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The Exchange Artist: A Tale of High-Flying Speculation and America's First Banking Collapse
Profiles Andrew Dexter, Jr., as a late-eighteenth-century financial pioneer-turned-confidence man, describing how he took advantage of period suspicions about paper money and banks to promote a skyscraper building scheme that subsequently cost his investors millions of dollars.
464 pages, Hardcover
First published January 24, 2008
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Displaying 1 - 24 of 24 reviews
June 1, 2019
This is An interesting look at a greedy and plotting swindler who never attained wealth. The author gives A great description of the building he built and it’s unfortunate end. I did Learn a lot, and maybe even the source of the word dexterous. A little bland in spots, but the author did a great job of piecing the story together.
March 22, 2024
Nominally the story of the string of bank failures, largely induced by one Andrew Dexter Jr. in 1808, a big chunk of this book is actually about the project that Dexter took stupid chances to complete; a seven-story, multi-purpose building in Boston called the Exchange Coffee House. By the time Kamensky is done with this sorry tale she has given you a life of Dexter, an account of the construction and failure of the Exchange, and an overview of assorted related matters. However, this book is really a slice of Boston social and urban history, Kamensky having gone so far as to have commissioned a project to depict what the Exchange might have looked like, in all its dubious glory, before burning to the ground in 1818.
One could question whether Kamensky really tells any of these stories that well, and one might wish for a little more context, but I did get enough out of this book that it was worth my while. In this day and age of rampant conspiracies you could wonder whether this event had ever actually happened, so thoroughly that it had been forgotten; about the best monument to Dexter and his works is that scads of the bank notes he issued still exist, and are collectible in numismatic circles!
One could question whether Kamensky really tells any of these stories that well, and one might wish for a little more context, but I did get enough out of this book that it was worth my while. In this day and age of rampant conspiracies you could wonder whether this event had ever actually happened, so thoroughly that it had been forgotten; about the best monument to Dexter and his works is that scads of the bank notes he issued still exist, and are collectible in numismatic circles!
July 29, 2022
An interesting read about a great bank failure due to excessive monetary creation.
January 26, 2019
Jane Kamensky’s The Exchange Artist is a lively and refreshing work of ‘Early Republic’ history. The rich narrative—part monograph and part micro-history—chronicles the life and “schemes” of one Andrew Dexter Jr., who, as the subtitle suggests, rises to unthinkable heights before to collapsing under the weight of his lofty speculations. Not a pure biography—nor a pedantic or scholarly discourse—the Dexter narrative yields vivid glimpses into gender, social, political, and gender history of the United States. As what some are calling ‘The Panic of 2008’ continues to unfold, the timing of this book’s release has serendipitously coincided with the emerging national discussion on the woes of irrational and/or irresponsible speculation. Furthermore, the text is both engaging and masterfully written, making it not only highly relevant, but also an enjoyable reading experience.
For all the linguistic beauty and clarity this narrative offers, the professional historian or graduate student undoubtedly recognizes Kamensky’s historiographical shortcomings. Whereas the historian is said to be responsible for both narrative and analyses of subject matter, Kamensky fails to provide the reader with a more thorough historiographical grounding in the subject of early republic finance. Kamensky chooses to omit a historiographical framework which should have highlighted the two-hundred year on-going conversation about such critical issues as pecuniary law, hard/soft currency, the Hamiltonian vs. Jefferson economic ideals, and the role of the First and Second Bank of the United States (and later the 1914 Federal Reserve Act) to name a few. Endnotes aside, she wholly ignores the voices of those whom have come before her. This is problematic in the sense that her subject is not unique to himself. Rather, Andrew Dexter Jr.’s rise and fall—and the subsequent rise and fall of the Exchange Coffee House—are themselves episodes in the forging of the American economy. As such, it is strange to even attempt to understand the significance of one man and one building in this isolated context.
The narrative is unquestionably rich, but the subjective analysis is mediocre at best. In several instances Kamensky strays from her otherwise perfectly economic prose to pursue tangential subjects—such as Gilbert Stuart—where a more in-depth discussion of early republic finance is needed. The climate of Dexter’s lifespan—the period of emerging capitalism—is characterized by myriad complexities in policy and practice. While Kamensky addresses the emergence of continental paper, she presents a half-hearted analysis of the Embargo Act of 1807. She also fails to address several critical pecuniary debates that Dexter’s experience pertains to: centralized banking, the assumption of states debts, bankruptcy law, and currency standardization. Kamesky’s omissions are not problematic in the sense that historians should be required to disclose a full subject or period historiography before proceeding—no such requirement exists, nor should it—but rather because as it stands, this gripping narrative fails to assert itself fully as a result.
These criticisms aside, Kamensky’s colorful “tale” still succeeds in providing an illuminating snapshot of the early American economy. While Kamensky does not take to make it quite as obvious, Andrew Dexter Jr.’s journey symbolizes the American transition from a pre-capitalist to capitalist society. Young, intelligent, ambitious, and motivated, Kamensky’s Dexter seems to lose himself in the confluence of greed and determination as he exploits a localized, paper-based monetary system. Like capitalism, Dexter is capable of greatness; only the self-interested and self-motivated ethos could allow a man as humble as Dexter to erect the Exchange Coffee House. Yet—as can also occur in capitalism—Dexter’s efforts ultimately displace and harm those who participate in his schemes.
For all the linguistic beauty and clarity this narrative offers, the professional historian or graduate student undoubtedly recognizes Kamensky’s historiographical shortcomings. Whereas the historian is said to be responsible for both narrative and analyses of subject matter, Kamensky fails to provide the reader with a more thorough historiographical grounding in the subject of early republic finance. Kamensky chooses to omit a historiographical framework which should have highlighted the two-hundred year on-going conversation about such critical issues as pecuniary law, hard/soft currency, the Hamiltonian vs. Jefferson economic ideals, and the role of the First and Second Bank of the United States (and later the 1914 Federal Reserve Act) to name a few. Endnotes aside, she wholly ignores the voices of those whom have come before her. This is problematic in the sense that her subject is not unique to himself. Rather, Andrew Dexter Jr.’s rise and fall—and the subsequent rise and fall of the Exchange Coffee House—are themselves episodes in the forging of the American economy. As such, it is strange to even attempt to understand the significance of one man and one building in this isolated context.
The narrative is unquestionably rich, but the subjective analysis is mediocre at best. In several instances Kamensky strays from her otherwise perfectly economic prose to pursue tangential subjects—such as Gilbert Stuart—where a more in-depth discussion of early republic finance is needed. The climate of Dexter’s lifespan—the period of emerging capitalism—is characterized by myriad complexities in policy and practice. While Kamensky addresses the emergence of continental paper, she presents a half-hearted analysis of the Embargo Act of 1807. She also fails to address several critical pecuniary debates that Dexter’s experience pertains to: centralized banking, the assumption of states debts, bankruptcy law, and currency standardization. Kamesky’s omissions are not problematic in the sense that historians should be required to disclose a full subject or period historiography before proceeding—no such requirement exists, nor should it—but rather because as it stands, this gripping narrative fails to assert itself fully as a result.
These criticisms aside, Kamensky’s colorful “tale” still succeeds in providing an illuminating snapshot of the early American economy. While Kamensky does not take to make it quite as obvious, Andrew Dexter Jr.’s journey symbolizes the American transition from a pre-capitalist to capitalist society. Young, intelligent, ambitious, and motivated, Kamensky’s Dexter seems to lose himself in the confluence of greed and determination as he exploits a localized, paper-based monetary system. Like capitalism, Dexter is capable of greatness; only the self-interested and self-motivated ethos could allow a man as humble as Dexter to erect the Exchange Coffee House. Yet—as can also occur in capitalism—Dexter’s efforts ultimately displace and harm those who participate in his schemes.
July 27, 2021
Before I picked up, “The Exchange Artist: A Tale of High-Flying Speculation and America's First Banking Collapse” by Jane Kamensky, I had no clue about Boston’s first Exchange Coffee House. I knew a little bit about post-revolution banking and finance, but nearly nothing about the material covered in detail in this book.
Kamensky goes an inch wide and a mile deep using countless sources to tell the story of financier Andrew Dexter and the cast of characters around him. Dexter was born well in 1779 and had plenty of relatives, mentors, and associates to do business with. Regulations were scant in the early days of the nation and men with the gumption could speculate wildly.
Andrew Dexter’s claim to fame was that he developed a series of banking schemes (amazing in their simplicity, but kind of difficult to fully grasp) that basically allowed him to print an unlimited amount of money (remember, there was no national currency in those days).
With this money he was able to construct his visionary building: The Exchange Coffee House. When other buildings in Boston were 3 or 4 stories tall, Dexter’s behemoth was 7. It was luxurious and featured many amenities. But the main problem was it lacked practicability. As a commercial business, it was a flop.
By the time the Coffee House was finished, so was Dexter, as people realized his printed, paper money was worthless.
To avoid debtors’ prison, Dexter fled, but continued to speculate elsewhere, always striving to make it big. Although he did play a role in the founding of Montgomery, Alabama, he was never flying as high as in 1808 when the Coffee House was under construction.
Besides the banking and finance, the book goes into great detail about the terrible conflagration in 1818 that burned the Coffee House to the ground. Throughout the book are many nuggets about the life and times of the early 1800 (like how fire departments worked).
Overall I found it to be a very interesting read. It leans heavily on lots of source material and uses lots of quotes with not much explanation at times. In fact, I believe 1 whole chapter was just source after source, like reading a series of newspaper clippings about the Coffee House.
Lots of great pictures in this book. But be prepared for long chapters. I had to take many pauses, stopping mid-chapter, due to their length.
Kamensky goes an inch wide and a mile deep using countless sources to tell the story of financier Andrew Dexter and the cast of characters around him. Dexter was born well in 1779 and had plenty of relatives, mentors, and associates to do business with. Regulations were scant in the early days of the nation and men with the gumption could speculate wildly.
Andrew Dexter’s claim to fame was that he developed a series of banking schemes (amazing in their simplicity, but kind of difficult to fully grasp) that basically allowed him to print an unlimited amount of money (remember, there was no national currency in those days).
With this money he was able to construct his visionary building: The Exchange Coffee House. When other buildings in Boston were 3 or 4 stories tall, Dexter’s behemoth was 7. It was luxurious and featured many amenities. But the main problem was it lacked practicability. As a commercial business, it was a flop.
By the time the Coffee House was finished, so was Dexter, as people realized his printed, paper money was worthless.
To avoid debtors’ prison, Dexter fled, but continued to speculate elsewhere, always striving to make it big. Although he did play a role in the founding of Montgomery, Alabama, he was never flying as high as in 1808 when the Coffee House was under construction.
Besides the banking and finance, the book goes into great detail about the terrible conflagration in 1818 that burned the Coffee House to the ground. Throughout the book are many nuggets about the life and times of the early 1800 (like how fire departments worked).
Overall I found it to be a very interesting read. It leans heavily on lots of source material and uses lots of quotes with not much explanation at times. In fact, I believe 1 whole chapter was just source after source, like reading a series of newspaper clippings about the Coffee House.
Lots of great pictures in this book. But be prepared for long chapters. I had to take many pauses, stopping mid-chapter, due to their length.
August 24, 2020
This book was well done. I was quite pleased with its attention to detail so much so that it even has an index !! I can't remember the last time I read a book that had an index .....the sad but true story of Andrew Dexter, Jr. ( 1779 ~ 1837 ) the architect of America's first banking collapse The Exchange Coffee House on Congress Street in the great city of Boston Massachusetts from 1809 ~ 1818. Remarkably it is historically and economically accurate enough to warn of the evils caused by paper money and inflation, a remarkable surprise coming from a Northern author. I enjoyed this further because it covered the early history of the country, referencing such early notables as Daniel Webster, James Madison, James Monroe, Thomas Jefferson, and Henry Clay; it referenced the streets of Boston, one of my most favorite cities, which have remained mostly unchanged since then, remarkably. It also referenced the early years of the Civil War given Dexter's involvement with the establishment of Montgomery, Alabama.
Highly recommended, but just to let you know, this is not light reading. It is VERY detailed
Highly recommended, but just to let you know, this is not light reading. It is VERY detailed
December 22, 2025
The author uses the exploits of socially connected conman Andrew Dexter Jr. to examine the phenomenom of wildcat bank notes and capitalism in Jeffersonian America. It is OK and contains a goodly amount that I did not know (and as Goodreads knows, I read a lot), but contains several statements so jarring that the book is busted down to two stars:
(1) she says that the position of bank cashier is essentially that of a laborer. No, until 1920 or so, it was the Chief Operating Officer.
(2) she several times equates Andrew Dexter, peddler of fraudulent bank notes, with Nathan Appleton, peddler of tangible and completely functional clothing and the primary whistleblower. In fact, there is not positive mention of anyone legitimately making a profit in the entire book.
Finally, I should mention that Dexter took his slave from Boston to Nova Scotia and then to Alabama, which was notorious for the poor treatment of slaves even then and the author does not comment on this. Throughout Dexter is a delusional rogue and Appleton is to smug and self-satisfied to be applauded. Just because some people like the bad boys does not mean that we should tolerate this nonsense.
(1) she says that the position of bank cashier is essentially that of a laborer. No, until 1920 or so, it was the Chief Operating Officer.
(2) she several times equates Andrew Dexter, peddler of fraudulent bank notes, with Nathan Appleton, peddler of tangible and completely functional clothing and the primary whistleblower. In fact, there is not positive mention of anyone legitimately making a profit in the entire book.
Finally, I should mention that Dexter took his slave from Boston to Nova Scotia and then to Alabama, which was notorious for the poor treatment of slaves even then and the author does not comment on this. Throughout Dexter is a delusional rogue and Appleton is to smug and self-satisfied to be applauded. Just because some people like the bad boys does not mean that we should tolerate this nonsense.
November 21, 2018
The book got sidetracked into a lot of extraneous detail about the building itself which got boring. It did better when discussing the actual swindle and its aftermath.
December 3, 2009
History can be pretty dry when it just deals with dates and events. Add people and it starts to take on life. Provide quotations, excerpts from letters, comments by friends and associates ---- well, now history can come alive!
The Exchange Artist sets out to tell the tale of what was, perhaps, the nation's first bank failure and the dreamer whose schemes brought about the financial boondoggle.
Andrew Dexter is introduced as the ambitious, well meaning Bernie Madoff of his day, who sets out to make his mark in post-revolutionary Boston. While the author sympathetically provides insight into Dexter's motivations, frustrations and strivings, she is more descriptive than evocative. Although she tries to put you in his place and time, she does more to bring his dream (The Exchnage Coffee House) to life than Andrew Dexture.
The book provides thoughtful insight into the real meaning of money and credit, and the fragile confidence in money necessary to sustain economic activity.
The thoughtful introduction of the optimistic ambitions of the post-revolutionary American psyche explains much of the restless striving that propelled Andrew Dexter in Boston and later led him to the founding of Montgomery, Alabama. Yet for all the enterprise and sweeping geographic scope offered by Dexter's life, I felt like a distant observer, not intimately knowing Andrew Dexter, but knowing of him. The times became more real for me, but not as alive as they could have been.
The Exchange Artist sets out to tell the tale of what was, perhaps, the nation's first bank failure and the dreamer whose schemes brought about the financial boondoggle.
Andrew Dexter is introduced as the ambitious, well meaning Bernie Madoff of his day, who sets out to make his mark in post-revolutionary Boston. While the author sympathetically provides insight into Dexter's motivations, frustrations and strivings, she is more descriptive than evocative. Although she tries to put you in his place and time, she does more to bring his dream (The Exchnage Coffee House) to life than Andrew Dexture.
The book provides thoughtful insight into the real meaning of money and credit, and the fragile confidence in money necessary to sustain economic activity.
The thoughtful introduction of the optimistic ambitions of the post-revolutionary American psyche explains much of the restless striving that propelled Andrew Dexter in Boston and later led him to the founding of Montgomery, Alabama. Yet for all the enterprise and sweeping geographic scope offered by Dexter's life, I felt like a distant observer, not intimately knowing Andrew Dexter, but knowing of him. The times became more real for me, but not as alive as they could have been.
December 3, 2012
"The Exchange Artist" by Jane Kamensky (Penguin 2008) is about one small slice of American banking history in the early 1800's. It is a good read, and I think would be fascinating for anyone interested in the history of money and banking in the USA.
It centers around Andrew Dexter, Jr. of Boston, and his ventures. It is from back in the day when local banks could issue their own bank notes (paper money). One of the shenanigans I remember from the book is when Dexter and his pals opened a bank in Detroit, at that time in the middle of nowhere on the frontier, a two-week trip from Boston. They had their Detroit bank issue a large amount of paper money, which they carted back to Boston, and used to pay bills for building the 7-story Exchange Building, located right down near where Exchange Place and the Old State House now are. Nobody had the means to check on whether the Detroit bank had any gold in its vaults or any other assets, so they could accept the bank notes on faith, or not. There was no law or constitutional provision making it mandatory legal tender, so payees were really flying blind.(Kind of like buyers of synthetic mortgage-backed CDO's a few years ago?)
It centers around Andrew Dexter, Jr. of Boston, and his ventures. It is from back in the day when local banks could issue their own bank notes (paper money). One of the shenanigans I remember from the book is when Dexter and his pals opened a bank in Detroit, at that time in the middle of nowhere on the frontier, a two-week trip from Boston. They had their Detroit bank issue a large amount of paper money, which they carted back to Boston, and used to pay bills for building the 7-story Exchange Building, located right down near where Exchange Place and the Old State House now are. Nobody had the means to check on whether the Detroit bank had any gold in its vaults or any other assets, so they could accept the bank notes on faith, or not. There was no law or constitutional provision making it mandatory legal tender, so payees were really flying blind.(Kind of like buyers of synthetic mortgage-backed CDO's a few years ago?)
April 27, 2009
Lively history of an original con man
Andrew Dexter Jr. is the villain of historian Jane Kamensky’s book on America’s first bank failure, which occurred in the early 1800s. He used worthless banknotes to finance construction of Boston’s Exchange Coffee House, at seven stories then America’s tallest building. In the process, he financially ruined hundreds of laborers who worked on the project. By the time they learned that his banknotes were bogus, Dexter was long gone. Kamensky deftly tells his tale with fascinating detail and little-known facts. In brilliant writing she traces the rise of “speculative capitalism.” She offers the bittersweet saga of a man with little conscience and big dreams he never fulfilled. getAbstract finds that her book compellingly depicts America’s early financial history – and, perhaps, one facet of its emerging fiscal personality – through the tale of this colorful charlatan.
Andrew Dexter Jr. is the villain of historian Jane Kamensky’s book on America’s first bank failure, which occurred in the early 1800s. He used worthless banknotes to finance construction of Boston’s Exchange Coffee House, at seven stories then America’s tallest building. In the process, he financially ruined hundreds of laborers who worked on the project. By the time they learned that his banknotes were bogus, Dexter was long gone. Kamensky deftly tells his tale with fascinating detail and little-known facts. In brilliant writing she traces the rise of “speculative capitalism.” She offers the bittersweet saga of a man with little conscience and big dreams he never fulfilled. getAbstract finds that her book compellingly depicts America’s early financial history – and, perhaps, one facet of its emerging fiscal personality – through the tale of this colorful charlatan.
August 18, 2012
The subtitle, A Tale of High-Flying Speculation and America's First Banking Collapse, is an extremely short description of the book. Its copyright date of 2008 means it was written before the financial collapse of that year. Andrew Dexter, Jr. is the character of the title. One can argue that he brought about the collapse of several New England banks in 1809, however, other individuals and other factors certainly contributed to it, including an embargo. A good part of the book is about Dexter and his schemes however, the book has history and, if read with the recent past in mind, a moral. One need only think of the financial paper that was used to make bankers richer, at the expense of the working class, especially when the market collapsed in 2008. The working class in Boston also took it on the chin when Andrew Dexter, Jr.'s banks collapsed.
August 30, 2013
Really strong start. Kamensky is at her best when she describes early 19th century Boston and the web of finance surrounding the Exchange Coffee House. The chapter about it burning down was pretty good, too. Drags at the end. She's really into Andrew Dexter, who was the mastermind behind the Exchange Coffee House, but I think she picked the wrong character to follow. He helped found Montgomery, AL, but so what? She doesn't give a really good feel for that period of his life, and the Montgomery chapters are just boring.
November 19, 2013
Kamensky does a wonderful job of telling the story of Andrew Dexter Jr. and the Exchange Coffee House, without the usual historical plodding ‘We are going to drag you through every detail’ method. Midway through the book the Exchange Coffee House becomes as central a character as its human counterparts.
My only complaint (and this is not necessarily the authors fault) is that there are too many juniors, seniors, cousins, etc. with the same or similar name, so you have to go back and reread to determine who is who.
My only complaint (and this is not necessarily the authors fault) is that there are too many juniors, seniors, cousins, etc. with the same or similar name, so you have to go back and reread to determine who is who.
May 11, 2016
The story of Andrew Dexter, the paper money fortunes he 'makes' and loses, and the Exchange Coffee House, the monumental hotel/financial market/boondoggle he constructs in Boston. Kamensky's evocative writing serves a massive amount of research - for example, in sections where she takes the reader on a second-person tour of the building, or spends a typical day there - but she rarely goes outside of Dexter, his immediate circle, and the building. 400+ pages of very narrowly-focused history, without a lot of societal context or analysis.
June 26, 2009
This is a fascinating history of speculation in America in the early 1800s as the US grappled with creating a monetary system. Unfortunately, it's marred by a serious case of over-writing. Extended metaphors, cliches, and diversions into strange, distantly related by-issues all make this history very hard to read. I wanted to be able to recommend it, because the subject matter is inherently interesting, but the writing makes the book hard work.
Read
December 25, 2012Mediocre at best, mostly hackish. Nearly every sentence is stuffed with useless superlatives, and not even in a fun or skillful way. I skipped a couple useless chapters.If it wasn't for the interesting, factual story this was based on (ambition, deception, catastrophic failure) I wouldn't have bothered finishing it. Spare yourself.
August 7, 2016
If there ever was a historical character who approximated Tom Wolfe's Charlie Croker ('A Man in Full'), it is Andrew Dexter. Kamensky tells of the rise, then the fall, then the rise, and then the fall again of Dexter from Boston to Montgomery. An engrossing story with detail of the financial maneuvers made by Dexter which led to the creation of his fiat money empire and its ultimate collapse.
April 29, 2014
Some parts of the book dragged on a for a while. Dexter's family life was more interesting than the economic practices surrounding the Exchange. I did like the detail that went into the research of the post-Revolutionary Boston and the interior of the Exchange.
November 25, 2008
Story of Andrew Dexter -"financial pioneer turned confidence man" - in 1805 Boston. Built the Exchance Coffee House - tallest building in the US.
May 5, 2010
Nerd-tastic! A very interesting look at America's earliest financial risk-takers and speculators.
December 13, 2010
Have to read it for History of US class. Not bad so far...
April 12, 2012
I liked it. Dexter founding Montgomery Alabama was a crazy "plot twist". His sentiment's regarding native Americans later in the book I found heartening, considering his background.
December 12, 2015
The book is written in an unusually flamboyant style for historical non-fiction -- much more Erik Larsen than Doris Goodwin Kearns.
Displaying 1 - 24 of 24 reviews