The national bank system had significant flaws that hurt rural economies during the late nineteenth century; however, the urgency of the country at the start of the war ‘made such banking legislation fi nancially desirable and politically feasible’. Th e ‘exhausted condition of the Treasury’ that began before the war, and continued through 1863, compelled reluctant lawmakers to adopt a new system of national banking. Chase expressed his earnest desire for a  ‘circulation of notes bearing a common impression and authenticated by a common authority’, in both his 1861 and 1862 Annual Reports to Congress. He wanted a system of national banks established that would facilitate the distribution of this common money. He did not wish to create a new model of banks; nor did he wish to resurrect the Bank of the United States. Instead he based his vision of the national banks on the New York Free Banking law; ultimately this antebellum measure would become the basis for the national banking system. The difference would come from consistency and oversight; whereas the individual states had a spurious system of regulation, the National Bank system would have national government oversight. Bonds of the national government, not state bonds or speculative railroad bonds, would provide the basis for the reserves for these banks. ‘Th e people in their ordinary business would find the advantages of uniformity in currency; uniformity in security’, and have a ‘safeguard against depreciation’, said Chase.