I have to confess that I made a crass error in my last post due to a natural tendency to assume that what’s customary cannot be challenged.
They don't want legislative interference with money and currency because that “is not only needless, but injurious". So, no possible need for a central bank or monopolies of any kind.
What they want is a system of numerous commercial banks all more or less of the same size and without a tendency to grow faster than any other issuing notes backed , of course, by gold and competing on roughly equal terms assisted by a few clearinghouses—the agencies responsible for gathering notes and checks issued by or drawn on various banks, returning them to their sources, and arranging for the settlement of interbank dues—all themselves still private institutions.
