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Left: One of my favorite, relatively unknown sources: BUS Directors Report, 1833.
Within the vast historiography of the Bank War, I have almost never come across citations to the primary source on the left side of your screen. They say a magician never reveals his tricks. I have to balance this against my general disposition toward open access. So I've resolved this tension by giving you a snippet. This is a wonderfully illuminating source. It details the psychology of the Bank's board of directors and the arguments they constructed, some of which were more persuasive and honest than others, in defending their institution. For any students of the Bank War, I highly encourage you to find this on your own. After all, one can only cite Biddle's famous phrase about the power of the BUS over state banks so many times! Personal Photographs. Collection of Independence National Historical Park, Philadelphia, PA |
Selection of Political Correspondence
• Samuel B. Barrell to James Watson Webb, February 6, 1832, in James Watson Webb Papers, Yale University Library
• Albert H. Tracy to Thurlow Weed, July 26, 1834, in Thurlow Weed Papers, Rush Rhees Library, University of Rochester
• William Duane to Jesse Hoyt, August 24, 1832, in Duff Green Papers, Southern Historical Collection, UNC-Chapel Hill
• B.B. Johnson to Francis P. Blair, October 4, 1831, in Blair-Lee Papers, Firestone Library, Princeton University
• George M. Dallas to Henry D. Gilpin, January 15, 1832, in George M. Dallas Papers, Historical Society of Pennsylvania
• Amos Kendall to Joseph Desha, April 9, 1831, in Joseph Desha Papers, Library of Congress
• Samuel B. Barrell to James Watson Webb, February 6, 1832, in James Watson Webb Papers, Yale University Library
• Albert H. Tracy to Thurlow Weed, July 26, 1834, in Thurlow Weed Papers, Rush Rhees Library, University of Rochester
• William Duane to Jesse Hoyt, August 24, 1832, in Duff Green Papers, Southern Historical Collection, UNC-Chapel Hill
• B.B. Johnson to Francis P. Blair, October 4, 1831, in Blair-Lee Papers, Firestone Library, Princeton University
• George M. Dallas to Henry D. Gilpin, January 15, 1832, in George M. Dallas Papers, Historical Society of Pennsylvania
• Amos Kendall to Joseph Desha, April 9, 1831, in Joseph Desha Papers, Library of Congress
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Philosophical Treatises written by Financial Theorists
● Nathan Appleton, An Examination of the Banking System of Massachusetts (1831) ● William Gouge, A Short History of Paper Money and Banking in the United States (1833) ● Condy Raguet, A Treatise on Currency and Banking (1839) ● George Tucker, The Theory of Money and Banks Investigated (1839) |
Click here for the federal budget of 1831. I bet you didn't know 86% of federal revenue came from tariffs!
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Government Documents -- Congressional Reports from the Serial Set
● H. R. Rept. No. 460, 22nd Congress, 1st Session, Serial Volume 227 (April 30, 1832)
● S. Doc. No. 17, 23rd Congress, 2nd Session, Serial Volume 267, Part 1 (December 18, 1834)
● H. R. Rept. No. 849, 24th Congress, 1st Session, Serial Volume 295 (July 2, 1836)
● H. R. Rept. No. 460, 22nd Congress, 1st Session, Serial Volume 227 (April 30, 1832)
● S. Doc. No. 17, 23rd Congress, 2nd Session, Serial Volume 267, Part 1 (December 18, 1834)
● H. R. Rept. No. 849, 24th Congress, 1st Session, Serial Volume 295 (July 2, 1836)
US Bank note, 1819 (American Antiquarian Society)
Selection of Newspapers
Globe (Washington, DC), January 31, 1835
National Intelligencer (Washington, DC), November 10, 1831
Niles' Weekly Register (Baltimore, MD), September 28, 1833
Jeffersonian Republican (Jefferson City, MO), November 8, 1834
New York Spectator, March 24, 1834
Morning Courier and Enquirer (New York), November 30, 1829
Globe (Washington, DC), January 31, 1835
National Intelligencer (Washington, DC), November 10, 1831
Niles' Weekly Register (Baltimore, MD), September 28, 1833
Jeffersonian Republican (Jefferson City, MO), November 8, 1834
New York Spectator, March 24, 1834
Morning Courier and Enquirer (New York), November 30, 1829
Right: Pie Chart Showing the Average Percentage of Domestic Bills of Exchange Purchased at Each Branch Office According to Region, 1832. The chart shows the Bank's economic influence in the South and West.
Are you interested in learning more about bills of exchange? Check out my personal blog entry on the topic, as well as the guest post I wrote for the Junto blog
Are you interested in learning more about bills of exchange? Check out my personal blog entry on the topic, as well as the guest post I wrote for the Junto blog
Because the number of bills purchased at the various BUS branch offices tended to vary widely according to season, it made sense to calculate an average percentage based on several data points throughout a single year. According to financial statements presented in congressional reports, some of which included the bank’s quarterly reports, 1832 contains the most complete financial information, including the number of bills purchased at each branch office. By combining data from three different congressional reports, one can compile seven different data points. Averaging these data points is thus intended to smooth out seasonal variations. The data points are January 1, 1832; February/March 1832; April 1, 1832; July 1, 1832; October 1, 1832; November 1, 1832; and January 1, 1833. Calculations performed by author.
Definition of Regions: For the purposes of this pie chart, the BUS branch offices were divided into the following regions: (1) Mid-Atlantic: Philadelphia, New York, Baltimore, Washington, and Utica; (2) New England: Portland, Portsmouth, Boston, Providence, Hartford, and Burlington; (3) Southeast: Richmond, Norfolk, Fayetteville, Charleston, and Savannah; (4) West: St. Louis, Cincinnati, Pittsburgh, and Buffalo; and (5) Southwest: Nashville, Louisville, Lexington, Mobile, Natchez, and New Orleans.
Definition of Regions: For the purposes of this pie chart, the BUS branch offices were divided into the following regions: (1) Mid-Atlantic: Philadelphia, New York, Baltimore, Washington, and Utica; (2) New England: Portland, Portsmouth, Boston, Providence, Hartford, and Burlington; (3) Southeast: Richmond, Norfolk, Fayetteville, Charleston, and Savannah; (4) West: St. Louis, Cincinnati, Pittsburgh, and Buffalo; and (5) Southwest: Nashville, Louisville, Lexington, Mobile, Natchez, and New Orleans.
Personal Photograph. Courtesy of the American Antiquarian Society, Worcester, MA