Article
Banks and Banking in the Early American Republic
History Compass
(2012)
Abstract
Although the history of banks and banking in the early American republic has received considerable attention from financial and economic historians in recent years, knowledge about this important sector of the economy by the average historian or student is still woefully inadequate and outdated. This essay seeks to remedy that gap by outlining the basic history of banks from the American Revolution through the Bank War. This sketch includes a discussion of the constitutional issues surrounding the First and Second Banks of the United States which culminated in the Supreme Court’s decision in M’Culloch v. Maryland, as well as issues surrounding the Panics of 1819, 1837, and their aftermath. Additionally, this historiographical essay examines the major scholarly works published on early American banks and banking since roughly 1990. While the banking system as a whole proved essential to the successful development of the early American economy, problems such as the discounting of notes, counterfeiting, and rare but well‐publicized cases of irresponsible or fraudulent conduct by banks and bankers emboldened banking critics throughout the period.
Disciplines
Publication Date
May 2, 2012
Citation Information
Sharon Murphy. "Banks and Banking in the Early American Republic" History Compass Vol. 10 Iss. 5 (2012) p. 409 - 422 ISSN: 1478-0542 Available at: http://works.bepress.com/sharon-murphy/9/