Alexander Hamilton, Central Banker: Crisis Management during the U.S. Financial Panic of 1792

  title={Alexander Hamilton, Central Banker: Crisis Management during the U.S. Financial Panic of 1792},
  author={Richard Eugene Sylla and Robert E. Wright and David J. Cowen},
  journal={Business History Review},
  pages={61 - 86}
Most scholars know little about the panic of 1792, America's first financial market crash, during which securities prices dropped nearly 25 percent in two weeks. Treasury Secretary Alexander Hamilton adroitly intervened to stem the crisis, minimizing its effect on the nascent nation's fragile economic and political systems. U.S. policymakers soon forgot the crisis-management techniques Hamilton invented but failed to codify. Many of them were later rediscovered and became theoretical and… 

Banking Fragility, United States, 1790–2009

United States Bank Rescue Politics, 2008–2009: A Business Historian's View*

  • M. Rose
  • History, Economics
    Enterprise & Society
  • 2009
First I describe my background in American historical scholarship. Thereafter, I assess the efforts of Presidents George W. Bush and Barack H. Obama and their senior advisors to stabilize American

“Never Did I See So Universal a Frenzy”: The Panic of 1791 and the Republicanization of Philadelphia

Abstract: In the late summer and early fall of 1791, the United States experienced its first financial panic. With public confidence in the constitutional regime already low, the Hamilton Treasury

Debt Is the Price of Liberty

  • Paul L. Winfree
  • Economics
    A History (and Future) of the Budget Process in the United States
  • 2019
The early period covering the first presidential administrations was defined by a government of divided set of responsibilities and new powers to enhance the nation’s public credit. Debt was

Different lessons For Europe from American financial history–a counterpoint to Mr. Gaspar*

Abstract Sovereign debt restructuring played a key role in placing the US federal government on a sound financial footing under its new Constitution in 1789. State governments in the US, like

Financial Development and Financial Crises: Lessons from the Early United States

The financial history of the United States is unique in that it includes multiple experiments with currency and banking systems that were accompanied by the rapid emergence of financial markets. This

Current Federal Reserve Policy Under the Lens of Economic History: Politics on the Road to the U.S. Monetary Union

Is it possible to have a successful monetary union without a political one? It would seem that the early United States is a leading example from history of political union as a precondition for

The Wealth Effect

The politics of major banking crises has been transformed since the nineteenth century. Analyzing extensive historical and contemporary evidence, Chwieroth and Walter demonstrate that the rising

Crises, Financial Leadership, and the Six Stretches for Financial Education

The former dean of the University of Virginia's Darden School explores how business schools must adapt to prepare future business leaders to assume the leadership responsibilities necessary to

The evolution of bank bailout policy: two centuries of variation, selection and retention

Why has the policy of state-backed bank bailouts emerged as the de facto global response by governments to crises involving systemic bank risk? This question has salience in the context that while



Manias, Panics and Crashes: A History of Financial Crises

1. Financial Crisis: A Hardy Perennial 2. Anatomy of a Typical Crisis 3. Speculative Manias 4. Fueling them Flames: The Expansion of Credit 5. The Critical Stage: Pricking the Bubble 6. Euphoria and

A History of Central Banking in Great Britain and the United States

Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in

The First Bank of the United States and the Securities Market Crash of 1792

In 1791 the $10 million capitalization of the First Bank of the United States was vastly greater than the combined capital of all other banks. The Bank had an enormous impact on the economy within

An Annual Index of U. S. Industrial Production, 1790–1915

As a remedy for the notorious deficiency of pre-Civil War U. S. macroeconomic data, this study introduces an annual index of American industrial production consistently defined from 1790 until World

The Aftermath of Hamilton's “Report on Manufactures”

  • D. Irwin
  • History
    The Journal of Economic History
  • 2004
Alexander Hamilton's “Report on Manufactures” (1791) is a classic document of U.S. economic policy, but its fate in Congress is not well known. It is commonly believed that the report was never

The origins and development of financial markets and institutions : from the seventeenth century to the present

List of figures List of tables List of contributors 1. Financial innovations and crises: the view backwards from Northern Rock Jeremy Atack 2. An economic explanation of the early Bank of Amsterdam,

One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe

Like its current citizens, the United States was born in debt-a debt so deep that it threatened to destroy the young nation. Thomas Jefferson considered the national debt a monstrous fraud on

Devil Take the Hindmost: A History of Financial Speculation

This is a challenging history of the role of financial speculation from early modern times to the end of the 20th century. Focusing on speculation as it developed in the world's leading stock

The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850

1. Introduction: The Wealth of Nations and national wealth 2. The international and colonial background of America's financial revolution 3. Banks, securities markets, and the reduction of asymmetric