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An Early Anglo-American Financial Transaction1

Published online by Cambridge University Press:  24 July 2012

Josephine Mayer  and
Robert A. East
Josephine Mayer
Affiliation:
Teachers College, Columbia University
Robert A. East
Affiliation:
National Archives, Washington
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Extract

The institutions and techniques for aiding the flow of capital and credit have had a long history. But it is a history which is not well known, especially in its earlier stages. In America the business of dealing in credit was at first chiefly in the hands of merchants, and, immediately after independence was established, chartered commercial banks took up the work. Some of the larger banks served as financial wholesalers, mobilizing credit and loaning it to small banks which were essentially retailers.

Type
Research Article
Information
Business History Review , Volume 11 , Issue 5 , November 1937 , pp. 88 - 96
Copyright
Copyright © The President and Fellows of Harvard College 1937

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References

2 Charter of the Bank of New York, Article IX, in Domett, Henry W., History of the Bank of New York (4th edition), p. 132.Google Scholar

3 Ibid., p. 53.

4 Cf. his Inquiry into Causes and Consequences of the Orders in Council, etc. (3rd edition, London, 1808), passim.

5 Jenks, Leland H., The Migration of British Capital to 1875 (New York, 1927), pp. 16–22.Google Scholar

6 Charles Wilkes to Baring Brothers, July 19, 1822, in the records of the directors' meetings in the possession of the Bank of New York and Trust Company. All the following information is taken from that source or from a series of letters of Charles Wilkes written to the Bank from England in 1823. These letters are also in the possession of the Bank of New York and Trust Company.

7 Report of a committee of the directors of the Bank of New York on the proposed foreign borrowing, Nov. 14, 1822.

8 Boyd, Julian B., “John Sargeant's Mission to England for the Second Bank of the United States, 1816–1817,” Pennsylvania Magazine of History and Biography, vol. lviii (1934), pp. 213–231.Google Scholar

9 Wilkes to Matthew Clarkson, President of the Bank of New York, Jan. 13, 1823.

10 Ibid., Jan. 22, 1823.

11 Ibid., Jan. 29, 1823.

12 Ibid., Mar. 13, 1823.

13 Wilkes to Cornelius Heyer, Asst. Cashier of the Bank of New York, May 21, 1823.

14 Baring Brothers to Wilkes, Sept 24, 1823.

15 Domett, op. cit., p. 75.

15 Financial and Commercial Crisis Considered (London, 1847), p. 8.