... Michigan, and Florida) had repudiated all or part oftheir debts. Six other states (Maryland, Illinois, Indiana,Louisiana, Arkansas, and Pennsylvania) had defaulted fromthree to six years before ... Money and Banking in the United States: The Colonial Era to World War IIDECENTRALIZED BANKING FROM THE 1830STO THE CIVIL WARAfter the central bank was eliminated in the 1830s, the battle for hard ... acting as a “clearing bank,” accepting, sort-ing, and crediting bank notes, it was now possible for any NewEngland bank to accept the notes of any other bank, howeverfar away, and at face value....