President Lincoln signs Naitonal Banking Act into law

On February 26, 1863, President Abraham Lincoln signed the National Banking Act into law, creating the American banking charter system. The Act furthermore created the Office of the Comptroller of Currency (OCC) within the Treasury Department. The law was further intended to help raise money for the Civil War by pressing banks to buy federal as opposed to state bonds. The law was not as successful as intended in this regard and was soon replaced by the National Banking Act of 1864.

Read the history of the OCC from the US Department of the Treasury.

THIS DAY @ LAW

Standard Oil incorporated

On January 10, 1870, John Davison Rockefeller incorporated Standard Oil. Rockefeller's corporation would grow to achieve a virtual monopoly over oil production in the United States. Standard Oil's dominance lasted until the corporation was split into 34 separate companies in 1911 after the Supreme Court found the company in violation of the Sherman Anti-Trust Act. The rise of Standard Oil made Rockefeller America's first billionaire and eventually the richest man in the world. Read the text of Standard Oil Co. of New Jersey vs. United States, 221 U.S. 1 (1910).