IDEAS home Printed from
   My bibliography  Save this article

The role of private bankers in the US payments system, 1835-1865


  • Knodell, Jane


This article examines the formation, function and economics of unincorporated, or private, bankers' networks in long-distance payments during the 20 years leading up to the Civil War. Using historical evidence from both the center and the periphery, I find that the private bankers' networks played an important role in the interregional circulation of currency and in the issuance and clearing of deposits and drafts. In the 1850s, as the private bankers' networks were adapted to the mobilization of long-term financial capital, their role in long-distance payments began to diminish. This pattern of specialization was reinforced by the financing of the northern government's effort in the war of the states.

Suggested Citation

  • Knodell, Jane, 2010. "The role of private bankers in the US payments system, 1835-1865," Financial History Review, Cambridge University Press, vol. 17(02), pages 239-262, October.
  • Handle: RePEc:cup:fihrev:v:17:y:2010:i:02:p:239-262_00

    Download full text from publisher

    File URL:
    File Function: link to article abstract page
    Download Restriction: no

    More about this item


    Access and download statistics


    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:fihrev:v:17:y:2010:i:02:p:239-262_00. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters). General contact details of provider: .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.