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Banking History

            
             1782 - Bank of North America is chartered .
            
             - Successful and thus led to the opening of many other banks .
             - Proposed controversy - Who should charter banks: state or federal government?.
             1791 - Bank of United States is chartered .
             - Alexander Hamilton and the Federalists wanted a strong central bank (federal charter).
             - As a result, the Bank of the United States was chartered.
             - Carried characteristics of both private and central banks.
             - Agriculturalists and others leery of centralized power of federal government and the wealthy interests on cities, wanted banks to be state chartered. .
             1811 - Bank of United States charter allowed to lapse.
             - Pro state interests pressured politicians to allow charter of Bank of United States to lapse.
             - State bank abuses followed.
             - Central bank needed to help fund War of 1812.
             1816 - Second Bank of the United States chartered.
             - Congress chartered bank under continued controversy: state vs. federal charter.
             1832 - Andrew Jackson elected.
             - Supported state's rights, vetoed national bank charter.
             - Charter allowed to lapse in 1836.
             - All commercial banks until 1863 chartered by state banking commissions.
             - No national currency, individual banks issued bank notes (currency redeemed for gold).
             1863 - National Bank Act of 1863.
             - Act passed to eliminate state bank abuses.
             - Established national banks and Office of the Comptroller of the Currency (Dept of U.S. Treasury).
             - Original purpose to tax state banks and dry up sources of funds while federally chartered banks remained untaxed.
             - State banks acquired funds through deposits to avoid extinction.
             - Dual banking system resulted (State and Federally chartered banks coexist).
             1913 - Federal Reserve Act of 1913.
             - Creates Federal Reserve System to establish safer banking system.
             - Mandatory national bank membership.
             - State banks given option to join, most did not due to high cost.
             1927 - McFadden Act of 1927.
             - Prohibits (national) banks from branching across state lines.


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