, he dropped his bombshell on Berlin: “Schacht Protests Demands on Reich,” New York Times, December 6, 1929.
397 “he was about to be crucified”: Letter from de Sanchez to Lamont, April 28, 1934, quoted in James, The German Slump, 59.
