Money and Banking in a “Bankless” State: Iowa, 1846–1857

Erling A. Erickson

Business History Review, 1969, vol. 43, issue 2, 171-191

Abstract: During the first half of the nineteenth century, a number of American states prohibited the establishment of banks of issue within their borders. In theory, these states seemingly opted for the slow economic development associated with an inelastic currency supply. In the case of Iowa, however, the people's demand for an elastic currency was met by the creation of substitute financial institutions — land agency-banks — that functioned as de facto banks of issue.

Date: 1969
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