The set is significant both in the development of the theory of
banking and in terms of documenting the history of banking in the
United States. It examines the development of banking in the United
States in the first half of the nineteenth century. When Congress
first tried to introduce a unified currency to finance a national
army it failed because of the large number of counterfeit notes in
circulation. Similarly two attempts to set up a central bank
resulted in bankruptcy. Even after the Mint was set up, the Federal
government's theoretical monopoly over coinage did not stop states
from using their charter to set up note issuing banks. The
resulting corruption and fraud let to experiments in regulation and
a system of "free banking." The material included examines such
issues as the role of a central bank, banking regulation, banks and
the money supply.
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