Module 13 Lesson 2 Assignment

Elizabeth Eskander

1791 Bank of the U.S.

Wednesday, Dec. 7th 1791 at 5pm

Philadelphia, PA, United States

Philadelphia, PA

After the Revolutionary War, the United States was in so much debt that it needed a central currency to prevent the whole country from going bankrupt. Therefore Alexander Hamilton proposed the First Bank of the United States, which was given a 20 year charter in 1791.

Second Bank of the United States (1816)

Saturday, Dec. 7th 1816 at 9pm

Philadelphia, PA, United States

Philadelphia, PA

5 years after the charter for the first bank ended, the United States Government decided to open a second bank. It was created for a lot of the same reasons as the first bank: to help pay of war debts (the war of 1812) and to help foster unity within the country. It was also given a charter that lasted 20 years.

Civil War Printing Currency (1862)

Monday, Dec. 8th 1862 at 9pm

north and the south

In the North, by 1862, the union had began to create "notes", which most resembled our modern paper money. While printing so much money should have cause mass inflation, the north counterbalanced that with raising taxes and income taxes. The south, on the other hand, refused to use the same notes as the north so they created their own. Because they also did not impose harsher taxes after they began printing money, the southern economy crashed very quickly.

1863 National Banking Act

Tuesday, Dec. 8th 1863 at 9pm

Philadelphia International Airport, Philadelphia, PA, United States

The 1863 National Banking Act created and ensured a unified national currency in order to unify the economy.

1913 Federal Reserve Act

Wednesday, Dec. 9th, 9pm

Washington, DC, United States

Washington, DC

This act created the Federal Reserve of the United States. This is our current central banking system and unifying system of the United States.

1930's Great Depression

Tuesday, Dec. 9th 1930 at 9pm

United States

The great depression of the 1930's was directly caused by the crash of the stock market in October 1929. The crash itself was caused by the high spending and low prices of stocks during the 1920's. in the fall of 1929 as consumerism dropped, the stock bubble finally popped.

1999 Gramm-Leach-Bliley-Act

This act placed regulations on how financial companies can deal with the private information of citizens. It was meant to prevent private companies from disclosing the private information of individuals