How did the National Bank Act of 1863 pass?
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The bill was approved in the Senate by a close vote of 23 to 21, and the House passed the legislation in February. National banks that were organized under the act were required to purchase government bonds as a condition of start-up. As soon as those bonds were deposited with the federal government, the bank could issue its own notes up to 90 percent of the market value of the bonds on deposit.
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