This is in line with the ruling of the comptroller of the currency of the united states contained in previous matters which you have had. Value of one dollar national bank note antique currency. The nationalbank act as amended the federal reserve act anl. Taxation of nationalbank notes and notes and certificates. Source for information on national bank act of 1863. It also taxed state bank notes, making them unprofitable. An act to provide a national currency, secured by a pledge of. In all, there were five issues of fractional currency of varying denominations from 3 cents to 50 cents authorized between 1862 and 1876.
February 25, 1863, originally known as the national currency act, was passed in the senate by a 2321 vote, and was supplemented a year later by the national banking act of 1864. National bank act the national banking acts of 1863 and 1864 were two united states federal banking acts that established a system of national banks for banks, and created the united states national banking system. National banks could be chartered by the federal government and. Any one dollar note from a southern state or a western state should be considered rare. This is a true and exact reproduction of the document officially recorded and placed on file in the office of the registrar for the united states of america.
These issues were known as fractional currency and were authorized under the congressional act of march 3, 1863 12 stat. The act entitled an act to provide a national currency secured by a pledge of united states bonds, and to provide for the circulation and redemption thereof, approved june 3, 1864, shall be known as the national bank act. If your interest bearing ten dollar note is from the act of july 1864 then it is extremely rare. National bank act of 1863 the national bank act of 1863 was designed to create a national banking system, float federal war loans, and establish a national currency.
National currency act national banking act an act to provide for a national currency, secured by a pledge of united states stocks, and to provide for the circulation and redemption thereof. Document date time record file number translated date. United states currency confederate states of america currency. An act to provide a national currency, secured by a pledge of united states bonds.
An act to provide a national currency secured by a pledge. Pdf money in the transmississippi confederacy and the. The federal reserve is still subject to the national bank act and in alignment with public law 73. One crucial objective was to generate cash desperately needed to finance and fight the civil war. They encouraged development of a national currency backed by bank holdings of u. The goals of these acts was to create a single national currency, a nationalized bank chartering system, and to raise. Some one dollar national bank notes are extremely rare. National currency act later called national bank act june 3, 1864. The nationalbank act as amended, the federal reserve act. There are also plenty of rare notes from other parts of the country.
The currency act of 1764 was the second and most impactful of two laws passed by the british government during the reign of king george iii that attempted to take total control of the monetary systems of all colonies of british america. It did help the governments debt problem, although it didnt fix it completely, and the act was amended in 1864 to transform an additional 1500 state banks into national banks. The act entitled an act to provide a national currency secured by a pledge of. The national banking system the national bank acts 1863. The tax controversy economic prospects by passing a currency act 1764 to withdraw paper currencies, many of them surviving from the war period, from circulation. The aldrichvreeland act 1908 provided for the creation of national currency associations, which were empowered to issue emergency bank notes backed by treasury bonds and other assets. This is the total dollar amount of national bank notes in circulation at the end of the fiscal year. The only other body of law is the federal reserve act.
And there are are two varieties to the march 3rd 1863 issue. An act to provide a national currency, secured by a pledge of united states bonds, and to. Tactical draw, strategic victory mcclellan halted lees invasion. The national banking act of 1864 was one of a few pieces of new legislation that revitalized the concept of national banking that alexander hamilton. The national banking acts of 1863 and 1864 were two united states federal banking acts that established a system of national banks, and created the united.
The national bank act of 1863 was designed to create a national banking system, float federal war loans, and establish a national currency. This was not done to restrict economic growth so much as to take out currency that was thought to be unsound, but it did severely reduce the circulating. The federal reserve board of governors in washington dc. There is only one amendment and that is public law 73, 48 th volume, pages 112, 1 and you know that as hjr192. Authorizing the national bank of lyons, michigan, to change its location and name to the second national bank of ionia, michigan. States bonds, and to providefor the circulation and redemption thereof, 186j ci. United states of america the office of the comptroller. Be it enacted by the senate and house of representatives of the united post, p. State banks gradually got out of the business of issuing currency, and a system of national currency came into being. The act also standardized the printing and issuing of american currency. The 1864 fifty dollar bill national currency original series note was issued between 1863 and 1875. An act to provide a national currency, secured by a pledge of united states bonds, and to provide for the circulation and r united states, united states on. The national currency act of 1863, later rewritten as the national banking act of 1864, established standards for currency. An act to provide a national currency, secured by a pledge of united states bonds, and to provide for the circulation and.
Authorizing the east chester national bank of mount vernon, new york, to change its location and name to the german national bank of evans%ille, indiana. Passed by parliament on september 1, 1764, the act extended the restrictions of the currency act of 1751 to all of the american. Accordingly, the bank is an insured depository institution as that term is defined in 12 u. Kodi archive and support file community software vintage software apk msdos cdrom software cdrom software library. An act to provide a national currency, secured by a pledge of united states bonds, and to provide for the circulation and redemption thereof. If your 1864 fifty dollar note shows the month and date as 1864 then its the charter date for the bank. States stocks, and to provide fo r the circulation and redemption thereof. The national bank act of june 3, 1864, created national bank notes that were redeemable at any national bank of the treasury.
Chase recommended the establishment of a national banking system. After prospective national bank organizers submitted a business plan and had it approved by. The battle of antietam september 1862 bloody lane library of congress bloodiest single day of the war. Full text of the nationalbank act as amended, the federal reserve act and other laws relating to national banks see other formats. An act to provide a national currency, secured by a pledge of united june 3, 1864. Meaning, the national bank listed in the title was given their federal charter on that date. As amended in 1864, the bank act established the office of comptroller of the currency, and permitted banks to obtain federal charters and issue national bank.
This is the total dollar amount of national bank notes destroyed annually because the banks issuing them were closing or simply going out of the currency business. Most of these banks were in new england states and the midwest. In the same year it authorized national bank notes, congress also created another new form of currency, gold certificates. The provisions of the act of may thirtieth, nineteen hundred and eight, authorizing national currency associations, the issue of additional nationalbank circulation, and creating a national monetary commission, which expires by limitation under. And the laws relating to taxation of national banks, 186472. Money in the transmississippi confederacy and the confederate currency reform act of 1864 article pdf available in explorations in economic history 242. Congress passed the act to help resolve the financial crisis that emerged during the early days of the american civil war 18611865. Section 45 of the national bank act of 1864, was amended by act of congress of june 25, 1930, c.