Skip to Main Content

Banking History: Central Banking and the Currency Question in the United States

This guide focuses on the early U.S. currency and banking issues related to the “currency question” and the creation of a central bank, covering the 19th and early 20th centuries. It also provides an inventory of a pamphlet collection on these topics.

Introduction

Detroit Publishing Co. U.S. Treasury currency wagon, Washington, D.C. 1906. Library of Congress Prints and Photographs Division.

This guide is designed to assist those studying the history and development of the early U.S. currency and banking system, primarily from the late 19th century through the early 20th century, highlighting the significant role of this subject in the broader context of U.S. history. While the guide focuses on the Library's collection of print materials, including a collection of related pamphlets donated by the American Bankers Association (ABA), it contains links to the Library of Congress catalog and, in some instances, digitized copies of items. This guide also provides general background information on the history of banking, currency, and monetary policy in the United States, along with the political and policy movements that have influenced them.

This guide and the ABA Pamphlet Collection primarily center around “the currency question,” meaning whether or not U.S. currency should be pegged to a gold or silver standard; as well as the creation of a central bank, culminating in the establishment of the Federal Reserve in 1913. The periods of United States history covered include: National Expansion and Reform (1815-1880); Civil War and Reconstruction (1861-1877); the Rise of Industrial America or the Gilded Age (1876-1900); and the Progressive Era to the New Era (1900-1929). There is information available about periodicals in banking and business published during this time, as well as some information about useful databases to which the Library subscribes to for research on these issues and the time period. For additional primary sources about these time periods, the Library of Congress offers digitized collections and overviews as part of the U.S. History Primary Source Timeline.

Some materials and subscription databases listed in this guide may be accessible for walk-in users at many local public and academic institutions, local and state historical societies, and State Libraries and Archives. These institutions will have collections that are geographically focused and will often have other materials that are not available anywhere else including: local papers, personal papers, and uncatalogued materials that may be focused on related historical aspects of these developments in U.S. history.

This guide emphasizes resources on early U.S. banking history without being exhaustive. While it was not possible to capture everything on this subject, the guide includes materials spanning a large period of time. Some titles were chosen for their historical overview, while others provide a detailed window into specific periods.

About the Business Section

Part of the Science & Business Reading Room at the Library of Congress, the Business Section is the starting point for conducting research at the Library of Congress in the subject areas of business and economics. Here, reference specialists in specific subject areas of business assist patrons in formulating search strategies and gaining access to the information and materials contained in the Library's rich collections of business and economics materials.