yourself the reason why each is introduced. Discuss with your friends
the advantages or disadvantages of particular requirements.
OUR NATIONAL BANKING SYSTEM
The national banking system of the United States was established by an
act of Congress in 1863, revised in 1864, and amended by later
legislation. The great advantage of the system, it is said, is the
feature of uniformity, the fact that it brings the banking business of
the whole United States under one authority and under the supervision
of one set of administrative officers. The note-issuing department is
subordinate in its public usefulness to the facilities afforded by
banks and clearing-houses for the interchange of credits. The
essential features of national banks are briefly set forth as follows: