Between the demise of the Second Bank of the United States and the Civil War, U.S. paper currency consisted entirely of notes issued by hundreds of state-chartered commercial banks.

Between the demise of the Second Bank of the United States and the Civil War, U.S. paper currency consisted entirely of notes issued by hundreds of state-chartered commercial banks. https://t.co/xOSBinMe4G #CatoEcon pic.twitter.com/mxQ3fv1wj7

— Cato Institute (@CatoInstitute) April 5, 2021