Economic History

Fulton’s Steamboat, The Black Ball Line & The Erie Canal

January 17, 2022 by James S. Kaplan 4 Comments

For thousands of years prior to the early 1800s maritime transportation was dependent on sailing ships. In the first few decades of the 19th century however, entrepreneurs in New York helped revolutionize the industry so that one hundred years later sailing ships were an anachronism that hardly existed, except for show.

In the latter part of the 1700s the development of the Boulton & Watt steam engine in England made it theoretically possible to power a boat. Before 1800 a number of inventors, including New Yorkers such as Nicholas Roosevelt, John Fitch, Robert R. Livingston, John Stevens III and others, experimented with boats that used such steam engines. Before Robert Fulton made his first run in the North River steamboat (later renamed Clermont) in 1807 more than a dozen steamboats had been constructed in the United States with varying degrees of success. There were difficulties in making such craft commercially viable. [Read more…] about Fulton’s Steamboat, The Black Ball Line & The Erie Canal

Wall Street History: The Politics of New York’s First Banks

January 10, 2022 by James S. Kaplan 1 Comment

Prior to the American Revolution, there were virtually no banks in the United States. However, Alexander Hamilton, who was George Washington’s key advisor on financial matters, was familiar with the central banks of England and the Netherlands which had been key factors in the growth of the economy of those countries.

Unlike some agrarian Virginian politicians such as Thomas Jefferson, Hamilton believed that banking and credit was the key to the nation’s future. In 1781 he encouraged Robert Morris, the recently appointed Superintendent of Finance for the Continental government, to form the Bank of North America in Philadelphia. For a time up, until the British surrender of New York, this was the only Bank in the colonies. [Read more…] about Wall Street History: The Politics of New York’s First Banks

A History of Wall Street: Tontine Coffee House & The Buttonwood Agreement

January 3, 2022 by James S. Kaplan 2 Comments

Many New Yorkers, and many Americans generally, consider Wall Street – to be the world’s most famous and important street. Many tourists are surprised to find that Wall Street, once described as “a short street with the river at one end and a Church at the other,” is only seven blocks long.

Originally named for a palisade wall built by the Dutch in the 1640s (and torn down by the English in 1699), the street was an important east-west thoroughfare until the American Revolution. At that time the entire city of New York, home to about 15,000 people, was south of City Hall Park.

One of the current ironies is that Wall Street today has returned to its residential roots. The financial institutions which became famous there now are located in midtown Manhattan or elsewhere. [Read more…] about A History of Wall Street: Tontine Coffee House & The Buttonwood Agreement

Gilded Age Syracuse Senator Frank Hiscock: ‘We Will Bury Free Trade’

December 7, 2021 by Maury Thompson Leave a Comment

The St. Mary’s Band of Glens Falls played a quickstep the evening of October 26th, 1887 as the musicians paraded from Church Street to Glen Street to escort U.S. Senator Frank Hiscock from the Rockwell House hotel to the Glens Falls Opera House, where the freshman senator from Syracuse was to be keynote speaker at a Republican rally. [Read more…] about Gilded Age Syracuse Senator Frank Hiscock: ‘We Will Bury Free Trade’

The Last Days of John Brown: North Elba

September 18, 2021 by John Warren Leave a Comment

One of the familiar attacks on John Brown (and by extension his anti-slavery legacy) involves his failed business ventures and accusations that he was a swindler and a drifter, roaming from place to place – only briefly and uneventfully staying in North Elba, Essex County, NY.

“Over the years before his Kansas escapade Brown had been a drifter, horse thief and swindler,” Columbia University historian John Garraty once wrote. Garraty served as the president of the Society of American Historians and was co-author of the high school history textbook The American Nation (he died in 2007).

A closer look at Brown and the his family, however, reveals an experience typical of many Americans, then and today, and the importance of North Elba in Brown’s plans for a raid into Virginia. [Read more…] about The Last Days of John Brown: North Elba

18th Century Merchant Shipping in the Atlantic

August 25, 2021 by Liz Covart Leave a Comment

By the eighteenth century, the Atlantic Ocean had become a busy highway of ships crisscrossing its waters.

What do we know about the ships that made these transatlantic voyages and connected the eighteenth-century British Atlantic world through trade, people, and information? [Read more…] about 18th Century Merchant Shipping in the Atlantic

Adirondack Gentrification: Resortification & Urbanization (Part 6)

August 5, 2021 by Eliza Jane Darling Leave a Comment

Rural gentrification has appeared in almost every region, from Big Sky territory to the Rockies to Prairie Country to New England to the American South. Outside the United States, it has been documented in Spain, Turkey, Sweden, New Zealand, France, Canada, Ireland, Japan, Taiwan, and especially Britain.

While the details vary from place to place, most gentrifying rural communities suffer the same consequences: the displacement of the rural working class, the decline of available space for social reproduction, and the aging of the vestigial population. Yet if rural America is united in its symptoms, it is divided by its disease. [Read more…] about Adirondack Gentrification: Resortification & Urbanization (Part 6)

Adirondack Gentrification: Seasonal Development & The Rent Sink (Part 5)

August 4, 2021 by Eliza Jane Darling Leave a Comment

In the spring of 1989, the Adirondack working class received an alarming wake-up call in the unlikely form of Robin Leach. The Adirondacks, according to the garrulous host of Lifestyles of the Rich and Famous, were a hidden jewel just waiting to be discovered by travelers with a taste for wilderness and the purchasing power to claim a slice of nature-at-its-moneyed-best for their very own. The show had even gone so far as to list the remote and rugged mountains as an “upcoming hot spot for jet-setters” in its “Guide to the World’s Best Places.”

Leach’s prediction had been well borne out by the mid-1990s. “Rough It Like A Rockefeller,” proclaimed one strapline in the travel section of the Wall Street Journal, while an article in Vanity Fair encouraged readers to go “camp hopping in the haute Adirondacks” and Travel and Leisure billed it as a place where “the notion of escape endures.” Such articles, liberally sprinkled with posh photographic layouts depicting the rich at play in tastefully rustic lodges nestled on the shores of gleaming silver lakes, recommended such accommodations as The Point in Lake Placid, where guests could take in the clean mountain air for a mere $1300 a night.

Beemers had been traded for sport utility vehicles, and the Adirondacks, it appeared, had become an exclusive retreat for well-heeled consumers seeking respite from their taxing cosmopolitan lives in the newly fashionable wilderness. [Read more…] about Adirondack Gentrification: Seasonal Development & The Rent Sink (Part 5)

Adirondack Gentrification: Depletion (The Devil’s Due, Part 3)

August 3, 2021 by Eliza Jane Darling Leave a Comment

In the autumn of 2015, the Adirondack Research Consortium in partnership with the Nelson A. Rockefeller Institute of Government held a panel to discuss the diminishing demography of the Adirondacks. The all-male affair it convened to lead this conversation was typically partisan, casually excluding the perspectives, positions and participation of those primarily burdened with the labor of Adirondack propagation.

While this august assembly of middle-aged men sat pondering the problem with pie charts and furrowed brows, back home in the mountains, the keystone species of the demographic ecosystem – Adirondack mothers – got on with the business of raising children in a climate that is notably inimical to their interests even within the auspices of nation that is generally hostile to the working conditions of those who shoulder the bulk of the responsibility for social reproduction. [Read more…] about Adirondack Gentrification: Depletion (The Devil’s Due, Part 3)

Adirondack Gentrification: Dispossession & Chronic Displacement (Part 2)

August 2, 2021 by Eliza Jane Darling 7 Comments

The shortage of children that closed the Raquette Lake School a decade ago was not due to a housing deficit. On the contrary, Raquette was chockablock with housing when the school failed, much of it sitting empty for most of the year.

While Raquette boasts some unusual features – some of its structures are accessible only by lake – it shares this same predicament with most other gentrifying Adirondack places, lake-locked or otherwise: plenty of lodging and nowhere to live.

How can any community with so many vacant dwellings suffer from a housing crisis? [Read more…] about Adirondack Gentrification: Dispossession & Chronic Displacement (Part 2)