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free-banking system

noun
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Definition of free-banking system

: a system under which all applicants are permitted to organize banking corporations or associations and under prescribed conditions issue notes (protected by deposited securities)

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“Free-banking system.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/free-banking%20system. Accessed 2 Jun. 2020.

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