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The Demise of Central Banking and the Domestic Exchanges: Evidence from Antebellum Ohio

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  • Knodell, Jane

Abstract

This article describes the institutional transition from a centrally managed interregional payments system to an unmanaged, decentralized one after President Andrew Jackson's veto of the rechartering of the Second Bank of the United States, and evaluates the effect on the level and variability of exchange rates. Comparison of the reduction in specie points, driven by falling transportation and insurance costs, with the reduction in exchange rates in two Ohio cities over the period from 1830 to 1859 lends support to the article's conclusion that decentralization was one cause of higher and more volatile inland exchange rates.

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  • Knodell, Jane, 1998. "The Demise of Central Banking and the Domestic Exchanges: Evidence from Antebellum Ohio," The Journal of Economic History, Cambridge University Press, vol. 58(3), pages 714-730, September.
    • Handle: RePEc:cup:jechis:v:58:y:1998:i:03:p:714-730_02
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    Cited by:

    1. Jane Knodell, 2013. "The nation-building purposes of early US central banks," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(3), pages 288-299, January.
    2. John A. James & David F. Weiman, 2010. "From Drafts to Checks: The Evolution of Correspondent Banking Networks and the Formation of the Modern U.S. Payments System, 1850–1914," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(2‐3), pages 237-265, March.
    3. Landon-Lane, John & Rockoff, Hugh, 2007. "The origin and diffusion of shocks to regional interest rates in the United States, 1880-2002," Explorations in Economic History, Elsevier, vol. 44(3), pages 487-500, July.
    4. Stephen F. Quinn & William Roberds, 2008. "The evolution of the check as a means of payment: a historical survey," Economic Review, Federal Reserve Bank of Atlanta, vol. 93(4).
    5. John A. James & David F. Weiman, 2007. "The Political Economy of the US Monetary Union: The Civil War Era as a Watershed," American Economic Review, American Economic Association, vol. 97(2), pages 271-275, May.

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