Lecture 15 of 64 · A History of Money and Banking in the United States Before the Twentieth Century
15. A False Start
15. A False Start by Murray N. Rothbard is a free audio lecture (0:58) at freecapitalists.org, part of the 64-lecture series A History of Money and Banking in the United States Before the Twentieth Century.
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0:00A False Start Matters began to change in 1814. The New England Bank of Boston announced it too would go into the moneybroker business, accepting country notes from holders and turning them over to the issuing bank for redemption. The note holders, though, still had to pay the cost. In 1818, a group of prominent merchants formed the Suffolk Bank to do the same thing. This enlarged competition brought the basic rate of country note discount down from 3% in 1814 to 1% in 1818 and finally to a bare ½ of 1% in 1820. But this did not necessarily mean that country banks were behaving more responsibly in their note creation. By the end of 1820, the business had become clearly unprofitable and both banks stopped competing with the private money brokers.
0:50The Suffolk became just another Boston bank.
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Speakers: Murray N. Rothbard.
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