Bank) was founded. 1656 – The first European bank to use banknotes opened in Sweden for private clients, in 1668 the institution converted to a public bank. 1690s – The Massachusetts Bay Colony was the first of the Thirteen Colonies to issue permanently circulating banknotes. 1694 – The Bank of England was founded to supply money to the English King. 1695 – The Parliament of Scotland created the Bank of Scotland. 1716 – John Law opened Banque Générale in France. 1717 – Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silver and gold that had the effect of driving silver out of circulation (bimetalism) and putting Britain on a gold standard. 1720 – The South Sea Bubble and John Law's Mississippi Scheme failure caused a European financial crisis and forced many bankers out of business. 1775 – The first building society, Ketley's Building Society, was established in Birmingham, England. 1782 – The Bank of North America opened. 1791 – The First Bank of the United States was chartered by the United States Congress for 20 years. 1800 – The Rothschild family establishes European wide banking. 1800 – Napoleon Bonaparte founds the Bank of France on 18 January. 1811 – The Senate tied on a vote to renew the charter of the First Bank of the United States charter. Vice President George Clinton broke the tie and voted against renewal, and the bank was dissolved. 1816 – The Second Bank of the United States was chartered for five years after the First Bank of the United States lost its charter. This charter was also for 20 years. The bank was created to finance the country in the after the War of 1812. 1817 – The New York Stock Exchange Board was established. 1818 – The first savings bank of Paris was established. 1825 – Panic of 1825 in which 70 UK banks fail 1862 – To finance the American Civil War, the federal government under U.S. President Abraham Lincoln issued legal tender paper money, called "greenbacks". 1874 – The Specie Payment Resumption Act was passed provided for the redemption of United States paper currency, in gold, beginning in 1879. 1913 – The Federal Reserve Act created the Federal Reserve System, the central banking system of the United States, and granted it the legal authority to issue legal tender. 1930–33 – In the wake of the