Question

What was the purpose of the National Banking Act? (Select all that apply.) to create a way to help the Union to finance the Civil War with treasury notes to empower the government to create a uniform national currency to stabilize the banking organization to create a "lender of last resort”

Answer 1

Answer:

To create a uniform national currency

Explanation:

Before the National Bank Act of 1863, each state had their own currency - this was the first attempt to create a central / national bank.

Answer 2

The correct answer is B) to empower the government to create a uniform national currency.

The purpose of the National Banking Act to empower the government to create a uniform national currency.

The National Banking Act of 1863 had one goal: the creation of a national banking system so much needed in those years and establishing a national currency in the country. The Civil War that had started in 1861 and ended in 1865 had hurt the country so much, caused so much destruction and made the country to increase its debt. SO the financial problems for the US were many.