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> Also fun fact - back when the US had private currencies, people WILLINGLY preferred to use them despite a gov currency existing. I'm not much of a historian,
by wizzwizz4 5y ago
> Also fun fact - back when the US had private currencies, people WILLINGLY preferred to use them despite a gov currency existing.
I'm not much of a historian, but are you referring to company stores? https://en.wikipedia.org/wiki/Company_store https://en.wikipedia.org/wiki/Company_store
> Saint Peter don't you call me 'cause I can't go // I owe my soul to the company store
— Johnny Cash, Sixteen Tons
- chromatin 5y agoNo, very different than company store (those "currencies" were referred to as "scrip") https://en.wikipedia.org/wiki/Company_scrip https://en.wikipedia.org/wiki/Company_scrip
- wizzwizz4 5y agoThat Wikipedia article seems to talk about company stores a lot, actually. > […] even in [locations] that were not [poor], workers paid in scrip had little choice but to purchase goods at a company store, as exchange into currency, if even available, would exhaust some of the value via the exchange fee. With this economic monopoly, the employer could place large markups on goods, making workers dependent on the company, thus enforcing employee "loyalty".
- deleted 5y ago[deleted]
- shkkmo 5y agoThere was an extended period when state chartered banks could print their own currency. https://en.m.wikipedia.org/wiki/Free_Banking_Era https://en.m.wikipedia.org/wiki/Free_Banking_Era
- cgriswald 5y agoThat’s not a Johnny Cash song although he did release a cover of it: https://en.m.wikipedia.org/wiki/Sixteen_Tons https://en.m.wikipedia.org/wiki/Sixteen_Tons
- wizzwizz4 5y agoDrat. I knew I shouldn't've gone off memory. (Wikipedia says it's a Merle Travis song.)