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Known as the Bank of the us, the first banks of the United States,was a national bank that chartered a term of 20 years.
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Located in Philadelphia,Pennsylvania, was the second federally authorized Hamilton National Bank. The war of 1812 had left a formidable debt, inflation surged upward due to the increasing amounts of notes issued by private banks. So President Madison signed a bill authorizing the second bank with a charter of 20 years.
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"greenbacks" paper currency were first issued just before the outbreack of the civil war, as the war began to tilt against the confederates, confidence in the currency diminished. Inflation followed, by the end of 1863 the confederate dollar ( or "greyback" ,to distinguish from the new "greenback", which was also put in circulation during the war).
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The first attempt to establish a central bank after the failures of the first and second banks.The act allowed the creation of national banks, set a plan for establishing a national currency backed by government securities and
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an act of congress that created and established the federal reserve system,the central banking system and created the authority to issue federal reserve notes(the us dollar)
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a wave of banking panics or "bank runs" during which large anxious numbers of people withdrew their deposits in cash, causing banks to liquidate loans which lead to mass amounts of bank failures
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High inflation, the central bank,under different leadership, changes its policies and raised intrest rates by up to 20%
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The US experienced a deep recession, mainly caused by the noninflationary monetary policy adopted by the federal reserve. This recession lasted over a year.
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Requires financial institution, companies that offerservices such as loans,financial investment advice or insurance to explain their information-sharing practices to consumers and to safeguard sensitive data
