"The fractional-reserve system is the artifact of particular legal decisions. Lewis calls attention in this connection to two decisions of British courts in the early nineteenth century.
An effort to require banks to maintain 100% reserves against all deposits failed
in British courts in 1811 and 1816. The House of Lords also confirmed the right
to maintain fractional reserves in 1848.
(p. 55)"
The Mises Review: How Much Money Does an Economy Need? Solving the Central Economic Puzzle of Money, Prices, and Jobs by Hunter Lewis
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