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:
“Let us stun and astonish the intruding rabble of men and books and institutions by a simple declaration of the divine fact. Bid the invaders take the shoes from off their feet, for God is here within.”
—Ralph Waldo Emerson (1803–1882)
“So far as laws and institutions avail, men should have equality of opportunity for happiness; that is, of education, wealth, power. These make happiness secure. An equal diffusion of happiness so far as laws and institutions avail.”
—Rutherford Birchard Hayes (1822–1893)
“Understanding the spirit of our institutions to aim at the elevation of man, I am opposed to whatever tends to degrade them.”
—Abraham Lincoln (1809–1865)
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