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The History of American Banking

By Angel Raymundo

1933

1863

Free Banking Era

In this period, only state-chartered banks existed. They could issue bank notes against specie gold and silver coins and the states heavily regulated their own reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. President Andrew Jackson strongly opposed the renewal of its charter, and built his platform for the election of 1832 around doing away with the Second Bank of the United States. Jackson's political target was Nicholas Biddle, financier, politician, and president of the Bank of the United States.

1791

First Bank Of The United States

The President, Directors and Company, of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first Secretary of the Treasury.

1816

Seconnf Bank Of The United States

The Second Bank of the United States, located in Philadelphia, Pennsylvania, was the second federally authorized Hamiltonian national bank in the United States during its 20-year charter from February 1816 to January 1836. Nicholas Biddle was an American financier who served as the third and last president of the Second Bank of the United States. He also served in the Pennsylvania General Assembly. He is best known for his role in the Bank War.

1861

The Civil War

The American Civil War was fought in the United States from 1861 to 1865. The result of a long-standing controversy over slavery, war broke out in April 1861, when Confederates attacked Fort Sumter in South Carolina, shortly after President Abraham Lincoln was inaugurated. Greenbacks were paper currency printed in green on the back issued by the United States during the American Civil War. They were in two forms: Demand Notes, issued in 1861–1862, and United States Notes issued in 1862–1865.

1870's

The Gold Standard

In 1834, the United States fixed the price of gold at $20.67 per ounce, where it remained until 1933. Other major countries joined the gold standard in the 1870s. The period from 1880 to 1914 is known as the classical gold standard. During that time, the majority of countries adhered to gold.

1907

Panic Of 1907

The Panic of 1907 also known as the 1907 Bankers' Panic or Knickerbocker Crisis was a United States financial crisis that took place over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies.

1913

Federal Reserve Act

The Federal Reserve Act is an Act of Congress that created and established the Federal Reserve System, the central banking system of the United States, and which created the authority to issue Federal Reserve Notes now commonly known as the U.S. Dollar and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson.

1980's

2008

The Future

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