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Jay Cooke - Civil War financier of
the Union
Page entitled : Jay Cooke
and the National Banking Act
Content of this page is about :
How Jay Cooke helped lobby Secretary of Treasury Chase's National Banking
Act and founded the first national banks in Philadelphia and Washington DC
Extract :
... National Banking Act passed Congress and became law. The bill foresaw
that banks could obtain a charter from the Federal Government instead of a
state charter. It forbid its members to have branches and required them to
hold a predefined percentage of specie in reserve. By an amendment of 1865,
taxing state bank notes at 10%, the National Bank Act also granted its
members a virtual monopoly in bank note emission. The National Banking Act
of 1863 and 1864 created an opportunity for new players to incorporate
commercial banks and thus ...
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