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History of the Currency, 1848 - 1873 by Walter G. Watt, 1898

History of the Currency, 1848 - 1873 by Walter G. Watt, 1898, Page 39

37
On Feb. 25, 1863, the national bank act was passed. The vote in both House and Senate was rather close, in the House being 78 to 64 and in the Senate 23 to 21. It was therefore just one year from the time of the passage of the first legal tender act to the time of the passage of the first of the two supplementary acts which were to assist it in raising funds to carry on the war. It is beyond the scope of this paper to enter into a discussion of the merits and weaknesses of our national banking system as first established by this act. It is needless to say that the national banks have rendered much valuable service both to the government and to the commercial world generally. 
The act of March 3, 1863, was a very sweeping one in the provisions. The Secretary of the Treasury was authorized to borrow from time to time on the credit of the Untied States $300,000,000 for the present fiscal year and $600,000,00 for the succeeding year, and to issue therefore

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37 On Feb. 25, 1863, the national bank act was passed. The vote in both House and Senate was rather close, in the House being 78 to 64 and in the Senate 23 to 21. It was therefore just one year from the time of the passage of the first legal tender act to the time of the passage of the first of the two supplementary acts which were to assist it in raising funds to carry on the war. It is beyond the scope of this paper to enter into a discussion of the merits and weaknesses of our national banking system as first established by this act. It is needless to say that the national banks have rendered much valuable service both to the government and to the commercial world generally. The act of March 3, 1863, was a very sweeping one in the provisions. The Secretary of the Treasury was authorized to borrow from time to time on the credit of the Untied States $300,000,000 for the present fiscal year and $600,000,00 for the succeeding year, and to issue therefore