; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Interest Rates Under the U.S. National Banking System"; ; "batchuser@example.com"; "Wallace, Neil", "Champ, Bruce", "Weber, Warren E."; "Federal Reserve Bank of Minneapolis"; "National banking system", "Interest rates", "Bank notes"; "E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems", "N21 - Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913"; "According to previous studies, the demand-liability feature of national bank notes did not present a problem for note-issuing banks because the nonbank public treated notes and other currency as perfect substitutes. However, that view, when combined with nonbindingness of the collateral restriction against note issue, itself an implication of the fact that some eligible collateral was not used for that purpose, implies that the safe short-term interest rate is pegged at the tax rate on note circulation. Since evidence on short-term interest rates is inconsistent with such a peg, that view must be rejected."^^; "1994-02"; "2019-09-14T01:35:41.66155077+00:00"^^; "https://doi.org/10.21034/sr.161"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 22:11:08 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "832", "126", "823"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "161"; "National banking system", "Bank notes", "Interest rates"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Monetary Economics_ (Vol. 34, No. 3, 1994, pp. 343-358) https://doi.org/10.1016/0304-3932(94)90023-X. "^^; ; "Publication" . ; .