Econ310_Notes20100930 (1)

Econ310_Notes20100930 (1) - H istory of Banking in the U.S...

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History of Banking in the U.S. (9/30/2010) Econ 310-004 Definitions independent treasury – separation of bank and state laissez faire – transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies mercantilism – alliance between government and certain privileged merchants interstate branch banking – the ability of a bank to have branches in more than one state intrastate branch banking – the ability of a bank to have multiple branches in the same state unit banking – no interstate or intrastate branching fractional currency – currency in denominations less than a dollar (e.g., 5¢, 10¢, 25¢, etc.) bond collateral requirement – dollar for dollar banknote to state bond ratio wildcat banking – fraudulent banks setup in wilderness that made it very hard to redeem notes inelastic currency – inability of the system to convert deposits into banknotes Principles Banking has always been one of the most regulated industries.
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