Pretty much. Before the Bank of the United States was enacted in the 1820s, ANY Bank could print and distribute their own money.
This caused NUMEROUS problems--as some Merchants would accept currency from certain Banks AND if a Bank was thought to be less reliable, the Merchant would not $1 Bill from that Bank to be "worth as much" as one from a Bank they thought more reliable.
To end this, the Bank of the United States was created--during the Andrew Jackson Administration, I believe--and was partialy regulated by the U.S. Treasury.
For the first time, the Country had a common currency system--backed by the same set of funds. The Bank of the United States continued to regulate Banks and Currency--on a somewhat loosly basis--until the much more stringent FDIC replaced it in 1933.
Why was September 24, 1869 referred to as "Black Friday"?
"I say YOU'RE the CUTEST one. No, I say YOU'RE the CUTEST One. And we go on like that from dawn to three."