IN THIS ISSUE
▶ By Elliot Chambers and Mark Higgins
▶ By Robert F . Bruner and Sean D . Carr
▶ By Edward Chancellor
▶ By Peter C . Earle
▶ By Caroline Fohlin , Matthew Jaremski and Derrick Tran
▶ By Stephanie Forshee
IN THIS ISSUE
FEATURES
The magazine of the Museum of American Finance
in association with the Smithsonian Institution
Issue 146 • Summer 2023 ( ISSN 1520-4723 )
Kristin Aguilera Editor
EDITORIAL ADVISORY BOARD
Howard A . Baker , Esq . Howard Baker Associates Lawrence A . Cunningham The George Washington University Peter C . Earle American Institute for Economic Research Brian Grinder Eastern Washington University Gregory DL Morris Freelance Journalist Susie Pak St . John ’ s University Arthur W . Samansky The Samansky Group Myles Thompson Columbia Business School Publishing Janice Traflet Bucknell University Robert E . Wright American Institute for Economic Research Jason Zweig The Wall Street Journal
ART DIRECTION Alan Barnett Design
MUSEUM STAFF David J . Cowen , President / CEO Kristin Aguilera , Deputy Director Robert Dinkelmann , IT / Technology Maura Ferguson , Director of Exhibits Sarah Poole , Collections Manager
Linda Rapacki , Managing Director of Visitor Services and Operations
Mindy Ross , Director , External Relations Ben Urizar , Assistant Director of Visitor Services
Copyright © 2023 by the Museum of American Finance , publisher . All rights reserved .
Financial History is the official membership magazine of the Museum of American Finance .
12 The Panic of 1819 , Silicon Valley Bank and the Danger of Bank Runs
How the lessons from a long-forgotten financial catastrophe were used to contain the damage of the SVB bank run .
▶ By Elliot Chambers and Mark Higgins
18 New Lessons from the Panic of 1907
Insightful new research into one of the nation ’ s largest panics sheds light on the causes , consequences and dynamics of financial crises .
▶ By Robert F . Bruner and Sean D . Carr
22 The Interest of Interest
Interest is an indispensable , unavoidable part of the human condition , with a direct relation to income inequality .
▶ By Edward Chancellor
26 The Panic of 1873 : Black Swan or Dragon King ?
Examining a prominent 19th century panic on its sesquicentennial anniversary .
▶ By Peter C . Earle
30 The Rise of the Megabanks
A very long-run perspective on branching , panics and US bank concentration .
▶ By Caroline Fohlin , Matthew Jaremski and Derrick Tran
34 Margaret Swain Getchell LaForge
America ’ s first female retail executive .
▶ By Stephanie Forshee
2 FINANCIAL HISTORY | Summer 2023 | www . MoAF . org