In 1887 a severe banking crisis occurred in Sardinia.
Its trade also in books, hops, horses, and cloth is considerable, and a large banking and exchange business is done here.
The first private state bank was opened in 1817; an act of 1831 provided for a safety fund guaranteeing bank circulations and derived from a 41% tax on capital stock and a 1 o% tax on profits; but this law was modified in 1842, the tax being removed from banks giving specie guarantees; and a free banking act was passed in 1851.
See also BANKS AND BANKING; SAVINGS BANKS; POST AND POSTAL SERVICE.
Most of the state institutions secured Federal charters after the establishments of the national banking system (1863-1864), but the high price of government bonds and the large amount of capital required led to a reaction, which was only partially checked by the reduction of the minimum capital to $25,000 under the currency act of the 14th of March 1900.