jun 1, 1863 - National Bank Act was passed
Description:
During the Civil War the National Bank Act was passed, creating a system of national banks whose currencies were backed by the U.S. government securities. This Act allowed banks to issue a reliable and uniform currency for the nation. An amendment to the Act required taxation on state bank notes, but not on national bank notes. This impacted the economy by allowing for easier taxation and stable banking system.Added to timeline:
Date:
jun 1, 1863
Now
~ 162 years ago