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When this time period began and people started to panic, banks suffered severely. People took all their paper money out of the banks, leaving them nothing to use. This in turn only made things much worse, causing the economy to plummet.

They later implemented the Federal Deposit Insurance Corporation, ensuring customers money's safety.

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Another common theme with early banks (merchant banks) was fraud. A lot of people got scammed out of their money, making it way harder for them to trust the national banks. This especially became a problem with the second bank when paper money was introduced. No one wanted to use it, they were too afraid to lose all of their savings.

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These 3 banking acts were given to the government to control banks making them safer and more functional for people to use
1. given the power to charter banks
2. The power to require banks to hold adequate gold and silver reserves to cover their bank notes
3. The power to issue a single national currency

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After the what the federalists wanted wasn't working, the anti-federalists took hold of the banking system. Each state had their own bank and rules. This period lasted from 1837 to 1863.

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After the fall of the first bank, a second federalist bank was opened in 1816. People started to trust the bank's security, and it was fine for a small amount of time. Inevitably, this bank also failed.

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In 1791, the federalists actually end up winning. They set up a National bank, but it quickly fails. It was hard to convince people to use paper money. Because of the history with merchant banks, people also couldn't trust the new bank not to scam them.

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Theme 1: Federalists Vs. Anti-Federalists

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Theme 1: Federalists Vs. Anti-Federalists

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A common theme amongst the fight for a functioning bank system is federalism. There were the people who wanted federalism, or a central controlling bank, and there were people who wanted each state to run their own banking system.