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The First Bank of the United States was a central bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791.
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Congress passes the Coinage Act, which establishes a mint and prescribes a decimal system of coinage.
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The first gold coins (half-eagles) were delivered for circulation.
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The Bank of the United States is closed permanently.
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The Second Bank of the United States was chartered in 1816, five years after the First Bank of the United States lost its own charter. The Second Bank of the United States was initially headquartered in Carpenters' Hall, Philadelphia, the same as the First Bank, and had branches throughout the nation.
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The second Bank of the United States is opened. The bank suffered from serious mismanagement and outright fraud.
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President Andrew Jackson attacks the Bank of the United States.
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(No formal central bank) The Panic of 1837 began, and New York banks suspended specie payments. This began the second worst depression in United States history.
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The Bank of the United States closed its doors
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The first United States paper currency was produced by the Treasury Department
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Salmon P. Chase , the Secretary of the Treasury, received a letter which was instrumental in adding the motto In God We Trust to United States money.
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The first two issues of paper money called Greenbacks, developed to prevent counterfeiting, were made legal tender.
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Stamps were authorized to be used as money.
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By 1865 there were 1,500 National banks (800 of which had converted from State banking charters).
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Congress passes the Gold Standard Act, fixing the value of the dollar against gold, and under which other forms of money are made redeemable in gold on demand. A gold reserve of one hundred and fifty million dollars is created, and the sale of bonds is authorized when necessary to maintain the reserve.
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A financial panic begins with a sharp drop of the stock market.
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The Federal income tax on individuals and corporations began.
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The stock market crashes as millions of shares change hands and billions of dollars in value are lost. Start of the Great Depression
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Some economies started to recover by the mid-1930s. In many countries, the negative effects of the Great Depression lasted until the start of World War
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The largest Bank failure in the nations history takes place when the Bank of the United States closes its doors in New York.
