Banking in the U.S. Before 1900 Quick Check

Question

4 of 54 of 5 Items
Question
Which of the following reflects the decentralization that occurred throughout the U.S. banking system in the mid-1800s?(1 point)
Responses

The number of national banks increased dramatically.
The number of national banks increased dramatically.

The national currency of the United States was established.
The national currency of the United States was established.

The number of independent state banks increased dramatically.
The number of independent state banks increased dramatically.

The first and second central banks of the United States were chartered.

Answer 1

The response that reflects the decentralization that occurred throughout the U.S. banking system in the mid-1800s is:

The number of independent state banks increased dramatically.

During this period, the banking system in the U.S. experienced significant decentralization, with many independent state-chartered banks emerging, as opposed to a concentration of national banks.