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ANSWERQUESTION
How would you explain what wildcat banking is?
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Wildcat banking was the granting of paper currency by undercapitalized state-chartered banks in the United States. During the Free Banking Era, from 1836 to 1865, when the country lacked a national banking system, these wildcat banks coexisted with more stable state banks. States readily granted banking charters and enforced regulatory requirements ineffectively, if at all. Bank closures and outright scams occurred on a regular basis, leaving many people with worthless money.
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