By John A. James
Postbellum monetary switch within the usa required an effective process through which capital can be transferred to parts the place it used to be fairly scarce. In assessing the constitution that advanced to satisfy this want, John James offers a brand new and convincing rationalization of the forces underlying the mixing of separate and native funds markets to shape a countrywide market.
to appreciate the position of economic markets in the course of the interval, the writer examines the associations and operations of the banking procedure intimately. not like the now-prevailing view between students, Professor James reveals that the banking procedure was once rather adaptable in responding to institutional constraints, and he focuses particularly at the position of the correspondent banking procedure. the second one a part of his e-book assesses the functionality of the marketplace and the forces selling switch through the interval. Drawing on a brand new and extra conscientiously derived set of rates of interest, the writer exams competing hypotheses to give an explanation for integration and advances a extra passable substitute thought. He bargains the 1st smooth research of yankee monetary associations of the interval among the Civil warfare and the institution of the Federal Reserve procedure. In so doing, he provides to our wisdom of the old position of finance and capital in fiscal development.
Originally released in 1978.
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Fogel and S. , Reinterpretation of American Economic History (New York: Harper & Row, 1971), p. 393; Davis, "The Investment Market," p. 369. Figure 4. Interregional Short-Term Interest Rate Differentials with Region I, Country Banks. YEAR REG VI REG V REG IV REG I I I REG I I Brought to you by | Cambridge University Libra Authenticated Download Date | 6/18/16 3:36 PM DIFFERENTIAL INTEREST RATE INTRODUCTION narrow the gap with New England significantly in the late 1890s. By 1900 North Central and New England rates are virtually equal; after 1900 the difference is always less than 1 percentage point.
We may note that the movements in our real interest rate series correlate fairly well with, the pattern of long swings or Kuznets cycles. In the period 1888-1911 the pattern of long swings shows a peak in 1892, a trough in 1896, and a peak in 1907. In the real and nominal series we see a high point in the early 1890s. However, the trough in the nominal series comes around 1896, but in the real series, not until around 1900. The next peak, in 1907, shows up quite distinctly in every region in the real series, but no upward movement at all is evident in the nominal series around that date.
Nevertheless, even though adequate measures of the spread of deposit banking are difficult to construct, it is clear that the use of checks and deposit banking were spreading rapidly. Even in the early part of the nineteenth century, the amount of deposits of banks in commercial centers almost consistently was greater than the volume of their notes in circulation,20 and the practice spread from urban areas into the countryside during the antebellum period. 21 This increasing use of de19 Richard Keehn, "Federal Bank Policy, Bank Market Structure, and Bank Performance: Wisconsin, 1863-1914," Business History Review, XLVIII (Spring 1974), pp.