History of central banking in the United States

History Of Central Banking In The United States

History of central banking in the United States

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This article is about the history of central banking in the United States, from the 1790s to the present.

1781–1836: The Bank of North America; the First, and Second, Bank of the United States

Bank of North America

Some Founding Fathers were strongly opposed to the formation of a central banking system; the fact that England tried to place the colonies under the monetary control of the Bank of England was seen by many as the 'last straw' of English oppression and that it led directly to the American Revolutionary War.

Other Founding Fathers were strongly in favor of a central bank. Robert Morris, as Superintendent of Finance, helped to open the Bank of North America in 1782, and has been accordingly called by Thomas Goddard "the father of the system of credit and paper circulation in the United States." As ratification in early 1781 of the Articles of Confederation & Perpetual Union had extended to Congress the sovereign power to emit bills of credit, it passed later that year an ordinance to incorporate a privately subscribed national bank following in the footsteps of the Bank of England. However, it was thwarted in fulfilling its intended role as a nationwide central bank due to objections of "alarming foreign influence and fictitious credit," favoritism to foreigners and unfair competition against less corrupt state banks issuing their own notes, such that Pennsylvania's legislature repealed its charter to operate within the Commonwealth in...
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