IN THIS ISSUE
The magazine of the Museum of American Finance
in association with the Smithsonian Institution
Issue 144 • Winter 2023 ( ISSN 1520-4723 )
Kristin Aguilera Editor
EDITORIAL ADVISORY BOARD
Howard A . Baker , Esq . Howard Baker Associates Lawrence A . Cunningham The George Washington University Peter C . Earle American Institute for Economic Research Brian Grinder Eastern Washington University Gregory DL Morris Freelance Journalist Susie Pak St . John ’ s University Arthur W . Samansky The Samansky Group Myles Thompson Columbia Business School Publishing Janice Traflet Bucknell University Robert E . Wright American Institute for Economic Research Jason Zweig The Wall Street Journal
ART DIRECTION Alan Barnett Design
MUSEUM STAFF David J . Cowen , President / CEO Kristin Aguilera , Deputy Director Robert Dinkelmann , IT / Technology Maura Ferguson , Director of Exhibits Sarah Poole , Collections Manager
Linda Rapacki , Managing Director of Visitor Services and Operations
Mindy Ross , Director , External Relations Ben Urizar , Assistant Director of Visitor Services
Copyright © 2023 by the Museum of American Finance , publisher . All rights reserved .
Financial History is the official membership magazine of the Museum of American Finance .
10 Gender and the Dismal Science
Women in the early years of the economics profession .
▶ By Ann Mari May
14 A History of Central Banking in the United States
Examining the centuries-long impact central banks have had on the American economy , from the First Bank of the United States through the Federal Reserve today .
▶ By Mark Higgins
18 The 1933 Bank Holiday
March 6 , 2023 marks the 90th anniversary of an unprecedented and important episode in our nation ’ s financial history .
▶ By Michael A . Martorelli
22 Bill Ruane : A Superinvestor of Graham and Doddsville
Biography of an extraordinary value investor and philanthropist .
▶ By James Russell Kelly
27 Failure and Success
International silver coins in the China trade .
▶ By Eric Brothers
32 B Corp Banks Prosper : Doing Well by Doing Good
Banks designated as “ B corps ” are thriving by embracing a culture of community service and sustainability .
▶ By Gregory DL Morris
36 The Enduring Value of Roger Murray
Uncovering Roger Murray ’ s role in the formation of the private pension .
▶ By Paul Johnson and Paul D . Sonkin
2 FINANCIAL HISTORY | Winter 2023 | www . MoAF . org