Merchants subscribed to publications that reported the relative
values of various bank notes.
From: pen-l-bounces@xxxxxxxxxxxxxxxxxx
[mailto:pen-l-bounces@xxxxxxxxxxxxxxxxxx] On Behalf Of michael a
lebowitz
Sent: Friday, October 24, 2008 2:59 PM
To: Progressive Economics
Subject: Re: [Pen-l] the era of free banking
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
Burnaby, B.C., Canada V5A 1S6
Director, Programme in 'Transformative Practice and Human Development'
Centro Internacional Miranda, P.H.
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