The Chestnut Street Raid on Wall Street, 1839

Abstract

I. The business and political situation in 1839, 605. — II. Early sales of postnotes and foreign exchange in the New York and Boston markets, 607; heavy drafts on the New York balances, 609; gathering difficulties in Europe, 609; suspension of the Bank of the United States, 611; the Rothschilds' assistance, 612. — III. Discussion of the episode by Biddle and others, 614; passing of financial primacy to Wall Street, 616; significance of the episode, 617.