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

Question

Quizplus · Accepted Answer

State banks were able to stay in business by acquiring funds through deposits because the National Bank Act of 1863 only imposed a tax on banknotes, not deposits.

Although the National Bank Act of 1863 Was Designed to Eliminate