Choose one of the four following terms. Begin your answer by indicating the term that you chose. For example, if the term is Federal Reserve, your answer should begin "Federal Reserve." 1. Banking Holiday of 1933 2. Gold standard 3. Great Depression 4. Panic of 1907 Provide a brief definition of the term and explain its significance in the context of this course. Suggestions: Concisely cover the key issues. Begin by defining the term. Then, (1) if it is a historical event, era, or phenomena, state the year(s) of occurrence, describe the essence of the event, and its importance for the economic and financial events in the United States and its role in the evolution of central banking in the United States. (2) If it is an individual, briefly describe their life and how they influenced the history of central banking in the United States, and explain whether they supported the creation of a national or central bank and the arguments that they advanced in support of their position. (3) If it is the title of legislation, indicate the dates that the legislature considered and/or passed the legislation, the principal tenets of the legislation, arguments in favor and opposing the bill, and how the legislation influenced the structure of the financial system, economy, and history of central banking in the United States.
Choose one of the four following terms. Begin your answer by indicating the term that you chose. For example, if the term is Federal Reserve, your answer should begin "Federal Reserve." 1. Banking Holiday of 1933 2. Gold standard 3. Great Depression 4. Panic of 1907 Provide a brief definition of the term and explain its significance in the context of this course. Suggestions: Concisely cover the key issues. Begin by defining the term. Then, (1) if it is a historical event, era, or phenomena, state the year(s) of occurrence, describe the essence of the event, and its importance for the economic and financial events in the United States and its role in the evolution of central banking in the United States. (2) If it is an individual, briefly describe their life and how they influenced the history of central banking in the United States, and explain whether they supported the creation of a national or central bank and the arguments that they advanced in support of their position. (3) If it is the title of legislation, indicate the dates that the legislature considered and/or passed the legislation, the principal tenets of the legislation, arguments in favor and opposing the bill, and how the legislation influenced the structure of the financial system, economy, and history of central banking in the United States.
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Transcribed Image Text:Short Answer Question # 1. Your answer should be 150 to 250 words.
Choose one of the four following terms. Begin your answer by indicating the
term that you chose. For example, if the term is Federal Reserve, your answer
should begin "Federal Reserve."
1. Banking Holiday of 1933
2. Gold standard
3. Great Depression
4. Panic of 1907
Provide a brief definition of the term and explain its significance in the context of
this course. Suggestions: Concisely cover the key issues. Begin by defining the
term. Then, (1) if it is a historical event, era, or phenomena, state the year(s) of
occurrence, describe the essence of the event, and its importance for the
economic and financial events in the United States and its role in the evolution of
central banking in the United States. (2) If it is an individual, briefly describe their
life and how they influenced the history of central banking in the United States,
and explain whether they supported the creation of a national or central bank
and the arguments that they advanced in support of their position. (3) If it is the
title of legislation, indicate the dates that the legislature considered and/or
passed the legislation, the principal tenets of the legislation, arguments in favor
and opposing the bill, and how the legislation influenced the structure of the
financial system, economy, and history of central banking in the United States.
Expert Solution
Introduction
The first attempt to establish central banking began with the establishment of the Bank of the United States in 1791. But many Americans were opposed to the idea of having a powerful central bank. In 1811, when the charter was up for renewal, some congressmen blocked its renewal. In 1816, the economic necessity and political conditions led to the creation of the Second Bank of the United States.
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