Abstract: Institutional Entrepreneurship: The Origins of the Farmers' Loan and Trust Company

Bradley A. Hansen


The Farmers' Loan and Trust Co. is best known as one of the parties in <em>Pollock v. Farmers' Loan and Trust Co.</em> (1895), the case that invalidated the 1894 income tax, but from its founding in 1822 until its merger with National City Bank in 1929, Farmers' Loan and Trust Co. was involved in 47 Supreme Court cases, 196 federal appeals court cases, and over 400 state court cases. Why was Farmers' involved in so many significant legal cases? Although the most well known of these cases occurred in the last two decades of the nineteenth century, the answer to this question can be found in Farmers' first three decades. Two elements of the firm's history are essential for understanding its