Jump to ContentJump to Main Navigation
MoneyWhence It Came, Where It Went$
Users without a subscription are not able to see the full content.

John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171661

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171661.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 20 September 2021

The Money War

The Money War

Chapter:
(p.78) Chapter 7 The Money War
Source:
Money
Author(s):

John Kenneth Galbraith

James K. Galbraith

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691171661.003.0007

This chapter examines the controversies surrounding money and banking in the early years of the new American Republic. It shows how the U.S. Constitution restricted the right of coinage to the federal government and forbade both the states and the national government to issue paper money. It then coinsiders the issuance of Treasury notes by Secretary of the Treasury Albert Gallatin in the 1812–1814 war, while Salmon P. Chase, Secretary of the Treasury under the Lincoln administration, asked Congress to authorize repeated issues of greenbacks. The chapter also considers Alexander Hamilton's application for a central bank that would become the Bank of the United States, which competed with other banks. Finally, it discusses the establishment of the Second Bank of the United States and the struggle between President Andrew Jackson and Nicholas Biddle, president of the Bank of the United States.

Keywords:   money, Treasury notes, Salmon P. Chase, greenbacks, Alexander Hamilton, Bank of the United States, banks, Second Bank of the United States, Andrew Jackson, Nicholas Biddle

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.