| |
| | Archives: Story |
 | | Certain of these private banks, especially in the private sector, printed bank notes in excess of the gold and silver reserve holdings for which the notes were supposed to be redeemable upon demand. |
 | | Many such unstable "banks of issue" arranged to have their notes distributed in the remote parts of the country, including early territorial Iowa, which, except for the small Miners Bank at Dubuque, had no banking houses, and where weak and even near-worthless currency might pass between unsuspecting settlers for months or even years. |
 | | Under these loose arrangements and in the absence of banks to handle certificates of deposit or demand payment bills, Galland was in a strong position to purchase half-breed land with company funds and keep title of some such properties, without transferring ownership to the company. |
| www.dailydem.com /articles/2004/08/06/news/news2.txt (1230 words) |
|