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Vehicles of Privilege or Mobility? Banks in Providence, Rhode Island, during the Age of Jackson

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  • Lamoreaux, Naomi R.
  • Glaisek, Christopher

Abstract

Were banks in the Jacksonian era merely bastions of privilege or were they vehicles of upward mobility for those without capital? The authors attempt to answer these questions by analyzing changes in the wealthholdings of directors of banks in Providence, Rhode Island, during the period 1830 to 1845. They find that bank charters granted in the 1830s did tend to benefit men with relatively little property and that they provided a rising group of entrepreneurs with the financial wherewithal to challenge the established elite.

Suggested Citation

  • Lamoreaux, Naomi R. & Glaisek, Christopher, 1991. "Vehicles of Privilege or Mobility? Banks in Providence, Rhode Island, during the Age of Jackson," Business History Review, Cambridge University Press, vol. 65(3), pages 502-527, October.
    • Handle: RePEc:cup:buhirw:v:65:y:1991:i:03:p:502-527_06
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    Cited by:

    1. Calomiris, Charles W. & Carlson, Mark, 2016. "Corporate governance and risk management at unprotected banks: National banks in the 1890s," Journal of Financial Economics, Elsevier, vol. 119(3), pages 512-532.
    2. Howard Bodenhorn, 2013. "Large Block Shareholders, Institutional Investors, Boards of Directors and Bank Value in the Nineteenth Century," NBER Working Papers 18955, National Bureau of Economic Research, Inc.
    3. Howard Bodenhorn, 2016. "Two Centuries of Finance and Growth in the United States, 1790-1980," Working Papers id:11352, eSocialSciences.
    4. Hilt, Eric & Valentine, Jacqueline, 2012. "Democratic Dividends: Stockholding, Wealth, and Politics in New York, 1791–1826," The Journal of Economic History, Cambridge University Press, vol. 72(2), pages 332-363, May.

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