Banking merchants and banking houses: the hidden key to the workings of the Spanish banking system in the nineteenth century

Abstract

The historical study of the Spanish nineteenth-century banking system has been almost exclusively carried out through a consideration of the experiences of the joint-stock banks. But the very scarce number of these, and their territorial distribution, makes it necessary for us to look for other financial intermediaries who were able to satisfy the demand for banking services in that time and place. We demonstrate that this role was fulfilled by the banking merchants and banking houses operating through individual firms and partnerships. The object of this work is to make their activities better known and vindicate their importance. The sources used for the study are mainly the accounting documents of several banking houses.