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Published online by Cambridge University Press: 03 February 2011
In his most enlightening paper on Federal Reserve policy in 1920–1921 Elmus Wicker's statement on the Bank of England's policies is not strictly in accord with the facts.
The English system of no legal reserve requirements imparted a greater degree of flexibility to the monetary authorities and allowed a greater economy in the use of the gold reserve. The entire gold reserve was available in emergencies to safeguard the pound.
1 “A Reconsideration of Federal Reserve Policy During the 1920–21 Depression,” The Journal of Economic History, XXVI (06 1966)Google Scholar.
2 Ibid., p. 228.
3 In my book, Fluctuations in Trade, Industry and Finance (Oxford: The Claren-don Press, 1960), ch. 10 and Appendix 5, a full discussion of these arcane matters may be found, including the actual figures for the 1857 crisis showing how the system —if it can be called that—workedGoogle Scholar.
