By the time of the Civil War, the efficient banking system of the United States was the envy of the rest of the world.

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Before the Civil War, the United States did not have a unified, efficient banking system; it was rather fragmented and varied by state, lacking the centralized structure that would be envied by the world. The National Banking Acts of 1863 and 1864, passed during the Civil War, were significant steps towards creating a more unified and efficient system.

By the Time of the Civil War, the Efficient Banking