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?(1 point)

Question

Responses

National banks were given higher capital requirements.
National banks were given higher capital requirements.

Taxes were levied on state banks.
Taxes were levied on state banks.

Taxes were levied on national banks.
Taxes were levied on national banks.

State banks were abolished.

Answer 1

The correct response is: Taxes were levied on state banks.

The Banking Acts of 1863 and 1864 imposed a tax on the notes issued by state-chartered banks, which was a strategy to discourage competition from state banks and promote the newly established national banks.