| 词条 | Suffolk Bank |
| 释义 |
The bank operated by redeeming country banks' notes at par value, so long as the banks maintained an account with Suffolk Bank. To qualify for such an account, a bank was required to remit a starting deposit of $2000 or more, and—in the case of banks not located in Boston—to maintain a sufficient balance to redeem any of the banks' notes that Suffolk Bank might receive for redemption. Beginning in 1824, "all of the banks in Boston, with the exception of the New England [a competing clearinghouse bank], agreed to make the Suffolk Bank their agent for the redemption of bills of outside banks."[2] The Suffolk Bank enabled member banks to deposit notes from other banks at par value, and to be credited for these deposits within one business day.[4] The bank operated in this manner until the Bank of Mutual Redemption was organized in 1858 and assumed this role for all of New England.[2] In his History of Money and Banking in the United States, Murray Rothbard credits the Suffolk Bank with exercising "a stabilizing influence on the New England economy."[5] John Jay Knox Jr., a former Comptroller of the U.S. Treasury, stated that the success of the Suffolk Bank demonstrated that, the fact is established that private enterprise could be entrusted with the work of redeeming the circulating notes of the banks, and it could thus be done as safely and much more economically than the same service can be performed by the Government.[6] See also
Notes1. ^{{cite article|last1=Rolnick|first1=Arthur J.|last2=Smith|first2=Bruce D.|first3=Warren E.|last3=Weber|title=The Suffolk Bank and the Panic of 1837.|journal=Federal Reserve Bank of Minneapolis Quarterly Review|publisher=Federal Reserve Bank of Minneapolis|place=Minneapolis|volume=24|number=2|year=Spring 2000|pages= 3–13|url=http://minneapolisfed.org/research/QR/QR2421.pdf}} 2. ^1 2 {{cite book|last=Davis|first=William Thomas|title=Professional and Industrial History of Suffolk County, Massachusetts, Volume II|publisher=The Boston History Company|place=Boston|year=1894|page=204}} 3. ^{{cite book|last=Rothbard|first=Murray N.|author-link=Murray Rothbard|title=A History of Money and Banking in the United States|publisher=Ludwig von Mises Institute|year=2002|page=117|url=http://www.mises.org/rothbard/historyofmoney.pdf}} 4. ^{{cite article|last=Trivoli|first=George|title=The Suffolk Bank: A Study of a Free–enterprise Clearing System|publisher=Adam Smith Institute|year=1979|page=11|url=https://static1.squarespace.com/static/56eddde762cd9413e151ac92/t/5a9694dcf9619aa6427a988a/1519817949919/suffolkbank.pdf}} 5. ^Rothbard, Murray N. History of Money and Banking in the United States. Ludwig von Mises Institute. 2002. p. 119. 6. ^Knox, John Jay. Quoted in Rothbard, Murray N. History of Money and Banking in the United States. Ludwig von Mises Institute. 2002. p. 120. External links
8 : Banking in the United States|1858 disestablishments in Massachusetts|Companies based in Boston|Defunct banks of the United States|Banks established in 1818|Defunct companies based in Massachusetts|Banks disestablished in 1858|1818 establishments in Massachusetts |
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