The Fog of War: Jackson, Biddle and the Destruction of the Bank of the United States

Mihm, Stephen

doi:10.1002/9781118290767.ch17

A Companion to the Era of Andrew Jackson 2013

DOI: 10.1002/9781118290767.ch17

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The Fog of War: Jackson, Biddle and the Destruction of the Bank of the United States

Stephen Mihm

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2024

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Cited by 4 publications

References 10 publications

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Trade Acceptances, Financial Reform, and the Culture of Commercial Credit in the United States, 1915–1920

Myles

2023

Enterp. Soc.

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This article examines the nationwide campaign by financial reformers in the 1910s to convince businesses across the United States to abandon established commercial credit practices and use trade acceptances—the quintessential “real bill”—in their stead. The creation of the Federal Reserve System (Fed) and the outbreak of World War I offered a powerful coalition of campaigners the opportunity to forcefully argue that by capitalizing open account credit, trade acceptances fostered good business practices and stabilized the banking and financial systems. These campaigners relied on trade associations to disseminate, and the federal government to legitimize, their message. While some firms obliged, many businesses and banks criticized the campaigners’ arguments, casting trade acceptances as a means of financial centralization and as being contrary to the American culture of credit. Trade acceptances did not supplant promissory notes or trade in the open market and were rarely used by banks to access Fed liquidity. Instead, their legacy lies in their adoption by finance companies in the hope of securing financing for the distribution and mass consumption of consumer durables.

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Trade Acceptances, Financial Reform, and the Culture of Commercial Credit in the United States, 1915–1920

Myles

2023

Enterp. Soc.

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Hamilton Based the Central Banking of the U.S. Bank upon the Notion that there is No Political Independence without Economic Independence

Phillips

2024

Journal of Economic Issues

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Funding the Bank War: Nicholas Biddle and the public relations campaign to recharter the second bank of the U.S., 1828–1832

Campbell

2016

American Nineteenth Century History

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The Fog of War: Jackson, Biddle and the Destruction of the Bank of the United States

Cited by 4 publications

References 10 publications

Trade Acceptances, Financial Reform, and the Culture of Commercial Credit in the United States, 1915–1920

Trade Acceptances, Financial Reform, and the Culture of Commercial Credit in the United States, 1915–1920

Hamilton Based the Central Banking of the U.S. Bank upon the Notion that there is No Political Independence without Economic Independence

Funding the Bank War: Nicholas Biddle and the public relations campaign to recharter the second bank of the U.S., 1828–1832

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