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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.