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Bank of US
The bank was estabished by Alexander Hamilton, it was to serve federal funds and as the governments fiscal agents. It was well managed and profitable, critics felt that it constrning the economic development. -
1816 Second Bank of the US
Started whent the first bank ended, it was founded by james madison many on the congressman that were in 1811 with the first bank refused to renew the charter of the first bank, -
Period: to
Civil War
On the point of bank ruptcy the government demnded the issue of paper money fo rthe first time. -
National Bank act
It was to create a national bank system, make a flow of federal loans for the war, and to create a national currency -
1913 Federal Reserve Act
This was created to act as the nations central bank, it was fo rthe flow of money and credit to be regulated and for the economy to be stable and grow -
The starting of the great depression
With supply down and demand up with no money the economy crashed down and so did the stock market. -
Great Depression
with the stock market done, wall street went into panic and wiped out millons of the investors. 13 to 15 million people were unemployed half of the banks failed -
Glass-Steagall Banking Act
When two members of congress seperated the investment and commercial banks. -
War tax
Since the war was starting they needed money for the war so, thye decided to start taxing
