>>wildcat bank, unsound bank chartered under state law during the period of uncontrolled state banking (1816–63) in the United States. Such banks distributed nearly worthless currency backed by questionable security (e.g., mortgages, bonds) and were located in inaccessible areas to discourage note redemption.
As for your criticism: no, the author meticulously details the ways in which regulatory restrictions led to most of the bank failures associated with wildcat banks, and contrasts it with the experience of 19th century British North America, i.e. Canada, and Scotland, which lacked those same restrictions.
https://www.britannica.com/topic/wildcat-bank
>>wildcat bank, unsound bank chartered under state law during the period of uncontrolled state banking (1816–63) in the United States. Such banks distributed nearly worthless currency backed by questionable security (e.g., mortgages, bonds) and were located in inaccessible areas to discourage note redemption.
As for your criticism: no, the author meticulously details the ways in which regulatory restrictions led to most of the bank failures associated with wildcat banks, and contrasts it with the experience of 19th century British North America, i.e. Canada, and Scotland, which lacked those same restrictions.