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That's because nobody trusted these banks they could go under any day and so they tended to sell at a discount.
那是因为没有人信任这些银行,它们可能在任何一天倒闭,所以它们倾向折价卖纸币。
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They would say oh they print paper money private banks print paper money " not just government banks.
他们会说：“哦，银行印制钞票,私有银行印制纸币,不仅仅是政府银行在印。
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So, that's the whole idea of how banking got started, and how paper money got started, at least in the West.
这就是关于银行是怎么出现,和纸币是怎样出现的,至少在西方是这样
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What would happen is there would be a panic; " people would say they're not paying on the notes.
这会导致恐慌的发生；,人们会说：“银行没有兑现纸币。
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who were also issuing notes would leave their would keep a deposit with the Bank of England.
同时也在发行纸币的银行,要向英格兰银行付保证金。
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Before that the United States went through repeated banking crises when people would start demanding the gold for their notes.
才有了中央银行，在这之前,当人们向银行索要金子来兑现他们的纸币时,美国经历了一次又一次的重蹈覆辙的银行业危机。
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Well it was a messy system so you'd only get like ninety cents on the dollar.
它是一个混乱的系统,所以一美元的纸币可能就值九十分了。
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It did not have a government monopoly on note issue but over the time it became the prime issuer of U.K. notes.
在纸币发行上，它并没有政府垄断者的角色,但是随着时间的流逝,它成为了英国纸币的主要发行者。
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Because the Bank of England could then demand all the it could start accumulating notes from some issuing bank and then demand payment in gold.
因为英格兰银行那时可以,要求所有的，它可以开始从一些纸币发行银行,收集些发行的纸币之后再要求以金子的形式偿还。
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Under the gold standard your dollar bill represented so many ounces of gold and you were supposed to be able to always get that gold.
在金本位制度下,你的纸币表示着,很多盎司的金子,并且你可以一直兑换那些金子。
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committed that their paper money would always and at all times be redeemable in gold.
他们的纸币将一直能够每时每刻,用金子赎回来。
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If you went to a store to buy something with paper money then the person at the ? would it be a cash register?
如果你用纸币去一家商店,买些东西，那么收银员,等等，那时会是个收银员吗？
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If people start demanding payment on their notes then they will destroy the system.
如果人们开始要求纸币价值的兑现,他们将摧毁这个系统。
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But if you were to make the mistake of trying to spend Boston money in New Haven they would get out Van Court's and then they would read the discount.
但是，如果你想,试着在纽黑文花波士顿的纸币,他们将拿出凡？科特的出版物,并且参阅上面标明的纸币价值兑现额。
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You have lots of banks; the banks are taking in gold and issuing notes but they are forced by the Bank of England to keep a deposit at the Bank of England.
英国有很多家银行；,它们吸入金子并且发行纸币,但是它们都被英格兰银行强迫,在英格兰银行付保证金。
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The problem with private banks issuing notes is that there would periodically be banking crises when the banks failed to pay on their notes and they couldn't pay out the gold that was demanded--that was required.
私有银行发行纸币的问题在于,当它们没法用要求的金子-规定的金子数量,支付它们发行的纸币时,它们将周期性的,陷入银行业危机。
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That's how paper money got started, as bearer notes, because if you had gold with the goldsmith you could spend the note, at least within the town that you live in where the goldsmith was known and had a reputation.
纸币就以不记名票据的形式出现了,如果你的金子存在金匠那里,你可以直接支出这些票据,至少在你所居住的城镇可以这样做,因为金匠在本地有着并众所周知的信誉
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The issuing bank would be driven out of business if it didn't. They all were using fractional reserve banking so if you have a big player that's demanding gold from you you're in trouble.
发行纸币的银行将会被驱逐出银行业,如果它不这么做，它们都采取,部分准备金银行制度，所以如果你有一个对手,一直向你索求金子，你会陷入大麻烦的。
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So what the guy would do is he would say okay you've got--if it was local money if it was from this town if it was New Haven money there were New Haven banks the guy would immediately know what it's worth.
所以，那个人将会做的是说,好的，你的钱-如果它是当地货币,如果来自这个城镇,如果是纽黑文的纸币,当时有纽黑文银行,那么这个人将立刻知道它值多少钱。
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So Boston money was probably pretty good because of the Suffolk System but if you tried spending New York money in New Haven Band Note Reporter they would get out the Bank Note Reporter and put a discount on it.
所以，尽管由于Suffolk系统使,波士顿货币很值钱,但是如果你试图,在纽黑文花纽约纸币,他们将拿出,并且折换纸币的价值。
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