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. Events 138 - The Emperor Hadrian adopts Antoninus Pius, effectively making him his successor Year 1863 ( MDCCCLXIII) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Common The law of the United States was originally largely derived from the Common law system of English law, which was in force at the time of the Revolutionary A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money It encouraged development of a national currency based on bank holdings of U. A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is S. Treasury securities. Treasury securities are Government bonds issued by the United States Department of the Treasury through the Bureau of the Public Debt. It also established the Office of the Comptroller of the Currency (OCC) as part of the Department of the Treasury. The Office of the Comptroller of the Currency (or OCC) is a US federal agency established by the National Currency Act of 1863 and serves to Charter The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. 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 taxed state bonds out of existence. Abraham Lincoln (February 12 1809 &ndash April 15 1865 the sixteenth President of the United States, successfully led his country through its greatest internal Causes of the war See also Origins of the American Civil War, Timeline of events leading to the American Civil War The coexistence of a slave-owning South In Finance, a bond is a Debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and Interest 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.
A later act, passed on March 3, 1865, imposed a tax of 10% on the notes of State banks to take effect on July 1, 1866. Events 1284 - Statute of Rhuddlan incorporated the Principality of Wales into England 1575 - Indian Year 1865 ( MDCCCLXV) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar (or a Common year "July 1st" redirects here For the Ayumi Hamasaki song see H (song. Year 1866 ( MDCCCLXVI) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Common The tax effectively forced all non-federal currency from circulation and increased the number of national banks to 1,644 by October 1866. A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is The term national Bank has several meanings especially in Developing countries, a bank owned by the State an ordinary private
The next major changes to bank regulation in the United States appeared in 1908 with the enactment of the Aldrich-Vreeland Act. The United States of America —commonly referred to as the The Aldrich-Vreeland Act of May 30, 1908, was passed in response to the Panic of 1907 and established the National Monetary Commission, which
External links
- The Library of Congress
- History of the Office of the Comptroller of the Currency
- History of banking at About.com
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