An Historiographical Overview of Early: U.S. Finance (1784 -1836): Institutions, Markets, Players, and Politics

Wright, Robert; Cowen, David

The purpose of this study is to introduce nonspecialists to early national U.S. financial history, broadly conceived. The first section of Part One, an attempt to motivate readers, explains the importance of studying early U.S. finance. The balance of Part One introduces readers to two key concepts, commercial banking and secondary securities (or stock) markets. (Additionally, a glossary at the end of the paper provides definitions and examples for further reference.) Part Two and Part Three provide an historiographical overview of the major questions facing scholars interested in early U.S. finance. Historiography is the history of ideas and conclusions about history, an intellectual survey of scholars' interpretations of the past. Like any other type of history, historiography is partly an assessment of the past and partly a narration of key events and people. In areas where their research in primary sources, i.e. the actual documentary evidence of the past, allows them to write with authority, the authors of this essay have actively assessed previous scholarship. Where they have little documentary knowledge, the authors haven narrated the main themes of some of the major historical studies. Where too many sources exist to even list, much less describe, the authors have endeavored to describe the major strengths and weaknesses of the genre. In any and every case, the extensive bibliography serves as an entry point for further research.2 Finally, Part Four provides a brief, sweeping overview of major shifts in the historiography concerning early U.S. finance.