Book contents
- Before the Fed
- Studies in Macroeconomic History
- Before the Fed
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Preface
- 1 Introduction
- 2 Morgan and Bank Reserves
- 3 Morgan’s Routine Business Syndicates
- 4 Early Panics
- 5 Panics in the Early National Banking Era
- 6 Silverite Threats in 1894
- 7 The 1895 and 1896 Transactions to Replenish the US Treasury
- 8 Lesser Crises
- 9 Panic of 1907
- 10 Panic of 1907
- 11 1908
- 12 Summary, Legacy, and Relevance
- Technical Appendix 1.1. Supply and Demand for Short-Term Liquidity
- Technical Appendix 2.1. Bank Pooling Methods
- Technical Appendix 2.2. Loan Certificates: A Balance Sheet Analysis
- Technical Appendix 3.1. Morgan’s Routine Business Syndicates
- Technical Appendix 6.1. The International Gold Standard
- Technical Appendix 8.1. Morgan’s Routine Syndicates after 1895
- Technical Appendix 12.1. Aldrich-Vreeland Act Analysis
- References
- Index
9 - Panic of 1907
The Domestic Front
Published online by Cambridge University Press: 16 October 2025
Book contents
- Before the Fed
- Studies in Macroeconomic History
- Before the Fed
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Preface
- 1 Introduction
- 2 Morgan and Bank Reserves
- 3 Morgan’s Routine Business Syndicates
- 4 Early Panics
- 5 Panics in the Early National Banking Era
- 6 Silverite Threats in 1894
- 7 The 1895 and 1896 Transactions to Replenish the US Treasury
- 8 Lesser Crises
- 9 Panic of 1907
- 10 Panic of 1907
- 11 1908
- 12 Summary, Legacy, and Relevance
- Technical Appendix 1.1. Supply and Demand for Short-Term Liquidity
- Technical Appendix 2.1. Bank Pooling Methods
- Technical Appendix 2.2. Loan Certificates: A Balance Sheet Analysis
- Technical Appendix 3.1. Morgan’s Routine Business Syndicates
- Technical Appendix 6.1. The International Gold Standard
- Technical Appendix 8.1. Morgan’s Routine Syndicates after 1895
- Technical Appendix 12.1. Aldrich-Vreeland Act Analysis
- References
- Index
Summary
We have analyzed how Morgan learned to link the three pools of global reserves during American crises, and the Panic of 1907 was no different. Morgan’s lender of last resort skills were on full display during the panic, the last and most severe of the National Banking Era panics. We analyze sixteen last resort activities (eleven domestic, five international) led by Morgan coordinating the three detached sources of liquidity.
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- Information
- Before the FedJ.P. Morgan, America's Lender of Last Resort, pp. 136 - 162Publisher: Cambridge University PressPrint publication year: 2025
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