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.

I. Significance of the question, 79.— The Bank of North America, 80.— The Bank of New York, 83.— Conditions which determined early credit policy, 84.— II. Bank expansion, 1784 to 1840, 85.— Growing demand for long term credit, 86.— Lengthening maturities, 88.— Short term credit orthodoxy, 90.— Dilemma of the banks, 92.— III. Free banking and long term credit, 95.— Forstall system of New Orleans and short term credit, 97.— Condition of the New Orleans banks, 98.— Success and influence of the New Orleans banks, 99.— IV. Change in credit function of banks, 1782 to 1840, 101.— Legislative influences, 102.— Economic influences, 102.