The document discusses the history of banking in America before and after the Civil War. [1] Before the Civil War, banks were informal businesses run by merchants that were not always stable if the merchant failed. [2] After the Revolution, leaders agreed a stable banking system was needed to support trade, but there were two opposing views - Federalists supported a centralized system while Antifederalists wanted state control. [3] The First Bank of the U.S. was established but its charter expired in 1811, leading to instability until the National Banking Acts after the Civil War established federal control over banking.

1. The History of the American Bank Economics 2