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

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

bray hammond, who worked for the fed.  big promoter of the 2d bank of the us.


On Sat, Oct 25, 2008 at 09:50:15AM -0700, Eugene Coyle wrote:
> There was a popular book on the history of banking, published around 1959 
> called "A History of Banks and Banking in the United States from the 
> Revolution to the Civil War" or something close to that.  It won a prize -- 
> I think the author was Hammond but not sure of the memory.  Banks used to 
> print up bank notes and ship them by wagon to some far off state, hoping 
> they would never come back to be redeemed for anything.  Publishers put out 
> reports of what a particular bank's notes were really worth.  A merchant 
> needed those reports before turning over goods in exchange for paper money.
>
> 	I liked the book a lot at the time -- I think I'll look for it and check 
> my evaluation.
>
> Gene Coyle
>
>
> On Oct 24, 2008, at 2:26 PM, Laurence Shute wrote:
>
>> 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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-- 
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
michaelperelman.wordpress.com
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