Oskar Morgenstern · 1926
Oskar Morgenstern’s 1926 review of T. E. Gregory’s The Present Position of Banking in America praises a forty-page introduction for making a complicated banking system intelligible without sacrificing its distinctive features.
Nur ein sehr gründlicher Kenner des englischen und amerikanischen Bankwesens und nur ein glänzender Schriftsteller, wie Dr. Gregory, konnte es fertig bringen, auf knappen 40 Seiten einen wirklich orientierenden Ueberblick über die gegenwärtige komplizierte Lage des amerikanischen Bankwesens zu geben.
English translation: Only a very thorough connoisseur of English and American banking, and only so brilliant a writer as Dr. Gregory, could have managed to give, in a bare 40 pages, a genuinely orienting survey of the present complicated position of American banking.
Morgenstern links this achievement to Gregory’s comparative expertise and literary skill. He then identifies the introduction’s principal concerns: branch banking, Federal Reserve discount policy supported by “open market policy,” and the relationship between the deflation of 1920–1921 and the agricultural crisis. His emphasis is on Gregory’s ability to isolate the characteristics of each problem within a compressed exposition.
Zahlreiche Zitate ermöglichen es dem Leser, seinen Weg allein weiter zu finden.
English translation: Numerous citations enable the reader to find his way further on his own.
Quotation thus serves a practical scholarly purpose: the introduction equips readers for independent inquiry. The review closes by recommending Gregory to anyone interested in American banking, whose marked differences from European banking make such orientation especially valuable.
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