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The Bank of North America was the first chartered bank in the United States, and served as the country's first de facto central bank. [1] It was chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia on January 7, 1782. [2] [3] [4]
[2] Investment banking began in the 1860s with the establishment of Jay Cooke & Company, one of the first selling agents for government bonds. [2] In 1863, the National Bank Act was passed to create a national currency and a federal banking system, and to make public loans. [2] But at that time not all parts of the country had become states.
The First Bank of the United States was modeled after the Bank of England and differed in many ways from today's central banks. For example, it was partly owned by foreigners, who shared in its profits. Also, it was not solely responsible for the country's supply of bank notes. It was responsible for only 20% of the currency supply; state banks ...
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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.
Download as PDF; Printable version; In other projects ... 1780s; 1790s; 1800s; 1810s; 1820s; 1830s; Pages in category "Banks established in 1780" The following 4 ...
[2] [3] During this time, speculation was the investment of choice, leading to the Panic of 1792. Former Continental Congressman William Duer raised large sums of money to invest in bank stock and government securities, novel and financially sophisticated assets whose risks many contemporaries failed to understand. Duer soon defaulted on his ...
The bank did not engage in the full range of modern banking activities, but it did accept deposits and provide a potential model for monetary reforms at the national level. [68] The success of the bank provided a boost to Morris's popularity, and in October 1780, he won election to the state legislature. [69]