Jane Kamensky's account of the speculator Andrew Dexter brings to life the unregulated and manic world of early nineteenth-century finance. “Post-Revolutionary America,” Kamensky contends, “was Andrew Dexter's America, a place crisscrossed by new roads to success, which in turn were riddled with new pitfalls” (11). Dexter's brief success, which reached its apogee with the construction of the Exchange Coffee House in 1809, did not result from the hard work and parsimony extolled by the era's moralists. Rather, Dexter funded his projects through a sophisticated scheme of acquiring rural banks (including one as far away as Detroit) and then using them to flood Boston with paper money that, due to the vast distances involved, would be difficult for its holders to redeem in coin. Dexter milked nearly three-quarters of a million dollars of paper notes from one of his banks, whose hard-money reserves often totalled only in the hundreds. Dexter's house of cards predictably collapsed, thanks in part to the activities of conservative business rival Nathan Appleton, bringing ruin not only to himself, but also to those with the misfortune of holding his banks' paper notes when the music stopped in 1809. The Exchange Coffee House flamed out in a fire in 1818.

This reviewer found that the pages of The Exchange Artist turned themselves. The book tells an interesting story and is based on a wealth of primary research. The narrative on Dexter is appropriately interrupted at points for discussions of issues related to his ventures. Of particular note are Kamensky's descriptions of early nineteenth-century construction, architecture, portraiture and firefighting. Also illuminating are a series of computer-assisted drawings that re-create the Exchange Coffee House. Though Kamensky outlines the argument for the existence of an “exchange persuasion” and a “gospel of ascent,” the book is more the narrative of Dexter and his building than it is a wider discussion of early nineteenth-century America. Despite all of his faults, Kamensky gives Dexter a fair hearing and contextualizes his decisions, rather than condemn them. Somewhat puzzling is the contention that Dexter, “the con man,” was not that dissimilar from Appleton, “the businessman” (12). Though both sought to enhance their financial and social position and made their share of gambles, surely the different means they employed deserve more emphasis. One wonders why two men of such similar backgrounds desiring similar ends chose such different means.

Due to its emphasis on a rather obscure figure, The Exchange Artist is not a natural choice for the classroom. However, it is a great read and a good introduction to early national finance for those turned off by the typically dull books in the field. If you are looking for something well written and engaging to introduce you to early nineteenth-century business and finance, this is your book.