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Cant Agree
The nation has no reliable medium of exchange. Federalists and Antifederalists disagree about a banking system. -
First Bank
The first Bank of the United States is established. It was granted a twenty year charter , or license to operate. It succeeded in bringing order and stability to American Banking. -
Second Bank
The second bank of the United States reestablishes stability. -
Period: to
Free Banking Era
President Jackson vetoes recharter of Second Bank in 1832, giving rise to free banking era. -
Vetoed
President Jackson vetoed the Bank of the United States in 1832. -
Gold Rush
Gold was discovered at Sutter's Mill in California, marking the start of the Gold Rush. -
Currency
In 1861, the United States Treasury issued its first paper currency since the Continental. The official name of the currency was "demand notes," but they were called "greenbacks" because they were printed with green ink. -
Paper Currency
The first United States paper currency was produced by the Treasury Department -
National Banking Acts
The National Banking Acts of 1863 and 1864 required banks to hold enough gold and silver reserves to cover their bank notes. -
First Time Clock
The first time clock for a vault was created in 1874. -
President Grant
President Grant vetoes a bill passed by Congress validating the issuance of greenbacks. -
Gold
Gold becomes the basis of the U.S. Monetary System. -
Federal Reserve System
Passed in late 1913, the Federal Resaerve Act established the Federal Reserve System. This served as the nations first true central bank, or babk that can lend to other banks in time of need. -
WWI
World War One begins. -
Income Tax
During World War I, the top rate of the income tax rose to 77 percent -
Great Depression
The severe economic decline that lasted for more than a decade.This resulted in the closing of thousands of banks across America. -
New Paper Currency
The new paper currency, only two thirds the size of the old, goes into circulation. -
Bank Holiday
President Roosevelt declared a national "bank holiday" and closed the nationa's banks. Within a matter of days, sound banks began to reopen. -
WW2
World War Two Begins. -
Bombing
The bombing of Pearl Harbor -
In God We Trust
The first currency bearing the motto " In God We Trust" was delivered by the Bureau of Engraving and Printing. -
Savings Bonds
The processing of United States Savings Bonds was first done by computer. -
Credit Card
The credit card was first formed in 1959. The very first credit card was the Bank Americard. -
Dow Jones
The Dow Jones Industrial Average fell 508 points, marking the worst one-day collapse in history.
