Frank Albert Fetter‘s son, Frank Whitson Fetter, taught money and banking at Princeton. Material from his undergraduate course Economics 401 for 1933-34 has been posted earlier. Following a short obituary for Frank Whitson Fetter, I have transcribed the course outlines and readings for his Banking (first semester) and Money (second semester) courses. I have included a list of the reading assignments that come from Frank D. Graham’s money course of the previous year. It is interesting to note that a full half of Fetter’s second semester money course was devoted to the history of monetary economic theories and monetary history with only the last half devoted to monetary theory.
______________________________
Frank Whitson Fetter *26
By Princeton Alumni Weekly
FRANK WHITSON FETTER aged 92, distinguished economist, monetary authority, and professor, died July 7, 1991, in Hanover, N.H. Born in San Francisco, Prof. Fetter earned his bachelor’s degree from Swarthmore College in 1920. In 1922 he received a master’s degree from Princeton, followed in 1924 by a second master’s degree from Harvard, and then he received his doctoral degree in economics from Princeton in 1926. His teaching career spanned more than 40 years, interspersed with service to our government in Washington and to several other countries in Latin America. He taught economics as a professor or visiting lecturer at Princeton, Haverford College, Johns Hopkins, the Univ. of Wisconsin, Northwestern Univ., and Dartmouth College. In 1937 he was named a John Simon Guggenheim Memorial Fellow. His most distinguished work, published in 1965, was entitled “Development of British Monetary Orthodoxy, 1797-1875.”
His first wife died in 1977. He married a second time in 1978, and his second wife also predeceased him, in 1985, Deep sympathy is extended to his daughter, two sons, and extended family of grandchildren, stepsons, and cousins.
The Graduate Alumni, Graduate Class of 1926
Source: Princeton Alumni Weekly.
______________________________
ASSIGNMENTS IN BANKING 507
First Assignment, October 7, 1931.
Hoggson [, Noble Foster], Banking through the ages.
Martin [, Frederick], Stories of Banks and Bankers.
History of Banking in all the leading nations, Vol. II, pp. 1-29.
Second Assignment, October 14, 1931.
Andréades [, Andreas Michael. History of the Bank of England], pp. 1-186
Conant [, Charles A. A History of Modern Banks of Issue (5th ed.)], Chs. 4 and 5
Richards [, Richard D. The Early History of Banking in England], entire.
Third Assignment, October 21, 1931.
Individual reports on Banking History to 1914–
Germany, Canada, France, Scotland, Russia, England and U.S. Colonial only.
Fourth Assignment, October 28, 1931.
Individual reports (continued)
Reading for all –
White [, Horace. Money and Banking illustrated by American History, 5th edition], Book II, Chs. 1 and 2; Book III, Chs. 4, 5 and 16
Dunbar [, Charles F. The Theory and History of Banking, 3rd ed.], pp. 132-219
Conant, pp. 38-77, 138-166, 182-208, 386-412
Adam Smith, Book II, Ch. 3, “digression concerning banks of deposit.”
Fifth Assignment, November 4, 1931.
Bagehot [Walter. Lombard Street (Hartley Withers edition, 1920)], Chs. 1, 2, 3, 5, 7 and 12.
Powell [, Ellis T. The Evolution of the Money Market (1385-1915)], pp. 142-194, 243-321 and skim over pp. 322-410
Adam Smith, Book II, Ch. 2
Sixth Assignment, November 11, 1931.
Powell [, Ellis T. The Evolution of the Money Market (1385-1915)], pp. 411-705
Gregory, Vol. II, pp. 1-50
Seventh Assignment, November 18, 1931.
Banking in the U.S. up to 1860:
Miller, entire
Myers, Part I
Original documents (see bibliography)
Eight Assignment, November 25, 1931.
Finish Banking in U.S. to 1914
Myers, Part II and complete last week’s assignment
Notice to documents on Independent Treasury and its abolishment (see bibliography).
Ninth Assignment, December 2, 1931
State Banks, Trust Companies, Savings Banks and Investment Banks in the U.S.
Smith, Chs. 1-8 and 12-16
Barnett, Intro. and Chs. 1, 4, 5, 7 in Pt. I, and Ch. 2 in Pt. II.
White, Book III, Chs. 9-11, 14, 15, 17, 18, 19 and 20
Moulton, Chs. 13, 14, and 15 and 18
Galston, syndicate operations, pp. 1-36
Pujo Report, pp. 55-106.
Rolph reports on Tippetts
Tenth Assignment, December 9, 1931
The Federal Reserve System
Kemmerer, ABC entire
Kemmerer, S.V. study (Gresham reports)
Wall, Bankers Credit Manual (Hand reports)
Brandeis, Other People’s Money (Smith reports)
Rodky, Chs. 11, 12, 13 and App. D.
Willis and Edwards, Ch. 11
Dunbar, Ch. 3
Dewey & Shugrue, Ch. 9
Willis and Edwards, pp. 9-13, Chs. 2 and 3
Dewey & Shugrue, Chs. 3, 4, 6
(Last five on the subjects “the bank statement” and “credit economy”)
Also referred to White on the bank statement.
Eleventh Assignment, December 16, 1931
Deposits
Dewey & Shugrue, Ch. 11
Willis & Edwards, Chs. 7 and 13
Rodky, Ch. 3
Interbank Relationships
Watkins, Ch. 7
Dewey & Shugrue, Ch. 21
Willis & Edwards, Ch. 15
Financing Business
Moulton, Ch. 10
Willis & Edwards, Ch. 9
Dewey & Shugrue, Chs. 13 & 26
Federal Reserve Bulletin, 1921, pp. 920-6, 1052-7
Phillips, Chs. 1 & 2
Bank Administration
Willis & Edwards, Chs. 4-6,
Dewey & Shugrue, Chs. 7 and 8
Reports
Lin on Owens & Hardy
Rolph on Riefler
Hinkle on Hanson, Theories of the Business Cycle
Dzidjuziski on Snyder
Gresham on Haney
Huber on Pigou
Smith on Kuznets
Hand on Spahr (Clearings & Coll.)
Twelfth Assignment, January 6, 1932
Bank Credit and Prices:
Keynes, Treatise on Money, Chs. 2, 3, 18, 23, 24, 25 and 26
Munn, Bank Credit, Chs. 1, 2 and 3
Rodky, The Banking Process, Ch. 16
Phillips, Bank Credit, Chs. 3, 4, 5 and 7-12
Willis & Edwards, Chs. 28, 29 and 30
Federal Reserve Bulletin, 1930, pp. 400-5, 456-65, 519-26; 1931, pp. 160-6, 435-9, 121-4, 551-7, 495-8.
Study statistics in last Federal Reserve Bulletin.
Reports
Lin on Munn and Cr. and its management
Hand on Dowry, Monetary Banking Policies
Gresham on Einzig, International gold movements
Rolph on Edie, Cap. money market and gold
Hinkle on Edie, Money, Bank Credit and Prices
Huber on Burgess, Reserve Banks and Money Market
Dzidjusizki on Young, Ind. Cr.
Thirteenth Assignment, January 13, 1932
Branch, Chain and Group Banking
Bank Competition
Senate Hearings on Consolidation of National Banks, 1926, S. 1782 and HR 2, 69th Cong., 1st sess. Following pages—pp. 1-45, 53-102, 133-137, 143-160, 175-194 (important opposition), and pp. 204-211, 218-222, 227-236, 299-306, 328-29, 338-346, 354-59.
House Hearings on Branch, Chain and Group Banking, HR 141, 71st Cong., 2nd sess., 1930. Following pages: 3-40, 43-7, 88-90, 105-109, 113-18, 154-5, 203-4, 216-18, 226-32, 259-62, 268-71, 420-47, 450-60, 787-800, 808-13, 882-90, 919-24, 1037-47, 1169-73, 1404-15, 1535-67, 1569-79, 1665-88 and 1752-80. Last few particularly important in opposition.
Reports
Hand on Willitt, Sel. art.
Lin on Osterlenk, Br. Bk.
Rolph on Jamison, Mgt. of unit banks
Hilken on Starves, 60 yrs of br. bk. in Va.
Gresham on Lee, Pr. of Agr. Cr.
Huber on Lawrence, Bank Conc.
Dzidjuziski on Collins Rural Bank Reform
Austin, Leg. bk. wrecking
Smith on Cartinhour,
Hilken on Borgenson [sic, “Bergengren” is correct] cooperative banking.
Fourteenth Assignment, January 20, 1932
Gregory, Vol. II, pp. 307-91; Annual Report of the Federal Reserve Board for 1930, pp. 232-42, 252-7, 260-2, 269-72; Federal Reserve Bulletin, 1930, p. 519; Federal Reserve Bulletin, 1931, pp. 571, 374-8; Federal Reserve Bulletin, 1930, pp. 400-5, 456-64; Federal Reserve Bulletin, 1931, pp. 121-4, 160-6, 435-9, 495-8, 551-7.
Senate Hearings before the Committee on Banking and Currency on Brokers’ Loans, S. Res. 113, 70th Cong., 1st sess. (1928), pp. 2-41, 51-96.
Hearings of sub-committee of the Senate Committee on Banking and Currency on the Operation of the National and Federal Reserve Banking System, S. Res. 71, 71st Cong., 3rd Sess., Appendix, Pt. 6, Fed. Res. Questionnaire, pp. 701-727 and 748-840.
Report of the Committee on Bank Reserves of the Federal Reserve System, GPO, 1931, pp. 5-26.
Reports
Hubert, Beckhart, Disc. policy, and Spahr, Federal Reserve and control of credit.
Hilken, Einzig, Fight for financial supremacy.
Hand, Shaw, Central banks theory and Mlynarski, gold and central banks.
Rolph, Kisch and Elkin on centrol banks and Rogers, America weighs her gold.
Lin, on Burgess, Gov. Strong’s federal reserve policy, and Peel, Economic War.
Gresham, Peddie, dual system of stabilization and Reed, Federal Reserve Policy.
Dzidjuziski, Hirst, Wall St. and Lombard St.
also, as follows on Annual Reports of the Federal Reserve Board:
Huber, 1924, pp. 1-18
Hilken, 1925, pp. 1-24
Hand, 1926, pp. 1-18
Rolph, 1927, pp. 1-20
Lin, 1928, pp. 1-19
Gresham, 1929, pp. 1-10
Dzidjuziski, 1930, pp. 1-19
Smith, 1916-1923.
______________________________
Assignments in Graduate Course in Money, 1931.
(Given by Frank D. Graham).
- ✓Carlile, W.W.- The Evolution of Modern Money.
✓Nicholson, J. S.- Money and Monetary Problems [sic, “A Treatise on Money and Essays on Monetary Problems, 3d ed.], Part I to p. 161. - ✓Hepburn, A.B.- History of Currency in The United States, Chapters 1-13, 15, 16, 20, 21, 28, 29.
- Fisher, Irving—Purchasing Power of Money, Whole book except Appen.
- ✓Anderson, B.M.- The Value of Money. First half.
- ✓Anderson, B.M.- The Value of Money. Finish book
- ✓Gregory, T.E.- Select Documents [Select Statutes, Documents, & Reports Relating to British Banking]. Book I-all; Book II, p. 307 to end.
- ✓Keynes- Treatise on Money. Vol. I
- ✓Keynes- Treatise on Money. Vol. II
- Foster and Catchings.- Profits.
- ✓Lawrence [, Joseph Stagg]- Stabilization of Money [sic, Stabilization of Prices: A Critical Study of the Various Plans Proposed for Stabilization (1928)”], in particular Ch. 20-27.
- ✓Hawtrey, R.G.- Currency and Credit. (New ed.) Pay particular attention to theory of business cycles.
- Mitchell, W.C.- Business Cycles. Do first half, theoretical and statistical part, but omit annals.
✓Indicates that are to be given in 1932.
______________________________
[Handwritten notes]
Graduate Course (Money)
Graham, with 12 meetings, gave only 1 to U.S. monetary history, 1 to evolution of money, 1 to English monetary history, and the remaining 9 to theory. Except for Carlile and Nicholson, all of theory is of past 25 yrs., and most of it of past 10 years.
Believe should be some modifications, along following lines:
- More U.S. monetary history, perhaps 3 or 4 weeks.
- Emphasis on Bullion controversy, spending 2 or 3 weeks.
- Historical development of Theory, tying it in with particular relations to monetary problems of the day.
Bodin—Locke—Hume—Steuert—Smith. - Present controversy over gold standard
- Bimetallism, and the silver issue.
In everything, give the men more history, and more in original sources.
______________________________
[Handwritten Notes]
Graduate Course in Money—1932.
Term Reports.
Men who have to turn in a paper, may elect to do so.
Short Term Reports
These are not to involve any reading outside of the regular assignments. They should trace certain ideas, and their developments, thru our regular reading. Each man should take 2 (ordinarily one, but class small this year).
Suggested topics:
- Development of views on causal influences and price changes [Helfen]
- Changing emphasis in monetary theory.
- Development of monetary theory, and its background of practical problems of monetary reform.
- Meaning of “quantity theory”
- Meaning of “fiat money”, or “fiat theory” of prices.
- Concept of velocity and its effect on prices.
6a. Proportionality between money & prices. [Platz] - Idea of stability of gold (or silver).
- Necessity for money to be based on something with commodity value (i.e., has a power in exchange outside of money use).
(Should run between 5+10 pp. Type—with carbon for me).
Special Reports.-
In some meetings, will have special reports, so as to cover more ground.
In particular will do this on Bullion Controversy, and U. S. Monetary History.
______________________________
ASSIGNMENTS IN ECONOMICS 508 (GRADUATE COURSE IN MONEY)
Princeton University—Second Semester—1931-32
February 10
A. E. Monroe, “Monetary Theory Before Adam Smith,” pp. 3-146.
W. W. Carlile, “The Evolution of Modern Money,” pp. 1-77, 120-137.
[February] 17
A. E. Monroe, “Early Economic Thought.”
Nicole Oresme, “On The First Inventions of Money,” pp. 79-102.
Jean Bodin, “Reply to the Pardoxes of Malestroit,” pp. 123-41.
John Locke, Works, Vol. II, “Some Considerations of the Consequences of the Lowering of Interest and Raising the Value of Money,” pp. 3-55.
[February] 24
A. E. Monroe, “Early Economic Thought.”
David Hume, “Of the Balance of Trade,” pp. 323-38.
Richard Cantillon, “On the Nature of Commerce in General,” pp. 247-79.
David Hume, Works, “Of Money,” pp. 317-32.
Sir John Stewart, [sic, “James Steuart” is correct] “An Inquiry into the Principles of Political Economy,” Book II, Chaps. 26, 28, 29, Book III, Chs. 1-7.
March 2
Adam Smith (Cannan ed.)
Vol. I, Ch. 5 (pp. 32-48), “Of the Real and Nominal Price of Commodities,” pp. 177-216.
“Digression on Silver,” pp. 285-312.
“Banking,” Book IV, Ch. 1 (pp. 396-417) Mercantile System.
(This not a regular assignment, but recommended that men glance over it.)
J. H. Hollander, “The Development of the Theory of Money from Adam Smith to David Ricardo,” Q. J. E., Vol. 25, p. 439.
David Ricardo, “Three Letters on the Price of Gold”; “The High Price of Bullion,” pp. 1-66.
Reports on following:
By Platz: Lord King, “Thoughts on the Restriction,” pp. 1-86.
By Hilen: “An Inquiry into the Nature and Effects of Paper Money.”
By Rolph: Walter Boyd, “A Letter to Pitt,” pp. 1-80; Sir F. Baring, “Observations on the Publication of Walter Boyd.”
March 9
Charles Bosanquet, “Practical Observations on the Report of the Bullion Committee,” pp. 1-110.
David Ricardo, “Reply to Mr. Bosanquet’s Practical Observations on the Report of the Bullion Committee,” pp. 1-141.
J. W. Angell, “The Theory of International Prices,” pp. 40-71.
If not familiar with The Report of The Bullion Committee, glance thru it. The argument is essentially the same as found in Ricardo. It is available in convenient form in Edwin Cannan, “The Paper Pound.”
Reports by the following:
By Carter: N. J. Silberling, “Financial and Monetary Policy of Great Britain During the Napoleonic Wars,” Q.J.E., Vol. 25, Feb. and May, 1924, pp. 214-73, 397-439.
By Rolph: Jacob Viner, “Angell’s Theory of International Prices,” J.P.E., Oct., 1926, pp. 601-11 only.
March 16
Establishment of Gold Standard in England
English Monetary Debates and Legislation of 1717, Report of Paris Monetary Conference, pp. 315-16.
Sir Isaac Newton’s Report of 1717, Paris Conference, pp. 317-20.
Lord Liverpool, “A Treatise on the Coins of the Realm,” Chs. 1-5, 17-19, 29, 30.
English Monetary Law of 1816, Art. 1-4, 11-13, Paris Conf., pp. 373-77.
American Monetary History
Morris Report of 1782, Paris Conference, pp. 425-32.
Jefferson Report, Paris Conference, pp. 437-43.
Hamilton’s Report on a Mint, Paris Conference, pp. 454-84. (Hamilton’s Report may be found in his Works, and in a number of other places.)
March 23
Letter of William J. Crawford, Sec. of Treas., on Exportation of Coins of The United States. American State Papers, Finance, Vol. III, pp. 393-95. No. 549, 15th Cong., 2d Session.
Report of Lowndes Committee of 1819. American State Papers, Finance, Vol. III, pp. 398-401. No. 551, 15th Cong., 2d Session.
Report on Currency by Committee of House of Representatives, Feb. 2, 1821. Paris Conference, pp. 554-57.
Ingham Circular Letter on Relative Value of Gold and Silver. Paris Conference, pp. 602-29.
Gallatin’s Report on Relative Values of Gold and Silver. Paris Conference, pp. 589-97.
Report of Sec. of Treas., May 4, 1830. Paris Conference, pp. 558 and seq.
Report of Sanford Committee, Jan. 11, 1830. Senate Document 19, 21st Cong., 1st Session.
House Resolution of 1832. Paris Conference, p. 677.
Report of Director of Mint to House of Rep., 1832, Paris Conf., p. 678.
Report of White Committee, Feb. 19, 1834. House of Representatives, Report 278, 23d Congress, 1st Session.
April 6
D. K. Watson, “History of American Coinage,” Chs. 6, 7, 10, 11.
F. W. Taussig, “Silver Situation in The United States,” pp. 2-112.
April 13
W. H. Harvey, “Coin’s Financial School.”
Horace White, “Coin’s Financial Fool.”
(Glance thru these two books, but do not make a careful study of them.)
Willard Fisher, “Coin and his Critics, “ Q.J.E., Vol. 10, Jan. 1896, p. 187 and seq.
J. L. Laughlin, “Principles of Money,” (1903 ed.), pp. 281-419.
Scott, “Money and Banking,” pp. 50-6.
April 20
Irving Fisher, “The Purchasing Power of Money,” pp. 1-348.
Proceedings of 1910 Meeting of American Economic Association, “Causes of Recent Price Changes,” pp. 27-70. (Fisher’s discussion, pp. 37-45, may be passed over, as it is all in his Purchasing Power of Money.)
April 27
B. M. Anderson, “The Value of Money,” pp. 1-291.
May 4
B. M. Anderson, “The Value of Money,” pp. 292-591.
May 11
J. M. Keynes, “A Treatise on Money,” Vol. I.
May 18
J. M. Keynes, “A Treatise on Money,” Vol. II.
May 25
J. S. Lawrence, “The Stabilization of Prices,” Part III, pp. 187-473.
June 1
Reports on Foster and Catchings, “Profits;” Edie, “The Banks and Prosperity.”
Source: Duke University. David M. Rubenstein Library. Economists’ Papers Archive. Papers of Frank Whitson Fetter, Box 55, Folder “Teaching, Ec 507-508 Money (Princeton) 1931-32”.
Image Source: (ca. 1937) John Simon Guggenheim Memorial Foundation.