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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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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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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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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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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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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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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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