The Chestnut Street Raid on Wall Street, 1839

Bray Hammond

The Quarterly Journal of Economics, 1947, vol. 61, issue 4, 605-618

Abstract: I. The business and political situation in 1839, 605. — II. Early sales of postnotes and foreign exchange in the New York and Boston markets, 607; heavy drafts on the New York balances, 609; gathering difficulties in Europe, 609; suspension of the Bank of the United States, 611; the Rothschilds' assistance, 612. — III. Discussion of the episode by Biddle and others, 614; passing of financial primacy to Wall Street, 616; significance of the episode, 617.

Date: 1947
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