Wildcat banking was the issuance of paper currency in the United States by poorly capitalized state-chartered banks. These wildcat banks existed alongside more stable state banks during the Free Banking Era from 1836 to 1865, when the country had no national banking system. States granted banking charters readily and applied regulations ineffectively, if at all.[1] Bank closures and outright scams regularly occurred, leaving people with worthless money.
Operating in remote locations with limited or absent financial infrastructure, wildcat banks supplied a medium of exchange in the form of bearer notes that they issued on their own credit. These notes were formally redeemable in specie (i.e. gold or silver coins) but typically collateralized by other assets such as government bonds or real estate notes, or occasionally by nothing at all. Hence they carried a risk that the bank could not redeem them on demand.[2]
^Krause, Chester L.; Lemke, Robert F. (2003). Standard Catalog of United States Paper Money.
^Cite error: The named reference Gorton was invoked but never defined (see the help page).
Wildcatbanking was the issuance of paper currency in the United States by poorly capitalized state-chartered banks. These wildcat banks existed alongside...
rise of the petroleum industry. An example was the wildcatbanking of the 1850s. Directors of wildcat banks in the Midwest were known as "wild-catters"...
This history of central banking in the United States encompasses various bank regulations, from early wildcatbanking practices through the present Federal...
1016/0304-3932(84)90044-8. Dwyer, Gerald P. (1996). "WildcatBanking, Banking Panics and Free Banking in the United States" (PDF). Federal Reserve Bank of...
repurpose this base money by credit creation through fractional reserve banking, which expands the total supply of "broad money" (cash plus demand deposits)...
encouraged wildcatbanking, in which fraudulent institutions issued worthless banknotes. During the Civil War, in 1863, the National Banking Act established...
functioned akin to a bank. ... in fact, practically in every city there are banking places for the holy money ... — Philo In excavations of Persepolis, a text...
furnish an elastic currency for the United States and to supervise its banking system, particularly in the aftermath of the Panic of 1907. For most of...
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
dangerous "wildcatbanking”, along with the poor integration of the U.S. banking system, led to increasing public support for a uniform national banking regime...
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
concomitantly, some pet banks were known to also engage in practices of wildcatbanking. They were chosen among the big U.S. banks when President Andrew Jackson...
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
a different type of money than the poor". Banking Observer. Wang, Joseph (January 18, 2021). Central Banking 101. Joseph Wang. ISBN 978-0999136744. Garbade...
from the free banking era". Federal Reserve Bank of St. Louis - Regional Economist. 1996. "WildcatBanking, Banking Panics, and Free Banking in the United...
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
utilizing the institutions. Banking was considered a Laissez-faire network, and was also described as "Free Banking" or "WildcatBanking" filled with much uncertainty...
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
establishing a bank, and which required a charter from the legislature for a banking corporation. The First Bank of the United States was established in Philadelphia...
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
Coinage Act of 1873 Coinage Act of 1965 Murray N. Rothbard. "The Mystery of Banking" (pdf), p.10, 1983-11-28. Library of Congress. "An Act regulating the currency...
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
1832–1836 Coinage Act of 1834 Civil War Era (1840–1870) Free banking (1836–1865) Wildcatbanking (1836–1865) Forstall System (1842–1865) Independent U.S....
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