Philadelphia

Wall St History: 19th Century Growth of Investment Banking

January 24, 2022 by James S. Kaplan 2 Comments

With the demise of the Philadelphia based Bank of the United States, the financial center of the country shifted to the privately owned state chartered financial firms on Wall Street.

As the nation recovered from the severe depression in the Panic of 1837, President James K. Polk’s policy of Manifest Destiny took root and significant westward settlement of Indigenous land expanded in the 1840s. Fortified by the Erie Canal and its Canal Fund, Wall Street financial institutions became strongly influenced by four factors: the invention of the telegraph; the development of railroads; the discovery of gold and other precious minerals in the West (particularly the California Gold Rush of 1849); and the arrival of significant numbers of Jewish and Irish immigrants in the city of New York. [Read more…] about Wall St History: 19th Century Growth of Investment Banking

Wall Street History: The Bank War & The Shift of Financial Power to New York

January 19, 2022 by James S. Kaplan 3 Comments

At the time construction of the Erie Canal was begun in 1817, Philadelphia (the second largest city in the United States) was the nation’s financial center. Although there were successful banks in New York, Philadelphia, one of America’s leading seaports, had been the capital during the American Revolution and of the nation (1790 to 1800), and so was considered the financial center of the country.

This is not to say there was not some rivalry between financial institutions located on Wall Street in New York and Chestnut Street in Philadelphia, but the latter was the site of the first bank established in the nation in 1781, the Bank of North America, and more importantly became the site of the First Bank of the United States, which Treasury Secretary Alexander Hamilton had promoted. [Read more…] about Wall Street History: The Bank War & The Shift of Financial Power to New York

Fires of Philadelphia: A New Book On The 1844 Nativist Riots

May 27, 2021 by Editorial Staff Leave a Comment

Book purchases made through this link support New York Almanack’s mission to report new publications relevant to New York State.

In 1844 America was in a state of deep unrest, grappling with xenophobia, racial, and ethnic tension on a national scale that feels singular to our time, but echoes the earliest anti-immigrant sentiments of the country.

In that year Philadelphia was set aflame by a group of Protestant ideologues — avowed nativists — who were seeking social and political power rallied by charisma and fear of the Irish immigrant menace. [Read more…] about Fires of Philadelphia: A New Book On The 1844 Nativist Riots

Deborah Read Franklin And Sally Franklin Bache

April 1, 2015 by Liz Covart Leave a Comment

Have you heard the saying “behind every great man stands a great woman?”

In this episode of the Ben Franklin’s World podcast, Vivian Bruce Conger, the Robert Ryan Professor in the Humanities at Ithaca College, joins us to explore the two great women that Benjamin Franklin had standing behind and beside him: his wife, Deborah Read Franklin, and his daughter, Sally Franklin Bache. You can listen to the podcast here: www.benfranklinsworld.com/022