Pierpont's Quest for a Return to the Gold Standard

Pierpont's father was a merchant banker and his bread and butter was in financing trade deals But Charles suggested that Pierpont might be better off specializing in a new branch of the banking industry, Investment Banking. During the Civil War both the Union and Confederacy needed capital to fund their war efforts so they relied heavily on banks to sell government bonds. With growing demand for these services, investment banks began to emerge as specialist middlemen for trading bonds and raising capital. In 1871 when after seven years in business together, Charles Dabney told Pierpont he was ready to retire Pierpont's dad suggested he take on another senior partner to continue to mentor him. This success brought