Although federal banking legislation in the 1860s attempted to eliminate state-chartered banks by imposing a prohibitive tax on banknotes,these banks have been able to stay in business by

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State-chartered banks were able to stay in business by shifting their focus from issuing banknotes to accepting deposits from customers. This allowed them to adapt to the new federal banking regulations without being put out of business.

Although Federal Banking Legislation in the 1860s Attempted to Eliminate