1873 – DEATH OF SALMON P. CHASE, US TREASURY SECRETARY
“My agency, in procuring the passage, of the National Bank Act, was the greatest financial mistake of my life. It has built up a monopoly that affects every interest in the country. It should be repealed. But before this can be accomplished, the people will be arrayed on one side and the banks on the other in a contest such as we have never seen in this country."
Note: The National Bank Acts of 1863 was known originally as the National Currency Act and was updated the following year. The Act established chartered national banks that could issue bank notes which were backed by the United States Treasury. These notes existed side by side to public “Greenbacks” (directly issued by the government). Bankers supported the Bank Acts as a means to eventually supplant Greenbacks and once more gain full control of the US money system.
“My agency, in procuring the passage, of the National Bank Act, was the greatest financial mistake of my life. It has built up a monopoly that affects every interest in the country. It should be repealed. But before this can be accomplished, the people will be arrayed on one side and the banks on the other in a contest such as we have never seen in this country."
Note: The National Bank Acts of 1863 was known originally as the National Currency Act and was updated the following year. The Act established chartered national banks that could issue bank notes which were backed by the United States Treasury. These notes existed side by side to public “Greenbacks” (directly issued by the government). Bankers supported the Bank Acts as a means to eventually supplant Greenbacks and once more gain full control of the US money system.
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