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

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

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

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

State banks were abolished.

Answer 1

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

The Banking Acts of 1863 and 1864 included provisions that imposed a tax on state bank notes, which discouraged state banks from competing with the newly-chartered national banks.