By Steven H. Jaffe, Jessica Lautin
From innovative period financial institution notes to the 2008 monetary cave in, Capital of Capital explores how ny urban gave upward push to a banking that during flip made the yankee and international economies. Capital of Capital additionally examines the often contentious evolution of the banking enterprise, its position in making manhattan urban a global fiscal middle, and its effect on America’s politics, society, and culture.
Based on an enormous exhibition on the Museum of the town of recent York, Capital of Capital positive aspects the major leaders of banking, together with Alexander Hamilton and J. P. Morgan, in addition to its critics, equivalent to Louis Brandeis and the Occupy Wall road protesters. The publication additionally covers the main occasions and controversies that experience formed the background of banking and incorporates a interesting array of basic fabrics starting from antebellum financial institution notes and ledgers to early charge cards and ads.
Lavishly illustrated, Capital of Capital offers a multifaceted, unique figuring out of the profound influence of banking at the lifetime of manhattan urban and the world’s economic system.
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Additional info for Capital of Capital: Money, Banking, and Power in New York City, 1784-2012
The city’s commercial banks played a role in each of these developments, discounting merchants’ notes, putting dividends in the accounts of shareholders who invested them in trade, and renewing loans for businessmen engaged in long-distance commerce. Those banks, moreover, were helping to turn Wall Street into the city’s ﬁnancial center. In 1793 the new Tontine Coﬀee House at the corner of Wall and Water Streets had replaced the Merchant’s Coﬀee House as the city’s mercantile exchange and the site where brokers traded bank and government paper.
It is our sport to agonize employed by the rise of industrial production them. ” But methods. Waterman Ormsby himself acquired whether or not he took bribes, Thompson’s a reputation for supplementing his legitimate careers as a publisher and as a note broker were work by engraving counterfeits. Furthermore, rife with conﬂicts of interest. In general, bank the easy availability of used plates and dies sold note reporters proﬁted from the ﬁnancial chaos 44 MAKING MONEY uu The Marble Manufacturing Company of the City of New York Twenty-Dollar Note, 1826.
9 tion, it was hard to tell what was real and what As workshops and artisans gave way to was not. By the 1850s, counterfeiters produced factories and wage laborers in the rapidly indus- currency often as technologically advanced and trializing city, some New Yorkers discovered widely circulated as legitimate bank notes. The that banks were not the only ones who could put New York City engraver Waterman Ormsby had money into circulation. In the slums of the Five come to believe that only by abandoning indus- Points and the dance halls and saloons of the trial production completely could the bank note Bowery, counterfeiters ﬂourished, often employ- industry halt the rapid proliferation of coun- ing the same engravers as legitimate bank note terfeit currency.
Capital of Capital: Money, Banking, and Power in New York City, 1784-2012 by Steven H. Jaffe, Jessica Lautin