Economist George Selgin says the oft-cited 60% discount on northern bank notes before the U.S. Civil War is misleading. By the war’s onset, notes from operating northern banks traded at under 1% discount in New York City or Chicago; deep cuts applied to failed banks.
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Economist George Selgin says the oft-cited 60% discount on northern bank notes before the U.S. Civil War is misleading. By the war’s onset, notes from operating northern banks traded at under 1% discount in New York City or Chicago; deep cuts applied to failed
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