Bank panics in 1819, 1837, 1857, 1873, 1884, 1893, and 1907 occurred in the U.S. suggesting which of the following:

Question

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The frequent occurrence of bank panics in the U.S. suggests that a centralized institution, such as a central bank, was needed to regulate and stabilize the banking system. Without a central bank, the banking system was prone to instability and crises. The gold standard and free banking did not provide sufficient protection against bank panics, as evidenced by the numerous crises that occurred during these periods.

Bank Panics in 1819, 1837, 1857, 1873, 1884, 1893, and 1907