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U.S. Economic Institutions Timeline
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FIrst Paper Money Issued in Massachusetts Colony
The Massachusetts Colony issued the first government authorized paper money is the Western United States. They had no money and were not getting support from the British to pay off what they owed to the soldiers, so they created their own paper currency. -
Money for Revolutionary War
Issued first paper currency to finance the Revolutionary War. It was very hard to use though, do to being easily counterfeited. So this currency was found to be unuseable. -
United States independence
United States gets their freedom from the British and establish our own government and free country. -
First National Bank
The Congree chartered the Bank of North America in Philadelphia as the nation's first real bank -
The dollar
The congress adapted the dollar as the unit of currency for the whole country. Before that, there wasn't a unit of currency nation wide. Private banks had their own ways of printing and expressing amounts that wasn't the same everywhere. -
Congress creates first U.S. Bank
Congress creates first national U.S. Bank. It was a privately owned bank that was partially owned by foreigners to handle all the financial needs of the new government of the United States. 13 states already had banks, but this was the first national bank. -
Creation on Stock Exchange
A group of New York city brokers establish the Stock Exchange and the Stock exchange board to control investments for companies. -
Andrew Jackson Against 2nd U.S. Bank
Andrew Jackson campaigns against the creation of another bank in the United States. He was skeptical of the central banking system and believed it gave to few men to many power. -
President Jackson issues stopping of funding
President Jackson issues that the government stops depositing funds into the U.S. banking system. The deposit of funds into banks began in September of this year. -
Huge money supple increase
From 1833 - 1837 there was a huge money supple increase in the banking system. It rose from $150 million to $267 millio. It was an 84% increase thanks to the second bank creation -
Depression Hits banks hard
343 of 850 banks between 1837 - 1843. The smaller banks all closed as the larger banks held all the wealth and power. -
Bankers fund Civil War
Bankers lend money to the government under certain circumstances with high interest rates. Lincoln created "Greenbacks" currency for soldiers and late winning the war. -
Against Paper Money
President James Garfield wanted gold and silver to be the way of monetary value. He was a strong advocate of bi-metal money system and move away from paper. He had the second shortest presidency. -
Gold for Money
Congress passed what is called the Gold Standard Act which says that gold can be another form of exchange for paper currency. Thats the time of gold rising and many Americans were trying to stirke at rich. -
Bank Panic
The New York stock exchange dropped dramatically in 1907 and people tried to get all of their money out of the banks all across the nation. This eventually led to the creation of the federal reserve. People believed the federal reserve would help protect their money -
Income Tax established
So now any income that people were making had to have a portion paid to the government to pay off any debt without concent -
Federal Reserve Act passed
banks are now able to create money out of nothing, make decisions without government approval, and control the amount of money being used. -
JP Morgan Profits
Jp Morgan profits from financing both sides of the war and influences others to also finance the war to later gain major profits from it -
Great Depression
Great Depression begins! A severe world wide economic crisis hit before World War II began. The stock market dropped severely in the United states and eventually spread world wide. -
my birthday
My BIRTHDAY! -
Worst financial crisis since the depression hits.
From 2007 to 2010 the worst finanical crisis since the great depression hit the United States bringing us into a recession. Also impacting others around the world, millions lost their jobs and lost their homes. Most smaller banks were obsorbed by the larger banks and only those survived. -
JP Morgan Chase makes huge profits.
Banking company JP Morgan Chase Reports Record Profits in 2010 with a record profit of $17.4 billion dollars.
