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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