Re: [Pen-l] the era of free banking

[Laurence Shute <lshute@xxxxxxxxxxxxx>]

Michael et. al.,

My great-grandfather, John S. Shute -- owner of the Shute Bank in 
Hillsboro, Oregon -- is said to have done a similar thing with bags of 
lead slugs prominently displayed behind the counter.  "See, we've got 
lots of money."  I wonder how common this sort of thing was.

Larry Shute

Michael Perelman wrote:
> Dwyer, Gerald P. 1996. "Wildcat Banking, Banking Panics, and Free Banking 
> in the United States." Federal Reserve Bank of Atlanta Economic Review, 81: 
> 3-6 (December): pp. 1-20. 
>   2: In an examination report for Jackson County Bank in Michigan in 1838 
> stated: "Beneath the counter of the bank.  Nine boxes are pointed out by 
> the teller, as containing one thousand dollars each.  The teller selected 
> one of the boxes and opened it: this was examined and appeared to he a full 
> box of American half dollars.  One of the commissioners then selected a 
> box, which he opened, and found the same to contain a superficies only of 
> silver.  While the remaining portion consisted of lead and ten penny nails.  
> The commissioner then proceeded to open the remaining seven boxes: they 
> presented the same contents precisely, with a single exception, in which 
> the substratum was window glass broken into small pieces." 

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