feb 15, 1863 - National Banking Act
Description:
The National Banking act was established in hopes of accomplishig three goals. One, establish in a national currency. Two, create a system of national banks. Three, help finance the Civil War. This lead to the production of a national currency plus, the ability for banks to have both a federal and state charter. The push for a national currency could be seen with the establishment by Congress of a 10 percent tax on all state currency. Of course the state banks managed a way to work around that fact by becoming checking accounts.
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History of Banking
Module 13 Lesson 2 Mastery Assignment
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