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S. Horwita refers to "free banking."  Query: wasn't the most  
successful "free" banking regime that in New York State, which had a  
tough regulatory regime which, will providing reasonably open entry,  
had rigorous standards for the capital backing of the banks.  Thus  
"free" banking really refers to an "open" system, carefully  
structured by law, but without a central state-controlled monetary  
authority. 
 
F Carstensen 
Economics 
 
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