From the early rise of capitalism, private bankers issued their own currencies, or specie warehouse receipts.
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It's easier for farmers to get bank credit with electronically generated warehouse receipts, says Shah.
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Paper currency began as warehouse receipts for specified weights of gold or silver.
Paper money is allowed, but only as warehouse receipts for gold coins.
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Governments soon began to abuse this, issuing more and more warehouse receipts without enough gold to back them, which enabled the government to buy more goods and services.
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