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Sovereignty and an Empty Purse: Banks and Politics in the Civil War (Princeton University Press. 1970). Klebaner, Benjamin J. American Commercial Banking: A History (Twayne, 1990). online; Mason, David L. From Buildings and Loans to Bail-Outs: A History of the American Savings and Loan Industry, 1831–1995 (Cambridge University Press, 2004).
The ailing economy of early 1837 led investors to panic, and a bank run ensued, giving the crisis its name. The bank run came to a head on May 10, 1837, when banks in New York City ran out of gold and silver. They immediately suspended specie payments, and would no longer redeem commercial paper in specie at full face value. [3]
These banks had existed since 1781, in parallel with the Banks of the United States. The Michigan Act (1837) allowed the automatic chartering of banks that would fulfill its requirements without special consent of the state legislature. This legislation made creating unstable banks easier by lowering state supervision in states that adopted it.
The curse of paper-money and banking; or A short history of banking in the United States of America, with an account of its ruinous effects. (1833) An inquiry into the expediency of dispensing with bank agency and bank paper in fiscal concerns of the United States. (1837) The Journal of banking, from July 1841 to July 1842 (1841-1842)
The Bank of South Australia was created in 1837 by British investors. It was essentially a British venture, closely supervised by British directors, but utilising the knowledge and advice of local managers in South Australia. [1] From 1840, it was associated with or a subsidiary of the South Australian Banking Company.
The history of banks; to which is added a demonstration of the advantages and necessity of free competition in the business of banking, 1837; Banks, banking, and paper currencies; In three parts. I. History of banking and paper money. II. Argument for open competition in banking. III. Apology for One-Dollar notes. 1840
A national bank is a bank that is nationally or federally chartered and is allowed to operate throughout the country in any state. An advantage of holding a National Bank Act charter is that a national bank is not subject to state usury laws intended to prevent predatory lending. [16] (However, see also Cuomo v.
The Journal of Economic History 7 (1947): 1-23. 6 Dec. 2006. Rockoff, Hugh T. "Money, Prices and Banks in the Jacksonian Era." Chapter 33 in The Reinterpretation of American Economic History, eds. R.W. Fogel and Stanley Engerman. New York: Harper & Row, 1971. Scheiber, Harry N. "The Pet Banks in Jacksonian Politics and Finance, 1833-1841."