Early Illinois Paper Money (Classic Reprint)

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Excerpt from Early Illinois Paper MoneyBanking standards in those days were quite different from banking principles of today. To understand the early history of banking in Illi nois these facts must be kept in mind. James in The Growth of Chicago Banking explains this dif ference quite clearly, Banks were organized not because there was capital seeking investment, not be cause the places where they wereestablished had commerce or manu factures which needed their foster ing aid, but because men without active capital wanted the means of obtaining loans, which their stand ing in the community would not com mand from banks or individuals having real capital and established credit. In frontier communities like Illinois banks were regarded agents for the painless provision of capital. In a pioneer community capital of all kinds was scarce, because there was seldom much surplus product, of moneyed capital, there was very little, and banks were looked upon as a mechanism for increasing the supply, without any painful saving on the part of the community.Checks were almost unknown, outside of the large eastern cities, and few people except the wealthier merchants were familiar with bank accounts. If banks were to supply the community with either currency or capital funds, it had to be in the form of bank notes, and if banks were to exercise any influence upon the general level of prices, it would have to be through the policies that they adopted in regard to the issue and retirement of such notes.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.