After that date the primary needįor bank note reporters ceased. Of their outstanding notes and, in most cases, such banks converted into National banks. This prohibitive tax, effective August 1, 1866, forced the State banks to arrange for the prompt redemption To make the issuance of State bank currency unprofitable by levying a tax of ten per centum on the amount of any such notes Having provided for such a currency, Congress proceeded In order to displace the varied State bank notes then in circulation. The National Bank Act originally passed in February, 1863, and revised in June, 1864, provided for a uniform national currency Part of the State bank note era which extended from the opening of the first bank in this country in 1782 to 1866. Known as bank note reporters and counterfeit detectors, they circulated and performed an essential function during Was to report the rate of discount at which locally uncurrent bank notes would be purchased in the more important tradingĬenters. WITH A DISCOURSE ON WILDCAT BANKS AND WILDCAT BANK NOTESįEW references are found in the many works extant on the history of money and banking to certain interesting periodicals thatĬirculated during the most formative period in the banking history of this country. NUMISMATIC NOTES AND MONOGRAPHS is devoted to essays and treatises on subjects relating to coins, paper money, medals and decorations.ĬOPYRIGHT, 1949, BY THE AMERICAN NUMISMATIC SOCIETYīank Note Reporters and Counterfeit Detectors 1826–1866
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