wildcat bank

wildcat bank
a bank that issued notes without adequate security in the period before the establishment of the national banking system in 1864.
[1830-40, Amer.]

* * *

In the U.S., an unsound bank chartered under state law during the period of state banking control (1816–63).

Such banks distributed currency backed by questionable securities and were located in inaccessible areas to discourage note redemption. Note circulation by state banks ended with the passage of the National Bank Act of 1863, which provided for the incorporation of national banks and the issue of banknotes on the security of government bonds. The term wildcat bank was later applied to any unstable bank.

* * *

▪ United States history
      unsound bank chartered under state law during the period of uncontrolled state banking (1816–63) in the United States. Such banks distributed nearly worthless currency backed by questionable security (e.g., mortgages, bonds) and were located in inaccessible areas to discourage note redemption. Note circulation by state banks ended after the passage of the National Bank Act of 1863, which provided for the incorporation of national banks under federal law and the issue of bank notes on the security of government bonds. The term wildcat bank was subsequently applied to any unstable bank.

* * *


Universalium. 2010.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • wildcat bank — a bank that issued notes without adequate security in the period before the establishment of the national banking system in 1864. [1830 40, Amer.] * * * wildcat bank, U.S. a bank that issued notes although it possessed little or no capital,… …   Useful english dictionary

  • wildcat bank — (español: banco riesgoso). En EE.UU., banco de escasa solidez constituido conforme a la legislación de alguno de los estados durante el período en que estos ejercían el control bancario (1816–63). Estos bancos distribuían dinero respaldado por… …   Enciclopedia Universal

  • Wildcat banking — refers to the unusual practices of banks chartered under state law during the period of non Federally regulated state banking (1816–63) in the United States. This era, commonly referred to as free banking, was not a period of true free banking as …   Wikipedia

  • Bank of Florence — Infobox nrhp | name =Bank of Florence nrhp type = caption = location= Omaha, NE lat degrees = 41 | lat minutes = 20 | lat seconds = 14.72 | lat direction = N long degrees = 95 | long minutes = 57 | long seconds = 38.01 | long direction = W area …   Wikipedia

  • bank — bank1 /bangk/, n. 1. a long pile or heap; mass: a bank of earth; a bank of clouds. 2. a slope or acclivity. 3. Physical Geog. the slope immediately bordering a stream course along which the water normally runs. 4. a broad elevation of the sea… …   Universalium

  • Bank — (as used in expressions) Deutsche Bank AG ecuación de Green Bank Export Import Bank of the United States (Ex Im Bank) wildcat bank …   Enciclopedia Universal

  • Wildcat (disambiguation) — Wildcat ( Felis silvestris ) is a small felid native to Europe, the western part of Asia, and Africa.Wildcat may also refer to: Members of genus Lynx * Canadian Lynx ( Lynx canadensis ), native to Canada, Alaska as well as some parts of the lower …   Wikipedia

  • wildcat — 1. noun /ˈwaɪldˌkæt/ a) A species of cat, Felis silvestris. , Upon checking it out, we found a total of 13 newborn wildcats, nine newborn tigers and two newborn leopards. (CNN, 2003.04.24) b) Any undomesticated species of cat. Anyone whos man… …   Wiktionary

  • Bank Secrecy Act — The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.… …   Wikipedia

  • Wildcat Banking — The banking industry in parts of the United States from 1837 to 1865, when banks were established in remote and inaccessible locations. During this period, banks were chartered by state law without any federal oversight. Less stringent… …   Investment dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”