The Evolution of the Modern US Monetary and Payments System

  • David F. WeimanEmail author
  • John A. James
Reference work entry


In this chapter, we trace out the long, uneven evolution of the modern US monetary and payments systems, from the Early Republic Era (beginning in the 1790s) to the formative years of the Federal Reserve System (in the 1920s). Our narrative is divided into four periods (and sections), demarcated by essential elements constituting a truly common national monetary-payments union: a common unit of account, currency, and finally bank deposit money. At the bookends, the monetary-payments system was coordinated administratively by a central federal authority which realized to a lesser and greater extent the criteria of a “more perfect” monetary-payments union. In the interim, the balance of power over the monetary-banking system would shift between the states and the federal government over two distinct but inter-related regimes of competing, “multiple” circulating currencies and a common national currency. Yet, despite their differences, these two distinct phases were connected by a common thread. Instead of formal hierarchies, the banking-monetary system over this long nineteenth century rested on an ever-expanding complex of networks that connected banks within and between cities and coordinated the flows of good funds that literally “greased the wheels of commerce.” Often initiated by government policy, the growth and articulation of these networks, we show, ultimately depended on the basic logic of network economics, which in fact policy makers recognized in the design of the National Banking and the Federal Reserve Systems.


Banks Monetary union Correspondent banking system National Banking System Federal Reserve 


  1. Anderson H, Calomiris CW, Jaremski M, Richardson G (2018) Liquidity risk, bank networks, and the value of joining the Federal Reserve System. J Money Credit Bank 50(1):173–201CrossRefGoogle Scholar
  2. Andrew AP (1907) The treasury and the banks under Secretary Shaw. Q J Econ 21(4):519–568CrossRefGoogle Scholar
  3. Andrew AP (1908) Substitutes for cash in the panic of 1907. Q J Econ 22(4):497–516CrossRefGoogle Scholar
  4. Atherton L (1971) The frontier merchant in Mid-America. University of Missouri Press, ColumbiaGoogle Scholar
  5. Bank for International Settlements S (2003) The role of central bank money in payments systems. Bank for International Settlements, BaselGoogle Scholar
  6. Baxter WF (1983) Bank interchange of transactional paper: legal and economic perspectives. J Law Econ 26(3):541–588CrossRefGoogle Scholar
  7. Bech ML, Chapman JTE, Garratt RJ (2010) Which bank is the ‘central’ bank? J Monet Econ 57(3):352–363CrossRefGoogle Scholar
  8. Bensel RF (1990) Yankee leviathan: the origins of central state authority in America, 1859–1877. Cambridge University Press, New YorkGoogle Scholar
  9. Board of Governors, Federal Reserve System (1918) Federal reserve inter-district collection system; banks upon which items will be received by federal reserve banks for collection and credit. Jan. 1, 1918. Government Printing Office, Washington, DCGoogle Scholar
  10. Bodenhorn H (1992) Capital mobility and financial integration in Antebellum America. J Econ Hist 52(3):585–610CrossRefGoogle Scholar
  11. Bodenhorn H (2000) A history of banking in antebellum american: financial markets and economic development in an era of nation-building. Cambridge University Press, New YorkGoogle Scholar
  12. Bodenhorn H (2002) Making the little guy pay: payments-system networks, cross-subsidization, and the collapse of the Suffolk system. J Econ Hist 62(1):147–169Google Scholar
  13. Bodenhorn H (2003) State banking in early America: a new economic history. Oxford University Press, New YorkGoogle Scholar
  14. Bordo MD (1985) The impact and international transmission of financial crises: some historical evidence, 1870–1933. Riv Stor Econ 2(2):41–78Google Scholar
  15. Bordo MD, Jonung L (1987) The long-run behavior of the velocity of circulation: the international evidence. Cambridge University Press, New YorkGoogle Scholar
  16. Bordo MD, Jonung L, Siklos PL (1997) Institutional change and the velocity of money: a century of evidence. Econ Inq 35(4):710–724CrossRefGoogle Scholar
  17. Bordo MD, Wheelock DC (2013) The promise and performance of the federal reserve as a lender of last resort. In: Bordo MD, Roberds W (eds) The origins, history, and future of the Federal Reserve: a return to Jekyll Island. Cambridge University Press, New York, pp 59–98CrossRefGoogle Scholar
  18. Bryant HB, Stratton HD, Packard SS (1863) Bryant & Stratton’s counting house book-keeping. Ivison, Blakeman, Taylor & Company, New YorkGoogle Scholar
  19. Burrows EG, Wallace M (1999) Gotham: a history of New York City to 1898. Oxford University Press, New YorkGoogle Scholar
  20. Calomiris CW, Mason JR (2008) Resolving the puzzle of the underissuance of National Bank notes. Explor Econ Hist 45(4):327–355CrossRefGoogle Scholar
  21. Calomiris CW, Carlson M (2017) Interbank networks in the national banking era: their purpose and their role in the panic of 1893. J Financ Econ 125(3):434–453CrossRefGoogle Scholar
  22. Calomiris CW, Gorton G (1991) The origins of banking panics: models, facts, and bank regulation. In: Hubbard RG (ed) Financial markets and financial crises. University of Chicago Press, Chicago/London, pp 109–174Google Scholar
  23. Calomiris CW, Kahn CM (1996) The efficiency of self-regulated payments systems: learning from the Suffolk system. J Money Credit Bank 28(4, Part 2):766–797CrossRefGoogle Scholar
  24. Calomiris CW, Jaremski M, Park H, Richardson G (2015) Liquidity risk, bank networks, and the value of joining the federal reserve system. National Bureau of Economic Research, Working paper series, 21684. National Bureau of Economic Research, Cambridge, MACrossRefGoogle Scholar
  25. Carlson M (2005) Causes of bank suspensions in the panic of 1893. Explor Econ Hist 42(1):56–80CrossRefGoogle Scholar
  26. Cannon JG (1910) Clearing houses. Government Printing Office, Washington, DCGoogle Scholar
  27. Capie F (1998) Monetary unions in historical perspective: what future for the euro in the international financial system. Open Econ Rev 9(Suppl 1):447–465CrossRefGoogle Scholar
  28. Carlson M, Wheelock DC (2016) Did the founding of the Federal Reserve affect the vulnerability of the interbank system to contagion risk? Bank for International Settlements, BaselGoogle Scholar
  29. Carlson M, Mitchener KJ, Richardson G (2011) Arresting banking panics: Federal Reserve liquidity provision and the forgotten panic of 1929. J Polit Econ 119(5):889–924CrossRefGoogle Scholar
  30. Carter SB, Gartner SS, Haines MR, Olmstead AL, Sutch R, Wright G (eds) (2006) The historical statistics of the United States: millennial edition. Cambridge University Press, New YorkGoogle Scholar
  31. Catterall RCH (1903) The second panic states. University of Chicago Press, ChicagoGoogle Scholar
  32. Champ B, Wallace N, Weber WE (1992) Resolving the national bank note paradox. Fed Reserve Bank Minneap Q Rev 16(2):13–21Google Scholar
  33. Champ B, Smith BD, Williamson S (1996) Currency elasticity and banking panics: theory and evidence. Can J Econ 29(4):828–864CrossRefGoogle Scholar
  34. Chang HH, Danilevsky M, Evans DS, Garcia-Swartz DD (2008) The economics of market coordination for the pre-Fed check-clearing system: a peek into the Bloomington (IL) Node. Explor Econ Hist 45(4):445–461CrossRefGoogle Scholar
  35. Cohen BJ (1998) The geography of money. Cornell University Press, IthacaGoogle Scholar
  36. Colwell S (1860) The ways and means of payment: a full analysis of the credit system, with its various modes of adjustment, 2nd edn. J.B. Lippincott & Co., PhiladelphiaGoogle Scholar
  37. Conzen MP (1977) The maturing urban system in the United States, 1840–1910. Ann Assoc Am Geogr 67(1):88–108CrossRefGoogle Scholar
  38. Cooke T (1897) Distribution of small banks in the west. Q J Econ 12(1):70–72, 105–118CrossRefGoogle Scholar
  39. Curry LP (1968) Blueprint for modern America; non-military legislation of the first Civil War Congress. Vanderbilt University Press, NashvilleGoogle Scholar
  40. Dewey DR, Shugrue MJ (1922) Banking and credit; a textbook for colleges and schools of business administration. The Ronald Press Company, New YorkGoogle Scholar
  41. Donaldson RG (1992) Sources of panics: evidence from the weekly data. J Monet Econ 30(2):277–305CrossRefGoogle Scholar
  42. Dowd K (1994) Competitive banking, bankers’ clubs, and bank regulation. J Money Credit Bank 26(2):289–308CrossRefGoogle Scholar
  43. Dupont B (2017) Bank networks and suspensions in the 1893 panic: evidence from the state banks and their correspondents in Kansas. Financ Hist Rev 24(3):265–282CrossRefGoogle Scholar
  44. Dwyer GP, Hasan I (2007) Suspension of payments, bank failures, and the nonbank public’s losses. J Monet Econ 54(2):565–580CrossRefGoogle Scholar
  45. Economides N (1993) Network economics with application to finance. Fin Mkts, Inst Instrum 2(5):89–97Google Scholar
  46. Emmons WR (1997) Recent developments in wholesale payments system. Fed Reserve Bank St Louis Rev 79(6):23–43Google Scholar
  47. Flannery MJ (1996) Financial crises, payment system problems, and discount window lending. J Money Credit Bank 28(4, Part 2):804–824CrossRefGoogle Scholar
  48. Fraas A (1974) The second bank of the United States: an instrument for an interregional monetary union. J Econ Hist 34(2):447–467CrossRefGoogle Scholar
  49. Freyer TA (1976) Negotiable instruments and the federal courts in antebellum American business. Bus Hist Rev 50(4):435–455CrossRefGoogle Scholar
  50. Friedman M, Schwartz AJ (1963) A monetary history of the United States, 1867–1960. Princeton University Press, PrincetonGoogle Scholar
  51. Garbade K, Silber WL (1979) The payment system and domestic exchange rates: technological versus institutional change. J Monet Econ 5(1):1–22CrossRefGoogle Scholar
  52. Garber P, Weisbrod S (1990) Banks in the market for liquidity. National Bureau of Economics Research, Working paper series, 3381. NBER, Cambridge, MAGoogle Scholar
  53. Gendreau BC (1983) The implicit return on bankers’ balances. J Money, Credit, Bank 15(4):411–424CrossRefGoogle Scholar
  54. Gilbert RA (1983) Economies of scale in correspondent banking: note. J Money Credit Bank 15(4):483–488CrossRefGoogle Scholar
  55. Gilbert RA (2000) The advent of the federal reserve and the efficiency of the payments system: the collection of checks, 1915–1930. Explor Econ Hist 37(2):121–148CrossRefGoogle Scholar
  56. Goldenweiser EA (1925) Federal Reserve system in operation, 1st edn. MacGraw-Hill, New YorkGoogle Scholar
  57. Goodfriend MS (1990) Money, credit, banking, and payment system policy. In: Humphrey DB (ed) The U.S. payment system: efficiency, risk and the role of the Federal Reserve. Kluwer, Boston, pp 247–277CrossRefGoogle Scholar
  58. Goodhart C (1988) The evolution of central banks. The MIT Press, Cambridge, MAGoogle Scholar
  59. Gorton G (1985) Clearinghouses and the origin of central banking in the United States. J Econ Hist 45(2):277–283CrossRefGoogle Scholar
  60. Gorton G (1996) Reputation formation in early bank note markets. J Polit Econ 104(2):346–397CrossRefGoogle Scholar
  61. Gorton G (1999) Pricing free bank notes. J Monet Econ 44(1):33–64CrossRefGoogle Scholar
  62. Green EJ, Todd RM (2001) Thoughts on the Fed’s Role in the Payments System. Fed Reserve Bank Minneap Q Rev 25(1):12–27Google Scholar
  63. Hallock JC (1903) Clearing out-of-town checks in England and the United States. Private, St. LouisGoogle Scholar
  64. Hamilton A, United States, Department of the Treasury (1821) Official reports on Publick credit, a National Bank, manufactures, and a mint. William McKean, Philadelphia. Accessed on 26 Apr 2018Google Scholar
  65. Hammond B (1957) Banks and politics in America from the Revolution to the Civil War. Princeton University Press, PrincetonGoogle Scholar
  66. Hammond B (1970) Sovereignty and an empty purse: banks and politics in the Civil War. Princeton University Press, PrincetonGoogle Scholar
  67. Heckelman JC, Wood JH (2005) Political monetary cycles under alternative institutions: the Independent Treasury and the Federal Reserve. Econ Polit 17(3):331–350CrossRefGoogle Scholar
  68. Helleiner E (2003) The making of national money: territorial currencies in historical perspective. Cornell University Press, IthacaGoogle Scholar
  69. Hepburn AB (1903) History of coinage and currency in the United States and the perennial contest for sound money. The Macmillan, New YorkGoogle Scholar
  70. Hoag C (2005) Deposit drains on “interest-paying” banks before financial crises. Explor Econ Hist 42(4):567–585CrossRefGoogle Scholar
  71. Hoag C (2011) Clearinghouse membership and deposit contraction during the Panic of 1893. Cliometrica 5(2):187–203CrossRefGoogle Scholar
  72. Hoag C (2016) Clearinghouse loan certificates as interbank loans in the United States, 1860–1913. Financ Hist Rev 23(3):303–324CrossRefGoogle Scholar
  73. Jalil AJ (2015) A new history of banking panics in the United States, 1825–1929: construction and implications. Am Econ J Macroecon 7(3):295–330CrossRefGoogle Scholar
  74. James JA (1976a) The conundrum of the low issue of national bank notes. J Polit Econ 84(2):359–367CrossRefGoogle Scholar
  75. James JA (1976b) A note on interest paid on New York bankers’ balances in the postbellum period. Bus Hist Rev 50(2):198–202CrossRefGoogle Scholar
  76. James JA (1978) Money and capital markets in Postbellum America. Princeton University Press, PrincetonGoogle Scholar
  77. James JA (1998) Did the fed’s founding improve the efficiency of the U.S. payments system? Commentary. Fed Reserve Bank St Louis Rev 80(3):143–150Google Scholar
  78. James JA (2016) Payment Systems. In: Claude D, Haupert M (eds) Handbook of Cliometrics. Springer, Berlin, pp 353–373Google Scholar
  79. James JA, Weiman DF (2005) Financial clearing systems. In: Nelson RR (ed) The limits of market organization. Russell Sage Foundation, New York, pp 114–155Google Scholar
  80. James JA, Weiman DF (2010) From drafts to checks: the evolution of correspondent banking networks and the formation of the modern U.S. Payments System, 1850–1914. J Money, Credit, Bank 42(2–3):237–265CrossRefGoogle Scholar
  81. James JA, Weiman DF (2011) The National Banking Acts and the transformation of New York City banking during the Civil War era. J Econ Hist 71(2):338–362CrossRefGoogle Scholar
  82. James JA, Weiman DF (2014) Political economic limits to the fed’s goal of a common national bank money: the par clearing controversy revisited. Res Econ Hist 30:91–134CrossRefGoogle Scholar
  83. James J, McAndrews J, Weiman D (2013) Wall Street and Main Street: the macroeconomic consequences of New York bank suspensions, 1866–1914. Cliometrica 7(2):99–130CrossRefGoogle Scholar
  84. James J, McAndrews J, Weiman D (2014) Banking panics, the ‘derangement’ of the domestic exchanges, and the origins of central banking in the United States, 1893 to 1914. Unpublished mss., Barnard CollegeGoogle Scholar
  85. Jaremski M (2011) Bank-specific default risk in the pricing of bank note discounts. J Econ Hist 71(4):950–975CrossRefGoogle Scholar
  86. Jaremski M (2013) State banks and the National Banking Acts: measuring the response to increased financial regulation, 1860–1870. J Money, Credit, Bank 45(2–3):379–399CrossRefGoogle Scholar
  87. Jaremski M, Rousseau PL (2013) Banks, free banks, and U.S. economic growth. Econ Inq 51(2):1603–1621CrossRefGoogle Scholar
  88. Jaremski M, Wheelock DC (2017) Banker preferences, interbank connections, and the enduring structure of the Federal Reserve System. Explor Econ Hist 66(1):21–43CrossRefGoogle Scholar
  89. Jessup PF (1967) The theory and practice of nonpar banking. Northwestern University Press, Evanston IllGoogle Scholar
  90. Kahn CM, Roberds W (1999) Demandable debts as means of payment: banknotes versus checks. J Money Credit Bank 31(3, Part 2):500–525CrossRefGoogle Scholar
  91. Kahn CM, Roberds W (2002) The economics of payment finality. Fed Reserve Bank Atlanta Econ Rev 87(2):1–12Google Scholar
  92. Kahn CM, Roberds W (2009) Why pay? An introduction to payments economics. J Financ Intermed 18(1):1–23CrossRefGoogle Scholar
  93. Kahn CM, Quinn S, Roberds W (2016) Central banks and payment systems: the evolving tradeoff between cost and risk. In: Bordo MD, Eitrheim O, Flandreau M, Qvigstad JF (eds) Central Banks at a Crossroads: what can we learn from history? Studies in macroeconomic history. Cambridge University Press, New York, pp 563–609Google Scholar
  94. Kashyap AK, Rajan R, Stein JC (2002) Banks as liquidity providers: an explanation for the coexistence of lending and deposit-taking. J Financ 57(1):33–73CrossRefGoogle Scholar
  95. Kemmerer EW (1910) Seasonal variations in the relative demand for money and capital in the United States: a statistical study. Government Printing Office, Washington, DCGoogle Scholar
  96. Kinley D (1910) The use of credit instruments in the United States. Government Printing Office, Washington, DCGoogle Scholar
  97. Klein JJ (1911) The development of mercantile instruments of credit in the United States. J Account (pre-1986) 12(8):594–607Google Scholar
  98. Knodell J (1988) Interregional financial market integration and the bank note market, 1815–1845. J Econ Hist 48(2):287–298CrossRefGoogle Scholar
  99. Knodell J (1998) The demise of central banking and the domestic exchanges: evidence from antebellum Ohio. J Econ Hist 58(3):714–730CrossRefGoogle Scholar
  100. Knodell J (2003) Profit and duty in the Second Bank of the United States’ exchange operations. Financ Hist Rev 10(1):5–30CrossRefGoogle Scholar
  101. Knodell J (2006) Rethinking the Jacksonian economy: the impact of the 1832 bank veto on commercial banking. J Econ Hist 66(3):541–574CrossRefGoogle Scholar
  102. Knodell J (2010) The role of private bankers in the US payments system, 1835–1865. Financ Hist Rev 17(2):239–262CrossRefGoogle Scholar
  103. Knodell JE (2017) The Second Bank of the United States: “Central” banker in an era of nation-building, 1816–1836. Routledge, New YorkGoogle Scholar
  104. Kroszner RS (2000) Lessons from financial crises: the role of clearinghouses. J Financ Serv Res 18(2/3):151–171CrossRefGoogle Scholar
  105. Lacker JM, Walker JD, Weinberg JA (1999) The Fed’s entry into check clearing reconsidered. Fed Reserve Bank Richmond Econ Q 85(2):1–32Google Scholar
  106. Laughlin JL (ed) (1912) Banking reform. The National Citizens’ League, ChicagoGoogle Scholar
  107. Lerner AP (1947) Money as a creature of the state. Am Econ Rev 37(2):312–317Google Scholar
  108. Lockhart OC (1921) The development of interbank borrowing in the National Banking System, 1869–1914, Parts I and II. J Polit Econ 29:138–160 222–140CrossRefGoogle Scholar
  109. McAndrews J (1997) Network issues and payment systems. Fed Reserve Bank Phila Bus Rev:15–25Google Scholar
  110. McAndrews J (1998) Direct presentment regulation in payments. Res Econ 52(3):311–326CrossRefGoogle Scholar
  111. McAndrews J, Rajan S (2000) The timing and funding of fedwire funds transfers. Fed Reserve Bank N Y Econ Policy Rev 6(2):17–31Google Scholar
  112. McAndrews JJ, Roberds W (1995) Banks, payments, and coordination. J Financ Intermed 4(4):305–327CrossRefGoogle Scholar
  113. McAvoy MR (2006) How were the Federal Reserve bank locations selected? Explor Econ Hist 43(3):505–526CrossRefGoogle Scholar
  114. Miron JA (1986) Financial panics, the seasonality of the nominal interest rate, and the founding of the Fed. Am Econ Rev 76(1):125–140Google Scholar
  115. Mitchener KJ, Richardson G (2016) Network contagion and interbank amplification during the great depression. National Bureau of Economic ResearchCrossRefGoogle Scholar
  116. Moen JR, Tallman EW (2000) Clearinghouse membership and deposit contraction during the panic of 1907. J Econ Hist 60(1):145–163CrossRefGoogle Scholar
  117. Mundell RA (2002) Monetary unions and the problem of sovereignty. Ann Am Acad Pol Soc Sci 579(1):123–152CrossRefGoogle Scholar
  118. Myers MG (1931) The New York money market, volume 1: origins and development. Columbia University Press, New YorkCrossRefGoogle Scholar
  119. New York Clearing House Association (1873) Report to the New York Clearing House Association of a committee upon reforms in the banking business. W. H. Arthur & Co., New YorkGoogle Scholar
  120. Norman B, Shaw R, Speight G (2011) The history of interbank settlement arrangements: exploring central banks’ role in the payment system. Bank of England working paper. Bank of England, LondonGoogle Scholar
  121. Odell KA, Weiman DF (1998) Metropolitan development, regional financial centers, and the founding of the fed in the Lower South. J Econ Hist 58(1):103–125CrossRefGoogle Scholar
  122. Phillips RJ, Swamy PAVB (1998) Par clearance in the domestic exchanges: the impact of national bank notes. Res Econ Hist 18:121–144Google Scholar
  123. Quinn S, Roberds W (2007) The Bank of Amsterdam and the leap to central bank money. Am Econ Rev 97(2):262–265CrossRefGoogle Scholar
  124. Quinn S, Roberds W (2008) The evolution of the check as a means of payment: a historical survey. Fed Reserve Bank Atlanta Econ Rev 93(4):1–28Google Scholar
  125. Rand McNally and Company (1915) Rand McNally bankers’ directory. Rand McNally and Company, ChicagoGoogle Scholar
  126. Redenius SA (2002) Hubs and spokes: network effects and the Formation of Regional Banking Centers. Unpublished mss. Bryn Mawr CollegeGoogle Scholar
  127. Redenius SA (2004) Banknote redemption networks under the National Banking Act, 1863–1874. Bryn Mawr College, Bryn MawrGoogle Scholar
  128. Redenius SA (2007) Designing a national currency: antebellum payment networks and the structure of the National Banking System. Financ Hist Rev 14(2):207–227CrossRefGoogle Scholar
  129. Redenius SA, Weiman DF (2011) Banking on the periphery: the Cotton South, systemic seasonality, and the limits of national banking reform. In: Rhode PW, Rosenbloom JL, Weiman DF (eds) Economic evolution and revolution in historical time. Stanford University Press, Stanford, pp 214–242Google Scholar
  130. Redlich F (1968 [1947]) The molding of American banking: men and ideas. Johnson Reprint Corporation, New YorkGoogle Scholar
  131. Richardson G (2007) The check is in the mail: correspondent clearing and the collapse of the banking system, 1930 to 1933. J Econ Hist 67(3):643–671CrossRefGoogle Scholar
  132. Richardson G, Troost W (2009) Monetary intervention mitigated banking panics during the great depression: quasi-experimental evidence from a Federal Reserve district border, 1929–1933. J Polit Econ 117(6):1031–1073CrossRefGoogle Scholar
  133. Rockoff H (2003) How long did it take the United States to become an optimal currency area? In: Capie FH, Wood GE (eds) Monetary unions: theory, history, public choice. Routledge, New York, pp 76–103Google Scholar
  134. Rolnick AJ, Smith BD, Weber WE (1998) Lessons from a laissez-faire payments system: the Suffolk Banking System (1825–58). Fed Reserve Bank St Louis Rev 80(3):105–116Google Scholar
  135. Rose AK (2000) One money, one market: the effect of common currencies on trade. Econ Policy 15(30):7–33CrossRefGoogle Scholar
  136. Rose AK, Engel C (2002) Currency unions and international integration. J Money, Credit, Bank 34(4):1067–1089CrossRefGoogle Scholar
  137. Rose AK, van Wincoop E (2001) National money as a barrier to international trade: the real case for currency union. Am Econ Rev 91(2):386–390CrossRefGoogle Scholar
  138. Selgin GA, White LH (1994) How would the invisible hand handle money. J Econ Lit 32(4):1718–1749Google Scholar
  139. Shambaugh JC (2006) An experiment with multiple currencies: The American monetary system from 1838–60. Explor Econ Hist 43(4):609–645CrossRefGoogle Scholar
  140. Shreve BJ (1898) Country checks and country bank accounts. Bank Mag 56(2):221–231Google Scholar
  141. Smith BD (1991) Bank panics, suspensions, and geography: some notes on the “contagion of fear” in banking. Econ Inq 29(2):230–248CrossRefGoogle Scholar
  142. Spahr WE (1926) The clearing and collection of checks. The Bankers Publishing Co., New YorkGoogle Scholar
  143. Sprague OMW (1977 [1910]) History of crises under the National Banking System. Augustus M. Kelley Publishers, FairfieldGoogle Scholar
  144. Stevens E (1998) Non-par banking: competition and monopoly in markets for payments services. Federal Reserve Bank of Cleveland working paper series. Federal Reserve Bank of Cleveland, ClevelandCrossRefGoogle Scholar
  145. Sylla RE (1969) Federal policy, banking market structure, and capital mobilization in the United States, 1863–1913. J Econ Hist 24:657–686CrossRefGoogle Scholar
  146. Sylla R (1976) Forgotten men of money: private bankers in early U.S. history. J Econ Hist 36(1):173–188CrossRefGoogle Scholar
  147. Sylla RE (2006) The transition to a monetary union in the United States, 1787–1795. Financ Hist Rev 13(1):73–95CrossRefGoogle Scholar
  148. Tallman EW, Moen JR (2012) Liquidity creation without a central bank: clearing house loan certificates in the banking panic of 1907. J Financ Stab 8(4):277–291CrossRefGoogle Scholar
  149. Timberlake RH (1984) The central bank role of clearinghouse associations. J Money, Credit, Bank 16(1):1–15CrossRefGoogle Scholar
  150. U.S. Comptroller of the Currency (1890–1892) Annual report of the comptroller of the currency. Government Printing Office, Washington, DCGoogle Scholar
  151. Watkins LL (1929) Bankers’ balances: a study of the effects of the Federal Reserve System on banking relationships. A.W. Shaw, ChicagoGoogle Scholar
  152. Weber WE (2000) Disaggregated call reports for U.S. national banks, 1880–1910. Research Department, Federal Reserve Bank of Minneapolis, Minneapolis.
  153. Weber WE (2003) Interbank payments relationships in the antebellum United States: evidence from Pennsylvania. J Monet Econ 50(2):455–474CrossRefGoogle Scholar
  154. Weiman DF, James JA (2007) The political economy of the US monetary union: the Civil War era as a watershed. Am Econ Rev 97(2):271–275CrossRefGoogle Scholar
  155. Weiman DF, James JA (2018) Towards a more perfect monetary-payments union: the Civil War as a second American Revolution. Unpublished mss., Barnard CollegeGoogle Scholar
  156. Weinberg JA (1997) The organization of private payment networks. Fed Reserve Bank Richmond Econ Q 83(2):25–43Google Scholar
  157. White EN (1982) The political economy of banking regulation, 1864–1933. J Econ Hist 42(1):33–40CrossRefGoogle Scholar
  158. White EN (1983) The regulation and reform of the American banking system, 1900–1929. Princeton University Press, PrincetonCrossRefGoogle Scholar
  159. Wicker E (2000) Banking panics of the gilded age. Cambridge University Press, New YorkCrossRefGoogle Scholar
  160. Van Fenstermaker J (1965) The development of American commercial banking, 1782–1837. Bureau of Economic and Business Research. Kent State Univerity, KentGoogle Scholar

Copyright information

© Springer Nature Singapore Pte Ltd. 2020

Authors and Affiliations

  1. 1.Barnard College-Columbia UniversityNew YorkUSA
  2. 2.University of VirginiaCharlottesvilleUSA

Personalised recommendations