Download Capital of Capital: Money, Banking, and Power in New York by Steven H. Jaffe, Jessica Lautin PDF

By Steven H. Jaffe, Jessica Lautin

From innovative period financial institution notes to the 2008 monetary cave in, Capital of Capital explores how manhattan urban gave upward push to a banking that during flip made the yankee and global economies. Capital of Capital additionally examines the usually contentious evolution of the banking enterprise, its position in making manhattan urban a world monetary middle, and its impression on America’s politics, society, and culture.

Based on an important exhibition on the Museum of town of recent York, Capital of Capital gains the major leaders of banking, together with Alexander Hamilton and J. P. Morgan, in addition to its critics, corresponding to Louis Brandeis and the Occupy Wall road protesters. The e-book additionally covers the most important occasions and controversies that experience formed the heritage of banking and encompasses a interesting array of basic fabrics starting from antebellum financial institution notes and ledgers to early charge cards and ads.

Lavishly illustrated, Capital of Capital presents a multifaceted, unique knowing of the profound effect of banking at the lifetime of ny urban and the world’s economic climate.

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Additional resources for Capital of Capital: Money, Banking, and Power in New York City, 1784-2012

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Like other Democrats rooted in Thomas Jefferson’s political economy, he also distrusted credit and paper money themselves as engines of corruption and illicit power. As a Tennessee businessman during the 1790s, Jackson had got into financial trouble by accepting the promissory note of a Philadelphia merchant and the money draft of a close friend, both of whom defaulted on the debts they owed him. The incidents made Jackson deeply hostile toward paper IOUs and bank notes, whose value might change or be concealed, thereby ruining those unlucky enough to be stuck holding them.

Within days, most banks across the country had followed Wall Street’s lead and also suspended payments. Coming on the heels of the mid-1830s, when “pets” and other banks had expanded their loans, the crisis jarred borrowers who had counted on continuing easy credit to sustain their investments in real estate, railroad stocks, and government and canal bonds. 18 The contraction had several causes. It was partly due to slumping cotton prices, higher interest rates imposed by English banks, and the demands of British creditors for payment in specie that drew gold and silver from New York bank vaults eastward across the Atlantic.

Robinson satirized President Jackson, aided by Vice President Van Buren and the fictional character Major Jack Downing, attacking the “hydra” of the Bank of the United States. The top-hatted Nicholas Biddle is the central head, while the other heads represent the BUS’s state branches. 48 CHAPTER 2 THE BANK WAR 49 the 7 percent legally permitted by New York State’s 1829 Safety Fund CAPITAL OF CAPITAL law. Some Wall Street Democratic financiers, such as the speculator Elisha Tibbets, even proposed establishing a megabank in New York City in 1832 as a substitute for the BUS.

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