Talk:Panic of 1901

Sources?

There doesn't seem to be any sources on this panic. However, Rothbard mentions in The Case Against the Fed the role of a certain Lyman J. Gage:

Lyman J. Gage was McKinley's Secretary of the Treasury. During his term in office, Gage tried to operate the Treasury Department as a central bank, pumping in money during recessions by purchasing government bonds in the open market, and depositing large funds with pet commercial banks. In his last annual report as Secretary of the Treasury in 1901, Lyman Gage called outright for a governmental central bank. Without such a central bank, he declared in alarm, "individual banks stand isolated and apart, separated units, with no tie of mutuality between them." Unless a central bank could establish such ties, he warned, the Panic of 1893 would be repeated. (p.102-103)

Monetary policy doesn't have to be the cause of every single upheaval in the stock market, it is still an interesting coincidence. Is there anything more on this one? Pestergaines 09:02, 24 February 2011 (CST)