On the record
Bills were put in circulation purporting to have been issued by distant banks that did not exist, and never had existed.
Source
gutenberg.orgAlbert Beveridge: “Bills were put in circulation purporting to have been issued by distant banks that did not exist, and never had existed.”
Editor's note · Context
Beveridge describes the circulation of fraudulent banknotes from non-existent banks, illustrating the chaos in the financial system.
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It could borrow money, but could not levy taxes or impose duties to pay the debt.
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