Question

Which of the following policies was implemented in the Banking Acts of 1863 and 1864 to discourage state banks from competing with the newly-chartered national banks?

National banks were given higher capital requirements.
Taxes were levied on state banks.
Taxes were levied on national banks.
State banks were abolished.

Answer 1

The policy that was implemented in the Banking Acts of 1863 and 1864 to discourage state banks from competing with the newly-chartered national banks was the taxes were levied on state banks.