Financial History of the United States: Fiscal, Monetary, Banking, and Tariff, Including Financial Administration and State and Local Finance

By Paul Studenski; Herman E. Krooss | Go to book overview

CHAPTER 21: THE PROGRESSIVE ERA: MONETARY AND BANKING REFORMS

At the opening of the twentieth century the United States was in the midst of one of the most important transitional periods in her social, economic, and political evolution. It was an age of optimism and faith in the future. But each segment of society had its own interpretation of what the future would bring. Industrialists expected to dominate the markets of the world. Financiers were confident that New York City would soon replace London as the principal international money market. Farmers took on new hope as relative prosperity appeared in agriculture. Workers believed that the eight-hour day and the trade agreement would soon be universal. Imperialists were absorbed in the "white man's burden" in the Far East and the development of South American markets under "dollar diplomacy." Government functionaries saw themselves advancing steadily in importance in the economic and social scene.

Though not equaling the original expectations, the economic achievements of this era were substantial, especially during the years 1900 to 1905. According to the estimates of Professor Kuznets, per capita national income in constant prices in the decade 1899 to 1908 averaged 14.2 per cent more than in the previous decade, but in 1904 to 1913 it was only 9.6 per cent higher than in the previous ten years.

The years up to 1904 were also featured by vast consolidations of business enterprise and great expansion in trade-union membership. By 1904 it was estimated that 40 per cent of the total capital invested in manufacturing was controlled by trusts of one sort or other, and between 1899 and 1904 trade-union membership grew from 604,000 to 2,072,000. However, after 1904 the consolidation movement slowed down, while labor unions had difficulty in holding their own.

As the economy grew and became more complicated, more regulatory and other services by government were demanded. But even if these demands had not developed, the Federal government would still have been impelled to widen its sphere of activities. The United States was obtaining a "place in the sun," as imperialistic advocates expressed it, and the expansion of her colonial power and her influence in world affairs magnified the importance of the Federal government in the public eye and caused a greater activity on its part. Moreover, the philosophy of

-241-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Financial History of the United States: Fiscal, Monetary, Banking, and Tariff, Including Financial Administration and State and Local Finance
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 530

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.