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The country had over 100 state banks because of their popularity.
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Paper currency was in bad need of an overhaul. There were too many different types of money.
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Congress authorized the printing of $60 million of demand notes.
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Congress passed the Legal Tender Act, which authorized the Union to print $150 million of U.S notes.
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The Federal Government forced state banks to join the National Banking system by placing a 10 percent tax on all privately issued bank notes.
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The government introduced silver certificates, which were paper currency backed by silver dollars.
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The government began printing gold certificates in smalled denominations for public use.
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Congress passed the Gold Standard Act, which fixed the price of gold at $20,67 an ounce.
