[FastCoyote]

I worked in Hong Kong, and I’m a Milton Friedman fan, so I am well aware of “bank notes”. However, a failed bank that operated without a charter is not much more than a counterfeiting machine. If it walks like a fraud and quacks like a fraud, it’s darn likely a fraud. It isn’t just the $3 bill, it’s Joseph Smith’s signature word and bond.

[DelphiUser]

I worked in Hong Kong, and I’m a Milton Friedman fan, so I am well aware of “bank notes”. However, a failed bank that operated without a charter is not much more than a counterfeiting machine. If it walks like a fraud and quacks like a fraud, it’s darn likely a fraud. It isn’t just the $3 bill, it’s Joseph Smith’s signature word and bond.

Today you would be correct, back then it was uncommon for a bank to have a charter.

"You can't measure then by now" - My HS History teacher.