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Newspaper
Corry Evening Journal
Location
Corry, Pennsylvania, United States of America
Date
Feb 25, 1963
Page
4
The National Currency Act of 1868 established a national currency and federally chartered banks alongside state banks. It spurred a vast expansion of banking services, increased personal income, and widespread financial modernization driven by the dual banking system and evolving bank offices and automation.
The article explains that the dominant rise in the U S money supply comes from banks creating “instant money” via lending credits to checking accounts. It notes the shift from currency to check money and emphasizes that checkbook money now forms the largest portion of money in circulation.
The article explains how the U S banking system handles the daily flow of checks, the rise in check usage, and the shift to automation. It notes the roles of the Federal Reserve System, magnetic ink recognition, and new check features that speed up and secure payments across vast volume.
Amid scarce money the Continental Congress chartered the Bank of Pennsylvania to aid the American armies. The bank provided uniforms, food, cloth, hides, and rum, supplying Washington's army with these essentials during the Revolution as recorded by the American Bankers Association.
The article notes that amortized mortgages involve regular monthly payments covering interest and principal, with the threat of foreclosure looming for borrowers. It observes that today most home loans are standardized to simplify repayment.
More than 3,000 American banks are over 40 years old with some surpassing a century and a half. The Associated Bankers Association notes the aging industry and highlights durable institutions amid changing finance.
The 1863 National Currency Act created a nationwide banking framework by authorizing federally chartered banks to issue national currency backed by Treasury bonds. It aimed to stabilize money, fund the Civil War, and curb rampant state notes, though initial fixes were needed by 1864 to curb wildcat notes and align state and national banks.
Banks play key roles for the federal government by lending funds and selling securities, providing Treasury depository services, handling currency, and managing accounts. They collect remittances, report large currency transactions, aid tax enforcement, and provide reports to prevent asset leakage, making banks central to national finance.
In 1963 Americans opened about sixty million checking accounts in commercial banks reflecting a shift from wealth-based access. The National Currency Act established the dual banking system, fostering competition and cooperation between national and state banks and enabling quicker check clearing and new services like no minimum balance accounts for broad participation.
A historical overview shows consumer loan departments evolving from pawnshops and small finance firms to a major bank service. Arthur J Morris pioneered small loans in 1910 in Richmond, with significant growth by the late 1920s led by National City Bank New York and the Bank of America. The trend has made banks the largest source of consumer credit today.
The piece notes the rise of one stop banking in 1963 and how banks offer savings accounts loans trust services and even travelers checks to families. Bankers say the trend strengthens customer relationships and helps establish credit ratings for households.
The piece explains how country banks and larger city banks form correspondent banking partnerships to speed out-of-town check handling, access credit and information, and share services. It notes that these arrangements date to colonial days and yield mutual benefits while enabling efficient customer service across regional networks.
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