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- Title
WHERE IS PRIVATE NOTE ISSUE LEGAL?
- Authors
McBride, William; Schuler, Kurt
- Abstract
The article focuses on the history of free banking and the issue of private notes within national monetary systems, with an emphasis on the U.S. The author discusses the existence of free banking in the U.S., which existed up until the Civil War, and the issuing of private notes by banks until it was monopolized by the U.S. federal government in 1935. The author emphasizes that government monopoly note issue replaced free banking due to free banking's inability to provide government revenue and opportunities for monetary management.
- Subjects
UNITED States; MONETARY systems; HISTORY of money; BANKING industry; FREE banking; GOVERNMENT revenue; GOVERNMENT policy; HISTORY
- Publication
CATO Journal, 2012, Vol 32, Issue 2, p395
- ISSN
0273-3072
- Publication type
Article