Lords of Finance: 1929, the Great Depression, and the Bankers Who Broke the World (76 page)

²⁹⁷
"stool of repentance": Schacht,
My First Seventy-six Years
, 208.

²⁹⁸
"His pride is equaled": Dawes,
A Journal of Reparations
, 54.

²⁹⁹
"remarkable revelation": Dawes,
A Journal of Reparations
, 54.

³⁰⁰
"It looks to me": Bank of England, letter from Norman to Strong, January 30, 1924.

³⁰¹
"six main powers": Ziegler,
The Sixth Great Power
, 1.

³⁰²
One story was that the family: Ferguson,
The House of Rothschild: Money's Prophets
, 95–98.

³⁰³
"undertaken by any European": Hobson,
Imperialism
, 64.

³⁰⁴
The son of an austere Methodist: "Lamont, Thomas William," in
Current Biography
, 1940, 476.

³⁰⁵
"until the French are out": Schuker,
End of French Predominance
, 215.

³⁰⁶
"swarming, gesticulating": Saint-Aulaire,
Confessions
, 718, quoted in Schuker,
End of French Predominance
, 299.

³⁰⁷
"Europe shall not," "America's only purpose,"

³⁰⁸
"In the lean years": Edwin L. James, "French Condemn Our Role in London,"
New York Times
, July 26, 1924, and "The 'Money Devil' Mixes in the Reparations Row,"
The Literary Digest
, August 9, 1924.

³⁰⁹
"We cannot accept": Klein,
Road to Disaster
, 248.

³¹⁰
"The United States lends money:" Keynes, "The Progress of the Dawes Scheme," in
The Nation and the Athenaeum
, September 11, 1926, in
Collected Writings
, 18: 281.

³¹¹
"I never knew a man"
: Greene,
The Quiet American
, 72.

³¹²
"in the full sunshine": Graves and Hodges,
The Long Weekend
, 102.

³¹³
Regent Street had been made over: "England Not Merry Under Labor's Rule,"
New York Times
, June 8, 1924.

³¹⁴
There was a new freedom: Graves and Hodges,
The Long Weekend
, 108–110.

³¹⁵
"While England is financially sound": Sisley, Huddelston. "Personalities and Politics in France,"
Atlantic Monthly
, January 1925, 117.

³¹⁶
"You know how controversial": Bank of England, letter from Norman to Strong, October 16, 1924.

³¹⁷
"hand over to Germany": Notes on discussion with Walter Leaf, June 13, 1924. Bank of England quoted in Kynaston,
The City of London: Illusions of Gold
, 109.

³¹⁸
"rather far behind": Bank of England, letter from Strong to Norman, July 9, 1924.

³¹⁹
"There never was a Churchill": Quoted in Wilson,
The Victorians
, 485.

³²⁰
"how anybody can put their": Letter from William Bridgeman to his wife, quoted in Manchester,
The Last Lion
, 785.

³²¹
F. E. Smith, Lord Birkenhead: Wilson,
After the Victorians
, 248–49

³²²
"his only mistress": Moreau,
The Golden Franc, 51.

³²³
He had a Rolls-Royce: Manchester,
The Last Lion
, 778–79.

³²⁴
Norman, despite his inherited wealth: Lyttelton,
Memoirs of Lord Chandos
, 137.

³²⁵
"undetected, like a shadow": "From the 'Old Lady.'"
Time
, January 12, 1925.

³²⁶
"unremarked": "Plan to Pay Gold Calls Norman Here"
New York Times
, January 1, 1925. Carved out of the solid bedrock: "Federal Bank Vault Carved in Solid Rock."
New York Times
, October 18, 1924.

³²⁷
Most noticeable was the number of cars: "One Auto in the City to Each 16 Persons,"
New York Times
, May 18, 1924, and "Automobile Census Shows World Has 21,360,779 Cars,"
New York Times
, March 8, 1925. For relative wages between the United States and Europe, see "Premium on Dollar Keeps Wages Up,"
New York Times
, December 31, 1924.

³²⁸
"The great problem is sterling": Strong memorandum to Carl Snyder, April 3, 1922, quoted in Chandler,
Benjamin Strong
, 291.

³²⁹
"a long period of unsettled conditions": Strong memorandum, January 11, 1925, quoted in Chandler,
Benjamin Strong
, 309.

³³⁰
"My dear Ben": Bank of England, letter from Norman to Strong, January 18, 1925.

³³¹
"the Louis XVI of the monetary revolution": Keynes, "Letter to Sir Charles Addis," July 25, 1924, in
Collected Writings
, 19: 371–72.

³³²
"We should run the risk": Keynes, "The Problem of the Gold Standard," in
The Nation and Athenaeum
, May 2, 1925, in
Collected Writings
, 19: 337–44.

³³³
"faults in her economic structure": Keynes, "The Return Towards Gold," in
The Nation and Athenaeum
, February 21, 1925, in
Collected Writings: Essays in Persuasion
, 7: 192–200.

³³⁴
"pressing the return to the gold standard": Taylor,
Beaverbrook
, 227.

³³⁵
"It is an absurd and silly notion": Taylor,
Beaverbrook
, 319.

³³⁶
"he never could make out": Churchill,
Lord Randolph Churchill
, 2: 184.

³³⁷
"If they were soldiers": James,
Churchill: A Study in Failure
, 204.

³³⁸
"survival of a rudimentary": "Mr. Churchill Exercise," February 29, 1925, U.K. Treasury Papers, quoted in Moggridge,
British Monetary Policy
, 76.

³³⁹
"We, and especially Norman, feel": Letter from Edward Grenfell to Jack Morgan, March 23, 1925, quoted in Chernow,
The House of Morgan
, 275–76.

³⁴⁰
"The Gold Standard is the best 'Governor' ": Moggridge,
British Monetary Policy
, Appendix 5, 270–72.

³⁴¹
"The Governor of the Bank": Winston Churchill to Otto Niemeyer, February 22, 1925, U.K. Treasury Papers in Moggridge,
British Monetary Policy
, Appendix 5.

³⁴²
"Norman elaborates his own schemes": Letter from Edward Grenfell to Jack Morgan, March 23, 1925, quoted in Chernow,
The House of Morgan
, 274.

³⁴³
"None of the witch doctors": Leith-Ross,
Money Talks
, 91.

³⁴⁴
Norman often stopped by: Templewood,
Nine Troubled Years
, 78.

³⁴⁵
"knave-proof," "living in a fool's paradise": Grigg,
Prejudice and Judgment
, 183.

³⁴⁶
"You have been a politician": Grigg,
Prejudice and Judgment
, 184.

³⁴⁷
"I will make you the golden Chancellor": Boyle,
Montagu Norman
, 189.

³⁴⁸
"It is imperative that": Text of Churchill's speech, including remark about fortifying himself, from
Hansard
, House of Commons Debates, 5 Series, vol. 183, cols 49–114.

³⁴⁹
"an amber-coloured liquid": Howe,
A World History
, 290.

³⁵⁰
"If the English pound is not": Churchill,
Complete Speeches
, 4: 3587.

³⁵¹
"greatest achievement . . .": Winston, Churchill. "Montagu Norman,"
Sunday Pictorial
, September 20, 1931.

³⁵²
"a signal triumph":
Times
, April 29, 1925.

³⁵³
"the crowning achievement":
Economist
, May 2, 1925.

³⁵⁴
"The proper object of dear money": Keynes, "The Economic Consequences of Mr. Churchill," in
Collected Writing: Essays in Persuasion
, 9: 220.

³⁵⁵
"because he has no instinctive judgment": Keynes, "The Economic Consequences of Mr. Churchill," in
Collected Writing: Essays in Persuasion
, 9: 212.

³⁵⁶
In 1927, he invited Keynes: Skidelsky,
John Maynard Keynes: The Economist as Saviour
, 203.

³⁵⁷
"the victims," "in the flesh [of] the fundamental": Keynes, "The Economic Consequences of Mr. Churchill," in
Collected Writing: Essays in Persuasion
. 9: 223.

³⁵⁸
"the biggest blunder": Moran,
Winston Churchill
, 303–304, quoted in Kynaston,
The City of London: Illusions of Gold
, 129.

³⁵⁹
"misled by the Governor": Toye,
Lloyd George and Churchill
, 256.

³⁶⁰
"that man Skinner": Grigg,
Prejudice and Judgment
, 193.

³⁶¹
"to everyone's surprise": Amery,
Diaries
, 552, quoted in Kynaston,
The City of London: Illusions of Gold
, 129.

³⁶²
"The gold standard party": Keynes, "The Gold Standard," in
The Nation and Athenaeum
, May 2, 1925, in
Collected Writings
, 19: 361.

³⁶³
"In a new country": Strong Memorandum, January 11, 1925, quoted in Chandler,
Benjamin Strong
, 309.

³⁶⁴
Only peril
: Charles de Gaulle quote from
Bartlett's Familiar Quotations
, 728.

³⁶⁵
Noblemen, who might otherwise: Plessis,
Histoires de la Banque
, 205–10.

³⁶⁶
Over the 120 years: Garratt,
What Has Happened to Europe
, 164–65.

³⁶⁷
"The hardest thing to understand": Quoted in Brogan,
France Under the Republic
, 66.

³⁶⁸
"a kind of Treasury magician": Binion,
Defeated Leaders
, 95.

³⁶⁹
As he strode into the Chamber: "Caillaux's Political Resurrection,"
The Literary Digest
, May 2, 1925, and "In Parliament,"
Time
, May 4, 1925.

³⁷⁰
"frivolity": Moreau,
The Golden Franc
, 37.

³⁷¹
"in elegant social circles": Jeanneney,
François de Wendel
, 248.

³⁷²
"regretted not having thrown": Jeanneney,
François de Wendel
, 254.

³⁷³
"we are the soldiers": Bonnet,
Vingt Ans de Vie Politique
, 101–102, quoted in Jeanneney,
François de Wendel
, 271.

³⁷⁴
"battle of the franc": Sisley, Huddleston. "France Mobilizes to Save the Franc,"
New York Times
, May 30, 1926.

³⁷⁵
It managed to raise: "Save the Franc,"
Time
, May 3, 1926, and
New York Herald Tribune
, April 21, 1926.

³⁷⁶
"which must never be brought out": Sisley, Huddleston. "France Mobilizes to Save the Franc,"
New York Times
, May 30, 1926.

³⁷⁷
"[laid] down their squabbles": Letter from Strong to Peter Jay, May 9, 1926, quoted in Chandler,
Benjamin Strong
, 362.

³⁷⁸
"excoriated from one end": Letter from Strong to George Harrison, May 23, 1926, quoted in Chandler,
Benjamin Strong
, 363.

³⁷⁹
"Am I to become the liquidator": Moreau,
The Golden Franc
, 12.

³⁸⁰
"My doubt is only about": Bank of England, letter from Norman to Strong, June 8, 1926. The two bankers did manage: "Strong Refuses to Discuss Finance,"
New York Times
, June 30, 1926, and "Financiers Gather at Antibes,"
New York Times
, July 9, 1926.

³⁸¹
Another intrepid journalist: "M. Strong et Sir [sic] Montagu Norman se reposent paisiblement a Antibes,"
La Volonté
, July 5, 1926.

³⁸²
Strong found his French banking: Leffler,
The Elusive Quest
, 146.

³⁸³
By 1926, an estimated forty-five thousand: "Il y a 500,000 Étrangers a Paris,"
Le Journal
, February 2, 1925.

³⁸⁴
The French press had: "L'Infiltration des Capitaux Américains dans l'Économie Francaise."
La Vie Financier
, April 26, 1926.

³⁸⁵
"destructive grasshoppers":
Le Midi
, April 17, 1926.

³⁸⁶
On July 11, in a dramatic protest: "Maimed and Blind Lead Paris Parade to Protest on Debt,"
New York Times
, July 12, 1926.

³⁸⁷
A couple of days later another party: "Reasonable Resentment,"
Washington Post
, July 26, 1926.

³⁸⁸
"Don't boast in cafes": "Our Tourist Troubles in France,"
The Literary Digest
, August 14, 1926.

³⁸⁹
"Xenophobic displays": Moreau,
The Golden Franc
, 53.

³⁹⁰
"friendly but reserved": Moreau,
The Golden Franc
, 43.

³⁹¹
The governor's suite at the bank: "Leur Vacances,"
Le Petit Parisien
, September 4, 1927, and Banque de France,
Treasures.

³⁹²
"Mr. Norman arrived at eleven": Moreau,
The Golden Franc
, 51.