IDEAS home Printed from https://ideas.repec.org/a/cup/jechis/v58y1998i03p714-730_02.html
   My bibliography  Save this article

The Demise of Central Banking and the Domestic Exchanges: Evidence from Antebellum Ohio

Author

Listed:
  • Knodell, Jane

Abstract

This article describes the institutional transition from a centrally managed interregional payments system to an unmanaged, decentralized one after President Andrew Jackson's veto of the rechartering of the Second Bank of the United States, and evaluates the effect on the level and variability of exchange rates. Comparison of the reduction in specie points, driven by falling transportation and insurance costs, with the reduction in exchange rates in two Ohio cities over the period from 1830 to 1859 lends support to the article's conclusion that decentralization was one cause of higher and more volatile inland exchange rates.

Suggested Citation

  • Knodell, Jane, 1998. "The Demise of Central Banking and the Domestic Exchanges: Evidence from Antebellum Ohio," The Journal of Economic History, Cambridge University Press, vol. 58(3), pages 714-730, September.
    • Handle: RePEc:cup:jechis:v:58:y:1998:i:03:p:714-730_02
    as

    Download full text from publisher

    File URL: https://www.cambridge.org/core/product/identifier/S0022050700021136/type/journal_article
    File Function: link to article abstract page
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. John A. James & David F. Weiman, 2010. "From Drafts to Checks: The Evolution of Correspondent Banking Networks and the Formation of the Modern U.S. Payments System, 1850–1914," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(2‐3), pages 237-265, March.
    2. John A. James & David F. Weiman, 2007. "The Political Economy of the US Monetary Union: The Civil War Era as a Watershed," American Economic Review, American Economic Association, vol. 97(2), pages 271-275, May.
    3. Landon-Lane, John & Rockoff, Hugh, 2007. "The origin and diffusion of shocks to regional interest rates in the United States, 1880-2002," Explorations in Economic History, Elsevier, vol. 44(3), pages 487-500, July.
    4. Stephen F. Quinn & William Roberds, 2008. "The evolution of the check as a means of payment: a historical survey," Economic Review, Federal Reserve Bank of Atlanta, vol. 93(4).
    5. Jane Knodell, 2013. "The nation-building purposes of early US central banks," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(3), pages 288-299, January.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cup:jechis:v:58:y:1998:i:03:p:714-730_02. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kirk Stebbing (email available below). General contact details of provider: https://www.cambridge.org/jeh .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.