The Second Bank's bills of exchange business was fundamentally cheaper than specie shipment—shipping gold cost approximately 4% of the gold's value in freight and insurance, making specie transport economically prohibitive for inter-regional trade financing.
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Dr. Jane NodellEvidence Quote
“paying in Gold if you want to ship gold around uh it can it can cost something like four percent of the value of the gold so it's shipping gold is really a kind of a non-starter”
Created: 8/11/2026, 1:31:04 AM
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