Profit and duty in the Second Bank of the United States' exchange operations
AbstractThe Second Bank of the United States (1816 36) faced a potential trade-off between the private profits it was expected to produce for shareholders and the free yet costly fiscal services it was mandated to provide to the Federal government during an era of westward expansion and primitive transportation networks. This article shows that the bank s large-scale dealings in domestic and foreign exchange transformed this potential trade-off into a positive synergy between the bank s private and public obligations. The bank was financially successful because it found a market niche the provision of interregional and international payment services whose exploitation had the added virtue of reducing the cost to the bank of being the Treasury s fiscal agent.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Cambridge University Press in its journal Financial History Review.
Volume (Year): 10 (2003)
Issue (Month): 01 (April)
Contact details of provider:
Postal: The Edinburgh Building, Shaftesbury Road, Cambridge CB2 2RU UK
Fax: +44 (0)1223 325150
Web page: http://journals.cambridge.org/jid_FHRProvider-Email:firstname.lastname@example.org
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Bordo, Michael D., 2006.
"Review of A History of the Federal Reserve. Volume I (2003) by Allan H. Meltzer,"
Journal of Monetary Economics,
Elsevier, vol. 53(3), pages 633-657, April.
- Michael D. Bordo, 2005. "Review of A History of the Federal Reserve. Volume 1 (2003) by Allan H. Meltzer," NBER Working Papers 11714, National Bureau of Economic Research, Inc.
- Bordo, Michael D., 2012. "Could the United States have had a better central bank? An historical counterfactual speculation," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 597-607.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.