The Evolution of the Money Market 1385-1915

Ellis T. Powell

Part 1. Introductory Historical Sketch 1. The Embryology of the Money Market 2. The Early Money Market; Decline of Anti-Usury Sentiment; Beginnings of Banking 3. The Supremacy of the Goldsmith Bankers 4. The Bank of England: Extension of Banking Enterprise 5. The Stock Exchange (1500-1815) 6. The Joint Stock Company; Transferable Shares and Limited Liability; Insurance Part 2. The Nucleus of Organisation 7. The Prestige of the Bank of England Part 3. The Rise of the Modern Money Market 8. The Modern Money Market; The Biological Analogy Elaborated 9. The Aggregation of Capital; The Absence of Banking Principles 10. The Rise of the Joint Stock Banks 11. The Panic of 1825 and the ‘Pressure’ of 1836-1839 12. The Bank Charter Act and the 1847 Panic 13. The 1857 Panic; The Widening Area and the ‘New Spirit’ in Finance 14. The Overend-Gurney Crisis and the End of Isolation and Disunion 15. Natural Selection Among the Banks; Absorption and Amalgamation 16. The Financial Trusts; ‘Investment by Proxy’ and Its Extension Part 4. The Struggle Towards Consolidation 17. Financial Confederacy ‘In a Flood’ 18. The Baring Crisis, 1890 19. The Stock Exchange As a Function of the Modern Money Market Part 5. Confederacy, The Great Avowal and the Supreme Test 20. Post-Baring Evolution; Bankers’ Council at the Bank of England