Rolnick, Arthur J.; Smith, Bruce D.; Weber, Warren E. - Federal Reserve Bank of Minneapolis - 1997
The classic example of a privately created and well-functioning interbank payments system is the Suffolk Banking System … that existed in New England between 1825 and 1858. This System, operated by the Suffolk Bank, was the first regionwide net … payments services can produce an efficient payments system. In this paper, we reexamine the history of the Suffolk Banking …