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May/June 1998, 
Vol. 80, No. 3
Posted 1998-05-01

U.S. Securities Markets and the Banking System, 1790-1840

by Richard Sylla

This article explores the U.S. financial system that emerged virtually at the beginning of the nation’s history. The author emphasizes the mutual support between the banking system, which has been well studied by financial historians, and securities markets, which have been relatively neglected.