https://padlet.com/virusita99/t3cjduvm556k Made with no regrets, whatsoever en-us 2017-05-15 13:28:54 UTC 2017-05-17 14:55:51 UTC hello@padlet.com virusita99 https://padlet.com/virusita99/t3cjduvm556k/wish/171829739 2017-05-15 13:29:55 UTC https://padlet.com/virusita99/t3cjduvm556k/wish/171829739 virusita99 https://padlet.com/virusita99/t3cjduvm556k/wish/171831102 In 1781, an act of the Congress of the Confederation established the Bank of North America in Philadelphia, where it superseded the state-chartered Bank of Pennsylvania founded in 1780 to help fund the war. The Bank of North America was granted a monopoly on the issue of bills of credit as currency at the national level.]]> 2017-05-15 13:33:47 UTC https://padlet.com/virusita99/t3cjduvm556k/wish/171831102 virusita99 https://padlet.com/virusita99/t3cjduvm556k/wish/171831845  In 1791, Congress chartered the First Bank of the United States. The bank, which was jointly owned by the federal government and private stockholders, was a nationwide commercial bank which served as the bank for the federal government and operated as a regular commercial bank acting in competition with state banks.  Consequently, when First Bank of the United States’ charter came up for renewal in 1811, it was met with a great deal of opposition from state banks and the renewal legislation was not passed.

]]> 2017-05-15 13:36:17 UTC https://padlet.com/virusita99/t3cjduvm556k/wish/171831845 virusita99 https://padlet.com/virusita99/t3cjduvm556k/wish/171832738 The Second Bank of the United States opened in January 1817, six years after the First Bank of the United States lost its charter. The predominant reason that the Second Bank of the United States was chartered was that in the War of 1812, the U.S. experienced severe inflation and had difficulty in financing military operations. Subsequently, the credit and borrowing status of the Treasury was at its lowest level ever.]]> 2017-05-15 13:39:13 UTC https://padlet.com/virusita99/t3cjduvm556k/wish/171832738 virusita99 https://padlet.com/virusita99/t3cjduvm556k/wish/171833169 Prior to 1837 a bank charter could be obtained only by a specific legislative act, but in 1837, the Michigan Act allowed the automatic chartering of banks that could fulfill the Michigan's chartering requirements so as to no longer require special consent of the state legislature. The following year, New York enacted similar legislation with the Free Banking Act, and other states soon followed. These banks could issue bank notes against specie (gold and silver coins) and the states regulated the reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. Free banking spread rapidly to other states, and from 1840 to 1863 all banking business was done by state-chartered institutions.]]> 2017-05-15 13:40:40 UTC https://padlet.com/virusita99/t3cjduvm556k/wish/171833169 virusita99 https://padlet.com/virusita99/t3cjduvm556k/wish/172351292 2017-05-17 14:55:51 UTC https://padlet.com/virusita99/t3cjduvm556k/wish/172351292