The National Banking System and Southern Economic Growth: Evidence from One Southern City, 1870–1900

James T. Campen and Anne Mayhew

The Journal of Economic History, 1988, vol. 48, issue 1, 127-137

Abstract: Evidence from banks in one southern city casts doubt upon the view that the quasi-monopolistic structure of the national banking system financed American industrialization by depriving southern and western regions of relatively inexpensive money. An increased number of national banks were lending much more locally in the 1880s and 1890s in Knoxville, Tennessee, than they were in the 1860s and 1870s. The national banking expansion and associated expansion in the number of state-chartered banks appear to have resulted from a local boom rather than from removal of barriers to entry.

Date: 1988
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