Events Civil war to World war I

By conclark12

  • Creation of the dual banking system begins

    between 1860 and 1913 the federal government created a dual banking system made up of state and nationally chartered banks
  • Period: to

    Civil War to World War I

  • Most State-Chartered banks were issuing paper money of questionable value

    By 1861 most of the countrys 1,601 state-chartered banks where issuing paper money of questionable value

  • Congress passed national banking act of 1863

    Gives the federal government the power to charter, or officially establish, banks and to require banks to hold gold and silver reserves.

  • Congress passed the national banking act of 1864

    Gives the federal government the power to charter, or officially establish, banks and to require banks to hold gold and silver reserves.

  • Coinage Act

    Congress passed the Coinage Act which reduced the countrys reliance on silver as a specie.

  • Gold standard act

    Created a monetary system in which paper money and coins carry a calue of a specified amount of gold. It also allowed people to exchange their banknotes for gold and keep the government from issuing and unlimited number of banknotes