Bopexecutive Summary Banking History the First Banks Were Probably the Religious Temples of the Ancient World, and Were Probably Established in the Third Millennium B.C. Banks Probably Predated the Invention of Money.

For example, bronze was used to make coins during Roman times which was used for currency. This piece of evidence supports my claim because it proves that money was created during the bronze, which resulted in the invention of currency and this had a huge impact on finance. Another piece of evidence that proves my claim is, the Bronze Ages resulted in the invention of the chariot, which provided transportation for civilizations to trade resources. For example, civilians during Greek times used chariots to trade resources with civilians nearby. This piece of evidence supports my claim because, since the bronze resulted in the invention of the chariot, it provided a way for civilians to trade resources. This means that money started getting the money needed to get more resources for their civilizations.

Even before the creation of the Federal Reserve, banks were used by the public just as we use them today. Deposits were made into savings accounts. Loans were taken out to mortgage a home or finance a new business. Banknotes were issued and spent when the public borrowed from the banks. Borrowers spent these banknotes just as paper money is spent today. These bank notes were valued as money since they were backed by the promise that they would be exchanged on demand for either gold or silver.

In 1811, when the first bank of the United States concluded, many banknotes were distributed, but banks were not keeping enough silver and gold to collect when requested. Large number of notes were handed out with different values and collections all at the same time as a result counterfeiting was easy. Congress handled and funded the second bank of the United States in 1816 which were allowed the state bank to issue money but its amount did not authorize

In the document is also said that even when people have money in that bank people would go to the bank and go get their money since that bank was going to be a failed and it also said that after their failure the repressive effect on the spending of its clients. They couldn’t do anything to help the bank to crash even though they will all be crashed any day.

The Federal Reserve was not established until 1913. During the Revolutionary war, the federal government printed the United States first printed money. However after the war ended, the U.S. had a substantial amount of debt and there was no common currency at that time. In 1790 the First Bank of the U.S. was established to help deal with war debts that the United States had accumulated. Alexander Hamilton, the United States treasury secretary at the time, designed the bank. The bank had a main office in Philadelphia, and a branch in each of the nation’s 8 major cities.Though originally designed to help with the government’s finances, it also served as a commercial bank. This bank lasted from 1791 to 1811. As the debt from the War of 1812 piled

Money has been been a big central network in developing our country today. Back then people used to barter items with others, so they could get different things they may need things like corn, fish, wheat, and etc. Salt was another commodity money salt was very difficult to obtain mainly in the inner countries and it is very good to cook with because it adds flavor to your food. In the south people became so wealthy because they didn't use money either there was a system called “Mit’a” from the age of 15 young Incan males had to do physical labor to state of a set of days. They built public buildings and places in return the government all the basic necessities of life food, clothing, tools, housing and, etc. The first known currency

Before the Federal Reserve Act was passed, the U.S tried many different things to create a banking system that worked. The first paper money was made to finance the American Revolution. The money was called "continentals". The fiat money notes were issued in such quantity they led to inflation, which, though mild at first, quickly accelerated as the war progressed. In 1791, congress created the First Bank of the United States. It was the

The early American settlers had no need for a central banking system. Barter was the form of payment for many years in America. Without the Federal Reserve System, Americans today may still be using barter as a form of payment. Before there was a banking system Americans paid for goods and services by trading cows or corn, or another product that they grew from their land. Even on the prairies many pioneers used barter for payment as opposed to coins and banknotes. It was not until urbanization, industrialization, and an increase in population that the need for a larger quantity of money and and national banking system arose. The country already had one form of currency, the next step was to produce more money and establish more banks as to make these resources more readily available for all Americans. Many early banks did not have the reserves to supply the surplus of money that was demanded or needed to repay loans. When banks did not have this money they were forced to close and this created a crisis called a bank panic. A particularly severe bank panic in

It was one of the earliest monetary policies to institute the circulation of paper money on a national level. Customers would deposit their gold coins for storage into a bank for a small fee. In return, they received bank receipts, which were then used as paper money in place of valuable elements like gold. The idea of using bank notes as paper money quickly gained popularity because they were, of course, much easier and more convenient to transport and exchange than heavy gold coins.

During the twenty years it was in place the First Bank did change the economic downturn of the country after the war. The First Bank had branches in eight influential port cities and had a wide geographic existence. It influenced the lending policies of the state banks’ lending practices. The First Bank was like the state banks in that it made business loans, accepted deposits, and issued notes that circulated as currency and were convertible into gold or silver. But it differed from the state banks because its

The banking industry has over the years evolved from simple to large and complex organization. They have grown from one street building into having multiple branches some of which are international. Their clients range from individual and institutions to governments and other banks. Banks do not manufacture physical things. Their work is simply services for money (Koch & MacDonald 2010). Such services include storing, lending and managing money. All people and institutions, as well as governments, need money to operate accordingly.

The First Bank of the United States was established in 1791 by Alexander Hamilton to serve as a central bank for the country to store government funds, to collect taxes, and to issue a standard form of currency. The bank was also established because of the enormous debt from the Revolutionary War. The Second Bank of the United States was chartered in 1816 by the Congress and was supplied one-fifth of its funds of $35 million with the same responsibilities and powers as the First Bank. However, the Second Bank did not enjoy the limited success of the First Bank. The Second Bank was put with poor management. The Bank was supposed to maintain a currency principle, but instead the ratio moved around between 12 and 65 percent. It also quickly divided

The Financial Sector: The formal budgetary division comprises of six saves money with temporary licenses, and nine authorized cash exchange firms. The division is little and promising while there is allegedly expansive casual part. The national bank of Somalia (CBS) confronts challenges in building monetary division supervision because of specialized and human asset imperatives. The economy has restricted money, especially in lower groups. Somali banknotes are not promptly accessible, making issues for the poorest nationals.

A major obstacle to the growth of banks in the Middle Ages was the Church's prohibition of

Dhaka Bank Limited is a scheduled bank that was incorporated under the Companies Act 1994, started its operation on July 1995 with a target to play the vital role on the socio-economic development of the country.