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Two centuries of US financial development in comparative contexts: growth and crises

Jan 11, 2020

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jennifer

The US transportation revolution depended on finance: e.g. turnpike and bridge companies, the Erie and other canals, the railroadsThe US industrial revolution depended on finance: e.g., textile manufacturers raised equity capital by selling stock, and obtained working capital via bank loans. Rapid industrial growth began with the establishment of a modern financial system in the 1790sUS ExpansionModern finances from the 1790s promoted territorial expansion of the USA, as well as US economic growth.The USA territorially became one of the largest of all nations. Russia, of course, is quite a bit larger.In less than a century after 1790, the US economy is the worlds largest.

TRIUM opening lecture, New York 8 January 200626.10.10
“Two centuries of US financial development in comparative contexts: growth and crises”
Richard Sylla, New York University
*
A crucial US advantage: modern finance from the 1790s
*
US Expansion
Modern finances from the 1790s promoted territorial expansion of the USA, as well as US economic growth.
The USA territorially became one of the largest of all nations. Russia, of course, is quite a bit larger.
*
48
52
53
58
70
83
87
85
82
86
91
93
79
82
87
89
95
87
94
97
97
102
101
121
130
108
94
85
79
77
73
73
78
71
69
72
74
76
73
73
78
78
82
80
82
88
95
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91
92
87
82
86
91
98
112
109
106
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122
127
139
144
142
142
136
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137
142
174
223
270
276
246
223
213
201
195
188
196
202
191
179
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172
190
206
226
231
227
212
202
208
219
227
224
240
240
250
231
208
224
218
223
248
261
272
289
305
323
314
344
362
391
342
356
362
366
392
403
368
385
487
578
735
749
830
678
667
763
762
782
826
803
808
851
741
617
470
449
522
576
654
713
663
704
768
952
1209
1479
1654
1684
1587
1702
1843
1798
1943
2213
2301
2398
2360
2525
2615
2706
2696
2874
2925
2977
3152
3277
3472
3716
4028
4217
4564
4889
5091
5449
5917
6542
7031
7604
8389
9241
10332
11414
12276
13633
14051
15128
16678
17738
18585
19561
20875
22220
23247
23701
24707
25613
26878
27782
29017
30458
31709
33215
34785
35509
36337
37692
39797
41935
44071
Real
1790
1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
916
944
983
1031
1129
1164
1164
1150
1162
1206
1237
1252
1248
1228
1235
1259
1280
1245
1211
1269
1301
1316
1326
1358
1372
1342
1304
1297
1308
1309
1328
1351
1360
1364
1400
1421
1431
1433
1415
1431
1518
1591
1646
1647
1625
1664
1667
1639
1663
1666
1622
1603
1600
1623
1665
1715
1799
1870
1881
1855
1889
1972
2128
2226
2232
2254
2270
2218
2247
2346
2296
2277
2497
2624
2592
2606
2430
2418
2458
2473
2509
2573
2683
2824
2815
2726
2781
2804
2894
3188
3379
3708
3800
3808
3667
3552
3764
3944
4108
4169
4502
4459
4590
4242
3972
4313
4153
4256
4685
4884
4943
5112
5261
5317
5034
5480
5564
5649
4949
5169
5116
5200
5359
5462
4948
5011
5626
5418
5910
5883
5721
5483
5708
6350
6422
6475
6806
6777
6771
7105
6424
5965
5156
5061
5572
6027
6768
7072
6776
7264
7837
9098
10718
12447
13594
13483
11348
10976
11248
10995
11752
12491
12771
13141
12816
13467
13483
13506
13150
13848
13901
13990
14616
15036
15688
16489
17380
17647
18319
18698
18491
18850
19614
20541
20247
20009
20870
21617
22580
23037
22716
23061
22400
23199
24652
25444
26084
26725
27578
28286
28493
28067
28601
28981
29779
30163
30917
31922
32868
33939
34785
34677
34876
35423
36357
37110
37807
Data
Year
Nominal GDP
Real GDP
Louis D. Johnston and Samuel H. Williamson, "The Annual Real and Nominal GDP for the United States, 1790 - Present." Economic History Services, October 2005, URL : http://www.eh.net/hmit/gdp/
1790
$48
$916
1791
$52
$944
1792
$53
$983
1793
$58
$1,031
1794
$70
$1,129
1795
$83
$1,164
1796
$87
$1,164
1797
$85
$1,150
1798
$82
$1,162
1799
$86
$1,206
1800
$91
$1,237
1801
$93
$1,252
1802
$79
$1,248
1803
$82
$1,228
1804
$87
$1,235
1805
$89
$1,259
1806
$95
$1,280
1807
$87
$1,245
1808
$94
$1,211
1809
$97
$1,269
1810
$97
$1,301
1811
$102
$1,316
1812
$101
$1,326
1813
$121
$1,358
1814
$130
$1,372
1815
$108
$1,342
1816
$94
$1,304
1817
$85
$1,297
1818
$79
$1,308
1819
$77
$1,309
1820
$73
$1,328
1821
$73
$1,351
1822
$78
$1,360
1823
$71
$1,364
1824
$69
$1,400
1825
$72
$1,421
1826
$74
$1,431
1827
$76
$1,433
1828
$73
$1,415
1829
$73
$1,431
1830
$78
$1,518
1831
$78
$1,591
1832
$82
$1,646
1833
$80
$1,647
1834
$82
$1,625
1835
$88
$1,664
1836
$95
$1,667
1837
$97
$1,639
1838
$97
$1,663
1839
$99
$1,666
1840
$91
$1,622
1841
$92
$1,603
1842
$87
$1,600
1843
$82
$1,623
1844
$86
$1,665
1845
$91
$1,715
1846
$98
$1,799
1847
$112
$1,870
1848
$109
$1,881
1849
$106
$1,855
1850
$110
$1,889
1851
$112
$1,972
1852
$122
$2,128
1853
$127
$2,226
1854
$139
$2,232
1855
$144
$2,254
1856
$142
$2,270
1857
$142
$2,218
1858
$136
$2,247
1859
$143
$2,346
1860
$137
$2,296
1861
$142
$2,277
1862
$174
$2,497
1863
$223
$2,624
1864
$270
$2,592
1865
$276
$2,606
1866
$246
$2,430
1867
$223
$2,418
1868
$213
$2,458
1869
$201
$2,473
1870
$195
$2,509
1871
$188
$2,573
1872
$196
$2,683
1873
$202
$2,824
1874
$191
$2,815
1875
$179
$2,726
1876
$178
$2,781
1877
$175
$2,804
1878
$172
$2,894
1879
$190
$3,188
1880
$206
$3,379
1881
$226
$3,708
1882
$231
$3,800
1883
$227
$3,808
1884
$212
$3,667
1885
$202
$3,552
1886
$208
$3,764
1887
$219
$3,944
1888
$227
$4,108
1889
$224
$4,169
1890
$240
$4,502
1891
$240
$4,459
1892
$250
$4,590
1893
$231
$4,242
1894
$208
$3,972
1895
$224
$4,313
1896
$218
$4,153
1897
$223
$4,256
1898
$248
$4,685
1899
$261
$4,884
1900
$272
$4,943
1901
$289
$5,112
1902
$305
$5,261
1903
$323
$5,317
1904
$314
$5,034
1905
$344
$5,480
1906
$362
$5,564
1907
$391
$5,649
1908
$342
$4,949
1909
$356
$5,169
1910
$362
$5,116
1911
$366
$5,200
1912
$392
$5,359
1913
$403
$5,462
1914
$368
$4,948
1915
$385
$5,011
1916
$487
$5,626
1917
$578
$5,418
1918
$735
$5,910
1919
$749
$5,883
1920
$830
$5,721
1921
$678
$5,483
1922
$667
$5,708
1923
$763
$6,350
1924
$762
$6,422
1925
$782
$6,475
1926
$826
$6,806
1927
$803
$6,777
1928
$808
$6,771
1929
$851
$7,105
1930
$741
$6,424
1931
$617
$5,965
1932
$470
$5,156
1933
$449
$5,061
1934
$522
$5,572
1935
$576
$6,027
1936
$654
$6,768
1937
$713
$7,072
1938
$663
$6,776
1939
$704
$7,264
1940
$768
$7,837
1941
$952
$9,098
1942
$1,209
$10,718
1943
$1,479
$12,447
1944
$1,654
$13,594
1945
$1,684
$13,483
1946
$1,587
$11,348
1947
$1,702
$10,976
1948
$1,843
$11,248
1949
$1,798
$10,995
1950
$1,943
$11,752
1951
$2,213
$12,491
1952
$2,301
$12,771
1953
$2,398
$13,141
1954
$2,360
$12,816
1955
$2,525
$13,467
1956
$2,615
$13,483
1957
$2,706
$13,506
1958
$2,696
$13,150
1959
$2,874
$13,848
1960
$2,925
$13,901
1961
$2,977
$13,990
1962
$3,152
$14,616
1963
$3,277
$15,036
1964
$3,472
$15,688
1965
$3,716
$16,489
1966
$4,028
$17,380
1967
$4,217
$17,647
1968
$4,564
$18,319
1969
$4,889
$18,698
1970
$5,091
$18,491
1971
$5,449
$18,850
1972
$5,917
$19,614
1973
$6,542
$20,541
1974
$7,031
$20,247
1975
$7,604
$20,009
1976
$8,389
$20,870
1977
$9,241
$21,617
1978
$10,332
$22,580
1979
$11,414
$23,037
1980
$12,276
$22,716
1981
$13,633
$23,061
1982
$14,051
$22,400
1983
$15,128
$23,199
1984
$16,678
$24,652
1985
$17,738
$25,444
1986
$18,585
$26,084
1987
$19,561
$26,725
1988
$20,875
$27,578
1989
$22,220
$28,286
1990
$23,247
$28,493
1991
$23,701
$28,067
1992
$24,707
$28,601
1993
$25,613
$28,981
1994
$26,878
$29,779
1995
$27,782
$30,163
1996
$29,017
$30,917
1997
$30,458
$31,922
1998
$31,709
$32,868
1999
$33,215
$33,939
2000
$34,785
$34,785
2001
$35,509
$34,677
2002
$36,337
$34,876
2003
$37,692
$35,423
2004
$39,797
$36,357
2005
$41,935
$37,110
2006
$44,071
$37,807
1790-1860 1860-1920 1920-2009
Population 3.02% 2.05% 1.20%
(percent per year in the new Davis index)
1790-1913 5.2
1790-1802 5.3
1802-1815 3.9
1815-1833 5.3
1833-1860 6.0
1860-1913 5.0
Growth of the US banking system
The US banking system grew rapidly in the early decades because US states, following Hamilton’s example with the Bank of the United States, discovered that it was in their fiscal interest to charter more and more banking corporations.
The expansion from the 1790s to the 1830s was, however, just a start.
US State-Chartered Banks: Numbers and Authorized Capital, by Region and Total, 1790-1835
(Capital in millions of dollars)
Region
1860 1,562 $ 0.7 billion
1896 9,469 7.5
1921 31,076 49.6
1970 14,187 611.3
2010 6,620 13,000.0
Compare and Contrast
Canada did not have chartered bank until 1817. It had 6 banks in 1830 and 16 in 1840.
Mexico did not have a chartered bank until 1863. It had 8 banks in 1883 and 46 in 1911.
In England, until 1825 all banks apart from the Bank of England had to be unlimited-liability partnerships with no more than six partners. By 1825 the US had 330 state banking corporations and a central bank with 25 branches carrying on interstate banking.
England, France, and Germany did not offer general incorporation to banks and other business until the latter half of the 19th century. By that time the US had thousands of corporations.
*
Corporations
Since 1790, the USA has led the world in developing the corporate form of business enterprise. Corporations have a number of advantages over other forms of business organization, as well as some disadvantages.
The financial revolution of the early 1790s was marked by a large increase (about 300) in the chartering of corporations by US states, the main chartering authorities.
By 1830, states had chartered 9,400 corporations.
By 1860, states had chartered 23-24,000 corporations under special legislative acts, and another 5-6,000 under new general incorporation laws. Total of ~ 30,000.
By 1920, the USA had 300,000 operating corporations; by 1960, more than one million; and by 2000, the number of corporations was nearly 5 million.
Securities Markets
In history, securities markets usually began with the trading of government debt securities.
These first securities markets then facilitated the trading of corporate equity and debt securities, giving liquidity to representations of fixed, long-term real investments. This encouraged real investment and capital formation.
Only a small number—today perhaps 10,000 of 5 million corporations—have tradable securities. But they are the largest corporations that produce most of the GDP.
The following slides show the early development of US securities markets and a 200 year-history of US stock market returns.
Securities Markets: City Listings in 1811
*
*
*
*
*
*
*
Financial crises
The 200-year history of US stock returns indicates the volatility of financial systems despite fairly steady long-term economic growth. Is this “creative destruction”?
Financial history is punctuated with crises. In the US case, these occurred in 1792, 1814, 1819, 1837, 1839-42, 1857, 1873, 1884, 1890, 1893, 1907, 1930-33, the 1970s (inflation), 1987-89, and 2007-09.
*
1792: Alexander Hamilton saves his financial revolution
US is in midst of a financial revolution, 1789-92, planned earlier and now executed by Alexander Hamilton, a founding father of the USA and the first Secretary of the Treasury.
Hamilton stabilizes public finances, restructures the US national debt, founds a central bank, and defines the convertible US dollar.
US States respond to the plan by chartering more banks and more business corporations.
Private actors respond to the plan by asking the States for banking and corporate charters, and by creating securities markets and stock exchanges (e.g.NYSE, 1792) to give liquidity to all the new securities that appeared in 1790-1792.
Markets crash in the panic of March 1792.
*
1792: Bubble, collapse, panic
--Fueled by increases in bank credit, partly from the new central bank, and a speculative cabal to corner a US debt issue, securities prices rose rapidly early in 1792 [see securities price chart—slide coming].
--Prices crashed in March, after banks stepped on the brakes and the cabal collapsed in default. Panic selling drove US 6s in New York from 126 on March 5 to 95 on March 20, a drop of 25% in two weeks.
*
*
Bank of the United States, Dec. 1791 to Mar. 1792
Date/BUS data
U.S. Sixes, Boston, New York, and Philadelphia
70
70
68.75
70
70
70
70
70
70
68.75
70
70
70
71
75
82.5
83.5
90
86.67
90
90
92.5
90
86.67
86.67
87.5
86.75
86.75
85
85
85
86.125
83.75
85
86.125
92.5
86.25
86.25
86.33
88.33
86.25
87.5
86
86.25
86.25
92.5
85
85
85
85
85
85
86.25
86.67
88
88
88
86
86
86
86
86
86
86.67
86
86
86
86
86
86
86
86
90
86
86
87.5
87.5
87.5
88
88
88.33
90
86
100
90
90
90
92.5
93.75
95
95
97.5
100
107.5
102.5
110.83
106.25
110.83
111.75
112.5
102.5
102.92
100
103.33
103.75
105
102.5
104.17
104.58
105.83
106.75
106.46
105.83
105.9375
106.25
106.35
105
102.5
105.9375
105.21
106.67
106.25
104.375
101.67
102.92
105
101.15
102.1875
105.42
105
103.54
103.02
105
101.67
102.5
102.5
102.08
102.1875
103.5
101.875
101.25
103.5
101.67
103.5
101.04
107.5
102.5
102.5
103.5
103.25
103.25
105
107.5
110
111.04
111.25
110
110
110
110.625
110.42
107.5
111.04
111.25
108.33
111.46
111.46
111.35
107.5
111.25
111.46
110.83
110
111.04
111.04
110.83
110
110.1
110
111
108.75
108.96
110
108.85
109.07
108.75
109
108.75
109.58
115.42
108.75
111.25
110.83
110.83
111
110
111
112.5
111.35
111.67
113.125
114.17
111.67
114.58
112.5
115
110.21
111.25
111.5
113.75
113.75
115
116.67
116.67
118.75
120
125
123.75
123.67
128.75
125
118.75
128.75
127.5
126.5
120.625
125.5
123
120.83
114.375
120.52
120.9375
120
121.04
120
119.8
121.5
115.42
120
120.83
121.04
122.5
121.875
122.71
126.25
123.5
125.83
121.25
118.125
125
116.04
117.6
116.25
110
112.5
112.5
109.17
110
106.67
120
110
108.33
95
110
100.21
106.67
98.75
103.33
103.33
105
105
108.3333333333
104.17
105
99.58
105
100
100
100
100
100
105
101.6666666667
105
100.4167
105
106.25
107.5
108.33
110
110
112.5
112.5
112.5
112.5
110
111.25
110.83
110
110
107.92
105
108.75
105
106.67
106.67
105
105
105
106.25
106.67
106.67
110
106.25
106.67
106.67
107.5
107.5
110
110
108.75
108.75
108.75
110
110
110
110
110
110.83
111.25
110.83
110
109.67
110
110
110
110
110
110
110
110
108.75
108.54
108.75
108.75
107.92
107.5
107.5
108.33
107.5
106.67
107.5
107.5
106.67
106.67
105
106.67
105.83
105.83
106.25
106.25
107.5
106.25
106.25
109.17
106.25
105
105
106.25
105.83
105
103.75
102.5
101.25
101.25
99.17
100.83
100
100
100
102.5
100
U.S. Sixes in Three Markets During the Panic of 1792
115
116.67
116.67
118.75
120
125
123.75
123.67
128.75
125
118.75
128.75
127.5
126.5
120.625
125.5
123
120.83
114.375
120.52
120.9375
120
121.04
120
119.8
121.5
115.42
120
120.83
121.04
122.5
121.875
122.71
126.25
123.5
125.83
121.25
118.125
125
116.04
117.6
116.25
110
112.5
112.5
109.17
110
106.67
120
110
108.33
95
110
100.21
106.67
98.75
103.33
103.33
105
105
108.3333333333
104.17
105
99.58
105
100
100
100
100
100
105
101.6666666667
105
100.4167
105
106.25
107.5
108.33
110
110
112.5
112.5
112.5
112.5
110
111.25
110.83
110
110
107.92
105
108.75
105
U.S. Sixes, Boston Prices
U.S. Threes and Deferred, Boston Prices
36.25
30
37.08
30
50
42.5
46.67
46.67
45
47.92
47.5
47.92
46.25
45.83
46.25
45.83
47.5
47.5
61.67
61.25
62.5
62.5
60
60
62.5
65
62.5
65
66.25
66.25
70
70
70
72.0833333333
69.16667
72.5
62.5
67.5
58.3333333333
60.8333333333
58.3333
60.16667
65
71.6666666667
64.1666666667
66.6666666667
63.75
66.6666666667
65
67.5
65
67.5
62.5
65.8333333333
61.6666666667
65
57.5
61.6666666667
Boston
Date/Security
Bank of Massachusetts Bid
Bank of Massachusetts Asked
Final Settlements Bid
Final Settlements Asked
New Bridge Rights Bid
New Bridge Rights Asked
82.5
86.67
86.67
110.83
110.83
102.5
102.92
103.33
103.75
105
104.17
104.58
105.83
106.46
105.83
105.9375
106.35
105.9375
105.21
106.67
104.375
101.67
102.92
101.15
102.1875
105.42
103.54
103.02
101.67
102.5
102.08
102.1875
101.875
101.25
101.67
101.04
111.04
111.25
110.625
110.42
111.04
111.25
111.46
111.46
111.35
111.25
111.46
110.83
111.04
111.04
110.83
110.1
110
108.75
108.96
108.85
109.07
108.75
108.75
109.58
115.42
110.83
110.83
110
112.5
111.35
113.125
114.17
114.58
115
110.21
125
120.625
120.83
114.375
120.52
120.9375
121.04
120
119.8
115.42
120.83
121.04
121.875
122.71
126.25
125.83
121.25
118.125
116.04
117.6
116.25
112.5
112.5
109.17
106.67
108.33
95
100.21
98.75
103.33
103.33
105
104.17
99.58
100
106.67
107.5
110.83
111.25
109.67
110
110
108.54
107.92
108.33
107.5
105
105.83
107.5
109.17
105.83
102.5
99.17
100
U.S. Threes and Deferred, New York Prices
42.08
36.25
42.5
41.67
42.5
41.67
65
65.83
65.21
67.29
61.67
70
61.04
62.92
61.25
61.25
61.875
63.02
62.08
63.33
61.875
61.25
62.08
60.83
62.71
60.42
62.29
61.25
62.5
60.3125
61.25
60
61.875
59.8
62.29
57.71
58.85
54.375
56.875
55.1
59.17
61.46
62.08
58.125
55
58.33
59.17
61.25
57.5
60.1
57.5
60
61.67
56.25
60.9375
64.9
66.25
65.83
66.04
64.375
63.96
63.96
63.96
66.46
63.75
66.67
63.75
64.58
63.75
66.46
63.85
66.25
63.75
66.04
66.25
63.54
66.67
63.75
66.04
62.5
62.5
61.67
64.58
64.375
62.92
64.17
63.75
64.17
65
63.75
65
64.17
63.75
66.04
66.67
66.875
65.83
63.75
65.3125
65.42
65.21
66.04
66.67
66.25
66.15
66.04
66.35
74.79
74.48
72.8125
74.58
71.98
71.56
75
71.15
75
70.21
70
70
75
69.8
74.375
70
74.8
74.8
71.46
75
71.25
74.17
70.21
72.5
72.5
69.8
73.75
68.75
73.23
66.67
65.42
68.33
65.625
73.33
64.17
67.29
63.75
74.17
60
60
64.375
62.29
67.4
66.67
61.67
70
57.5
59.9
60
61.46
55.42
62.5
60
63.33
60
61.67
65
63.75
60.42
62.08
58.75
56.67
57.92
63.75
65.83
64.17
66.67
66.46
68.96
66.875
69.375
65.83
68.75
66.46
69.17
66.46
69.17
65.83
68.54
65
67.5
65
67.92
63.33
66.67
61.67
66.25
62.08
66.67
62.5
67.5
61.25
65.83
61.25
65.83
60
62.5
58.75
61.67
59.58
62.5
BONY
1790.1013
1790.1031
1790.1115
1790.113
1790.1218
1790.1223
1791.0101
1791.0806
1791.0809
1791.081
1791.0812
1791.0813
1791.0816
1791.0817
1791.0818
1791.0819
1791.082
1791.0822
1791.0823
1791.0824
1791.0825
1791.0826
1791.0827
1791.0829
1791.083
1791.0831
1791.0901
1791.0902
1791.0903
1791.0905
1791.0906
1791.0907
1791.0908
1791.0909
1791.091
1791.0912
1791.0913
1791.0914
1791.0915
1791.0916
1791.0917
1791.0919
1791.092
1791.0921
1791.0922
1791.0923
1791.0926
1791.0927
1791.0928
1791.093
1791.1025
1791.1028
1791.1029
1791.1101
1791.1102
1791.1103
1791.1104
1791.1105
1791.1107
1791.1108
1791.1109
1791.111
1791.1111
1791.1112
1791.1114
1791.1115
1791.1116
1791.1117
1791.1118
1791.1121
1791.1122
1791.1123
1791.1124
1791.1125
1791.1126
1791.1128
1791.1129
1791.113
1791.1201
1791.1202
1791.1206
1791.1207
1791.1208
1791.121
1791.1213
1791.1214
1791.1215
1791.1217
1791.1219
1791.122
1792.0116
1792.0128
1792.0208
1792.0216
1792.0218
1792.022
1792.0221
1792.0222
1792.0223
1792.0224
1792.0225
1792.0227
1792.0228
1792.0229
1792.0301
1792.0302
1792.0303
1792.0305
1792.0306
1792.0307
1792.0308
1792.0309
1792.031
1792.0312
1792.0313
1792.0314
1792.0315
1792.0316
1792.0317
1792.0319
1792.032
1792.0321
1792.0324
1792.0326
1792.0327
1792.0328
1792.0329
1792.033
1792.0331
1792.0402
1792.041
1792.043
1792.0517
1792.0531
1792.0615
1792.063
1792.0715
1792.0723
1792.0731
1792.0803
1792.0804
1792.0905
1792.0912
1792.0919
1792.0926
1792.1003
1792.101
1792.1017
1792.1024
1792.1031
1792.1107
1792.1114
1792.1121
1792.1128
1792.1205
1792.1212
1792.1219
1792.1226
BONY
Date
148
146.5
148
147
136.5
130
122.5
117
117
120.25
138
127
128.25
130
130
126
128.5
128
119.25
118.5
126.5
120
119
102.5
122.25
121.5
131.5
154.25
157
140
140
130
132
134
134
133
134.5
134.5
134.5
134
131
128
125
126
128
126
125
122
120
118
a
1790.1013
60.83
61.67
35.42
35.83
40
1790.1031
1790.1115
1790.1130
1790.1218…
Welcome message from author
In England, until 1825 all banks apart from the Bank of England had to be unlimited-liability partnerships with no more than six partners. By 1825 the US had 330 state banking corporations and a central bank with 25 branches carrying on interstate banking.England, France, and Germany did not offer general incorporation to banks and other business until the latter half of the 19th century. By that time the US had thousands of corporations.The US had 80 banks and branches by 1805, 600 by 1835, 1,600 by 1860, and 25,000 by 1910. In 1913, the US had at least 30% of the total bank deposits of the entire world, and at least 36% of commercial bank deposits--far more than any other country.