The National Banking Act provided that:
A. national banks could issue their own notes only against U.S. government bonds the banks held on deposit with the Treasury
B. national banks could issue their own notes only against cash held in their vaults
C. national banks could issue their own notes only against U.S. government bonds the banks held on deposit with the Federal Reserve Bank
D. none of the above
Answer:A
The National Banking Act provided that:
A. national banks could issue their own notes only against U.S. government bonds the banks held on deposit with the Treasury B. national banks could issue their own notes only against cash held in their vaults C. national banks could issue their own notes only against U.S. government bonds the banks held on deposit with the Federal Reserve Bank D. none of the above