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.
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.
The correct answer is: Taxes were levied on state banks.
To arrive at this answer, we can examine the given options and evaluate their accuracy based on the context provided. The Banking Acts of 1863 and 1864 were implemented to establish a centralized banking system in the United States and to create a uniform currency.
Let's evaluate each option:
1. "National banks were given higher capital requirements." - This option addresses the requirements imposed on national banks. While it is true that the Banking Acts of 1863 and 1864 established certain requirements for national banks, such as minimum capital requirements, it doesn't directly address the policy aimed at discouraging state banks.
2. "Taxes were levied on state banks." - This option directly aligns with the objective of discouraging state banks from competing with national banks. By imposing taxes on state banks, it would have made it less attractive for them to operate and potentially incentivized their customers to switch to national banks.
3. "Taxes were levied on national banks." - This option is incorrect, as the objective of the Banking Acts was not to discourage national banks but rather to establish and regulate them in a more structured manner.
4. "State banks were abolished." - This option is incorrect because the Banking Acts did not abolish state banks. Instead, they sought to establish a centralized banking system co-existing with state-level banking institutions.
In conclusion, the correct policy implemented in the Banking Acts of 1863 and 1864 to discourage state banks from competing with national banks was the levying of taxes on state banks.
The policies implemented in the Banking Acts of 1863 and 1864 to discourage state banks from competing with the newly-chartered national banks were:
1. National banks were given higher capital requirements.
2. Taxes were levied on state banks.