-Andrew Jackson, the seventh president of the United States, closed the main official bank responsible for issuing fiat money in 1836.

-The institution was similar to today's Federal Reserve System and had a monopoly on the issuance of currency.

-Jackson promoted the closing of the bank to prevent the issuance of unbacked money and to avoid arbitrary privileges.

-The Second Bank of the United States disappeared in January 1836, laying the foundation for "free banking".

-Under the free banking system, banks could issue money backed by gold and silver.

-The free banking period lasted from 1836 to 1913 and economic growth was strong and inflation low.

-In 1913, President Woodrow Wilson created the Federal Reserve, with increased government intervention.