Promulgations » This Day at Law » President Lincoln signs Naitonal Banking Act into law

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This Day at Law

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  President Lincoln signs Naitonal Banking Act into law

  Posted: February 26th, 2010, 12:00am MSK by Ryan Olden

  Tags:    [edit]

  On February 26, 1863, President Abraham Lincoln signed the National Banking Act into law, creating the American banking charter system. The Act furthermore created the Office of the Comptroller of Currency (OCC) within the Treasury Department. The law was furthermore intended to help raise money for the Civil War by pressing banks to buy federal as opposed to state bonds. The law was not a