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[OPE-L:2094] Re: State theory of money

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On Tue, 11 Jan 2000 P.J.Wells@xxxxxxxxxx wrote:

> Paul C will not need reminding that in Scotland some private
> banks still retain the privilege of issuing legal tender
> bank notes. How does this fit in?

The privilege doesn't amount to much: the Scottish banks must
hold Bank of England notes to the full value of any of their own
that they issue.

Allin Cottrell.
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