Books by "Frederic D. Grant, Jr."
2 books found
The Chinese Cornerstone of Modern Banking
by Frederic Delano Grant, Jr.
2014 · Martinus Nijhoff Publishers
Modern bank insurance is traced to its roots in The Chinese Cornerstone of Modern Banking: The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933. Frederic Delano Grant, Jr. provides new understandings of the Canton System, collective responsibility for debt at Canton, and the history of deposit insurance. The Canton Guaranty System inspired radical reform in New York in 1829 – the ancestor of all modern deposit insurance. Yet it was never the success imagined, and soon failed. In the Opium War, the Chinese government as implicit guarantor was forced to pay its debts in full on 23 July 1843. The afflictions of the Chinese system, including moral hazard, too big to fail, and unenforced laws, remain familiar today.
Before the opening of the treaty ports in the 1840s, Canton was the only Chinese port where foreign merchants were allowed to trade. The Golden Ghetto takes us into the world of one of this city’s most important foreign communities—the Americans—during the decades between the American Revolution of 1776 and the signing of the Sino-US Treaty of Wanghia in 1844. American merchants lived in isolation from Chinese society in sybaritic, albeit usually celibate luxury. Making use of exhaustive research, Downs provides an especially clear explanation of the Canton commercial setting generally and of the role of American merchants. Many of these men made fortunes and returned home to become important figures in the rapidly developing United States. The book devotes particular attention to the biographical details of the principal American traders, the leading American firms, and their operations in Canton and the United States. Opium smuggling receives especial emphasis, as does the important topic of early diplomatic relations between the United States and China. Since its first publication in 1997, The Golden Ghettohas been recognized as the leading work on Americans trading at Canton. Long out of print, this new edition makes this key work again available, both to scholars and a wider readership. “The fullest exposition on the subject thus far and as the final word on extant, previously untapped, English-language sources.” — Eileen Scully, in The China Quarterly