ECONOMICS
MONEY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
insure banks against failure
|
|
|
charter banks
|
|
|
require banks to hold adequate gold and silver reserves
|
|
|
issue a single national currency
|
Detailed explanation-1: -Federalists, like Alexander Hamilton, believed that a strong, central bank was essential for the new nation. A strong, central bank could prevent abuses in banking. Anti-federalists, like Patrick Henry, believed that a strong, central bank would have too much power.
Detailed explanation-2: -On February 25, 1863, President Lincoln signed The National Currency Act into law. The Act established the Office of the Comptroller of the Currency (OCC), charged with responsibility for organizing and administering a system of nationally chartered banks and a uniform national currency.
Detailed explanation-3: -President Washington signed the bill into law in February 1791. The Bank of the United States, now commonly referred to as the first Bank of the United States, opened for business in Philadelphia on December 12, 1791, with a twenty-year charter.