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Historical Milestones: 1863 - 1892

1863

President Abraham Lincoln signs the National Currency Act of 1863 on February 25, establishing the Office of the Comptroller of the Currency. The act sets chartering standards for national banks, and permits these banks to issue currency.

The first national bank charter is issued to the First National Bank of Philadelphia on June 20.

The first national bank examination is completed on December 21.

The first national bank note is issued on December 21.


Treasury Secretary Salmon P. Chase promotes the creation of a national currency.
President Abraham Lincoln


1864

National Bank Act of 1864 revises chartering and reserve requirements for national banks.


1865

Congress attempts to drive state banks out of existence by levying a 10 percent tax on state bank notes.

The first national bank failure (First National Bank of Attica, New York) occurs on April 14, the same day that President Lincoln is shot.

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