Having considered, in two previous essays, the origins, legality, and adverse consequences of the Scottish bank suspension, we're now ready to ask whether, and in what ways, that episode compels us to reconsider the virtues of free banking, both as practiced in Scotland and in general. If…
In my opening post about Scottish banks' suspension of specie payments, I explained that, although the suspension was technically illegal, it failed to provoke any lawsuits in part because it was no less in the interest of many Scottish citizens, and Scottish bank creditors especially, than it…
From the beginning, there is one embarrassing and evident fact that Professor White has to cope with: that "free" Scottish banks suspended specie payment when England did, in 1797, and, like England, maintained that suspension until 1821. Free banks are not supposed to be able to, or…
As all dedicated Alt-M readers know, I am a big fan of the Canadian banking and monetary system that flourished between Canada's Confederation in 1867 and the outbreak of the First World War. Besides thinking it was a darn good system, I also regard it as the…
Among last week's news items that had colleagues asking me, "What's your answer to this?," was a piece by Quartz's John Detrixhe, telling its readers that, according to "300 years of financial history," rolling back bank regulations is a good way to trigger a financial meltdown. Though…