The Banking Act of 1871 happened. What people debate is the language used and the implications of the language. I'm no lawyer and at best I can sound out the words in Mad magazine so I can't offer a well informed opinion. You can find the original text of the Act online and also find different legal opinions written about it. But I do find it interesting that one of the worst economic depressions in our history began in 1873, shortly after that law of 1871.
The Banking Act of 1871 happened. What people debate is the language used and the implications of the language. I'm no lawyer and at best I can sound out the words in Mad magazine so I can't offer a well informed opinion. You can find the original text of the Act online and also find different legal opinions written about it. But I do find it interesting that one of the worst economic depressions in our history began in 1873, shortly after that law of 1871.
Deeper dive here: https://greatawakening.win/p/11S0zGQGpF/bardsfm-stream-at-9pm-et--dont-m/c/
And the Act itself here: https://americannationalmilitia.com/the-organic-act-of-1871-with-notes/