Cash economy under threat.

'... excessive dependence upon the banks ... largely accounts for the ups and downs of colonial life. In times when money is easy the banks almost force it upon their customers. When it is tight, ... panic ensues ...; Overdrafts are given for the most part on purely personal security. It is quite a common thing for ordinary working-men to keep banking accounts; and all farmers, even the smallest, are obliged to keep them; for in the country specie (coin cash) payments are almost unknown, and the smallest sums are paid by cheque. ... You need never keep more than a few shillings in your pocket ...'

Within a few years, with no federal deposit guarantees;and extravagant lending for land, the land boom crashed, the banks fell and Australia was thrown into crisis amidst a 1893 world economic depression. The Victorian government compulsorily shut the banks for a week to allay a run.

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Town Life in Australia, Richard Twpopeny, Elliot Stock, 1883.

Kitchen Hand three-word review: Plus ça change ...