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The National Bank Act (ch. 58, 12 Stat. 665, February 25, 1863) was a United States federal law that established a system of national charters for banks, the United States national banks.
It encouraged development of a national currency based on bank holdings of U.S. Treasury securities, the so-called National Bank Notes. It also established the Office of the Comptroller of the Currency (OCC) as part of the Department of the Treasury. This was to establish a national security holding body for the existence of the monetary policy of the state.
The Act, together with Abraham Lincoln's issuance of "greenbacks," raised money for the federal government in the American Civil War by enticing banks to buy federal bonds and taxing state bank issued currency out of existence. The law proved defective and was replaced by the National Bank Act of 1864.
The money was used to fund the Union army in the fight against the Confederacy. This authorized the OCC to examine and regulate nationally-chartered banks.
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When was the national prohibition act passed?
National Prohibition Act was passed in 1919.
When did National Apprenticeship Act happen?
National Apprenticeship Act happened in 1937.
What are advantages of the national credit act?
the advantages of the consumers in the national credit act
What impact does the National credit act have on a real estate transaction?
defenition of the national credit act
Is the clean air act national or international?
national
Which of these was not a right given by the National Industrial Recovery Act and the National Labor Relations Act?
the right to work
What act of congress established JROTC?
The act of congress that established the JROTC Program is the National Defense Act of 1916.
What is the definition of an act of Parliament?
An Act of Parliament is a law enacted as primary legislation by a national or sub-national parliament.
What act created Dual Banking?
The National Bank Act
What contributed to unions growing more powerful in the 1930s?
the formation of the CIO The Wagner Act The National Labor Relations Act The National Labor Relations Act
When easy the national vocational education act signed into a law?
The national vocational education act was signed into a law in 1963.
Which act prohibited state-chartered banks from engaging in activities not permitted for national banks?
The National Bank Act of 1863
