Publisher's Synopsis
Excerpt from The First National Bank of Syracuse: The Story of Fifty Years, 1863-1913
It was not until 1863 that the first of the national bank acts, then described as the National Currency act, was enacted, in response to an urgent message from the President. It was passed by a narrow margin in each house. It authorized the charter ing of associations to deposit with the treasury of the United States bonds in amount not less than one-half of their capital; it permitted these banks to receive notes to the amount of 90 per cent. Of the bonds deposited; and it exempted the banks from taxation. As the act permitted state banks similar privilege of note issue Of 80 per cent. Of the value of bonds deposited the temptation to organ ize under the new act was not great.
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