At one time, the First National Bank of Marshall County at Plymouth issued its own banknotes. Throughout the early history of Bremen, many of these bills would have passed through the hands of local residents.
National Bank Notes were United States currency banknotes issued by National banks chartered by the United States Government. The notes were usually backed by United States bonds the bank deposited with the United States Treasury, along with a small cash redemption fund. From 1863 to 1935, National Bank Notes were issued by banks throughout the country and in U.S. territories. (Wikipedia)
The notes were full legal currency anywhere in the US, although local currencies might trade at a discount far from where they were printed. Since the notes were backed only by the Marshall County national bank, and since local banks did their banking with the national bank, all the citizens of the county were basically underwriting each other’s loans and deposits.
The First National Bank of Marshall County was eventually merged into Bank One Corporation.
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