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The book also offers an in depth account of the British financial system in addition to an in depth examination of the methods in which the Bank of England should act to counteract fluctuations within the value of the pound. Although the Bank was initially a personal establishment, by the end of the 18th century it was more and more being thought to be a public authority with civic duty toward the upkeep of a wholesome financial system. The forex crisis of 1797, brought on by panicked depositors withdrawing from the Bank led to the federal government suspending convertibility of notes into specie cost.
1862 – To finance the American Civil War, the federal government beneath U.S. President Abraham Lincoln issued legal tender paper cash, called “dollars”. 1816 – The Second Bank of the United States was chartered for five years after the First Bank of the United States misplaced its constitution.