00front.qxd
2/27/03
9:20 AM
Page iii
A History of
Public Sector Pensions
in the United States
Robert L. Clark, Lee A. Craig, and Jack W. Wilson
Pension Research Council
The Wharton School of the University of Pennsylvania
University of Pennsylvania Press
Philadelphia
00front.qxd
2/27/03
9:20 AM
Page iv
Copyright © 2003 The Pension Research Council of the Wharton School of the University of
Pennsylvania
All rights reserved
Printed in the United States of America on acid-free paper
10 9 8 7 6 5 4 3 2 1
Published by
University of Pennsylvania Press
Philadelphia, Pennsylvania 19104-4011
Library of Congress Cataloging-in-Publication Data
Clark, Robert Louis, 1949A history of public sector pensions in the United States, / Robert L. Clark, Lee A. Craig,
Jack W. Wilson.
p. cm.
“Pension Research Council publications.”
Includes bibliographical references and index.
ISBN 0-8122-3714-5 (cloth : alk. paper)
1. United States—Officials and employees—Pensions. 2. Military pensions—United States.
I. Craig, Lee A. (Lee Allan), 1960- II. Wilson, Jack W. III. Title.
JK791.C58 2003
331.25′29135173—dc21
2002043046
13Refs.qxd
2/27/03
9:38 AM
Page 239
References
Adams, Donald R. 1968. “Wage Rates in the Early National Period: Philadelphia,
1785–1830.” Journal of Economic History 28, 3: 404–26.
Adams, T. M. 1939. Prices Paid by Farmers for Goods and Services and Received by Them
for Farm Products, 1790–1871. Burlington: Vermont Agricultural Experiment
Station.
Albion, Robert G. 1938. Square-Riggers on Schedule: The New York Sailing Packets to
England, France, and the Cotton Ports. Princeton, N.J.: Princeton University Press.
———. 1939. The Rise of the New York Port, 1815–1860. New York: Charles Scribner’s
Sons.
Aldrich, Nelson W. 1892. Retail Prices and Wages. U.S. Senate Report 986. Committee
on Finance. 52nd Cong., 1st Sess. Washington, D.C.: U.S. Government Printing
OfWce.
———. 1893. Wholesale Prices, Wages, and Transportation. U.S. Senate Report 1394.
Committee on Finance. 52nd Cong., 2nd Sess. Washington, D.C.: U.S. Government Printing OfWce.
Allen, Steven G., Robert L. Clark, and Elizabeth Ann McDermed, 1993. “Pension
Bonding and Lifetime Jobs.” Journal of Human Resources 28: 463–81.
Aoki, Mashiko. 1984. The Co-operative Game Theory of the Firm. Oxford: Clarendon
Press.
American State Papers, Finance. 1934. Vols. 1–4. Washington, D.C.: Gales and Seaton.
American State Papers, Naval Affairs. (ASP-NA). 1934. Vols. 1–4. Washington, D.C.:
Gales and Seaton.
Andrews, Kenneth R. 1964. Elizabethan Privateering: English Privateering During the
Spanish War, 1585-1603. Cambridge: Cambridge University Press.
Asprey, Robert B. 1986. Frederick the Great: MagniWcent Enigma. New York: Ticknor
and Fields.
Ayres, Leonard P. 1939. Turning Points in Business Cycles. New York: Macmillan.
Balke, Nathan S. and Robert J. Gordon. 1989. “The Estimation of Prewar Gross
National Product: Methodology and New Evidence.” Journal of Political Economy
97: 38–92.
Bayley, Rayfael. 1882. History of the National Loans of the United States. 1880 Census of
the United States, vol. 7. Washington, D.C.: U.S. Government Printing OfWce.
Becker, Gary. 1964. Human Capital: A Theoretical and Empirical Analysis. New York:
Columbia University Press.
13Refs.qxd
2/27/03
240
9:38 AM
Page 240
References
Becker, Gary and George J. Stigler. 1974. “Law Enforcement, Malfeasance, and
Compensation of Enforcers.” Journal of Legal Studies 3: 1–18.
Beney, M. Ada. 1936. Cost of Living in the United States, 1914–1936. New York:
National Industrial Conference Board.
Berry, Thomas Senior. 1978. Revised Annual Estimates of American Gross National
Product: Preliminary Annual Estimates of Four Components of Demand, 1789–1889.
Bostwick Paper 3. Richmond, Va.: Bostwick Press.
———. 1988. Production and Population Since 1789: Revised GNP Series in Constant
Dollars. Bostwick Paper 6. Richmond,Va.: Bostwick Press.
Bertaud, Jean-Paul. 1988. The Army of the French Revolution: From Citizen-Soldiers to
Instrument of Power. Trans. R. R. Palmer. Princeton, N.J.: Princeton University
Press.
Bezanson, Anne, Blanch Daley, Majorie C. Denison, and Miriam Hussey. 1951. Prices
and InXation During the American Revolution: Pennsylvania, 1770–1790. Philadelphia: University of Pennsylvania Press.
Bezanson, Anne, Robert D. Gray, and Miriam Hussey. 1935. Prices in Colonial
Pennsylvania. Philadelphia: University of Pennsylvania Press.
———. 1936. Wholesale Prices in Philadelphia, 1784–1861. Philadelphia: University of
Pennsylvania Press.
Blinder, Alan S. 1980. “The Consumer Price Index and the Measurement of Recent
InXation.” Brookings Papers on Economic Activity 2: 539–72.
Blodget, Samuel. 1806/1964. Economica: A Statistical Manual for the United States of
America. Washington, D.C.; reprint New York: A.M. Kelley.
Bodie, Zvi, 1990. “Pensions as Retirement Income Insurance.” Journal of Economic
Literature 51: 28–49.
Brady, Dorothy S. 1964. “Relative Prices in the Nineteenth Century.” Journal of
Economic History 24, 2: 135–203.
Bromage, Arthur W. 1936. State Government and Administration in the United States.
New York: Harper & Brothers.
Brown, Howard G. 1995. War, Revolution, and the Bureaucratic State: Politics and Army
Administration in France, 1791–1799. Oxford: Clarendon Press.
Burgess, Warren Randolph. 1920. Trends in School Costs. New York: Russell Sage
Foundation.
Burkhauser, Richard V. 1979. “The Pension Acceptance Decision of Older
Workers.” Journal of Human Resources 14: 63–75.
Butler, Benjamin F. 1892. Butler’s Book: Autobiography and Personal Reminiscences of
Major General Benjamin F. Butler. Boston: A.M. Thayer.
Catterall, Ralph Charles Henry. 1903. The Second Bank of the United States. Chicago:
University of Chicago Press.
Cecchetti, Stephen G. 1992. “Prices During the Great Depression: Was the DeXation
of 1930–1932 Really Unanticipated?” American Economic Review 82, 2: 141–56.
Chandler, Alfred D., Jr. 1990. The Visible Hand: The Managerial Revolution in American
Business. Cambridge, Mass.: Belknap Press.
Chandler, Dewitt S. 1991. Social Assistance and Bureaucratic 1821 Politics: The Monepios
of Colonial Mexico, 1767–1821. Albuquerque: University of New Mexico Press.
Clark, Robert L., Lee A. Craig, and Jack W. Wilson. 1999a. “Privatization of Public
Sector Pensions: The U.S. Navy Pension Fund, 1800–1842.” Independent Review 3:
549–64.
———. 1999b. “Managing a Pension Portfolio in the Nineteenth Century: The U.S.
Navy Pension Fund, 1800–1840.” Business and Economic History 28: 93–104.
———. 1999c. “Emerging Financial Markets and Pension Portfolio Management:
The U.S. Navy Pension Fund, 1790–1848.” Cambridge, Mass.: National Bureau of
Economic Research Summer Institute, unpublished manuscript.
13Refs.qxd
2/27/03
9:38 AM
Page 241
References
241
———. 2000. “The Life and Times of a Public-Sector Pension Plan Before Social
Security: The U.S. Navy Pension Fund in the Nineteenth Century.” In Pensions in
the Public Sector, ed. Olivia S. Mitchell and Edwin C. Hustead. Pension Research
Council. Philadelphia: University of Pennsylvania Press. 241–63.
Clark, Robert L. and Elizabeth Ann McDermed. 1990. The Choice of Pension Plans in
a Changing Regulatory Environment. Washington, D.C.: American Enterprise
Institute.
Clark, Robert L. and Sylvester J. Schieber. 2002a. “Taking the Subsidy Out of Early
Retirement: The Story Behind the Conversion to Hybrid Pensions.” In
Innovations in Retirement Financing, ed. Olivia S. Mitchell, Zvi Bodie, P. Brett
Hammond, and Stephen P. Zeldes. Pension Research Council. Philadelphia:
University of Pennsylvania Press. 149–74.
———. 2002b. “Empirical Analysis of the Transition to Hybrid Pension Plans in the
United States.” In Public Policies and Private Pensions, ed. William Gale, John B.
Shoven, and Mark J. Warshawsky. Washington, D.C.: Brookings Institution.
Clowes, W. Laird. 1898. The Royal Navy: A History from the Earliest Times to the Present.
Vol. 2. London: Sampson, Lowe, Marston, and Co.
Coase, Ronald H. 1937. “The Nature of the Firm.” Economica 4: 386–405.
Cole, David M. 1959. The Development of Banking in the District of Columbia. New York:
William Franklin Press.
Congressional Research Service. 1972. U.S. Military Retirement Pay: History and
Analysis of Key Legislation, 1861–1958. Washington, D.C.: U.S. Government Printing OfWce.
———. undated. Uniformed Services Retirement System: A Chronological Survey. Washington, D.C.: U.S. Government Printing OfWce.
Conyngton, Mary. 1926. “Industrial Pension for Old Age and Disability.” Monthly
Labor Review 22: 21–56.
Cornwell, Christopher, Stuart Dorsey, and Nasser Mehrzad. 1991. “Opportunistic
Behavior of Firms in Implicit Pension Contracts.” Journal of Human Resources 26:
704–25.
Costa, Dora L. 1994. “Health, Income and Retirement: Evidence from Nineteenth
Century America.” Ph.D. dissertation, University of Chicago.
———. 1998. The Evolution of Retirement: An American Economic History, 1880–1990.
Chicago: University of Chicago Press.
Craig, Lee A. 1995. “The Political Economy of Public-Private Compensation Differentials: The Case of Federal Pensions.” Journal of Economic History 55: 304–20.
Craig, Lee A. and L. Michelle White. 1993. “The Federal Regulation of PrivateSector Pensions.” Mimeo, North Carolina State University.
Crook, J. A. 1996. “Augustus: Power, Authority, Achievement.” In The Cambridge
Ancient History, ed. Alan K. Bowman, Edward Champlin, and Andrew Lintoff.
Cambridge: Cambridge University Press.
David, Paul A. and Peter Solar. 1977. “A Bicentenary Contribution to the History of
the Cost of Living in America.” Research in Economic History 2: 1–80.
Dorsey, Stuart. 1995. “Pension Portability and Labor Market EfWciency: A Survey of
the Literature.” Industrial and Labor Relations Review 48: 276–92.
Dorsey, Stuart, Christopher Cornwell, and David Macpherson. 1998. Pensions and
Productivity. Kalamazoo, Mich.: Upjohn Institute for Employment Research.
Dorsey, Stuart and David Macpherson. 1997. “Pension and Training.” Industrial
Relations 36: 81–96.
Dougherty, Ann and Charles H. Whiteman. 1982. “InXation, Housing Costs, and the
Consumer Price Index.” American Economic Review 81, 3: 154–64.
Douglas, Paul H. 1930. Real Wages in the United States, 1890–1926. New York:
Houghton-MifXin.
13Refs.qxd
2/27/03
242
9:38 AM
Page 242
References
Elliott, Jonathan. 1845/1968. The Funding System of the United States and of Great
Britain. U.S. House of Representatives Executive Document 15, 28th Cong., 1st
Sess. Reprint New York: A.M. Kelley.
Employee BeneWt Research Institute (EBRI). 1997. EBRI Databook on Employee
BeneWts. Washington, D.C.: EBRI.
English, William B. 1996. “Understanding the Costs of Sovereign Default: American
State Debts in the 1840’s.” American Economic Review 86, 1: 259–75.
Epstein, Abraham. 1928. The Challenge of the Aged. New York: Vanguard Press.
Fenstermaker, Joseph Van. 1965. The Development of American Commercial Banking:
1782–1837. Kent State University Bureau of Economic and Business Research
Printed Series 5. Kent, Ohio: Kent State University.
Ferguson, E. James. 1961. Power of the Purse: A History of American Public Finance.
Chapel Hill: University of North Carolina Press.
Fields, Gary S. and Olivia S. Mitchell. 1984. Retirement, Pensions, and Social Security.
Cambridge, Mass.: MIT Press.
Fishback, Price V. and Shawn Wverret Kantor. 1998. “The Adoption of Workers Compensation in the United States, 1900–1930.” Journal of Law and Economics 41: 305–43.
Fisher, Lawrence and James H. Lorie. 1977. A Half Century of Returns on Stocks and
Bonds: Rates of Return on Investments in Common Stocks and on U.S. Treasury Securities,
1926-1976. Chicago: University of Chicago Graduate School of Business.
Gallatin, Albert. 1832/1968. Considerations on the Currency and Banking System of the
United States. New York: Greenwood Press.
Gibbon, Edward. 1776/1994. The History of the Decline and Fall of the Roman Empire.
Ed. David Womersley. New York: Penguin Books.
Glasson, William H. 1900. History of Military Pension Legislation of the United States.
New York: Columbia University Press.
———. 1918. Federal Military Pensions in the United States. New York: Oxford
University Press.
Goldin, Claudia D. and Gary D. Libecap. 1994. The Regulated Economy: A Historical
Approach to Political Economy. Chicago: University of Chicago Press.
Goode, Richard. 1975. The Individual Income Tax. Washington, D.C.: Brookings
Institution.
Gustman, Alan L. and Thomas Steinmeier. 1992. “The Stampede Toward DeWned
Contribution Pension Plans: Fact or Fiction?” Industrial Relations 31: 361–69.
Hamilton, James D. 1992. “Was the DeXation During the Great Depression
Anticipated? Evidence from the Commodity Futures Market.” American Economic
Review 82, 1: 157–78.
Hammond, Bray. 1957. Banks and Politics in America: From the Revolution to the Civil
War. Princeton, N.J.: Princeton University Press.
Hanes, Christopher. 1998. “Consistent Wholesale Price Series for the United States,
1860–1990.” In Business Cycles Since 1820, ed. Trevor J. O. Dick. Northampton,
Mass.: Edward Elgar. 176–209.
Hansen, Alvin H. 1925. “Factors Affecting the Trend of Real Wages.” American
Economic Review 15, 1: 27–42.
Hempel, George H. 1971. The Postwar Quality of State and Local Debt. New York:
National Bureau of Economic Research.
Hickman, W. Braddock. 1958. Corporate Bond Quality and Investor Experience.
Princeton, N.J.: Princeton University Press.
Hillhouse, Albert M. 1936. Municipal Bonds: A Century of Experience. New York:
Prentice-Hall.
Homer, Sidney and Richard Sylla. 1991. A History of Interest Rates. 3rd ed. New
Brunswick, N.J.: Rutgers University Press.
13Refs.qxd
2/27/03
9:38 AM
Page 243
References
243
Hoover, Ethel D. 1960. “Retail Prices After 1850.” In Trends in the American Economy
in the Nineteenth Century: A Report of the National Bureau of Economic Research, New
York. Studies in Income and Wealth 24. Princeton, N.J.: Princeton University
Press, National Bureau of Economic Research. 141–86.
Huizinga, John and Frederick S. Mishkin. 1984. “InXation and Real Interest Rates
on Assets with Different Return Characteristics.” Journal of Finance 39, 3: 699–712.
Hustead, Edwin C. and Toni Hustead. 2001. “Federal Civilian and Military
Retirement Systems.” In Pensions in the Public Sector, ed. Olivia S. Mitchell and
Edwin C. Hustead. Pension Research Council. Philadelphia: University of Pennsylvania Press. 66–104.
Hustead, Edwin C. and Olivia S. Mitchell. 2001. “Public Sector Pension Plans:
Lessons and Challenges for the Twenty-First Century.” In Pensions in the Public
Sector, ed. Olivia S. Mitchell and Edwin C. Hustead. Pension Research Council.
Philadelphia: University of Pennsylvania Press. 3–10.
Ippolito, Richard C. 1985. “The Labor Contract and True Economic Pension
Liabilities.” American Economic Review 75: 1031–43.
———. 1987. “Why Federal Workers Don’t Quit.” Journal of Human Resources 22:
281–99.
———. 1997. Pension Plans and Employee Performance. Chicago: University of Chicago
Press.
James, Herman G. 1921. Local Government in the United States. New York: D. Appleton
& Co.
Johnson, Ronald N. and Gary D. Libecap. 1989. “Agency Growth, Salaries, and the
Protected Bureaucrat.” Economic Inquiry 27: 431–52.
———. 1994. The Federal Civil Service System and the Problem of Bureaucracy. Chicago:
University of Chicago Press.
Keegan, John. 1993. A History of Warfare. New York: Alfred A. Knopf.
Kotlikoff, Laurence J. and David A. Wise. 1987. “The Incentive Effects of Private
Pension Plans.” In Issues in Pension Economics, ed. Zvi Bodie, John B. Shoven, and
David A. Wise. Chicago: University of Chicago Press. 283–336.
———. 1989. The Wage Carrot and the Pension Stick. Kalamazoo, Mich.: Upjohn
Institute for Employment Research.
Krueger, Alan B. 1988. “Are Public Sector Workers Paid More Than Their
Alternative Wage? Evidence from Longitudinal Data and Job Queues.” In When
Public Sector Workers Unionize, ed. Richard Freeman and Casey Ichniowski.
Chicago: University of Chicago Press. 217–40.
Lamoreaux, Naomi. 1986. “Banks, Kinship, and Economic Development: The New
England Case.” Journal of Economic History 46: 647–68.
Lane, Carl. 1997. “For a ‘Positive ProWt’: The Federal Investment in the First Bank
of the United States, 1792–1802.” William and Mary Quarterly 3rd ser. 54: 601–12.
Latimer, Murray Webb. 1932. Industrial Pension Systems in the United States and
Canada. New York: Industrial Relations Counselors.
Lazear, Edward P. 1979. “Why Is There Mandatory Retirement?”Journal of Political
Economy 87: 1261–84.
Lazear, Edward P. and Robert Moore 1988. “Pensions and Turnover.” In Pensions in
the U.S. Economy, ed. Zvi Bodie, John B. Shoven, and David A. Wise. Chicago:
University of Chicago Press. 163–88.
Lebergott, Stanley. 1964. Manpower in Economic Growth: The American Record Since
1800. New York: McGraw-Hill.
———. 1987. “O Pioneers: Land Speculation and the Growth of the Midwest.” In
Essays on the Economy of the Old Northwest, ed. David C. Klingaman and Richard K.
Vedder. Athens: Ohio University Press.
13Refs.qxd
2/27/03
244
9:38 AM
Page 244
References
Legler, John B., Richard Sylla, and John J. Wallis. 1988. “U.S. City Finances
and the Growth of Government, 1850–1902.” Journal of Economic History 48, 2:
347–56.
Lent, George E. 1955. The Ownership of Tax Exempt Securities, 1913–1953. National
Bureau of Economic Research Occasional Paper 47. New York: National Bureau
of Economic Research.
Long, Clarence. 1960. Wages and Earnings in the United States, 1860–1890. National
Bureau of Economic Research General Series 67. Princeton, N. J.: Princeton
University Press.
Longford, Elizabeth. 1969. Wellington: Years of the Sword. New York: Harper and Row.
Lumsdaine, Robin L., James D. Stock, and David A.Wise. 1994. “Pension Plan
Provisions and Retirement.” In Studies in the Economics of Aging, ed. David A. Wise.
Chicago: University of Chicago Press. 183–208.
Macaulay, Frederick R. 1938. Some Theoretical Problems Suggested by the Movement of
Interest Rates, Bond Yields and Stock Prices in the United States Since 1856. New York:
National Bureau of Economic Research.
Martin, Joseph G. 1898/1969. A Century of Finance: Martin’s History of the Boston Stock
and Money Markets, One Hundred Years, from January 1798, to January 1898.
Originally published by the author; reprint New York: Greenwood Press.
McCusker, John J. 1992. How Much Is That in Real Money? A Historical Price Index for
Use as a DeXator of Money Values in the Economy of the United States. Worcester, Mass.:
American Antiquarian Society.
McGill, Dan M., Kyle N. Brown, John J. Haley, and Sylvester J. Schieber. 1996.
Fundamentals of Private Pensions. 7th ed. Pension Research Council. Philadelphia:
University of Pennsylvania Press.
McKay, Derek. 1977. Prince Eugene of Savoy. London: Thames and Hudson.
McPherson, James. 1988. Battle Cry of Freedom: The Civil War Era. New York: Oxford
University Press.
Meriam, Lewis. 1918. Principles Governing the Retirement of Public Employees. New York:
D. Appleton and Co.
Middlekauff, Robert. 1982. The Glorious Cause: The American Revolution, 1763–1789.
New York: Oxford University Press.
Miller, Nathan. 1997. The U.S. Navy: A History. 3rd ed. Annapolis, Md.: Naval
Institute Press.
Millis, Harry A. and Royal E. Montgomery. 1938. Labor’s Risk and Social Insurance.
New York: McGraw-Hill.
Mishkin, Frederic S. 1991. “Is the Fisher Effect for Real? A Reexamination of the
Relationship Between InXation and Interest Rates.” National Bureau of Economic Research Working Paper 3632. Cambridge, Mass.: National Bureau of
Economic Research.
Mitchell, Olivia S. 1982. “Fringe BeneWts and Labor Mobility.” Journal of Human
Resources 17: 286–98.
———. 1998. “Administrative Costs of Public and Private Pension Plans.” In
Privatizing Social Security, ed. Martin Feldstein. Chicago: University of Chicago
Press. 403–56.
Mitchell, Olivia S. and Edwin C. Hustead, eds. 2001. Pensions in the Public Sector.
Pension Research Council. Philadelphia: University of Pennsylvania Press.11–40.
Mitchell, Olivia S., David McCarthy, Stanley C. Wisniewski, and Paul Zorn. 2001.
“Developments in State and Local Pension Plans.” In Pensions in the Public Sector,
ed. Olivia S. Mitchell and Edwin C. Hustead. Pension Research Council.
Philadelphia: University of Pennsylvania Press. 11–40.
Mitchell, Wesley Clair. 1908/1966. Gold, Prices, and Wages Under the Greenback
Standard. Berkeley, Calif.; reprint New York: A.M. Kelley.
13Refs.qxd
2/27/03
9:38 AM
Page 245
References
245
Napoleon Bonaparte. 1955. The Mind of Napoleon: A Selection from His Written and
Spoken Words. Ed. J. Christopher Herold. New York: Columbia University Press.
{Napoleon}
Nash, Howard P. 1969. Stormy Petrel: The Life and Times of General Benjamin F. Butler,
1818–1893. Rutherford, N.J.: Fairleigh Dickinson University Press.
National Industrial Conference Board (NICB). 1927. The Cost of Living in the United
States, 1914–1926. New York: National Industrial Conference Board.
———. 1928. The Cost of Living in the United States, 1914–1927. New York: National
Industrial Conference Board.
———. 1930. The Cost of Living in the United States, 1914–1929. New York: National
Industrial Conference Board.
———. 1931. The Cost of Living in the Unites States, 1914–1930. New York: National
Industrial Conference Board.
Niven, John. 1973. Gideon Welles: Lincoln’s Secretary of the Navy. New York: Oxford
University Press.
North, Douglass C. 1981. Structure and Change in Economic History. New York: Norton.
Norwich, John Julius. 1988. Byzantium: The Early Centuries. New York: Knopf.
———. 1996. Byzantium: Decline and Fall. New York: Knopf.
OfWcer, Lawrence H. 1996. Between the Dollar-Sterling Gold Points: Exchange Rates,
Parity, and Market Behavior. Cambridge: Cambridge University Press.
Oliver, Frederick L. 1946. “Prize Money.” Proceedings of the U. S. Naval Institute 72:
1315–17.
Oliver, John W. 1917. History of the Civil War Pensions, 1861–1885. Madison: University of Wisconsin Press.
Ott, David J. and Allan H. Meltzer. 1971. Federal Tax Treatment of State and Local
Securities. Washington, D.C.: Brookings Institution.
Palgrave, Robert Harry Inglis. 1926. Palgrave’s Dictionary of Political Economy. Vol. 3.
Ed. Henry Higgs. London: Macmillan.
Papke, Leslie. 1999. “Are 401(k) Plans Replacing Other Employer-Provided Pensions?” Journal of Human Resources 34: 311–25.
Paullin, Charles Oscar. 1906/1971. The Navy of the American Revolution: Its Administration, Its Policy, and Its Achievements. Chicago; reprint New York: Haskell House.
Pechman, Joseph A. 1987. Federal Tax Policy. 5th ed. Washington, D.C.: Brookings
Institution.
Perkins, Edwin J. 1994. American Public Finance and Financial Services, 1700–1815.
Columbus: Ohio State University Press.
Perry, Lawrence. 1919. Our Navy in the War. New York: Charles Scribner’s Sons.
Philips, Cyril Henry. 1961. The East India Company, 1784–1834. Manchester: Manchester University Press.
Pope, Dudley. 1981. Life in Nelson’s Navy. Annapolis, Md.: Naval Institute Press.
Porch, Douglas. 1974. Army and Revolution: France, 1815–1848. London: Routledge
and Kegan Paul.
Pred, Allan R. 1973. Urban Growth and the Circulation of Information: The United States
System of Cities, 1790–1840. Cambridge, Mass.: Harvard University Press.
Quinn, Joseph F., Richard V. Burkhauser, and Daniel A. Myers. 1990. Passing the
Torch: The InXuence of Economic Incentives on Work and Retirement. Kalamazoo, Mich.:
Upjohn Institute for Employment Research.
Ransom, Roger L. 1989. ConXict and Compromise: The Political Economy of Slavery,
Emancipation, and the American Civil War. Cambridge: Cambridge University Press.
Ransom, Roger L., Richard Sutch, and Samuel H. Williamson. 1991. “Retirement,
Past and Present.” In Retirement and Public Policy: Proceedings of the Second Conference
of the National Academy of Social Insurance, ed. Alicia H. Munnell. Washington, D.C.:
National Academy of Social Insurance.
13Refs.qxd
2/27/03
246
9:38 AM
Page 246
References
———. 1993. “Inventing Pensions: The Origins of the Company-Provided Pension
in the United States, 1900–1940.” In Societal Impact on Aging: Historical Perspectives,
ed. K Warner Schaie and W. Andrew Achenbaum. New York: Springer.
Rees, Albert. 1961. Real Wages in Manufacturing, 1890–1914. National Bureau of
Economic Research General Series 70. Princeton, N.J.: Princeton University Press.
Roesdahl, Else. 1998. The Vikings. Trans. Susan M. Margeson and Kirsten Williams.
London: Penguin Books.
Roll, Richard 1972. “Interest Rates and Price Expectations During the Civil War.”
Journal of Economic History 32: 476–98.
Roosevelt, Theodore. 1882/1999. The Naval War of 1812. New York; reprint New
York: Modern Library.
Salop, Joanne and Steven Salop 1976. “Self Selection and Turnover in the Labor
Market.” Quarterly Journal of Economics 90: 619–27.
Sayre, Robert A. 1948. Consumers’ Prices, 1941–1948. New York: National Industrial
Conference Board.
Schieber, Sylvester J. 2002. “The Employee Retirement Income Security Act:
Motivations, Provisions, and Implications for Retirement Security.” In ERISA After
25 Years: A Framework for Evaluating Pension Reform, ed. William G. Gale, Mark J.
Warshawsky, and John B. Shoven. Washington, D.C.: Brookings Institution.
Schlesinger, Arthur M. 1945. Age of Jackson. Boston: Little, Brown.
Schneider, Margaret Grant. 1937. More Security for Old Age. New York: Twentieth
Century Fund.
Schom, Adam. 1997. Napoleon Bonaparte. New York: HarperCollins.
Scott, James Brown. 1923. Prize Cases Decided in the United States Supreme Court,
1789–1918. Oxford: Clarendon Press.
Seybert, Adam. 1818/1969. Statistical Annals. Philadelphia; reprint New York:
Greenwood Press, 1969.
Shapiro, Carl, and Joseph E. Stiglitz 1984. “Equilibrium Unemployment as a Worker
Discipline Device.” American Economic Review 75, 5: 433–44.
Smith, Sharon P., 1976. “Pay Differentials Between Federal Government and Private
Sector Workers.” Industrial and Labor Relations Review 29: 179–97.
———. 1977. Equal Pay in the Public Sector: Fact or Fantasy. Princeton, N.J.: Princeton
University Press.
———. 1981. “Public/Private Wage Differentials in Metropolitan Areas.” In Public
Sector Labor Markets, ed. Peter M. Mieszkowski and George E. Peterson. Washington, D.C.: Urban Institute Press.
Smith, Walter Buckingham. 1953. Economic Aspects of the Second Bank of the United
States. Cambridge, Mass.: Harvard University Press.
Smith, William Buckingham and Arthur Harrison Cole. 1935/1969. Fluctuations in
American Business, 1790–1860. Cambridge; reprint New York: Russell and Russell.
Squier, Lee Welling. 1912. Old Age Dependency in the United States. New York:
Macmillan.
Standard & Poor’s. Security Price Index Record. Various editions. New York: Standard
& Poor’s Corporation.
Standard Statistics Company. Standard Statistical Bulletin Base Books. Various editions.
New York: Standard Statistics Company.
Starkey, David J., E. S. van Eyck van Heslinga, and J. A. de Moor, eds. 1997. Pirates
and Privateers: New Perspectives on the War on Trade in the Eighteenth and Nineteenth
Centuries. Exeter: University of Exeter Press.
Steffen, Karen. 2001. “State Employee Pension Plans.” In Pensions in the Public Sector,
ed. Olivia S. Mitchell and Edwin C. Hustead. Pension Research Council.
Philadelphia: University of Pennsylvania Press. 41–65.
13Refs.qxd
2/27/03
9:38 AM
Page 247
References
247
Stewart, Kenneth J. and Stephen B. Reed. 1999. “CPI Research Series Using Current
Methods, 1978–1998.” Monthly Labor Review: 29–38.
Studenski, Paul. 1920. Teachers’ Pension Systems in the United States: A Critical and
Descriptive Study. New York: D. Appleton and Co.
Studenski, Paul and Herman E. Kroos. 1963. Financial History of the United States:
Fiscal, Monetary, Banking, and Tariff, Including Financial Administration and State
and Local Finance. 2nd ed. New York: McGraw-Hill.
Suetonius, Tranquillus. 1965. Lives of the Twelve Cesears. Trans. Philemon Holland.
New York: Heritage Press.
Sylla, Richard, John B. Legler, and John J. Wallis. 1987. “Banks and State Public
Finance in the New Republic: 1790–1860.” Journal of Economic History 47, 2:
391–403.
Sylla, Richard and John J. Wallis. 1998. “The Anatomy of Sovereign Debt Crises:
Lessons from the American State Defaults of the 1840s.” Japan and the World
Economy 10: 267–93.
Sylla, Richard and Jack W. Wilson. 1999. “Sinking Funds as Credible Commitments:
Two Centuries of U.S. National Debt Experience.” Japan and the World Economy 11:
199–222.
Sylla, Richard, Jack W. Wilson, and Robert E. Wright. 1997. “America’s First Securities Markets, 1790–1830: Emergence, Development, and Integration.” Cliometrics Society Meeting, Toronto, and NBER Summer Institute, Cambridge, Mass.
Teipe, Emily J. 2002. America’s First Veterans and the Revolutionary War Pensions.
Lewiston, N.Y.: Edwin Mellen.
Temin, Peter. 1969. The Jacksonian Economy. New York: W.W. Norton.
Thorp, Willard Long. 1926/1983. Business Annals. Publications of the National
Bureau of Economic Research 8. New York; reprint New York: Garland.
Tilove, Robert. 1976. Public Employee Pension Funds. New York: Columbia University
Press.
U.S. Department of Commerce. Various years. Financial Statistics of States. Washington, D.C.: U.S. Government Printing OfWce.
U.S. Department of Commerce, Bureau of the Census. 1949. Historical Statistics of the
United States, 1789–1945. Washington, D.C.: U.S. Government Printing OfWce.
———. 1960. Historical Statistics of the United States: Colonial Times to 1957. Washington, D.C.: U.S. Government Printing OfWce.
———. 1975. Historical Statistics of the United States: Colonial Times to 1970. Washington, D.C.: U.S. Government Printing OfWce.
———. Various years. Financial Statistics of Cities Having a Population over 30,000.
Washington, D.C.: U.S. Government Printing OfWce.
U.S. Department of Commerce, Bureau of Labor Statistics. 1966a. Changes in the Cost
of Living in Large Cities in the United states, 1913–41. BLS Bulletin 699. Washington,
D.C.: U.S. Government Printing OfWce, June.
U.S. Department of Commerce, Bureau of Labor Statistics. 1966b. Consumer Price
Index: History and Techniques. BLS Bulletin 1517. Washington, D.C.: U.S. Government Printing OfWce, June.
U.S. Department of Commerce, Bureau of Labor Statistics. 1973. Handbook of Labor
Statistics, 1973. BLS Bulletin 1790. Washington, D.C.: U.S. Government Printing
OfWce.
U.S. Department of Interior. 1921. Annual Report of the Secretary of the Interior for the Fiscal Year Ended June 30 [1920]. Washington, D.C.: U.S. Government Printing OfWce.
U.S. House of Representatives. 1912. “Hearings Before the Committee on Reform
in the Civil Service.” Retirement of Civil Service Employees of the ClassiWed Civil Service.
Washington, D.C.: U.S. Government Printing OfWce.
13Refs.qxd
2/27/03
248
9:38 AM
Page 248
References
———. 1975. “Hearing on the Disability Retirement of Gen. Earl E. Anderson, U.S.
Marine Corps.” Committee on Armed Services, Subcommittee on Military
Compensation, 94th Cong., 1st Sess. Washington, D.C.: U.S. Government Printing OfWce.
U.S. Navy. Report of the Secretary of the Navy. Various years.
U.S. Senate. 1919. “Hearings Before the Committee on Civil Service and Retrenchment.” Retirement of Civil Service Employees. Washington, D.C.: U.S.
Government Printing OfWce.
———. 1839. Annual Report of the Secretary of the Navy. Senate Document 1. 26th
Cong., 1st Sess. Washington, D.C.: U.S. Government Printing OfWce.
———. 1841. Annual Report of the Secretary of the Navy. Senate Document 1. 27th
Cong., 1st Sess.
U.S. Social Security Administration. 1999. Social Security Programs Throughout the
World. Washington, D.C.: U.S. Government Printing OfWce.
U.S. Statutes at Large. 1921. 66th Cong., 1919–1921, vol. 41, part 1. Washington,
D.C.: U.S. Government Printing OfWce. 614–20.
Venti, Steven F. 1987. “Wages in the Federal and Private Sectors.” In Public Sector
Payrolls, ed. David A. Wise. Chicago: University of Chicago Press.
Wallis, John J. 2001. “The Property Tax as a Coordinating Device: Financing
Indiana’s ‘Mammoth Internal Improvement System’, 1835–1842.” Unpublished
manuscript.
Walsh, John Joseph 1940. Early Banks in the District of Columbia, 1792–1818.
Washington, D.C.: Catholic University of America Press.
Warren, George F., Frank A. Pearson, and H. M. Stoker. 1932. Wholesale Prices for 213
Years, 1720 to 1932. Ithaca, N.Y.: Cornell University Press.
Weeks, Joseph D. 1886. “The Average Retail Price for the Necessaries of Life.” Report
on Statistics of Wages in Manufacturing Industries. Tenth Census of the U.S., vol. 20.
Washington D.C.: U.S. Government Printing OfWce.
Werner, William and Stephen T. Smith. 1991. Wall Street. New York: Columbia
University Press.
West, Richard S. 1943. Gideon Welles: Lincoln’s Navy Department. Indianapolis:
Bobbs-Merrill.
Wilson, Jack W. 2000. “OfWcial and Alternative U.S. CPI and InXation Measures,
1913–2000, with Extension Back to 1720.” Unpublished manuscript.
Wilson, Jack W. and Charles P. Jones. 1987. “A Comparison of Annual Common
Stock Returns: 1871–1925 with 1926–85.” Journal of Business 60, 2: 239–58.
———. 1997. “Long-Term Returns and Risks for Bonds.” Journal of Portfolio
Management 23: 15–23.
———. 2002. “An Analysis of the S&P 500 Index and Cowles’ Extensions: Price
Indexes and Stock Returns, 1870–1999.” Journal of Business 15, 3: 505–33.
Wilson, Jack W., Charles P. Jones, and Leonard L. Lundstrum. 2001. “Stochastic
Properties of Time-Averaged Financial Data: Explanation and Empirical
Demonstration Using Monthly Stock Prices.” Financial Review 36, 3: 175–90.
Wise, Stephen R., Robert Holcombe, Jr., and Kevin Foster. 1996. “War at Sea.” In The
American Civil War: A Handbook of Literature and Research, ed. Steven Woodworth.
Westport, Conn.: Greenwood Press.
Woodward, c. Vann. 1951. Origins of the New South. Baton Rouge: Louisiana State
University Press.
World Bank. 1994. Averting the Old Age Crisis. Oxford: Oxford University Press.
14Index.qxd
2/27/03
9:39 AM
Page 249
Index
Adams, D. R., 228
Adams, John, 52
Adams, T. Z., 228
Admiralty, Board of (Continental Congress),
46
Admiralty (British), 30, 35–36
Aeolus, U.S.S., 112
Agriculture, U.S. Department of, 229
Alaska, state pension plans, 189
Albion, Robert G., 94
Allen, Steven G., 13, 15
American colonies, 2, 7, 31–32
American Express Corporation, 5–6
American Federation of Labor, 162
American Minerva, 94
American State Papers, 51, 57
Amsterdam, 100
Andrews, Kenneth R., 42
Aoki, Mashiko, 155
Arizona, state pension plans, 189, 193, 194
Arkansas, debt, 210
Armstrong, John, 79
Army pension plan, U.S., 3, 10, 19, 22, 34,
44, 49; Civil War, 130–31; economics,
150–53; Indian Wars, 130; Mexican War,
120, 130; “regular” army, 125–27, 130–31,
137–39; Revolutionary War, 122–27;
Spanish-American War, 139–40, 142; War
of 1812, 127–30
Articles of Confederation, 126
Asprey, Robert B., 32, 33
Augustus (Gaius Octavius), 26–27, 34
Austria, 32, 157, 167. See also Pensions,
military
Ayres, Leonard P., 99
Badger, George E., 79
Baltimore, 21, 65, 70; Wnancial markets,
92–102 passim; municipal pension plans,
171, 176, 178, 183, 190, 213–14
Baltimore Price Current, 94, 102
Bank of Columbia. See Columbia Bank
Bank of England, 80
Bank of Massachusetts, 69, 95
Bank of New York, 95
Bank of North America, 69, 95
Bank of Pennsylvania, 69
Bank of the United States. See First Bank;
Second Bank
Bank of the United States of Philadelphia,
75, 77, 98
Bank of Virginia, 69
Barbour, James, 79
Barclay, John D., 81
Barker, A. S., 150
Bayley, Rayfael, 87
Becker, Gary, 15
Belgium, 167
Beney, M. Ada, 229
Berry, Thomas Senior, 93
Bertrand, Jean-Paul, 33
Bezanson, Anne, 228
Bismarck, 150
Blinder, Alan S., 229
Blodget, Samuel, 108
Bodie, Zvi, 155
Boston, 21, 46, 65, 66, 70; Wnancial markets,
92–102 passim; municipal pension plans,
171, 178, 183, 190, 214
Boston Price-Current, 94
Bourbon, House of, 32, 33, 42
14Index.qxd
2/27/03
250
9:39 AM
Page 250
Index
Bowie, Washington, 81
Boyle, John, 84
Brady, Dorothy S., 240
Branch, John, 79
British colonies. See American colonies
Bromage, Arthur W., 216
Brown, Howard G., 33
Buffalo, New York, municipal pension plans,
171, 178, 183, 214
Bureau of Labor Statistics, U.S., 224,
227–31
Burkhauser, Richard V., 17, 19
Butler, Benjamin, navy pension plan and,
116–19
Calhoun, John C., 79
California, state pension plans, 193, 194,
215
Campbell, George W., 78, 79
Carlos III, King of Spain, 32
Cash balance. See Pensions
Cass, Lewis, 79
Catiline Conspiracy, 26
Catterall, Ralph C. H., 78, 97, 102
Cecchetti, Stephen G., 229
Charles VI, Holy Roman Emperor, 32
Charleston, South Carolina, 21, 65, 100
“Chatham Chest,” 30
Chelsea Hospital, 29, 33
Chicago, municipal pension plans, 170, 171,
175–78, 183, 190, 213–14
Cimbri, 25
Cincinnati: debt, 77, 89, 99, 107; municipal
pension plans, 172, 175, 179, 184, 214
Civil Service Commission, U.S., 139, 158,
160
Civil War, 8, 19, 35, 62, 108, 127, 143, 152,
208, 210, 228, 233; military pensions,
109–20, 131, 137. See also Army pension
plan; Navy pension plan
Clark, Robert L., 7, 11, 13, 15, 23
Cleveland, Grover, 139
Cleveland, municipal pension plans, 172,
175, 179, 184, 213–14
Clowes, W. Laird, 29
Cole, Arthur H., 95, 96, 108
Cole, David M., 106
Collective bargaining, 7, 12
Colorado, state pension plans, 189
Columbia Bank (also referred to as Bank of
Columbia), 64, 67–73, 75, 78–83, 88, 90;
management, 102–7. See also Navy
pension plan
Commerce, U.S. Department of, 58, 62,
109
Confederate States of America, 36, 109–10,
116; military pensions, 121
Congress, Continental. See Continental
Congress
Congress, U.S., 3, 8–10, 47; civil service
pensions, 157–66, 200; Civil War army
pension plan, 131; Civil War navy pension
plan, 115–20; creates navy pension plan,
49–60; creates privateer pension plan,
60–61; oversees navy pension plan,
63–67, 73–75, 78–86, 99, 107–8, 223;
retirement pensions created by, 120–21,
126–27, 130, 137–40, 143
Congressional Globe, 116, 118
Congressional Record, 159, 160, 162, 164
Congressional Research Service, 42, 153
Connecticut, state pension plans, 188, 194,
201, 203–4, 214, 215
Constellation, U.S.S., 50
Constitution, U.S.S., 40, 50, 151
Constitution of the United States, 36, 50,
125, 168
Consumer Price Index (C.P.E.), 224, 227–38
Continental army, pension plan, 122–25.
See also Continental Congress
Continental Congress, 2, 6, 38, 43–49, 63,
122–26. See also Continental army; Navy
(Continental or Revolutionary)
Conyngton, Mary, 5, 6
Cornwell, Christopher, 15
Costa, Dora L., 5, 131, 222
Course of the Exchange, 94
Cox, John, 81
Craig, Lee A., 19, 156, 159, 164, 166
Crawford, William, 79
Crook, J. A., 27
Crowninshield, Benjamin, 79
Cummins, Albert, 160
Dallas, Alexander, 78, 79
Dallas, municipal pension plans, 176
Daniels, Josephus, 151
David, Paul, 95, 228
Davis, Jefferson, 116
Davis, Thomas, 81
Deakins, Francis, 81
Dearborn, Henry, 79
Declaration of Paris (1856), 36. See also
Prize system
DeWned beneWt plans. See Pensions
DeWned contribution plans. See Pensions
14Index.qxd
2/27/03
9:39 AM
Page 251
Index
Democratic Party, 80, 169, 220, 223
Denmark, early naval exploits, 35–36, 219
Denver, municipal pension plans, 177, 188
Detroit, municipal pension plans, 170, 172,
176, 179, 184, 190, 213–14
Dexter, Samuel, 79
Dickerson, Mahlon, 79
Dorsey, Stuart, 15
Dougherty, Ann, 229
Douglas, Paul H., 228
Dun & Bradstreet, 211
Duncan, Adam, Viscount of Camperdown, 30
Dunlop, James, 81
251
Fort Sumter, South Carolina, 120, 131
Foster, Kevin, 121
Foxnall, Henry, 81
France, 167, 182, 218. See also Revolution,
French; Pensions, military
Frederick the Great, King of Prussia, 32–33
Frost, Robert, 81
Eakin, James, 81
East India Company, 30
Eaton, John H., 79
“EfWciency wage hypothesis,” 159, 166
Employee BeneWt Research Institute
(EBRI), 11
Edward III, King of England, 35
Edwards, J. L., 77
EfWngham, Charles Howard, Baron of, 35
Eisenhower, Dwight D., 138
Elizabeth I, Queen of England, 35, 42
Elliott, Jonathan, 69, 70, 87
Embargo Act (1807), 60
Employee BeneWt Research Corporation, 5
England, 182, 218
English, William B., 86, 210
Eugene, Prince of Savoy, 32
Eustis, William, 79
Gallatin, Albert, 78, 79, 103, 107
Gates, Horatio, 124
Gazette of the United States, 94
General Electric Company, 6
Georgia, colonial pensions, 125
Germany, 167
Girard, Stephen, 70, 87, 97
Girard’s Bank, 70, 87, 97
Glass, Carter, 160
Glasson, William, 7, 31, 56, 59, 60, 66
Glorious Revolution (1689), 29–30
Goldich, Robert 42
Goldin, Claudia, 156
Goths, 37–38
Gracchus, Gaius, 25–26
Gray, Robert D., 228
Great Depression, 156, 165, 166, 206, 211,
235
“greenbacks,” 115, 118–19
Greene, Nathaniel, 117
Grennes, Thomas, 42
Grotjan’s Public-Sale Report, 94
Guerrière, H.M.S., 40
Gustman, Alan L., 11
Farragut, David Glasgow, 116
Federal Employees Retirement Act (1920),
158–66. See also Pensions, public sector
Federalist Party, 219, 223
Fenstermaker, Joseph Van, 67, 69, 96, 103
Ferguson, E. James, 124, 126, 153
Feudalism, 27–28, 41
Fields, Gary S., 17
Financial markets, early U.S., 12, 20–22,
92–107
Financial Review, 113
FireWghter pensions. See Pensions, municipal
First Bank of the United States, 8, 21, 65, 70,
71, 80, 86–87, 89, 92, 95–97, 100–103,
107, 108, 219, 223
Fishback, Price V., 6
Fisher, Lawrence, 208, 217
Florida, debt, 210
Forrest, Uriah, 81
Fort Fisher, North Carolina, 116
Habsburg, House of, 32, 33, 42
Hamilton, Alexander, 21, 47, 50, 81, 87, 92,
98, 100, 119, 122–26
Hamilton, James, 229
Hamilton, Paul, 79
Hammond, Bray, 70, 75, 80, 97
Hanes, Christopher, 229
Hansen, Alvin H., 228
Harrison, Benjamin, 81
Hay, Charles, 83–84, 90
Hempel, George H., 210
Herold, J. Christopher, 40
Heslinga, E. S. van Eyck van, 42
Hickman, W. Braddock, 205
Higgs, Henry, 31
Hillhouse, Albert M., 206, 211, 212
Holcombe, Robert Jr., 121
Homans, Benjamin (father), 84, 90
Homans, Benjamin (son), 90
Homer, Sidney, 27, 87, 113, 114, 115
14Index.qxd
2/27/03
252
9:39 AM
Page 252
Index
“home-rule” movement, 169–70
Hood, H.M.S., 150
Hope’s Philadelphia Price Current, 94
Hoover, Ethel D., 228
Huizinga, John, 229
Hussey, Miriam, 228
Hustead, Edwin C., 164, 166
Hustead, Toni, 164
Illinois: debt, 77, 89, 107, 210; state pension
plans, 188, 194, 215
Indiana: debt, 210; state pension plans, 188,
195, 215
Indianapolis, municipal pension plans, 170,
176, 188
India, 30, 39
Ingham, Samuel, 79
Interior, U.S. Department of, 157
Ippolito, Richard C., 8, 12, 13
Jackson, Andrew, 8, 75, 80, 103, 106, 107
James, Herman G., 170, 216
Jarvis Act (1837), 58–59
Jay’s Treaty (1794), 52, 60
Jefferson, Thomas, 8, 52, 60, 75, 80
Jervis, John, Earl of St. Vincent, 30
John, King of England, 35
Johnson, Andrew, 116
Johnson, Ronald N., 156, 158, 162, 166
Johnson, Samuel, 31
Jones, Charles P., 119, 228
Jones, William, 78, 79
Julius Caesar, 25
Kansas, state pension plans, 188, 189, 193
Kansas City, Missouri, municipal pension
plans, 176
Kantor, Shawn E., 6
Keegan, John, 42
Kentucky, debt, 99
Key, Francis Scott, 81, 106
Key, Philip B., 81
King William’s War, 29, 30
Kinley, David, 7
Kotlikoff, Laurence J., 13, 18, 19
Kroos, Herman E., 70, 73, 94
Krueger, Alan B., 155
Laird, John, 81
Lane, Carl, 70
Latimer, Murray W., 5
Law, Thomas, 81
Lazear, Edward P., 13, 15
Lebergott, Stanley, 58, 62, 130, 228
Lee, Henry (“Light Horse Harry”), 106
Lee, Robert E., 106
“legal lists,” 205
Legler, John, 210
Lehlbach, Frederick, 160
Lent, George E., 206
Letters of marque and reprisal, 35–36. See
also Prize system
Libecap, Gary, 156, 158, 162, 166
Lincoln, Abraham, 116, 120
Lingam, James, 81
Litle, John, 81
Lives of the Twelve Caesars, 26
London, Wnancial markets, 92–102 passim
Long, Clarence, 228
Longford, Elizabeth, 38–39
Lorie, James H., 208, 217
Los Angeles, municipal pension plans, 172,
175–76, 179, 184, 213–14
Louis XVI, King of France, 51
Louisiana, debt, 210
Lowndes, Charles, 81
Lowndes, Richard T., 81
Lumsdaine, Robin L., 19
Macaulay, Frederick R., 115
Macdaniel, George, 69, 71, 83–84, 90, 103
MacDaniel, John, Jr., 81
Macpherson, David, 15
Maine, state pension plans, 195, 200, 201, 215
Mandatory retirement, 19, 23, 152, 156, 161,
163
Manila (Bay), Battle of, 150
Marbury, William, 81, 106
Marbury v. Madison (1803), 106
Marine Committee (Continental
Congress), 45–46
Marines, roles during age of sail, 50
Marius, Gaius, 25–26
Martin, Joseph G., 95
Mary Stuart, Queen of England, 29
Maryland, 31, 47, 67, 95; debt, 77, 89, 99,
107, 210; state pension plans, 195, 215
Mason, George, 103
Mason, John, 81, 103
Massachusetts, 49; early pension plan, 4, 11,
164, 193, 195, 200, 201, 203–5, 215
Massachusetts Bank. See Bank of
Massachusetts
Massachusetts Bay Colony, 31
Matthew (New Testament), 27
McCusker, John J., 95, 228
14Index.qxd
2/27/03
9:39 AM
Page 253
Index
McLane, Louis, 79
McDermed, Elizabeth Ann, 7, 11, 13, 15
McDougall, Alexander, 46, 124
McGill, Dan M., 23
McKellar, Kenneth D., 160
McPherson, James, 112
Mehrzad, Nasser, 15
Mercenaries, 37–40
Michigan: debt, 210; state pension plans,
188, 193, 196, 215
Middlekauf, Robert, 124
Miller, Nathan, 40, 62, 150
Millis, Harry A., 5, 189, 200
Milwaukee, municipal pension plans, 173,
176–77, 180, 184, 191, 214
Minneapolis, municipal pension plans, 173,
180, 184, 191, 214
Minnesota, state pension plans, 188, 196, 251
Mishkin, Frederick S., 229
Mississippi, debt, 210
Missouri, state pension plans, 182, 193
Mitchell, Olivia S., 9, 13, 166, 167
Mitchell, Wesley Clair, 115, 228
Mithridates (king of Pontus), 25
Mobile, Alabama, debt, 210
Monroe, James, 79, 103
Montana, state pension plans, 189, 193, 196,
214, 215
Montgomery, Royal E., 5, 189, 200
Monthly Labor Review, 167, 170
Moor, J. A. de, 42
Moore, Robert, 15
Morris, Robert, 46–47, 126
Municipal bonds, 205–10
Myers, Daniel A., 19
Myers, Henry L., 162
Napoleon Bonaparte, 38, 40, 48, 60, 117
Napoleonic Wars, 51–52
Nash, Howard P., 116
National Industrial Conference Board
(NICB), 228–29
Naval Agents (Continental Congress), 46
Naval Boards (Continental Congress), 46
Naval Committee (Continental Congress),
45–46
Naval Home, 121
Navy (Continental or Revolutionary)
pension plan, 43–49. See also Continental
Congress
Navy, U.S. Department of: created, 49;
pension fund, 52, 63, 73–75, 78, 82–84,
110–20
253
Navy pension plan, U.S., 3, 8–10, 19, 22, 34,
36, 41, 216, 219; assets after Civil War,
111–20; assets before Civil War, 63–84,
86–91; creation and early administration,
49–60, 61–62; disability payments, 53–55;
economics, 150–53; retirement pensions,
120–21, 139–40, 143
Nebraska, state pension plans, 193
Nelson, Horatio, Viscount of the Nile, 30
Netherlands, 167
Nevada, state pension plans, 189, 193, 196, 215
New Haven, Connecticut, municipal pension
plans, 188
New Jersey, state pension plans, 197, 201,
204, 215
New Orleans: during Civil War, 116–17;
during War of 1812, 103, 106; municipal
pension plans, 173, 180, 184, 188, 191, 214
New York (city), 21, 65, 66, 70, 75, 77, 83;
Wnancial markets, 92–102 passim;
municipal pensions, 167, 173, 176, 180,
182, 185, 188, 191, 213–14
New York (state), 31, 95, 188; debt, 99; state
pension plans, 197, 200, 202, 215
New York Commercial Advertiser, 94
New York Daily Advertiser, 94
New York Journal of Commerce, 94
New York Price-Current, 94
New York Stock Exchange, 21, 101
Newark, New Jersey, municipal pension
plans, 173, 180, 184, 214
Newburgh (N.Y.) Conspiracy, 123–25, 153
Niles Weekly Register, 94
Niven, John, 117
North, Douglass C., 35, 41
North Carolina, 169; colonial pensions, 125
North Dakota, state pension plans, 189, 197,
214, 215
Norwich, John Julius, 37, 38
Nourse, Joseph, 103
OfWcer, Lawrence H., 21
Ohio, 168; debt, 99; state pension plans,
197, 204–25, 215
Oliver, Frederick L., 38, 56, 151
Oliver, John W., 131
Omaha, municipal pension plans, 176, 177,
188, 192
Oregon, state pension plans, 193
Papke, Leslie, 20
Parker, William, 81
Parliament (British), 29–31
14Index.qxd
2/27/03
254
9:39 AM
Page 254
Index
Paulding, James K., 79
Paullin, Charles O., 38, 42, 46, 47, 62
Pearson, Frank A., 228, 230, 231
Pechman, Joseph A., 208
Pendleton Act (1883), 157–58
Pennsylvania, 47, 49, 95, 123; debt, 77, 89,
99, 107, 210; state pension plans, 189,
198, 202, 203–4, 215
Pension Bureau, U.S., 131
Pensions: cash balance, 4, 11; deWned
beneWt and deWned contribution, 11–22,
23; disability, 24–41; impact on labor
force turnover, 12–20; private sector, 5–7,
11, 24. See also Army pension plan; Navy
pension plan
Pensions, federal, 8, 24; civil service, other
countries, 157; civil service, U.S., 153,
157–66; economics, 154–56
Pensions, military, 1–4, 5, 6, 7, 12, 22, 24,
31, 34, 40–41; Austria, 32; Britain, 29–31,
34; France, 33–34; Naples, 32; Prussia,
32–33, 34; Rome, 25–27; Spain, 32
Pensions, municipal, 4–5, 22, 167–70, 220,
177, 182–87; WreWghters, 176–81; funding
methods, 203–15; police, 170–76;
teachers, 182, 188–92
Pensions, public sector, non-military, 2, 11,
22, 218–23; economics, 11–23, 218–23
Pensions, state, 4–5, 22, 189, 193–202;
funding methods, 203–15. See also
individual states
Perkins, Edwin J., 70, 96
Perry, Lawrence, 151
Peter, Thomas, 81
Philadelphia, 21, 46, 65, 66, 67, 70, 75, 108;
Wnancial markets, 92–102 passim;
municipal pension plans, 174, 181, 186,
214
Pike, Frederick, 115–16
Pirates and piracy, 34–36
Pittsburgh, municipal pension plans, 174,
177, 181, 186, 214
“plucking boards,” 139–40, 152
Plymouth Colony, 31
Police pensions. See Pensions, municipal
Pomerene, Atlee, 160–61, 164
Porter, Peter B., 79
Pope, Dudley, 30, 42
Porch, Douglas, 34
Pratt, Thomas G., 81
Pred, Allan R., 21, 94
Privateers, 34–39, 42, 46–48, 60–61; pension
plan, 60–61, 62, 63
Prize system, 3, 8, 29, 36–40, 218–20;
Continental Congress, 43–49, 122–23;
demise, 150–52; during Civil War,
109–20; and navy pension fund, 50–60,
63, 66, 69, 84–85; and privateer pension
fund, 60–61, 62
Quinn, Joseph F., 19
Ransom, Roger L., 110, 221
Reconstruction, 169, 210
Reed, Stephen B., 227, 230
Rees, Albert, 228
Regnaud, A. 65, 66, 70
Rent seeking, 155–56
Revolution, American, 1, 2, 3, 6, 10, 21, 38,
43–49, 50, 63, 87, 93, 94, 120, 122–27,
153, 168, 218. See also Continental army;
Continental Congress; Navy (Continental
or Revolutionary)
Revolution, French, 33, 52
Rhode Island, state pension plans, 193, 198,
215
Richmond, Virginia, municipal pension
plans, 176
Ridout, Samuel, 81
Roesdahl, Else, 35
Roll, Richard, 115
Roman Empire, 1, 26–27, 37–38
Roman Republic, 1, 25–26
Roosevelt, Theodore, 117, 139
Rush, Richard, 79
Russia, 157, 182
St. Louis, 170; municipal pensions, 170, 177,
181, 187, 214
St. Paul, municipal pension plans, 177
St. Vincent, Earl of. See Jervis
Salop, Joanne, 12
Salop, Steven, 12
San Francisco, municipal pension plans,
174, 175, 176, 181, 187, 192, 214
Santiago Bay, Battle of, 150
Saxony, 182
Sayre, Robert A., 229
Scheiber, Sylvester J., 11, 19, 23
Schlesinger, Arthur M., 8, 75
Schneider, Margaret Grant, 189
Schom, Adam, 38
Scott, James Brown, 121
Scott, WinWeld, 109–10
Scott’s Philadelphia Price Current, 94
Second Bank of the United States, 8–9, 71,
14Index.qxd
2/27/03
9:39 AM
Page 255
Index
73–75, 80, 86–87, 89, 92, 95–102, 106–7,
216, 219, 223
Senate, U.S., 59, 60, 159–65
Seringapatam, Siege of (1799), 39
Seven Years War, 32
Seybert, Adam, 63, 64, 91, 102
Shakespeare, William, 25
Shannon, H.M.S., 151
Shapiro, Carl, 166
Simpson, George, 65
Smith, Robert, 79
Smith, Sharon P., 155
Smith, Stephen T., 83, 94
Smith, Walter, 81
Smith, Walter B., 86, 97
Smith, William, 95–96, 108
Smoot, Reed, 160–61, 164
Social security, 1, 2, 3, 4, 8–10, 24, 63–64,
80, 84, 119–20, 123, 189, 203, 222–23
Solar, Peter, 95, 228
South Carolina, 47, 95, 120; colonial
pensions, 125
Southard, Samuel, 79, 82–83
Spain, 32, 157, 167. See also Pensions,
military
Spanish American War, 56, 139–40, 150–51
Squier, Lee Welling, 176, 213, 216
Standard & Poor’s, 216
Starkey, David J., 42
Steffen, Karen, 216
Steinmeir, Thomas, 11
Sterling, Thomas, 159–60, 163
Stewart, George H., 81
Stewart, Kenneth J., 227, 230
Stigler, George, 15
Stiglitz, Joseph E., 166
Stock, James D., 19
Stoddert, Benjamin, 52, 65, 79, 106
Stoker, H. M., 228, 230, 231
Studenski, Paul, 70, 73, 94, 203, 204, 205, 216
Suetonius Tranquillus, 26
Supreme Court of the United States, 208
Sutch, Richard, 221
Sweden, 167
Sylla, Richard, 27, 66, 75, 82, 86, 87, 93, 95,
98, 99, 101, 113, 114, 115, 119, 210
Tacoma, Washington, municipal pension
plans, 177
Taxes and tax rates: English, 29–30; Middle
Ages, 27–28; U.S., 7, 23, 205–10
Teacher pensions. See Pensions, municipal;
Pensions, state
255
Temin, Peter, 75
Templeton, John, 81
Teutons, 25
Thorp, Willard Long, 59
Threlkeid, John, 81
Tilove, Robert, 212
Treasury, U.S. Department of, 51–52, 63, 73,
78, 83, 85, 98, 103, 107, 110–11, 119, 122,
160, 216, 219
Treaty of Paris (1783), 21, 50, 124, 168
Treaty of Utrecht (1713), 42
Tudor, House of, 35–36
Turner, Thomas, 83
Union army, 109–10
Union Bank, 67–70, 73–74, 76–78, 82, 90,
103, 107
Union navy, Civil War prizes, 111–20. See
also Navy pension plan; Prize system,
Civil War
United Kingdom, 167
United States, U.S.S., 50
Upshur, Able P., 79
Utah, state pension plans, 188, 193
Van Buren, Martin, 8
Venti, Steven F., 155
Vermont, state pension plans, 198, 204,
215
Virginia, 47; state pension plans, 199, 215
Virginia Company, 31
Wage and price controls, 7
Wages: military personnel, 50–53, 231–38;
public sector workers, 155
Wallis, John J., 86, 99, 210
Walsh, John Joseph, 106
War, U.S. Department of, 52, 63, 78, 85,
137–39, 220
War of 1812, 52, 56–57, 60–61, 71, 93, 95,
110, 117, 127, 151; pensions, 120, 127–30
War of the First Coalition, 52
War of the Spanish Succession, 42
Waring, Marsham, 81
Warren, George F., 228, 230, 231
Washington, George, 1, 45, 52, 124, 125
Washington Bank, 67–70, 73–74, 76–78, 82,
88, 90, 103, 107
Washington (D.C.) Corporation: debt, 73,
77, 89, 99, 107; municipal pension plans,
174, 181, 187, 192, 214
Washington (state), debt, 210
Weeks, Joseph D., 228
14Index.qxd
2/27/03
256
9:39 AM
Page 256
Index
Welles, Gideon, navy pension plan and,
110–20
Wellington, Arthur Wellesley, Duke of, 39
Werner, William, 83–94
West, Richard S., 116
West Virginia, state pension plans, 193
Whig party, 75, 80, 223
White, L. Michelle, 164
Whiteman, Charles H., 229
William of Orange, King of England, 29
Williams, Jeremiah, 81
Williamson, Samuel H., 221
Wilson, Jack W., 66, 82, 93, 95, 96, 98, 101,
119, 224, 228
Wisconsin, state pension plans, 199, 215
Wise, David, 13, 18, 19
Wise, Stephen R., 121
Wolcott, Oliver, 79
Woodbury, Levi, 79
Woodward, C. Vann, 169, 210
Workers’ compensation, 6
World Bank, 24
World War I (the Great War), 119, 140, 143,
151, 235
World War II, 151, 206–7
Worthington, Charles, 81
Wren, Christopher, 29
Wright, Robert, 66, 95, 96, 98, 101
Yorktown, Battle of (1781), 124
15Council.qxd
2/27/03
9:43 AM
Page 257
The Pension Research Council
The Pension Research Council of the Wharton School at the University of
Pennsylvania is an organization committed to generating debate on key
policy issues affecting pensions and other employee beneWts. The Council sponsors interdisciplinary research on the entire range of private and
social retirement security and related beneWt plans in the United States
and around the world. It seeks to broaden understanding of these complex
arrangements through basic research into their economic, social, legal,
actuarial, and Wnancial foundations. Members of the Advisory Board of the
Council, appointed by the Dean of the Wharton School, are leaders in the
employee beneWts Weld, and they recognize the essential role of social security and other public sector income maintenance programs while sharing a
desire to strengthen private sector approaches to economic security.
Executive Director
Olivia S. Mitchell, International Foundation of Employee BeneWt Plans Professor,
Department of Insurance and Risk Management, The Wharton School,
University of Pennsylvania, Philadelphia.
Senior Partners:
AARP
Aon Consulting
CIGNA Retirement & Investment Services
Goldman Sachs
MetLife
Mutual of America Life Insurance Co.
PricewaterhouseCoopers, LLP
SEI Investments, Inc.
15Council.qxd
2/27/03
258
9:43 AM
Page 258
The Pension Research Council
State Street Corporation
TIAA-CREF
The Vanguard Group
ULLICO
Watson Wyatt Worldwide
William M. Mercer, Inc.
Institutional Members:
AIG VALIC
Ford Motor Company
Investment Company Institute
JRT Research, Ltd.
Loomis, Sayles & Company, L.P.
The Principal Financial Group
The Segal Company
Advisory Board
Gary W. Anderson, Executive Director, Texas Municipal Retirement System, Austin,
TX
David S. Blitzstein, Director, United Food & Commercial Workers International
Union, Washington, DC
Marshall Blume, Howard Butcher Professor of Finance and Director, Rodney L. White Center
for Financial Research, The Wharton School, Philadelphia, PA
Zvi Bodie, Professor of Finance, Boston University, Boston, MA
Christopher Bone, Chief Actuary, Aon Consulting, Somerset, NJ
John D. Caplan, National Practice Leader, PricewaterhouseCoopers, LLP, New York, NY
Peter Cappelli, George W. Taylor Professor of Management, The Wharton School,
Philadelphia, PA
Robert L. Clark, Professor, College of Management, North Carolina State University,
Raleigh, NC
Michael S. Gordon, Esq., Law OfWces of Michael S. Gordon, Washington, DC
John Haley, CEO, Watson Wyatt, Washington, DC
P. Brett Hammond, Manager of Corporate Projects, TIAA-CREF, New York, NY
Judith F. Mazo, Senior Vice President and Director of Research, The Segal Company,
Washington, DC
Alicia H. Munnell, Peter F. Drucker Chair in Management Sciences, School of Management, Boston College, MA
Robert J. Myers, F.S.A., International Consultant on Social Security, Silver Spring, MD
Martha Priddy Patterson, Director, Human Capital Advisory Services, Deloitte &
Touche, LLP, Washington, DC
Richard Prosten, Director, Washington OfWce, Amalgamated Life Insurance/
Amalgamated Bank of New York, Washington, DC
Anna M. Rappaport, F.S.A., Managing Director, William M. Mercer, Inc., Chicago, IL
Jerry S. Rosenbloom, Frederick H. Ecker Professor of Insurance and Risk Management,
The Wharton School, Philadelphia, PA
Marc M. Twinney, Jr., F.S.A., Consultant, BloomWeld Hills, MI
15Council.qxd
2/27/03
9:43 AM
Page 259
The Pension Research Council
259
Michael Useem, William & Jacalyn Egan Professor of Management, The Wharton
School, Philadelphia, PA
Steve Utkus, Principal, The Vanguard Group, Malvern, PA
Jack L. VanDerhei, Associate Professor of Risk and Insurance, Temple University,
Philadelphia, PA
Paul H. Wenz, F.S.A., Second Vice President and Actuary, The Principal Financial
Group, Des Moines, IA
Stephen Zeldes, Benjamin Rosen Professor of Economics and Finance, Columbia
University, New York, NY
15Council.qxd
2/27/03
9:43 AM
Page 260
15Council.qxd
2/27/03
9:43 AM
Page 261
Pension Research Council
Recent Publications
BeneWts for the Workplace of the Future. Olivia S. Mitchell, David Blitzstein, Michael
Gordon, and Judy Mazo, eds. 2003.
Innovations in Retirement Financing. Olivia S. Mitchell, Zvi Bodie, P. Brett Hammond,
and Stephen Zeldes, eds. 2002.
Pensions in the Public Sector. Olivia S. Mitchell and Edwin Hustead, eds. 2001.
To Retire or Not? Retirement Policy in Higher Education. Robert L. Clark and P. Brett
Hammond. 2001.
Forecasting Retirement Needs and Retirement Wealth. Olivia S. Mitchell, P. Brett
Hammond, and Anna M. Rappaport. 2000.
Prospects for Social Security Reform. Olivia S. Mitchell, Robert J. Myers, and Howard
Young, eds. 1999.
Living with DeWned Contribution Pensions. Olivia S. Mitchell and Sylvester J. Schieber,
eds. 1998.
Positioning Pensions for the Twenty-First Century. Michael S. Gordon, Olivia S. Mitchell,
and Marc M. Twinney, eds. 1997.
Fundamentals of Private Pensions. Dan M. McGill, Kyle N. Brown, John J. Haley, and
Sylvester Schieber. Seventh edition. 1996.
Securing Employer-Based Pensions: An International Perspective. Zvi Bodie, Olivia S.
Mitchell, and John A. Turner. 1996.
Available from the University of Pennsylvania Press, telephone: 800-537-5487, fax:
410-516-6998. More information about the Pension Research Council is available
at the web site: http://prc.wharton.upenn.edu/prc/prc.html