The Ship That Sank the American Banking System
How fragile the American banking system was before the Civil War? The sinking of a single ship in 1857 was enough to cause the failure of hundreds of banks across the country.
Author John Steele Gordon
John Steele Gordon
John Steele Gordon, the ABA Banking Journal's "From the Vault" columnist, is an acclaimed economic historian. His books include An Empire of Wealth, Hamilton’s Blessing and The Great Game.
Three Early U.S. Bank Buildings
By John Steele Gordon Before there could be bank buildings, there had to be banks,…
The Morgan Lineage in U.S. Financial History
Now and at the turn of the 20th century, the Morgan name and brand were preeminent in American finance.
Chasing Down History
Two storied American banks merged in 1955 to form a powerful financial institution.
Aaron Burr’s Pipeline from Commerce to Banking
What does the history of the New York City water system have to do with banking? You might be surprised.
A Short History of Economic Rescues
There would be no hesitancy in 2020, when the pandemic closed the American economy. In just three months, the federal government has spent trillions to mitigate the economic distress.
The Spanish Flu Pandemic and the U.S. Economy
The Spanish flu was inherently more lethal, and medical technology was far less advanced a century ago. But the flu, despite its severity, did not cause the American economy to implode.
How Pierpont Morgan Saved the Gold Standard
In a breathtaking display of self-confidence, J.P. Morgan refilled the Treasury’s gold reserves and saved the monetary standard for four more decades.
The Savings and Loan Disaster
Congress has sometimes shielded bankers from the consequences of bad policies. This has occasionally brought on disaster.
The Ordeal of Hetty Green
For five hours, she pleaded, she shouted and she threatened, while crowds out on Wall Street watched the drama through the bank’s big plate glass windows.