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The History of American Banking
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Alexander Hamilton proposes a National Bank
President Washington appointed Alexander Hamilton as Secertaty of the Treasury in 1789, Hamilton proposed a national bank that could issue a single curency for the entire nation, manage the federal goverment's funds, and monitor other banks throughout the country. -
Congress establishes the Bank of the United States
In 1791 Congress set up the Bank of the United States, granting it a twenty-year charter. -
National Bank looses its main backer.
When ALexander Hamilton died in a famous duel with Vice President Aaron Burr, the bank lost its main backer. -
The Bank of the United States charter runs out
After Alesander Hamilton was killed the National Bank no longer had its main backer, when the charter ran out it was closed. -
Congress charters the Second Bank of the United States
After the First Bank of the United States charter ran out and was not renuied the states over took the job of issuing bank notes which they could not back, the new country was thrown into financial chaos, to eliminate this chaos Congress chartered the Second Bank of the United States -
The Supreme Court Ruled a national bank Constitutional
Through deligations in 1819 the Supreme Court Justices of the United States ruled a national bank Constitutional -
Nicholas Biddle becomes president of the Second Bank
In 1823 Nicholas Biddle was named president of the second bank and was responcible for resotring stability -
President Anderew Jackson vetos the runewal of the Second National Bank
President Jackson's extreme distrust of the Second Bank led him to Veto the renewal of the bank -
The Wildcat Era begins
The fall of the Second Bank triggered a period dominated by state chartered banks this time period was nicknamed the widlcat era -
First time lock instaled
The first time lock was used for a bank valt -
Different Currancy Circuulated
By 1860 an estimated 8000 banks were issuing currancy -
The Goverment issues greenbacks
During the Civil War the Union issued a Currancy called greenbacks because they were printed by green ink -
The south issues currancy
during the civil war the south issued currancy backed by cotton -
Civil War Begain
The civil war begins making the existing unregulated banking problem even worse -
The Wildcat Era ends
Reforms during the Civil War end the Wildcat Era in America -
The National Banking Act Of 1863
Together with the Act of 1864 it gave the federal goverment important powers having to do with banking -
The National Banking act of 1864
Along with the national banking act of 1863 gave the National goverment important powers over the banks -
The Civil War ends
The American Civil war comes to an end -
America adopts the gold standard
the gold standard is a monetary system in which peper money and coins are equal to the value of a certian amount of gold. -
The Bank of Italy was Founded
The Bank of Italy was founded by Amadeo Giannini in 1904 -
San Francisco Earthquake
An earthquake leveled the city of San Fransico but the bank valts stayed intact -
The panic of 1907
several New Your banks failed due to lack of adequqte reserves -
The Federal Reserve System is established
In late 1913 the federal reserve act established the federal reserve system, it werved as the nations first true central bank -
THe Great Depression Starts
On tuesday Oct 29,1929 the stock market crashed therefore causing americas economy to go into turmoil and many people lost there jobs and posestions -
FDIC is created
In 1933 FDR created the Federal Deposit Insurance Corporation instilling faith back in Americas banks -
New $20 bill
The new $20 bill was established to increase security measures so it would be harder to duplicate -
Stock market falls
the stocket market falls 21% -
Lehman Brothers Colapses
the biggest bank closure in american banking history -
Washington Mutual colapses
Washington Mutual colapsing was the second largest bank closing in history -
FDIC Raised
President Obama signed a deal to raise the FDIC to $250,000
