Banking in the U.S. Before 1900 Quick Check

Question

1 of 51 of 5 Items
Question
Which of the following acts was passed to help fund the Union's war efforts during the American Civil War?(1 point)
Responses

Specie Circular of 1836
Specie Circular of 1836

National Banking Act of 1863
National Banking Act of 1863

Deposit and Distribution Act of 1836
Deposit and Distribution Act of 1836

Michigan Act of 1837

Answer 1

The correct answer is National Banking Act of 1863. This act was passed to help finance the Union's war efforts during the American Civil War by establishing a system of national banks and creating a national currency.