; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "The Suffolk Banking System Reconsidered"; ; "batchuser@example.com"; "Weber, Warren E.", "Rolnick, Arthur J., 1944-"; "Federal Reserve Bank of Minneapolis"; "N11 - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913"; "The best-known example of a privately created and well-functioning interbank payments system is the Suffolk Banking System. Operating in New England between 1825 and 1858, it was the first regionwide net-clearing system for bank notes in the United States. Some historians portray the System as being owned and managed by a coalition of large Boston banks in order to achieve a public purpose. They argue that while the System was not particularly profitable, it maintained par circulation of bank notes throughout the region. We reconsider this history and find the public-purpose view of the Suffolk Banking System to be specious. The System was owned and operated solely by the Suffolk Bank. It was operated not to promote a common currency or any other public purpose, but to serve the private interests of the Suffolk Bank’s shareholders, which it did quite successfully. "^^; "1998-05"; "2019-07-30T14:26:00.579765346+00:00"^^; "https://doi.org/10.21034/wp.587"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-11-01T18:28:11.825173934+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "832", "665"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "587"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .