Why was the National Bank Act of 1863 passed?
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Congress passed the act to help resolve the financial crisis that emerged during the early days of the American Civil War (1861Ð1865). The fight with the South was expensive and no effective tax program had been drawn up to finance it. In December 1861 banks suspended specie payments (payments in gold or silver coins for paper currency called notes or bills). People could no longer convert bank notes into coins.
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