State chartered banks were supposed to be driven out of business by the National Currency Act of 1863 and the National Banking Act of 1864 by

Question

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The National Currency Act of 1863 and the National Banking Act of 1864 imposed a tax on the issuance of state bank notes, which made it more expensive for state chartered banks to issue their own notes. This tax was intended to drive state banks out of business and encourage them to join the national banking system.

State Chartered Banks Were Supposed to Be Driven Out of Business