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Market Integration and Public Goods: Commercial Interests and Development of a Unified Currency in the United States
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Abstract
When the charter for the Second Bank of the United States ended in 1836, the federal government discontinued the issuance of paper currency and handed over banking regulation to the state governments. The Legal Tender Acts of 1862, National Currency Act of 1863 and National Banking Act of 1864 reestablished a unified national currency which eventually became the greenback we use today. While these acts were passed during the Civil War, this paper argues that currency unification was not solely a function of wartime necessity. The pervasive acceptance of the national currency in the 1860s and 1870s can be linked as much with micro and macroeconomic interests evolving from the integration of product and capital markets in the mid-1800s, driven by technological advances in transportation and communications in the 1840s and 1850s, as it can with fiscal and security needs during the war. The case provides at least some purchase on linkages today between technology development, market globalization and international rules development.
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Abstract
When the charter for the Second Bank of the United States ended in 1836, the federal
government discontinued the issuance of paper currency and handed over banking regulation
to the state governments. The Legal Tender Acts of 1862, National Currency Act of 1863 and
National Banking Act of 1864 reestablished a unified national currency which eventually
became the greenback we use today. While these acts were passed during the Civil War, this
paper argues that currency unification was not solely a function of wartime necessity. The
pervasive acceptance of the national currency in the 1860s and 1870s can be linked as much
with micro and macroeconomic interests evolving from the integration of product and capital
markets in the mid-1800s, driven by technological advances in transportation and
communications in the 1840s and 1850s, as it can with fiscal and security needs during the
war. The case provides at least some purchase on linkages today between technology
development, market globalization and international rules development.
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