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Corruption and ReformLessons from America's Economic History$
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Edward L. Glaeser and Claudia Goldin

Print publication date: 2006

Print ISBN-13: 9780226299570

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226299594.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 23 September 2021

Bank Chartering and Political Corruption In Antebellum New York

Bank Chartering and Political Corruption In Antebellum New York

Free Banking as Reform

(p.231) 7 Bank Chartering and Political Corruption In Antebellum New York
Corruption and Reform
Howard Bodenhorn
University of Chicago Press

This chapter analyzes the first episodes of anticorruption reform in U.S. history. It describes the events leading up to the passage of New York State's 1838 free banking statute, showing how corrupt politics and an iron-handed chartering regime gave way to free market reform and a liberal general incorporation law. This chapter argues that the reform emerged from the Whigs' desire to deprive their opponents of the rents of patronage.

Keywords:   anticorruption reform, free banking statute, New York State, corrupt politics, free market reform, incorporation law, Whigs, rents of patronage

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