Compare the National Banking Acts of 1863 with the chartering of the First and Second Banks of the United States. Specifically, address the motivations behind each and the impact that each had on 19th-century banking in the United States. in 4 sentences
The National Banking Acts of 1863 were primarily motivated by the need to establish a unified national banking system in response to the financial strains of the Civil War. These acts created a system of nationally chartered banks which helped to stabilize the economy, promote investment, and fund the Union war effort. In contrast, the First and Second Banks of the United States were chartered in the late 18th and early 19th centuries to establish a federally regulated banking system and manage the nation's finances. However, both banks faced opposition from those who believed in a more decentralized banking system, ultimately leading to their eventual demise.
