The other and more important new development was free banking. By action of the state legislatures of bank was held to be not a corporation, which then and for many years required a special charter from the state, but a voluntary association of individuals and thus, like blacksmithing or rope making, open to anyone. Read more »

More on the history of United States banking and currency here. This is a many part series on the history of United States currency, markets, banks, and industrialization. Read more »