In view of the recent financial confusion in the United States, similar difficulties of the Florida of a century ago assume more than a passing interest. The problem of self development has always been pressing for Florida; since the days of the purchase from Spain exaggerated claims of economic opportunity have lured the investor sometimes to sound wealth and sometimes, alas, to the reverse. The first Florida boom was launched in 1821 when the United States government set itself the task of raising the five million dollar purchase price from the sale of the lands just acquired. These internal improvement projects became involved in the frenzied finance of the eighteen thirties and forties, thus giving rise to a variety of investment devices resembling the last few years in the giddiness of their concepts and the calamitous quality-of their failures.
Abbey, Kathryn T.
"The Union Bank of Tallahassee: An Experiment in Territorial Finance,"
Florida Historical Quarterly: Vol. 15
, Article 3.
Available at: https://stars.library.ucf.edu/fhq/vol15/iss4/3