Section IV. A Tale of Three Banks, Chapters 16-19 The Creature Comes to America; A Den of Vipers; Loaves and Fishes, and Civil War; Greenbacks and Other Crimes Summary and Analysis

Summary

According to Chapter 16, the first central bank was founded in the US before the Constitution was drafted. The Continental Congress established The Bank of North America in 1781, and it was modeled after the Bank of England. At the end of the Revolutionary War in 1783, the bank was disbanded. The next central bank was the Bank of the United States, chartered in 1791. Alexander Hamilton was for it, and Thomas Jefferson against. This bank reintroduced inflation, and as the country expanded, wildcat banks developed in the wilderness. A...