Venkatesh Rao@vgrReplying to @pmarca@pmarca I think I've seen it mentioned in multiple robber baron era books. Vanderbilt bio, Lind's land of promise...11:35 PM · Jul 3, 20152 Retweets4 Likes
Venkatesh Rao@vgr·Jul 3, 2015Replying to @vgr@pmarca Ah see middle bit of this for a glimpse of what wsa going on http://eh.net/encyclopedia/a-history-of-futures-trading-in-the-united-states/…112
jvonneumann@jvonneumann·Jul 3, 2015Replying to @vgr@vgr @pmarca IIRC Friedman & Schwatz "Monetary History of the United States" discusses the era of "wildcat banking" with private currencies2
Venkatesh Rao@vgr·Jul 3, 2015Replying to @jvonneumann@jvonneumann @pmarca I think the basic problem with this for too long is extreme volatility. Esp when you're doing it with non-ag scrips.11
Patrick Chovanec@prchovanec·Jul 3, 2015Replying to @vgr@vgr @pmarca scrip currency (including tobacco receipts) was more prevalent during colonial times23