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...Picture this: a Federalist fortress in the Financial District of Manhattan, whose members represented 52 national and state banks, as well as the U.S. Treasury itself. Not the Federal Reserve Bank of New York, not the Federal Reserve System, not any central bank—this node of finance was the New York Clearinghouse. Established in 1853, the Clearinghouse pooled reserves so that member banks could clear debits and credits daily. It also functioned as a private central bank, which took care of its own in the many banking panics of the late 19th century—especially...
...Clearinghouse Chairman George W. Davison about declaring a bank holiday. With no incentives to act despite the damage this holiday might do to bank reputations, and with much criticism from an increasingly populist Congress, the Clearinghouse had no reason to partner with the Fed. Davison refused to galvanize his member banks in support of a statewide banking holiday. Harrison quickly gave up, delegating responsibility to a lesser state official. As a result, the New York Fed sustained over $350 million in gold and cash withdrawals the following...
Beginning in mid-April, alumni will be able to vote for five new Overseers to serve six-year terms on the 30-member board. An additional Overseer will be chosen to finish out the term of Arne S. Duncan ’86, who has joined President Barack Obama’s administration as Secretary of Education. The results of the election will be announced at this year’s June 4 Commencement ceremony...
...doing so he has also brought an increased focus on fundamentalist beliefs and hostility toward other religions back to the Catholic Church. His desire to reunite the modern Roman Catholic Church with several more conservative factions, such as the Society of St. Pius X, of which Williamson is a member, along with his steadfast condemnation of birth control and homosexuality, reveals a troubling pattern of conservatism during his reign. While the reunification of the Catholic Church is a commendable goal, Pope Benedict XVI must be more prudent in his actions in the future. He needs to show good faith toward...
ITHACA, N.Y.—Four minutes into the second half of Friday’s game against Cornell, one word must have occupied each member of Harvard’s men’s basketball team: repeat.A sluggish first half left the Crimson with a 51-35 deficit heading into the locker room in Newman Arena. But the men’s squad emerged reinvigorated and kicked off the second period with a 10-0 run that brought them to within six of the defending Ivy League champ. Cornell looked uncoordinated, frustrated, and nothing like the team that went...