April 26, 2024
{BRIGHTON} $1 THE NATIONAL MARKET BANK OF BRIGHTON MASSACHUSETTS CH 806
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Prior to the American Civil War , state banks issued their own banknotes . During the Civil War, in 1863, the National Banking Act established a system of National Banks which were empowered to issue National Bank Notes subject to federal oversight. The chartering of banks and administrative control over the issuance of National Bank Notes were the responsibility of the Office of the Comptroller of the Currency .[ 1] In 1865 the Congress enacted a 10% tax on state bank note issuance making it unprofitable for state banks to issue notes, and thus restricting the circulation of privately issued banknotes to the National Banks. ********************************************* 04.08.026
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