Lecture 17 of 64 · A History of Money and Banking in the United States Before the Twentieth Century
17. The Country Banks Resist
17. The Country Banks Resist by Murray N. Rothbard is a free audio lecture (0:59) 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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0:00The Country Banks Resist How did the inflationist country banks react to this? Not very well, for as one could see the Suffolk system put limits on the amount of notes they could issue. They resented par redemption and detested systematic specie redemption because that forced them to stay honest. But country banks knew that any bank that did not play by the rules would be shunned by the banks that did, or at least see its notes accepted only at discount and not in a very wide area at that. All legal means to stop Suffolk failed. The Massachusetts Supreme Court upheld in 1827 Suffolk's right to demand gold or silver for country bank notes. And the state legislature refused to charter a clearing bank run by the country banks, probably rightly assuming that these banks would run much less strict operations.
0:48Stung by these setbacks, the country banks, played by the rules, bided their time and and awaited their revenge.
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Speakers: Murray N. Rothbard.
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