The Tweed Ring spawned a vibrant financial sector that was integral to its brief success but has never been previously examined. William “Boss” Tweed and his allies employed banks controlled or comanaged by Tammany politicians to... more
The Tweed Ring spawned a vibrant financial sector that was integral to its brief success but has never been previously examined. William “Boss” Tweed and his allies employed banks controlled or comanaged by Tammany politicians to embezzle funds, build political alliances, and invest in a wide array of business ventures. The capital of these savings and commercial banks—city money, deposits from Catholic charities, and the savings of immigrant laborers—was accumulated through political channels. During their operation between 1867 and 1871, politician-bankers engaged in a mix of patronage deals and profit-driven financial speculation. In effect, Tammany banks were ground zero for the Ring's conversion of political hegemony into a windfall of economic capital that fueled party activities and buoyed personal fortunes. Importantly, the anti-Ring mobilization by upper-class reformers was more than a revolt of wealthy taxpayers concerned with abstract goals of good government or rescuing city credit; it was also a reaction by old-line bankers in direct competition with Tammany upstarts. A dramatic bank run catalyzed by reformers in November 1871 drove them into bankruptcy, bringing this novel experiment in political capitalism to an end.
When the United States entered the Second World War, Nazi media focussed on the new opponent. While a lot of the patterns which writers used on the US were long established – particularly antisemitic concepts that had since 1939 been used... more
When the United States entered the Second World War, Nazi media focussed on the new opponent. While a lot of the patterns which writers used on the US were long established – particularly antisemitic concepts that had since 1939 been used in anti-British propaganda – organised crime for several reasons seem to be a promising topic. Somewhat exceptional is Heinz Halters book Der Polyp von New York. Die Geschichte Tammany Halls. Korruption und Verbrechen im demokratischen Amerika (1942). As source for his book, Halter mainly used Herbert Asbury's Gangs of New York. An Informal History of the Underworld (1928), which also served as original book for Martin Scorseses movie of 2002 with the same title.
Tammany Hall saw an incredible evolution from the days of Aaron Burr to FDR. This is a brief overview of that history with special emphasis on the relationship between Al Smith and FDR.
