Skip to main content
×
Home
    • Aa
    • Aa
  • Get access
    Check if you have access via personal or institutional login
  • Cited by 14
  • Cited by
    This article has been cited by the following publications. This list is generated based on data provided by CrossRef.

    Pickford, Benjamin 2016. Toward a Fungible Scrip: Orestes Brownson’s <i>Boston Quarterly Review</i> and the Valuation of American Literature. Open Library of Humanities, Vol. 2, Issue. 1, p. 2.


    Rousseau, Peter L. 2016. The Politics of Financial Development: A Review of Calomiris and Haber'sFragile by Design†. Journal of Economic Literature, Vol. 54, Issue. 1, p. 208.


    Zhang, Qunzhi Sornette, Didier Balcilar, Mehmet Gupta, Rangan Ozdemir, Zeynel Abidin and Yetkiner, Hakan 2016. LPPLS bubble indicators over two centuries of the S&P 500 index. Physica A: Statistical Mechanics and its Applications, Vol. 458, p. 126.


    Atkins, Jonathan M. 2014. A Companion to the Antebellum Presidents 1837-1861.


    Calomiris, Charles W. 2013. Handbook of Key Global Financial Markets, Institutions, and Infrastructure.


    JAREMSKI, MATTHEW and ROUSSEAU, PETER L. 2013. BANKS, FREE BANKS, AND U.S. ECONOMIC GROWTH. Economic Inquiry, Vol. 51, Issue. 2, p. 1603.


    Lawson, Andrew 2013. AN EMOTIONAL HISTORY OF THE BUSINESS CYCLE. Journal of Cultural Economy, Vol. 6, Issue. 1, p. 30.


    Torre, Jose R. 2013. A Companion to the Era of Andrew Jackson.


    Young, Andrew T. and Dove, John A. 2013. Policing the chain gang: Panel cointegration analysis of the stability of the Suffolk System, 1825–1858. Journal of Macroeconomics, Vol. 37, p. 182.


    2013. A Companion to the Era of Andrew Jackson.


    Murphy, Sharon Ann 2012. Banks and Banking in the Early American Republic. History Compass, Vol. 10, Issue. 5, p. 409.


    Calomiris, Charles W 2009. The Subprime Turmoil:What's Old, What's New, and What's Next. The Journal of Structured Finance, Vol. 15, Issue. 1, p. 6.


    Hansen, Bradley A. 2009. Institutions, Entrepreneurs, and American Economic History.


    Wallis, John Joseph 2003. The property tax as a coordinating device: Financing Indiana’s Mammoth Internal Improvement System, 1835–1842. Explorations in Economic History, Vol. 40, Issue. 3, p. 223.


    ×

JACKSONIAN MONETARY POLICY, SPECIE FLOWS, AND THE PANIC OF 1837

Abstract

A number of hypotheses attempt to disentangle the “true” causes of the Panic of 1837 from domestic and international factors that came into play as the crisis approached. I analyze U.S. government documents and contemporary newspapers to reconsider the role of domestic factors. These sources place neither the official distribution of the federal surplus nor an international shock at the center. Rather, a series of interbank transfers of government balances and a policy-induced increase in the demand for coin in the Western states drained the largest New York City banks of their specie reserves and rendered the panic inevitable.

Copyright
Corresponding author
Peter L. Rousseau is Assistant Professor, Department of Economics, Vanderbilt University, Box 1819 Station B, Nashville, TN 37235, and Faculty Research Fellow, National Bureau of Economic Research. E-mail: peter.l.rousseau@vanderbilt.edu.
Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

The Journal of Economic History
  • ISSN: 0022-0507
  • EISSN: 1471-6372
  • URL: /core/journals/journal-of-economic-history
Please enter your name
Please enter a valid email address
Who would you like to send this to? *
×