Science Fair Project Encyclopedia
Wildcat banking
Wildcat banking refers to the practices of any unsound bank chartered under state law during the period of uncontrolled state banking (1816–63) in the United States. Wildcat banks distributed nearly worthless currency backed by questionable security (such as mortgages and bonds) and were located in inaccessible areas to discourage note redemption. These actions ended when note circulation by state banks was stopped after the passage of the National Bank Act of 1863 .
11-30-2008 18:11:33
The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details
The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details