America's First Great Constitutional Controversy: Alexander Hamilton's Bank of the United States

Reid, Charles J.

doi:10.2139/ssrn.2841459

Cited by 2 publications

(3 citation statements)

References 92 publications

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“…While the ABA continued its formal opposition to postal savings, it considered (but did not adopt) a recommendation for an alternative postal savings law to the ones being considered by Congress (American Banking Association, 1909: 119). One of the primary reasons that the First and Second Banks of the United States were not renewed was that many in Congress saw them as unconstitutional (Reid, 2016). Charitable organizations filed dozens of petitions with Congress advocating for the establishment of postal savings.…”

Section: Legislative Historymentioning

confidence: 99%

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An Empirical History of the US Postal Savings System

2020

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Seeking to reach the unbanked, the US Postal Savings System provided a federally insured savings alternative to traditional banks. Using novel data sets on postal deposits, demographic characteristics, and banks, we study how and by whom the system was used. We find the program was initially used by nonfarming immigrant populations for short-term saving, then as a safe haven during the Great Depression, and finally as long-term investments for the wealthy during the 1940s. Postal Savings was only a partial substitute for traditional banks, as locations with banks often still heavily used Postal Savings.

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Section: Legislative Historymentioning

confidence: 99%

“… 3 One of the primary reasons that the First and Second Banks of the United States were not renewed was that many in Congress saw them as unconstitutional (Reid, 2016). …”

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confidence: 99%

An Empirical History of the US Postal Savings System

2020

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“…While the ABA continued its formal opposition to Postal Savings, it considered (but did not adopt) a recommendation for an alternative postal savings law to the ones being considered byCongress (Commercial and Financial Chronicle, 1909, Pg. 119).3 One of the primary reasons that the First and Second Banks of the United States were not renewed was that many in Congress saw them as unconstitutional(Reid, 2016).4 Charitable organizations filed dozens of petitions with Congress advocating for the establishment of postal savings. For example, a petition with over 600,000 signatures collected by The Chicago Record was presented to Congress in 1898 (Columbus Republican, 1898).…”

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confidence: 99%

An Empirical History of the United States Postal Savings System

2018

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Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau not those of the National Bureau of Economic Research. The research in this paper does not use any confidential Census Bureau data.NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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America's First Great Constitutional Controversy: Alexander Hamilton's Bank of the United States

Cited by 2 publications

References 92 publications

An Empirical History of the US Postal Savings System

An Empirical History of the US Postal Savings System

An Empirical History of the United States Postal Savings System

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