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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 ...
To correct the problems of the "Free Banking" era, Congress passed the National Banking Acts of 1863 and 1864, which created the United States National Banking System and provided for a system of banks to be chartered by the federal government. The National Bank Act encouraged development of a national currency backed by bank holdings of U.S ...
Lincoln still defended the bank, but it was too strongly linked to a failing credit system that lead to devalued currency and loan foreclosures to generate much political support. [ 147 ] In 1839 Democrats led another investigation of the state bank, with Lincoln as a Whig representative on the investigating committee.
The First Bank of the United States was established in Philadelphia, Pennsylvania, while the city served as the national capital, from 1790 to 1800. The bank began operations in Carpenters' Hall in 1791, some 200 feet from its permanent home. Branches opened in Boston, New York, Charleston, and Baltimore in 1792, followed by branches in Norfolk ...
The Lincoln Administration presided over the expansion of the federal government's economic influence in other areas. The National Banking Act created the system of national banks. The U.S. issued paper currency for the first time, known as greenbacks—printed in green on the reverse side. [318]
It continued to operate during the presidential transition on private bank loans at rates up to 12 percent, with some banks asking as much as 36. [5] Salmon P. Chase, as the Treasury secretary of the incoming Lincoln administration, found the banks more receptive but struggled to keep enough coins in the Treasury to meet expenditures. [6]
Salmon P. Chase, Abraham Lincoln's Secretary of the Treasury, was a leading exponent of so-called "greenback" currency during the American Civil War Congress finally enacted Treasury Secretary Chase's National Bank plan in January 1863, creating a yet another form of currency, also backed by government bonds rather than gold and redeemable in ...
The First Bank of the United States was established at the direction of Treasury Secretary Alexander Hamilton in 1791. Hamilton supported the foundation of a national bank because he believed that it would increase the authority and influence of the federal government, effectively manage trade and commerce, strengthen the national defense, and pay the debt.