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The National Bank Act (ch. 58, 12 Stat. 665; February 25, 1863), originally known as the National Currency Act, was passed in the Senate by a 23–21 vote, and was supplemented a year later by the National Banking Act of 1864. The goals of these acts was to create a single national currency, a nationalized bank chartering system, and to raise ...
1870 - Virginia, Mississippi, Texas, and Georgia are readmitted to the union; 1871 – Great Chicago Fire; 1871 – Treaty of Washington with the British Empire regarding Canada; 1871 - The New York Times published evidence of Tweed's rampant greed. 1871 - Civil Service Reform Act passes; 1871 - Ku Klux Klan Act; 1872 – Yellowstone National ...
By 1865, there were already 1,500 national banks. In 1870, 1,638 national banks stood against only 325 state banks. The tax led in the 1880s and 1890s to the creation and adoption of checking accounts. By the 1890s, 90% of the money supply was in checking accounts. State banking had made a comeback.
Ever since the National Bank Act, national-chartered banks were effectively prohibited from interstate banking. This prohibition was further enshrined in the McFadden Act of 1927. The restriction on interstate banking prevented banks from achieving geographic diversification, making them especially vulnerable to local economic disruptions.
A History of Georgia (1991). Survey by scholars. Coulter, E. Merton. A Short History of Georgia (1933) Grant, Donald L. The Way It Was in the South: The Black Experience in Georgia 1993; London, Bonta Bullard. (1999) Georgia: The History of an American State Montgomery, Alabama: Clairmont Press ISBN 1-56733-994-8. A middle school textbook.
By 1860 two sewing machine manufacturers were using interchangeable parts. [90] The sewing machine increased the productivity of sewing cloth by a factor of 5. In 1860 the textile industry was the largest manufacturing industry in terms of workers employed (mostly women and children), capital invested and value of goods produced.
To correct such conditions, Congress passed (1863) the National Bank Act, which provided for a system of banks to be chartered by the federal government. The National Banking Acts of 1863 and 1864 were two United States federal laws that established a system of national charters for banks, and created the United States National Banking System.
[2] [3] The Report, submitted on December 14, 1790, [2] [3] called for the establishment of a central bank, its primary purpose to expand the flow of legal tender by monetizing the national debt [4] [5] through the issuance of federal bank notes. [6]