U.S Banking

  • Beginning of national bank.

    After President Washington appointed Hamilton secretary of the treasury in 1789, Hamilton proposed a national bank.
  • The first bank of United States

    Congress set up the bank of united states, granting it a 20-year charter to operate.
  • Alexander Hamilton died

    When Alexander Hamilton died in a famous duel with Vice President Aaron Burr in 1804, the Bank lost its main baker
  • The bank closed

    The bank functioned only until 1811, when its charter ran out.
  • The second bank of the United States

    Congress chartered the Second Bank of the united states in 1816
  • Nicholas Bidder

    Nicholas Bidder, who became president of the Second bank in 1823, was responsible for restoring stability.
  • The second bank once again allowed state-chartered banks to flourish.

    The period between 1837 and 1863 is known as the Free Banking, or "Wildcat".
  • More banks.

    By 1860, an estimated 8000 different banks were circulating currency.
  • Problems.

    Continuing problems in the nation's banking system resulted in the Panic of 1907
  • The Federal Reserve System

    The Federal Reserve Act of 1913 established the federal reserve system.