Vehicles of Privilege or Mobility? Banks in Providence, Rhode Island, during the Age of Jackson

Naomi R. Lamoreaux and Christopher Glaisek

Business History Review, 1991, vol. 65, issue 3, 502-527

Abstract: Were banks in the Jacksonian era merely bastions of privilege or were they vehicles of upward mobility for those without capital? The authors attempt to answer these questions by analyzing changes in the wealthholdings of directors of banks in Providence, Rhode Island, during the period 1830 to 1845. They find that bank charters granted in the 1830s did tend to benefit men with relatively little property and that they provided a rising group of entrepreneurs with the financial wherewithal to challenge the established elite.

Date: 1991
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