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US Economic Institution
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The First Bank of the United States
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. -
Coinage Act
Congress passes the Coinage Act, which establishes a mint and prescribes a decimal system of coinage. -
First Gold Coin
The first gold coins (half-eagles) were delivered for circulation. -
Bank Closed
The Bank of the United States is closed permanently. -
Second Bank of the United States
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. -
The second Bank of the United States Opened
The second Bank of the United States is opened. The bank suffered from serious mismanagement and outright fraud. -
Attack on Banks
President Andrew Jackson attacks the Bank of the United States. -
Free Banking Era Beginning
(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. -
Bank of the United States Closes
The Bank of the United States closed its doors -
Currency Produced
The first United States paper currency was produced by the Treasury Department -
In God We Trust
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. -
Against Counterfiet money
The first two issues of paper money called Greenbacks, developed to prevent counterfeiting, were made legal tender. -
Stamps
Stamps were authorized to be used as money. -
1500
By 1865 there were 1,500 National banks (800 of which had converted from State banking charters). -
Gold Standard Act
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. -
Stock Market Drops
A financial panic begins with a sharp drop of the stock market. -
Taxes
The Federal income tax on individuals and corporations began. -
Great Depression Begins
The stock market crashes as millions of shares change hands and billions of dollars in value are lost. Start of the Great Depression -
End of the Great Depression
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 -
Bank Faliure
The largest Bank failure in the nations history takes place when the Bank of the United States closes its doors in New York.
