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

[michael a lebowitz <mlebowit@xxxxxx>]

In the 1830s, many of these bank notes made their way to the main coastal cities [NYC, etc] via imports from the interior. The cost of getting them back for redemption to the places of issue like Buffalo [not to mention those places where only wildcats roamed] was pretty high but, in fact, because of the demand for a circulating currency many remained in circulation at varying discounts.
          michael

Doug Henwood wrote:

On Oct 24, 2008, at 5:26 PM, Laurence Shute wrote:

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.

Why didn't people ask to look underneath more often?

Doug
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-- 
Michael A. Lebowitz
Professor Emeritus
Economics Department
Simon Fraser University
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