Search results
Results from the WOW.Com Content Network
In 1781, an act of the Congress of the Confederation established the Bank of North America in Philadelphia, where it superseded the state-chartered Bank of Pennsylvania founded in 1780 to help fund the war.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.
The real value of a bank bill was often lower than its face value, and the issuing bank's financial strength generally determined the size of the discount. By 1797 there were 24 chartered banks in the U.S.; with the beginning of the free banking era (1837) there were 712. Privately issued note, 1863
Date Subject Matter Title Chapter Legal Citation (link to full text) 1: June 1, 1789: Oaths of Office. An act to regulate the time and manner of administering certain oaths, Sess. 1, ch. 1 1 Stat. 23: 2: July 4, 1789: Duties on Merchandise imported into the United States. An Act for laying a Duty on Goods, Wares, and Merchandises imported into ...
Such a connection was advanced in influential works by R. H. Tawney (1880–1962 ... date, they would often be ... of the Tonnage Act. [171] The bank was given ...
The act abolished the seigniorage fee on coining gold and substituted silver for any still existing fractional currency. [10] The Resumption Act set no limit on the quantity of national bank notes that could be issued; this idea became known as "free banking." [11] This provision led many conservatives to believe that the Act was inflationary ...
The National Bank Act (ch. 58, 12 Stat. 665; February 25, 1863), originally known as the National Currency Act, was passed in the Senate by a 23–21 vote, and was supplemented a year later by the National Banking Act of 1864. The goals of these acts was to create a single national currency, a nationalized bank chartering system, and to raise ...
A wildcat bank is broadly defined as one that prints more currency than it is capable of continuously redeeming in specie. A more specific definition, established by historian of economics Hugh Rockoff in the 1970s, applies the term to free banks whose notes were backed by overvalued securities – bonds which were valued at par by the state, but which had a market value below par. [2]
A History of Money and Banking in the United States is a 2002 book by economist Murray Rothbard, released posthumously based on his archived manuscripts. [1] The author traces inflations, banking panics, and money meltdowns from the Colonial Period through the mid-20th century.