New evidence on state banking before the Civil War

Prior to the Civil War there were three major differences among states in how U.S. banks were regulated: (1) Whether they were established by charter or under free-banking laws. (2) Whether they were permitted to branch. (3) Whether the state established a state-owned bank. I use a census of the state banks that existed in the United States prior to the Civil War that I recently constructed to determine how these differences in state regulation affected the banking outcomes in these states. Specifically, I determine differences in banks per capita by state over time; bank longevities (survival rates) by state, size, and type of organization; and bank failure probabilities also by state, size, and type of organization. In addition, I estimate the losses experienced by note holders and determine whether there were systematic differences in these depending on whether or not a bank was organized under a free banking law.Banking law - United States ; Banks and banking

Interbank payments relationships in the antebellum United States: evidence from Pennsylvania

This article investigates U.S. interbank relationships before the Civil War using previously unknown data for Pennsylvania banks from 1851 to 1859 that disaggregate the amounts due from other banks by debtor bank. It finds that country banks, banks outside of Philadelphia and Pittsburgh, dealt almost exclusively with financial center banks. Most had a large, highly stable relationship with a single correspondent bank. The location of a country bank's correspondent was consistent with trade patterns, particularly railroad and canal linkages. Philadelphia banks, in contrast, did not establish correspondent-type banking relationships. Further, Philadelphia's correspondent banking market was not highly concentrated, and entry was easy.Banks and banking

Were U.S. state banknotes priced as securities?

This study examines the pricing of U.S. state banknotes before 1860 using data on the discounts on these notes as quoted in banknote reporters in New York, Philadelphia, Cincinnati, and Cleveland. The study attempts to determine whether these banknotes were priced consistent with their expected net redemption value - that is, as securities are. It finds that they are not. A bank's notes did have higher prices when the bank was redeeming its notes for specie than when it was not, and banknote prices generally reflected the distances necessary to travel in order to redeem the notes, with larger discounts generally required for longer distances. However, those relationships were not tight, and persistent asymmetries existed between locations.Banks and banking ; Bank notes

Early state banks in the United States: how many were there and where did they exist?

This article describes a newly constructed data set of all U.S. state banks from 1782 to 1861. It contains the names and locations of all banks and branches that went into business and an estimate of when each operated. The compilation is based on reported balance sheets, listings in banknote reporters, and secondary sources. Based on these data, the article presents a count of the number of banks and branches in business by state. I argue that my series are superior to previously existing ones for reasons of consistency, accuracy, and timing. The article contains examples to support this argument.Banks and banking - History

Bank liability insurance schemes before 1865

Prior to the Civil War several states established bank liability insurance schemes of two basic types. One was an insurance fund, in which member banks paid into a state-run fund that would pay losses of bank creditors. The other was a mutual guarantee system, in which survivor banks were legally responsible the liabilities of any bank that became insolvent. Both schemes did well at insuring bank creditors, but neither prevented bank panics. Bank failure rates were somewhat higher for banks that were part of these schemes. The experience with these schemes shows that regulatory incentives matter for controlling moral hazard. The schemes that provided the most control of moral hazard were those that had a high degree of mutuality of losses borne by all banks participating in the scheme.Deposit insurance ; Moral hazard ; Bank notes

Seasonal Flight Patterns of Hemiptera (Excluding Miridae) in a Southern Illinois Black Walnut Plantation

The seasonal flight patterns of 99 species and subspecies of Hemiptera collected in window traps in a southern Illinois black walnut plantation are compared with similar data from a North Carolina black walnut plantation. Flying height distributions and seasonal flight activities of Corythucha juglandis, Orius insidiosus, Piesma cinerea, Acanthocephala terminalis, Alydus eurinus, Sehirus cinctus cinctus, Acrosternum hilare, Brochymena quadripustutata, Euschistus servus, and Euschistus variolarius are considered in detail

Annotated Bibliography of the Ambrosia Beetle \u3ci\u3eXylosandrus Germanus\u3c/i\u3e (Coleoptera: Scolytidae)

(excerpt) Xylosandrus germanus (Blandford) (= Xyleborus germanus) is an ambrosia beetle that is found in Japan, Korea, the KurU Islands, Vietnam, China, Taiwan, central Europe, and the Cnited States (Nobuchi 1981). It attacks apparently healthy plants and those that are dying or recently dead (Weber 1982). Kaneko (1967) reported X. germanus to be a serious pest on tea (Thea sp.) plants in Japan, and Heidenreich (1%0) reported it on oak (Quercus sp.) trees in Gennany. This beetle seems to be increasing in economic importance on black walnut (Juglans nigra L.) and other hardwood species in the U.S. (Weber 1982)

Space Applications of Solid State Luminescent Phenomena

Luminescent phenomena in interplanetary space and moon related to luminescent, thermoluminescent, and cathodoluminescent properties of terrestrial minerals and rock

Coin sizes and payments in commodity money systems

Commodity money standards in medieval and early modern Europe were characterized by recurring complaints of small change shortages and by numerous debasements of the coinage. To confront these facts, we build a random matching monetary model with two indivisible coins with different intrinsic values. The model shows that small change shortages can exist in the sense that changes in the size of the small coin affect ex ante welfare. Further, the optimal ratio of coin sizes is shown to depend upon the trading opportunities in a country and a country's wealth. Thus, coinage debasements can be interpreted as optimal responses to changes in fundamentals. Further, the model shows that replacing full-bodied small coins with tokens is not necessarily welfare-improving.Coinage

Money and interest rates

This study describes and reconciles two common, seemingly contradictory views about a key monetary policy relationship: that between money and interest rates. Data since 1960 for about 40 countries support the Fisher equation view, that these variables are positively related. But studies taking expectations into account support the liquidity effect view, that they are negatively related. A simple model incorporates both views and demonstrates that which view applies at any time depends on when the change in money occurs and how long the public expects it to last. A surprise money change that is not expected to change future money growth moves interest rates in the opposite direction; one that is expected to change future money growth moves interest rates in the same direction. The study also demonstrates that stating monetary policy as a rule for interest rates rather than money does not change the relationship between these variables.Money ; Interest rates ; Monetary policy