Banking in America
History, for those who care
First Bank of the United States
Second Bank of the United States
There were two attempts made to make the bank unconstitutional between 1818 and 1825. In 1819, McCulloch vs. Maryland, the Supreme Court unanimously decided the bank was constitutional. In Osborn vs. The Bank of the United Sates (1824), the Supreme Court reaffirmed their previous decision.
In the late eighteen twenties and thirties, the bank had a brief period of success. In 1832, Congress drafted a bill to renew the bank's charter and the president, Andrew Jackson, vetoed it. The charter expired in 1836.
Printing Civil War Money
Banking Act of '63
- Create a system of national banks.
- Create a uniform national currency - the CSA printed their own currency during the war.
- Create an active secondary market for the treasury to help with war financing.