id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
davidgerard-co-uk-2233		Stablecoins through history — Michigan Bank Commissioners report, 1839 – Attack of the 50 Foot Blockchain			.html	text/html	3579	208	66	Stablecoins through history — Michigan Bank Commissioners report, 1839 – Attack of the 50 Foot Blockchain Stablecoins through history — Michigan Bank Commissioners report, 1839 Under the gold standard in operation at the time, these state banks could issue notes, backed by specie — gold or silver — held in reserve. After the Michigan law allowing free banking had been in effect for two years, Michigan's state banking commissioners reported to the legislature on how it was all going. The whole report is available as a scan in Google Books — Documents Accompanying the Journal of the House of Representatives of the State of Michigan, pp. [Google Books] There's also a bad OCR — ctrl-F to "Bank Commissioners' Report." [Internet Archive] At the period the commissioners entered upon their labors, every portion of the state was flooded with a paper currency, issued by the institutions created under the general banking law. One Comment on "Stablecoins through history — Michigan Bank Commissioners report, 1839"	./cache/davidgerard-co-uk-2233.html	./txt/davidgerard-co-uk-2233.txt