When the U.S. had no Central Bank. The Economic History of The Free Banking Era.

The Free Banking Era in the United States occurred between 1838 to 1862 During this period, state chartering requirements to open banks were eliminated and there was no central bank. The Free Banking Era was a massive two-decade economic expansion. Long run inflation during this period was close to 0%.

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https://www.youtube.com/watch?v=Wkfd2l1r1wo
https://economics-charts.com/chart-of-consumer-price-index-1800-2005/
https://commons.wikimedia.org/wiki/File:10_dollars,_Ohio_Life_Insurance_and_Trust_Co,_Ohio_-_1839_or_1840.jpg
https://commons.wikimedia.org/wiki/File:Banknote_1858.jpg
https://commons.wikimedia.org/wiki/File:1862_-_Ten_Cent_Banknote_-_Allentown_PA.jpg
https://commons.wikimedia.org/wiki/File:American_union_bank.gif
https://commons.wikimedia.org/wiki/File:War_of_wealth_bank_run_poster.jpg
https://commons.wikimedia.org/wiki/File:Flag_of_the_United_States_Federal_Reserve.svg