You say bank notes were redeemable for "coin or specie," but really that's state money. So state money precedes bank money. This was also a horrible system, bec

You say bank notes were redeemable for "coin or specie," but really that's state money. So state money precedes bank money. This was also a horrible system, because bank notes didn't have guaranteed parity (with each other or with state money) or guaranteed redemption. Also, the "final" clearing system for electronic transactions is public. In the US, it's called Fedwire, which is operated by the Federal Reserve which, despite various paranoid ramblings, is a public institution. The problem is, only reserve banks are allowed to have accounts with the central bank, which makes the system appear private. It's even trickier with credit cards, where you're basically asking a credit provider for a loan every time you swipe. So maybe the better question is, why isn't there a national depository bank of the United States? And then you can advance whatever answer you want for that one.