Private Banking in Antebellum Virginia: Thomas Branch & Sons of Petersburg

This article investigates the role of the private banking house of Thomas Branch & Sons of Petersburg, Virginia, in promoting entrepreneurship and economic development in the early United States. It argues that while Branch adopted many of the methods and practices of antebellum commercial banks in that he accepted and created deposits and followed a real-bills philosophy in his lending, he also differed from them by extending his services to a particular market niche. Many of his borrowers were young entrepreneurs who were just embarking upon their own commercial ventures. In addition, many of his customers had accumulated only limited wealth. If Branch's actions, then, can be considered indicative of those of private bankers more generally, this article reveals the importance of small town private bankers in supplying monetary and intermediary services to local communities, and moreover, helps clarify their place in the history of antebellum banking.

Forgotten Men of Money: Private Bankers in Early U.S. History

Historical accounts of banking developments in the pre-1860 period of U.S. history focus almost exclusively on banking institutions chartered by state and federal governments. Private, unincorporated banks, although known to have existed, are generally ignored as either unimportant numerically or not truly commercial banks in terms of their functions. This paper draws on a variety of literary and quantitative evidence to infer that such views are perhaps in error. Some potential implications of the findings for antebellum banking and monetary history are essayed.