Institutions
Free banking includes:
- Free entry of banking and fiduciary producers
- Freedom to issue banknotes (promissory notes issued by a bank payable to bearer on demand).
- Freedom to accept money on deposit to current account, and to pay and collect cheques for customers
- Freedom to borrow money on term deposit and other forms of secured and unsecured borrowing
- Freedom to lend money and otherwise invest the bank's assets
- Freedom to provide guarantees, documentary letters of credit, performance bonds and to incur other off balance sheet exposures.
Read more about this topic: Free Banking
Famous quotes containing the word institutions:
“You may melt your metals and cast them into the most beautiful moulds you can; they will never excite me like the forms which this molten earth flows out into. And not only it, but the institutions upon it are plastic like clay in the hands of the potter.”
—Henry David Thoreau (1817–1862)
“Schools are generally feminine places, institutions where conformity is valued, taught largely by conformist women.”
—Judith M. Bardwick (b. 1933)
“You see how this House of Commons has begun to verify all the ill prophecies that were made of it—low, vulgar, meddling with everything, assuming universal competency, and flattering every base passion—and sneering at everything noble refined and truly national. The direct tyranny will come on by and by, after it shall have gratified the multitude with the spoil and ruin of the old institutions of the land.”
—Samuel Taylor Coleridge (1772–1834)