What was the market revolution of banking?
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Although some economists see a period of laissez faire economics during the market revolution, the federal government nonetheless remained a potent force in the economy. Nowhere was this more clearly seen than in banking. The federal government established the First and Second Banks of the United States as central banks with effective power to regulate commercial banks chartered and licensed by state governments. The existence of a "national" or "central" bank brought relative regularity to the circulation of currency and the funding of enterprise. It also, however, provoked anxiety and skepticism on the part of ordinary citizens as well as politicians like Andrew Jackson, who distrusted concentrations of economic or political power.
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