Will Rogers “The three greatest inventions of all time….. 1.Fire 2.Wheel 3.Central Banking

Will Rogers

“The three greatest inventions of all time…..

1. Fire

2. Wheel

3. Central Banking

Pre-Civil War Banking in America

I. Was a fiasco!II. 2 views of banking

1. Federalists a. ___________

banking system b. Led by ___________

2. _____________ a. __________ banking

sytem b. Favored leaving power

in the hands of ____. c. Led by ____________

centralized

Hamilton

Anti-Feds

De-centralized

The statesJefferson

Two Attempts At Central Banking

1. The _______________ (1791)a. Regulated state banks

b. Held money collected by gov’t

c. Issue bank notes backed by “specie”

d. Borrowed and loaned money

e. Died with Hamilton’s death

1st National Bank

Chaos/Conflict/Calamity

2. ____________ of the United States

a. another 20 year charter(1816-1836)

b. main opponent was __________ who vetoed its renewal in 1832.

III. Let the Banking Party Begin!

1. “free banking era” 2. fraud/panics/different

currencies

2nd National Bank

Andrew Jackson

The Color of Money

Deep in the Heart of Texas

Confederate Currency

Colonial Currency

Birth of a FED

1. Bank Panic of 1907

2. Federal Reserve Act of 1913a. Our Nation’s Central Bank