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Federalists Versus Antifederalists!
The nation does not have a reliable medium of exchange, which causes conflict between the Federalists (lead by Alexander Hamilton) and the Antifederalists (lead by Thomas Jefferson). -
The First Bank of the United States!
Congress formed the First Bank of the United States in Philadelphia, Pennsylvania. -
Increasing Banks!
By 1800, there were over 700 private banks in the United States and continued to record in longhand. -
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The Expiration of the First Bank's Charter!
Due to the expiration of the charter for the First Bank of the United States, a five year period of instability followed. -
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The Free Banking Era!
President Andrew Jackson vetoed the reachertering of the Second National Bank, allowing the rise of the Free Banking Era. -
Gold, Glorious Gold!
Gold was struck in California and became the basis of the Untied States' monetary system -
Increasing Banks!
There are now over 1600 banks due to the California Gold Rush . -
Wells, Fargo & Company!
Henry Wells and William G. Fargo offered banking, express services, and extended credit to pioneers in the west during the Gold Rush. -
Various Currencies!
There was no national currency because banks printed their own notes with varrying denominations from state to state. -
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The Effects of the Civil War!
The Civil War demonstrates the need for a better monetary and banking system. -
National Banking Act of 1863!
The National Banking Act of 1863 esablished a system of natinally charters banks and a uniform currency -
The National Banking Act of 1864!
The act created national banks and an active secondary market for Treasury in order to finance the Civil War on the Union side. -
National Currency!
By 1866, the currency was federally dictated and banks were no longer allowed to print their own money. -
Time Lock!
James Sargent installed the first time lock on a bank vault. -
Bank of Italy!
A.P. Giannini opens the Bank of Italy to offer services to immigrants who were denied by other banks. -
Panic of 1907!
The Panic of 1907 lead to the creation of the Federal Reserve System. -
Federal Reserve Act!
President Wilson signed the Federal Reserve Act which introduced the Central Bank and Federal Reserve System, which caused many customers to withdraw from their banks. -
Bank of America!
A.P. Giannini expands his bank to Los Angeles and renames it Bank of America, along with his additional 262 banks. -
The Great Depression!
On Black Tuesday, the Stock Market crashed causing many banks to close in the nationwide depression and decrease consumer confidence, which negatively affected consumer goods. -
FDIC!
President Roosevelt restored confidence in banks by establishing the Federal Deposit Insurance Corporation (FDIC) which oversees insurance funds, savings, and loans. -
Glass-Steagall Act!
This act prohibited commercial banks from engaging in investment business. -
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Regulation and Stability!
Governement regulation allows for a stable economy. -
The ERMA Project!
Sponsored by the Bank of America, the Electronic Recording Machine, Accounting now processes checks to create a practical record keeping method. -
Diners Club!
The first charge card! -
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Banking Rights!
New laws define the rights and responsibilities of banks and consumers. -
ATM!
The first Automated Teller Machine was used in the United States. -
VISA!
Bank of America created their Credit Card, the Bank AmeriCard Visa. -
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Deregulation!
A period of deregulation along with the bankruptcy of the S&L. -
Internet Banking!
Stanford Federal Credit Union was the first financial institution to offer online banking. -
Glass-Steagall Act Repealed!
Congress repealed the Glass-Steagall Act, which many believe cause the financial crises of the early 2000s. -
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A Healthy Banking System!
After two decades of mergers, the banking system emerges stable and healthy.
