National Banking Act

The National Banking Act of 1863 raised money for the Union in the American Civil War by enticing banks to buy federal bonds, and taxed state bonds out of existence. The law proved defective and was replaced by the Act of June 3, 1864. An Act of March 3, 1865 imposed a tax of 10 percent on the notes of State banks, to go into effect July 1, 1866. The reorganization proceeded rapidly, and in October, 1866, 1,644 national banks existed.

Related Topics:
1863 - American Civil War - June 3 - 1864 - March 3 - 1865 - July 1 - 1866

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The next threat to banking in the United States appeared in 1908 with the enactment of the Aldrich-Vreeland Law. The Federal Reserve Law of December 23, 1913 dealt with that threat.

Related Topics:
United States - 1908 - Aldrich-Vreeland Law - Federal Reserve Law - December 23 - 1913

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