What was the major role of private banks in the early 1800s?

Question

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The major role of private banks in the early 1800s was to issue credit, which allowed individuals and businesses to borrow money for various purposes such as investing in new ventures, expanding existing businesses or buying land. Private banks were seen as a crucial source of capital for economic growth in the era, allowing for the creation of new jobs and the development of infrastructure. While private banks also served as institutions for deposits and offered other financial services like selling stocks or creating futures markets, their role as issuers of credit was the most significant.

What Was the Major Role of Private Banks in the Early