Although the National Bank Act of 1863 was designed to eliminate state-chartered banks by imposing a prohibitive tax on banknotes,these banks have been able to stay in business by

Question

Quizplus · Accepted Answer

State-chartered banks have been able to stay in business by acquiring funds through deposits, as opposed to issuing banknotes as legal tender. They are regulated by state banking authorities, and are not subject to the same strict regulations and requirements as national banks.

Although the National Bank Act of 1863 Was Designed to Eliminate