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944 Die eigene Gerichtsbarkeit der Universität galt allerdings nicht für Kapitalver- brechen, die nach wie vor von einem ordentlichen – staatlichen – Gericht abgeur- teilt wurden. Aber auch in die geringfügige Universitätsgerichtsbarkeit griff der Staat schon bald ein, verstärkt nach den Karlsberger Beschlüssen von 1817. Als staatlicher Beauftragter fungierte an der Berliner Alma Mater – wie an vielen anderen Hochschulen auch – ein Universitätsrichter. 945 Bagehot, Sprague, Friedman and Schwartz, and the Great Depression Hugh Rockoff Abstract One of the key arguments in Friedman and Schwartz’s case against the Federal Reserve’s handling of the Great Depression is that the right way to handle banking crises was already well known. The classical description of how to respond to a crisis was to be found in Wal- ter Bagehot’s Lombard Street (1873). The Federal Reserve, however, failed to follow best practice and, perhaps even more surprising, few of the leading outside academic experts on money and banking sounded a warning. Here I shed some additional light on these failures by examining the writings of the leading American expert on financial crises at the time, Oliver M.W Sprague. Sprague, an advisor to the Bank of England and the U.S. Treasury in the early 1930s, was the man who literally wrote the book on financial crises: his History of Cri- ses under the National Banking System is still cited frequently. Sprague’s failure to call for aggressive Federal Reserve action, I find, had two causes. First, the crisis of 1929-1933 lacked the...