In 1871, the banking house of Drexel, Morgan & Co. was established by John Pierpont Morgan. "Twenty four years later it was renamed J.P. Morgan & Co., which it was to remain until the firm's purchase by Chase Manhattan in 2000. (Hughes 23) At this point, Chase Manhattan was the largest banking company in the United States. This was a far cry from the 1980's when Morgan "boasted the largest market capitalization of any American bank and was more expensive to buy than Citicorp. (Hughes 11)" While J.P. Morgan could not imagine the path banking would take in the U.S. with his passing in 1913; his banking house would have a strong hold on American banking for much of the 20th century. The introduction of bank holding companies and certain laws placing restrictions on American banking such as the Glass Steagall Act of 1934 brought about many changes in American banking and allowed for the emergence of international banks to supplant the "House of Morgan" in the new era. It is no question though, that "John Pierpont Morgan was one of the most influential figures in the rise of U.S. banking,"(Hughes 23) and the early survival of the U.S. economy. J.P. Morgan was born in 1837, and similar to many of his peer contemporaries, he was born into a family rich in legacy. Both the Pierpont and the Morgan family had notable ancestry dating back to early British colonization in North America. Importantly, Pierpont's father, Junius Spencer, commonly referred to as the senior Morgan until his death late in 1890, was well established on both sides of the Atlantic. Spending much of his elder years abroad, Junius was the primary figure throughout Pierpont's life. For every matter, business, political, or private, Junius counseled Pierpont wit... ... middle of paper ... ...West, 2001 Strouse, Morgan. American Financier. New York: Perennial Publishers, 2000 Hughes, Jane. International Banking. Boston: Addison Wesley, 2002 Remini, Robert. Andrew Jackson and the bank war; a study in the growth of presidential power. New York: Norton, 1967 Carosso, Vincent. The Morgans : private international bankers. Cambridge, Mass: Harvard University Press, 1987. Cashman, Sean. America in the Gilded Age : from the death of Lincoln to the rise of Theodore Roosevelt. New York : New York University Press, 1984. Eccles, George. The Politics of Banking. Salt Lake City : University of Utah Press, 1982 Livingston, James. Origins of the Federal Reserve System : money, class, and corporate capitalism. Ithaca, N.Y: Cornell University Press, 1986
Parsons, L. H. (2009). The Birth of Modern Politics: Andrew Jackson, John Quincy Adams, and the Election of 1828. Oxford: Oxford University Press.
The issue of whether or not America should have a National Bank is one that is debated throughout the whole beginning stages of the modern United States governmental system. In the 1830-1840’s two major differences in opinion over the National Bank can be seen by the Jacksonian Democrats and the Whig parties. The Jacksonian Democrats did not want a National Bank for many reasons. One main reason was the distrust in banks instilled in Andrew Jackson because his land was taken away. Another reason is that the creation of a National Bank would make it more powerful than...
In 1832, a Renewal Bill for the United States Bank came up to the President, Andrew Jackson. He vetoed this bill for the Bank, and in the address that he included with the veto stated that he knew that this would be an issue, and that people would not like it. He told in this address all of the clear and obvious reasons why he vetoed against the bank.
In this study, the author familiarizes The Bank of the United States and Andrew Jackson 's fabrication of an anticipating war, which inadvertently saves America. During the 1820’s and 1830’s, The Bank War, a war between the Bank of the United States and President Andrew Jackson, resulted beneficially to America 's future for numerous reasons. Jackson set standards and pushed boundaries, creating larger presidential responsibilities. The Bank of the United States, which earned a prevailing bad reputation along with a substantial amount of animosity, was abolished. While Jackson and the Bank quarreled, they both unknowingly played a role in constituting a tenacious executive branch. A majority of American 's have over-looked the Bank War’s importance to modern society, this inspired the author of “Andrew Jackson and the Bank War”, Robert V. Remini, to emphasize the importance of the Bank of the United States destruction, maximize presidential powers, and the optimization of the governments Executive Branch.
5. Perry, Elisabeth Israels, and Karen Manners Smith. The Gilded Age and Progressive Era: a student companion. Oxford: Oxford University Press, 2006. Print.
Weisberger, Bernard A. “The Bank War: History of First U.S. Government Bank.” American Heritage. July-Aug. 1997: 10-12. General OneFile. Web. 12 Apr. 2011.
Metzler, Allan H. A History of the Federal Reserve, Vol I and II. University Press Books, 2002
JPMorgan Chase & Co. is one of the world’s largest and well-known financial institutions. The firm was founded in New York in 1799. JPMorgan Chase & Co. was built on the foundation of past institutions that have come together throughout the years to form the firm that JPMorgan Chase & Co. is today. JPMorgan Chase & Co. is a global financial service firm with operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. JPMorgan Chase & Co. serves millions of consumers in the United States and many corporate institutions.
During the last parts of his business career, J. Pierpont Morgan became very involved in philanthropy and the United State’s government. He helped end the Panic of 1893 and donated much of his fortune to helping fund his art collection and the Museum of Natural Sciences before his death. Throughout the 1800s the railroad business grew at an incredible rate, creating railroad tycoons like Cornelius Vanderbilt, the self proclaimed king of the railroad industry. However, there was a downfall to these great successes.
Shortly after the American Revolution, the United States entered an era of profound economic and social change that was dominated first by the Market Revolution and subsequently by Andrew Jackson’s skillful use of the power of the presidency to crack down on capitalist exploitation. Jackson’s first biographer, James Parton, however, describes the legacy of the seventh President’s administration as one fraught with controversy, “Andrew Jackson was a patriot, and a traitor. He was the greatest of generals, and wholly ignorant of the art of war. He was the most candid of men, and capable of the profoundest dissimulation. He was a democratic autocrat, an urbane savage, an atrocious saint.” Many people argue that Jackson, having turned the federal
One of the Jacksonian Democrats’ attempts to reduce the influence of the rich was by vetoing the charter to the Bank of the United States. Jackson stated his reasons in Document B mainly as a precaution of...
The United States government in 1816 chartered the Second Bank of the United States. It had a 20-year charter, which was to expire in 1836. Despite this, the Bank was privately owned and during the age of Jackson, the president was Nicholas Biddle. The Bank was large in comparison to other banks, being responsible for 15-20% of bank loans in the United States and accounting for 40% of the bank notes in circulation. Also, the Bank held a specie reserve of 50% of the value of its notes, when normally other banks only had a specie reserve of 10-25% (Davis 1).
In the late 1800s' economy there were many Americans who considered themselves to be business affiliated, but really didn't understand the full meaning of a business or knowing any financial obligations within a business. However, there was one peculiar man John Pierpont Morgan also know as J.P. Morgan who stood out to be a triumphant entrepreneur of many Americans in the late 1800s U.S. Economy.
Mooney, Richard. "Banker of America." The Boston Globe 4 Apr. 1999: L1 "Powerful house of Morgan Changes with the Times." The San Diego Union-Tribune 24 Feb. 1986: 18 Sinclair, Andrew. Corsair: The Life of J. Pierpont Morgan. Toronto: Little, Brown and Company, 1981.
John Pierpont (JP) Morgan is still known as one of the most successful bankers in American history. The United States needed desperate help during the Reconstruction period, and Morgan stepped in and helped the government with more than one financial crisis. Helping during Reconstruction period was the first of many times he floated loans to the U.S. government. Predominantly it was J.P. Morgan who was the key industry founding father. He was involved with several large companies such as General Electric and Western Union for example. Many people disliked Morgan because they believed he was not trying to help the growth of the economy, and that he was only trying to better himself. Despite people’s opinion of him his influence shaped the business world far more than any others for more than a century. During the 19th Century he controlled 70% of all steel and 60% of all stocks in America. J.P. Morgan’s ideas owned substantial amount of businesses and a large quantity of the consumer loan market. Wall Street during those times was Morgan’s domain.