A Guide to the National Banking System - Softcover

Inhaltsangabe

The national banking system was conceived by President Abraham Lincoln and Treasury Secretary Salmon P. Chase to revive the national economy and promote a uniform system of currency and credit. The National Currency Act (Act), which created the national banking system, was enacted in 1863. Provisions of that act were reenacted and clarified by the National Bank Act a year later, in 1864. The opening in Philadelphia of the first bank chartered under the new system presented the United States with a fresh means to promote a sense of nationhood based on uniformly regulated financial institutions and a growing economy. The issuance of “national bank notes” by national banks alleviated a serious obstacle to interstate commerce that existed before the Civil War.

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