During the free banking era in the United States, the industry was dominated by state chartered banks. This is a type of bank that is different from federal reserve banks because they are not insured by the FDIC, but by the state instead.
The free banking era between 1837 and 1863 was dominated by a system of state-chartered banks that issued their own banknotes without federal regulation. This period was characterized by a lack of uniform currency, leading to widespread bank failures and financial instability. Banks were often undercapitalized, and their notes were subject to varying degrees of acceptance and value, contributing to economic uncertainty. The era ultimately ended with the establishment of a national banking system in 1863, which aimed to create a more stable and uniform currency.
it was created by the National Banking Act of 1863
The Battle of Galveston started on January 24, 1863.
July 1-3, 1864 The Battle of Gettysburg was actually fought on the above dates but in 1863.
The name of the city in Tennessee that had a major railroad center was Chattanooga. It was captured in September of 1863.
state-chartered banks
Free Banking Era
The free banking era (1837-1863) was marked by significant instability due to the proliferation of state-chartered banks, which often issued their own banknotes without adequate backing. This led to issues such as bank failures, rampant inflation, and a lack of uniform currency, resulting in confusion and mistrust among the public. Additionally, the absence of federal regulation allowed for inconsistent banking practices and contributed to financial panics, notably the Panic of 1837. Overall, the era was characterized by a fragile banking system that struggled to maintain public confidence.
Free Banking Era
Joseph William Charlton has written: 'The history of banking in Illinois since 1863' -- subject(s): Banks and banking, History
The National Bank Act of 1863 resurrected the idea of founding father Alexander Hamilton of having a national banking system.
Terrar Edward has written: 'Notes on the life of Nicholas Gergen (1837-1863)' -- subject(s): Soldiers, Biography, History
insure banks against failure
The National Bank Act of 1863 was passed on February 25, 1863. This legislation aimed to create a system of national banks and establish a uniform national currency. It was a significant step in the development of the modern banking system in the United States.
Wm. Kent Fulkerson has written: 'The history of national banking in Southern Illinois, 1863-1935' -- subject(s): Paper money, History, Banks and banking, Bank notes
between 1863 and 1869
Around somewhere between 1593-1863, until France came to power Cambodia in 1863.