The Banking Bubble and Panic of 1819 (HOM 22-B)

History of Money, Lecture 22, Pt. B: in 1816-18 a bubble of banking, credit, paper money, and western land sales swept the young nation. By 1819 the bubble had burst, ushering in the first great US depression. It was also the context of the famous Supreme Court decision of Chief Justice John Marshall in the case McCulloch v. Maryland, in which Marshall declared the Second Bank of the United States to be constitutional. Included in this discussion is an in-depth look at malinvestment and corrections during the boom-bust cycle.
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Dr. Jonathan Barth received his PhD in history from George Mason University in 2014. He specializes in the history of money and banking in the early modern period, with corollary interests in early modern politics, empire, culture, and ideas. Barth is Associate Professor of History at Arizona State University and Associate Director of the Center for American Institutions at Arizona State University.
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