THE

HISTORY O F BANKING

IN

AMERICA:

UNIVERSITY OF
MINNESOTA

AN INQUIRY HOW FAR THE BANKING INSTITUTIONS OF
AMERICA ARE ADAPTED TO THIS COUNTRY;

AND

A REVIEW OF THE CAUSES OF THE RECENT PRESSURE ON
THE MONEY MARKET.

BY

JAMES WILLIAM GILBART,

GENERAL MANAGER OF THE LONDON AND WESTMINSTER BANK.

LONDON:

LONGMAN, REES, ORME, BROWN, GREEN, & LONGMAN.

MDCCCXXXVII.

PREFAC E.

THE " History of Banking in America" was not written for Americans not for persons well acquainted with American Banking, but. for..those who know but little about it, and who have not time to read lengthy publications on the subject: To give an outline of the progress of Banking in America-to point out the principal features in which it differs from English Banking-to present a summary of the condition of the Banks in the respective States-and to notice the opinions with reference to Banking of some of the leading men in America, is all that has been attempted in this portion of the work.

The inquiry how far the Banking Institutions of America are adapted to this country, will point out more forcibly to the general reader the difference between the two systems of Banking; while it will suggest some matters for consideration to those who feel an interest in the improvement of our Banking Institutions.