Ch+10.2

Ch 10.2 notes __The history of american banking__ __the later 1800's__
 * bank is an institution for receiving keeping and lending money
 * national bank a bank chartered or licensed by the national government
 * bank runs were widespread panics in which great numbers of people tried to redeem their paper money at once
 * green backs the official name of the currency was demand notes, but because printed in green paper
 * gold standard was a monetary system in which paper money and coins are equal to the value of a certain to the value of a certain amount of gold
 * Federal reserve system served as the nations first nations first central bank
 * central bank is a bank that can lend to other banks in time of need
 * member banks are banks that belong to the fed
 * federal reserve notes allowed the fed reserve to increase and decrease the amount of money in circulation according to business needs
 * great depression the severe economic decline that began in 1929 and last more that a decade
 * federal deposit insurance deposit FDIC insures customer deposits if a bank fails