First Published in 2001. Routledge is an imprint of Taylor & Francis, an informa company.

This book focuses on the impact of the introduction of the First Bank of the United States (1791-1811) on the nascent financial system. The Bank dominated the financial scene of early America. Its prestigious list of clients included the United States Treasury, which deposited the bulk of the nation's money in the vaults of the Bank in return for various banking services. The stage is set by describing the background events of 1791: Treasury Secretary Hamilton's Bank Report and Congress's reaction, the script bubble for Bank shares, and the choosing of board members and their decision to create nationwide branches. The Bank's headquarters commenced business on December 12, 1791. New evidence shows how the Bank strongly affected the economy within two months of opening its doors, initially by flooding the market with its paper and then by sharply reversing course and curtailing liquidity. While the added liquidity helped initially to push a bull market in securities higher, the subsequent draincaused the Panic of 1792 by forcing speculators to sell their stocks. The role of early central banking is discussed in light of the Panic, the Bank, and the U.S. Treasury Department. Evidence is presented that points to a new interpretation: the Treasury Secretaries played the role of the Central Banker and the Bank acted the part of the Central Bank. There was continuity in the mindsets, dialogues and actions of the Treasury Secretaries, leading to a conclusion that early U.S. financial policy makers developed an operational central banking thought and procedures during the era of the First Bank. The financial implications of Bank policy on several historical events during the 1790's are examined. By focusing on specific times when the board directed a change in loan policy, new conclusions are drawn with respect to the Bank's impact on the credit markets and its central banking role. This book adds clarity to the ongoing historical debates about the behavior of the early U.S. economy and its creditmarkets by examining the institution which was at the center of the American business world at that time.

“A treasure trove for financial and public policy geeks . . . will also help lay readers go beyond the hit musical in understanding Hamilton’s lasting significance.” —Publishers Weekly While serving as the first treasury secretary from 1789 to 1795, Alexander Hamilton engineered a financial revolution. He established the treasury debt market, the dollar, and a central bank, while strategically prompting private entrepreneurs to establish securities markets and stock exchanges and encouraging state governments to charter a number of commercial banks and other business corporations. Yet despite a recent surge of interest in Hamilton, US financial modernization has not been fully recognized as one of his greatest achievements. This book traces the development of Hamilton’s financial thinking, policies, and actions through a selection of his writings. Financial historians and Hamilton experts Richard Sylla and David J. Cowen provide commentary that demonstrates the impact Hamilton had on the modern economic system, guiding readers through Hamilton’s distinguished career. It showcases Hamilton’s thoughts on the nation’s founding, the need for a strong central government, problems such as a depreciating paper currency and weak public credit, and the architecture of the financial system. His great state papers on public credit, the national bank, the mint, and manufactures instructed reform of the nation’s finances and jumpstarted economic growth. Hamilton practiced what he preached: he played a key role in the founding of three banks and a manufacturing corporation—and his deft political maneuvering and economic savvy saved the fledgling republic’s economy during the country’s first full-blown financial crisis in 1792. “A fascinating examination of Hamiltonian economics.” —The Washington Times

The authors chronicle how a different group of nine founding fathers forged the wealth and institutions necessary to transform the American colonies from a diffuse alliance of contending business interests into one cohesive economic superpower.

Papers of the National Bureau of Economic Research conference held at Dartmouth College on May 8-9, 2009.

Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians.

The Bank of the United States sparked several rounds of intense debate over the meaning of the Constitution’s Necessary and Proper Clause, which authorizes the federal government to make laws that are “necessary” for exercising its other powers. Our standard account of the national bank controversy, however, is incomplete. The controversy was much more dynamic than a two-sided debate over a single constitutional provision and was shaped as much by politics as by law. With Reconstructing the National Bank Controversy, Eric Lomazoff offers a far more robust account of the constitutional politics of national banking between 1791 and 1832. During that time, three forces—changes within the Bank itself, growing tension over federal power within the Republican coalition, and the endurance of monetary turmoil beyond the War of 1812 —drove the development of our first major debate over the scope of federal power at least as much as the formal dimensions of the Constitution or the absence of a shared legal definition for the word “necessary.” These three forces—sometimes alone, sometimes in combination—repeatedly reshaped the terms on which the Bank’s constitutionality was contested. Lomazoff documents how these three dimensions of the polity changed over time and traces the manner in which they periodically led federal officials to adjust their claims about the Bank’s constitutionality. This includes the emergence of the Coinage Clause—which gives Congress power to “coin money, regulate the value thereof”—as a novel justification for the institution. He concludes the book by explaining why a more robust account of the national bank controversy can help us understand the constitutional basis for modern American monetary politics.

This book aims to introduce readers to the important macroeconomic events of the past two hundred years. It explains what went on and why during the most significant economic epochs of the nineteenth, twentieth and early twenty-first centuries and how where we are today fits in this historical timeline.

A Foreign Affairs Best Book of the Year “This absolutely splendid book is a triumph on every level. A first-rate history of the United States, it is beautifully written, deeply researched, and filled with entertaining stories. For anyone who wants to see our democracy flourish, this is the book to read.” —Doris Kearns Goodwin To all who say our democracy is broken—riven by partisanship, undermined by extremism, corrupted by wealth—history offers hope. Democracy’s nineteen cases, honed in David Moss’s popular course at Harvard and taught at the Library of Congress, in state capitols, and at hundreds of high schools across the country, take us from Alexander Hamilton’s debates in the run up to the Constitutional Convention to Citizens United. Each one presents a pivotal moment in U.S. history and raises questions facing key decision makers at the time: Should the delegates support Madison’s proposal for a congressional veto over state laws? Should Lincoln resupply Fort Sumter? Should Florida lawmakers approve or reject the Equal Rights Amendment? Should corporations have a right to free speech? Moss invites us to engage in the passionate debates that are crucial to a healthy society. “Engagingly written, well researched, rich in content and context...Moss believes that fierce political conflicts can be constructive if they are mediated by shared ideals.” —Glenn C. Altschuler, Huffington Post “Gives us the facts of key controversies in our history—from the adoption of the constitution to Citizens United—and invites readers to decide for themselves...A valuable resource for civic education.” —Michael Sandel, author of Justice

First Published in 2015. This text holds four volumes of essays and entries on the early Republic and Antebellum era in America spanning the end of the American Revolution in 1781 to the outbreak of Civil War in 1861. The Americans forged a new government in theory and then in practice, with the beginnings of industrialisation and the effects of urbanisation, widespread poverty, labour strife, debates around slavery and sectional discord. By the end of the nineteenth century American had a powerhouse economy, new technologies and the emergence of major social reform movements, creation of uniquely American art and literature and the conquest of the West. This encyclopaedia offers a historic reference.