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Finance and Enterprise in Early America - A Study of Stephen Girard's Bank, 1812-1831 (Hardcover)
Loot Price: R2,407
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Finance and Enterprise in Early America - A Study of Stephen Girard's Bank, 1812-1831 (Hardcover)
Series: Anniversary Collection
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Stephen Girard, the second richest American of his time after John
Jacob Astor, was the last of the great merchant bankers and the
first of the great investment bankers. This is a study not only of
an influential man and the bank he operated in Philadelphia but
also of the growing interdependence between the institutions of
government and finance in early nineteenth-century America. In a
period when precedents were being set in a new nation and large
corporations were beginning to predominate in the business of
banking, Girard, a man of undisputed business acumen, established
in Philadelphia what was to become the largest private bank of its
time and as such a monument to free enterprise. At the same time,
along with Astor and other influential financiers, Girard was
instrumental in financing the War of 1812 and in establishing the
second Bank of the United States. His close association with the
Madison administration and the Treasury Department made him a key
figure in the evolving relationship between the federal government
and the financial community. Applying modern statistical techniques
to the comprehensive records of the old Girard Bank, Donald Adams
has uncovered a great deal of information, hitherto largely
unavailable to scholars, about banking practices in early America.
In this book he analyzes day-to-day operations-the kinds of loans
that were typical, the devices for maintaining liquidity, the
organization of staff-as well as long-run investment decisions and
their impact on the formation of American finance. While other
studies have been made of the anatomy and influence of early
chartered and corporate banks, Adams' is the first history of
America's largest private bank. It provides a rare glimpse of the
inner structure and strategy of an important financial institution
and of the entrepreneurial and political activities of its founder.
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