Fred, I think you are right.

I do not say that "one could in general have unregulated banking" nor 
am I certain that there was a banking system ever existing which was
100 percent free. 

What I suggest is that there have been economists 
who strongly believe that the banking system can be unregulated
and also that it can be sustainable without the existence 
of the central bank.

Thus from the viewpoint of history of economic thought, 
it is not unimportant know how these economists 
justfy their positions and how they differentiated themselves from 
general economists who believe in economic liberalism but 
excluding a banking system saying that this 
field is an exception.

It goes without saying that 
the historical reality of "free banking" era in 
Scotland, U.S., and Japan is an 
intriguing theme for economic historians.

Yukihiro Ikeda