A brief history of early banking institutions in the United States.
Written in 2004; 1,001 words; 2 sources; MLA; $ 35.95
Paper Summary:
This paper discusses how banking in the United States has always been linked to the political situation of the country. It provides a history of the banking system and examines how it was connected to Congress and the ruling party of the time.
From the Paper:
"Banking institutions in the United States had a very interesting and rather controversial beginning as their establishment was staunchly opposed by agrarian sections of the society that felt threatened by the existence of commercial banks. But since banking system was needed in a country that was based on capitalist ideals, first US bank was opened in 1781 in Philadelphia and was named Bank of North America. Ten years later, United States witnessed commencement of commercial banking when first central bank of the US received approval from the Congress and began working as first bank of the government. This central bank was to work as a regulatory body for all state banks but agrarian section opposed it on the grounds that it gave unnecessary powers to the federal government and therefore its charter was rejected in 1811 when it was scheduled for its next renewal. Almost same thing happened to the second bank of the United States that was forced to close its operations in 1836 because its existence was considered unconstitutional by some sections of the society."
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