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Fair enough (I'd rather suspected something of the sort), but the obvious
next question is "So why do they do it?"
"Advertising" would be my first guess -- what would a US commercial bank be
willing to pay to get its name on every dollar bill, I wonder?
> -----Original Message-----
> From: Allin Cottrell [SMTP:email@example.com]
> Sent: Tuesday, January 11, 2000 10:03 PM
> To: firstname.lastname@example.org
> Subject: [OPE-L:2094] Re: State theory of money
> On Tue, 11 Jan 2000 P.J.Wells@open.ac.uk wrote:
> > Paul C will not need reminding that in Scotland some private
> > banks still retain the privilege of issuing legal tender
> > bank notes. How does this fit in?
> The privilege doesn't amount to much: the Scottish banks must
> hold Bank of England notes to the full value of any of their own
> that they issue.
> Allin Cottrell.
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