FOOTNOTES:

[313] H. Parker Willis, American Finance and the European War, The Journal of Political Economy, Vol. 23, No. 2. February, 1915, pp. 144-165.

[314] A fuller account of the gold fund and cotton loan plans will be found in the First Annual Report of the Federal Reserve Board, Washington, January 15, 1915.

[315] Report of Secretary of the Treasury, December 7, 1914.

[316] First Annual Report of the Federal Reserve Board, p. 16.

[317] Report of the Comptroller of the Currency, 1914, pp. 15, 16.

[318] J. Laurence Laughlin, Will the Gold Basis Survive in Europe?, The Annalist, Vol. 7, No. 162, Feb. 21, 1916, pp. 244, 252.

[319] A. Barton Hepburn, A History of Currency in the United States, pp. 463-466. The Macmillan Company. New York. 1915.

[320] Of Boissevain Co.

[321] Hartley Withers, War and Lombard Street, pp. 98-111. E. P. Dutton and Company. 1915.

[322] Franklin Escher, Review of War and Lombard Street, The American Economic Review, Vol. 5, No. 3, September, 1915, pp. 624-5.

[323] E. W. Kemmerer, America's Chance of Holding World Purse-Strings, The Annalist, Vol. 7, No. 158, Jan. 24, 1916, pp. 119-121, 144.