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President of the Bank of Indiana, Hugh McCulloch had come to Washington to fight against the national banking legislation that had been signed by President Lincoln in February 1863.
Since Hugh McCulloch, the first Comptroller of the Currency, took office in 1863, distinguished Americans—including bankers, attorneys, and a Nobel Prize winner—have led the OCC and made significant contributions to United States history.
The National Currency Act was superseded by the National Banking Act, which became law in June 1864 and authorized the OCC to hire a staff of national bank examiners to supervise banking institutions.
Founded in 1893, University of California Press, Journals and Digital Publishing Division, disseminates scholarship of enduring value.
The inflexibility of national banknote supplies and a lack of reserves led to the formation of the Federal Reserve System in 1913.
By 1935 the national banks had transferred their note-issuing powers to the Federal Reserve.
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