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These decisions may well have been influenced by bribes and political pressure, both by the prospective banker and by established bankers who may have hoped to block the entry of new competitors.Īn important shift in state banking practice had begun with the introduction of free banking laws in the 1830s. Originally, individuals who wished to obtain banking charters had to approach the state legislature, which then decided if the applicant was of sufficient moral standing to warrant a charter and if the region in question needed an additional bank. From the earliest days of the Republic, banking had been considered primarily the province of state governments. Federal Chartering of BanksĪ second element of the Act was the introduction bank charters issued by the federal government. The relationship between bank capital, bonds held, and note issue was changed by laws in 1874, 1882, and 1900 (Cagan 1963, James 1976, and Krooss 1969). The amount of bank notes a national bank was allowed to issue depended upon the bank’s capital (which was also regulated by the act) and the amount of bonds it deposited with the Comptroller. Bank notes were of uniform design and, in fact, were printed by the government. The legislation also placed a tax on notes issued by state banks, effectively driving them out of circulation. Under the legislation, newly created national banks were empowered to issue national bank notes backed by a deposit of US Treasury securities with their chartering agency, the Department of the Treasury’s Comptroller of the Currency. The confusion was such as to lead to the publication of magazines that specialized in printing pictures, descriptions, and prices of various bank notes, along with information on whether or not the issuing bank was still in existence. In fact, bank notes frequently traded at a discount, so that a one-dollar note of a smaller, less well-known bank (or, for that matter, of a bank at some distance) would likely have been valued at less than one dollar by someone receiving it in a transaction. Notes of sound banks circulated side-by-side with notes of banks in financial trouble, as well as those of banks that had failed (not to mention forgeries). Prior to the establishment of the national banking system, the national currency supply consisted of a confusing patchwork of bank notes issued under a variety of rules by banks chartered under different state laws.
Provision of a Uniform National CurrencyĪs its original title suggests, one of the main objectives of the legislation was to provide a uniform national currency. The Acts marked a decisive change in the monetary system, confirmed a quarter-century-old trend in bank chartering arrangements, and also played a role in financing the Civil War. The National Banking era was ushered in by the passage of the National Currency (later renamed the National Banking) Acts of 18. Grossman, Wesleyan University The National Banking Era Begins, 1863 The National Banking Acts of 18
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