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Federal Reserve Note
Federal Reserve Notes, also United States banknotes or U.S. banknotes, are the banknotes used in the United States of America. Denominated in United States dollars, Federal Reserve Notes are printed by the United States Bureau of Engraving and Printing on paper made by Crane & Co. of Dalton, Massachusetts. Federal Reserve Notes are the only type of U.S. banknote currently produced.
Federal Reserve Notes are authorized by Section 16 of the Federal Reserve Act of 1913 (codified at ) and are issued to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System.〔(【引用サイトリンク】Section 411 of Title 12 of the United States Code )〕 The notes are then put into circulation by the Federal Reserve Banks,〔Bryan A. Garner, editor, ''Black's Law Dictionary'' 8th ed. (West Group, 2004) ISBN 0-314-15199-0.〕 at which point they become liabilities of the Federal Reserve Banks〔(Section 415 of Title 12 of the United States Code. ) Section 415 describes circulating Federal Reserve Notes as ''liabilities'' of the issuing Federal Reserve Bank.〕 and obligations of the United States.〔
Federal Reserve Notes are legal tender, with the words ''"this note is legal tender for all debts, public and private"'' printed on each note. (See generally .) They have replaced United States Notes, which were once issued by the Treasury Department. Federal Reserve Notes are backed by the assets of the Federal Reserve Banks, which serve as collateral under (Federal Reserve Act Section 16 ). These assets are generally Treasury securities which have been purchased by the Federal Reserve through its Federal Open Market Committee in a process called debt monetizing. (See Monetization.) This monetized debt can increase the money supply, either with the issuance of new Federal Reserve Notes or with the creation of debt money (deposits). This increase in the monetary base leads to a larger increase in the money supply through fractional-reserve banking as deposits are lent and re-deposited where they form the basis of further loans.
==History==
Prior to centralized banking, each commercial bank issued their own notes. The first institution with responsibilities of a central bank in the U.S. was the First Bank of the United States, chartered in 1791 by Alexander Hamilton. Its charter was not renewed in 1811. In 1816, the Second Bank of the United States was chartered; its charter was not renewed in 1836, after President Andrew Jackson campaigned heavily for its disestablishment. From 1837 to 1862, in the Free Banking Era there was no formal central bank, and banks issued their own notes again. From 1862 to 1913, a system of national banks was instituted by the 1863 National Banking Act. The first printed notes were Series 1914. In 1928, cost-cutting measures were taken to reduce the note to the size it is today.
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