When goldsmiths figured out that they could make loans not only on their own assets but also on the gold on deposit with them.
Browsing: From the Vault
Jay Cooke was the best known and most prestigious banker in the country. But his weakness was investing in railroads.
By John Steele Gordon After J. P. Morgan had stopped the financial panic of 1907…
By John Steele Gordon As a thoroughfare, Wall Street is unimpressive. Narrow and just six…
How Jefferson’s skepticism about central banking was woven into the fabric of the U.S. financial regulatory 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.
By John Steele Gordon Before there could be bank buildings, there had to be banks,…
Now and at the turn of the 20th century, the Morgan name and brand were preeminent in American finance.
Two storied American banks merged in 1955 to form a powerful financial institution.