The first three territorial governors of Kansas were strongly anti-banking, and banking also reached criminal status in Kansas during its territorial period. As an example, Nebraska became a territory in 1854, and notwithstanding this emerging need, at that time banking still was a crime and thus punishable under the laws of the territory, as laid down in the criminal code passed by the legislature at its first session in 1855. ²īank distrust, and often hate, was real. The bank was strongly opposed by Thomas Jefferson, who questioned its constitutionality, and James Madison, who viewed bankers as ‘swindlers and thieves.’ Many in the South openly despised banks, seeing them as tools for the wealthy to take advantage of the rest of the population. Part of the reason for this drought of currency was because people had a real, and understandable, fear that once banks became established in a community or state or country these money changers would soon control everything.Īlexander Hamilton was one of the founding fathers who saw the need for a central bank, but this idea wasn’t popular with many of his peers. ¹ This lack of a sanctioned and stable exchange medium led to many stop-gap methods to keep the wheels of commerce grinding. Western banks sprang up almost exclusively as a response to an insufficient money supply. For the next fifty years, banks on the expanding frontier came and went as the economy boomed and busted. The First Bank of the United States opened in 1791, but the public had an innate distrust of banks and the bank’s charter wasn’t renewed in 1811.
Our forefathers shared some of these same feelings.
Banks and bankers were not always popular and, perhaps for some, still aren’t.
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