History of U.S. Banking ● 1600s no banks in early colonies ● Used British coins (tobacco or wampum) – British didn't want the Americas to make own money.

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Presentation transcript:

History of U.S. Banking ● 1600s no banks in early colonies ● Used British coins (tobacco or wampum) – British didn't want the Americas to make own money. ● Colonist won independence in 1783 ● 1791 – First Bank of the United States ● 1816 – Second Bank of the United States

● States, cities, counties, railroads, stores, and individuals opened their own banks. Free Banking Era

The Father of the U.S. Banking System ● Salmon P. Chase – Set up system of national banks – Issued same bank notes – Greenbacks

Federal Reserve ● “Bank panics” ● 12 Districts (each with its own reserve bank) – Kept gold and silver to back up money

What is the stock market? ● Shares of stock ● Part owner ● Board of directors ● Dividends ● Risky ● Compass #7133

Black Tuesday

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