By Steven H. Jaffe, Jessica Lautin

From innovative period financial institution notes to the 2008 monetary cave in, Capital of Capital explores how long island urban gave upward thrust to a banking that during flip made the yankee and global economies. Capital of Capital additionally examines the often contentious evolution of the banking company, its function in making ny urban a world financial middle, and its impression on America’s politics, society, and culture.

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

Lavishly illustrated, Capital of Capital presents a multifaceted, unique realizing of the profound influence of banking at the lifetime of manhattan urban and the world’s economic system.

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

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V Alfred Tallis, Wall St. [from No. 30 to No. 46] (detail), ca. 1862. conversation with Van Buren, Jackson vetoed Congress’s re-charter of the BUS, bringing to a climax his personal crusade against it. 2 37 The Bank War of the 1830s was a complex and in many ways CAPITAL OF CAPITAL paradoxical crisis. S. President Andrew Jackson and BUS President Nicholas Biddle, each bent on vanquishing the other. It was also a national confrontation that helped create a new political party, the Whigs, in opposition to Jackson’s Democrats.

It is our York, where it was fueled by engravers left under- delight to crush them. It is our sport to agonize employed by the rise of industrial production them. ” But methods. Waterman Ormsby himself acquired whether or not he took bribes, Thompson’s a reputation for supplementing his legitimate careers as a publisher and as a note broker were work by engraving counterfeits. Furthermore, rife with conflicts of interest. In general, bank the easy availability of used plates and dies sold note reporters profited from the financial chaos 44 MAKING MONEY uu The Marble Manufacturing Company of the City of New York Twenty-Dollar Note, 1826.

The law also aimed to protect depositors’ accounts, anticipating bank deposit insurance by a century. In return, the banks could draw on the Safety Fund’s specie reserves during financial crises. By guaranteeing a backup supply of liquid capital, the fund promised to take the edge off of panics and prevent currency contractions that might lead to business failures and recession. Although various New York City bankers resented the limitations imposed by the system, it was soon copied by other state governments.

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