The origins of free banking in the United States

The banking sector in the United States has undergone several twists and turns since the advent of the banking process a few centuries ago.  The functioning of the few and the exclusion of the many in the granting of bank charters came into force in the course of time.  It came to be looked upon as one of the most undemocratic activities.  Those who were successful in obtaining charters were regarded as the monopolists and the recipients of a special privilege, in a country where everybody except the slave was supposed to be free and equal.