... York and Michigan in the late 1830s. FromNew York, the idea spread outward to the rest of the country and triumphed in 15 states by the early 1850s. On the eve of the Civil War, 18 out of the ... History of Money and Banking in the United States: The Colonial Era to World War IIarrived, some of the southern and western states were clearly indanger of default, their plight made worse by the ... touched off a wave of general bank suspensions in the south and west, but this time the banks of New York and New England continued to redeem their obligations in specie.Finally, the Bank of the...