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The First Wall StreetChestnut Street, Philadelphia, and the Birth of American Finance$
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Robert E. Wright

Print publication date: 2005

Print ISBN-13: 9780226910260

Published to Chicago Scholarship Online: March 2013

DOI: 10.7208/chicago/9780226910291.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 03 June 2020

Money, Money, Money

Money, Money, Money

Chapter:
(p.44) 4 Money, Money, Money
Source:
The First Wall Street
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226910291.003.0004

This chapter discusses Philadelphia's role in early American monetary systems; its central, savings, and investment banks; and its insurers. In short, the financial revolution ushered forth a stable monetary system. In the colonial period, Philadelphia set the standard for quality government paper money. During and after the revolution, it led the charge to bank money, and by the 1790s, was also home of the U.S. Mint. Though essentially a failure until the California gold rush, the Philadelphia Mint coined most of the slim stock of U.S. coins. The chapter focuses on three types of money: money (bills of credit), money (bank liabilities), and money (coins). Philadelphia had financial markets and institutions.

Keywords:   money, investment banks, markets, financial institutions, government, Philadelphia

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