The Civil War brought four major pieces of monetary legislation: the legal-tender laws, in 1862; the National BankingAct, in 1863; an act outlawing private coinage, in 1864; and an act imposing a prohibitive 10 percent tax on state-banknote issues, in 1865. The combined effect of the last three acts was to place the entire currency supply under federaljurisdiction. Together with the legal-tender laws, these acts comprised a program for securing means other than directtaxation to pay for the war against the South.
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