I study a sample of 482 English inland bills of exchange (where all parties to the bill were in England) during the period 1762-1850. Inland bills were used as a medium of exchange during the Industrial Revolution in the north of England. During this period, they circulated via indorsements, committing each indorser's personal wealth to back the bill. The number of endorsements is a measure of the liquidity/velocity of the bills. I ask what bill characteristics are associated with greater velocity. I also investigate whether bills backed by banks and others backed only by the joint liability of indorsers had different velocities. Bank-backed bills were more liquid than nonbank-backed bills, consistent with the Dang, Gorton, and Holmström (2018) (DGH) theory that the optimal design of private money is debt backed by debt.

中文翻译：

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内陆汇票：没有银行的私人货币生产+

我研究了 1762 年至 1850 年间 482 张英国内陆汇票的样本（汇票的各方都在英格兰）。英格兰北部工业革命期间，内陆汇票被用作交换媒介。在此期间，它们通过背书进行流通，承诺每个背书人的个人财富来支持该法案。背书数量是票据流动性/流通速度的衡量标准。我问什么钞票特征与更高的流通速度相关。我还调查了由银行支持的票据和仅由背书人连带责任支持的其他票据是否具有不同的速度。银行支持的票据比非银行支持的票据更具流动性，这与 Dang、Gorton 和 Holmström (2018) (DGH) 的理论一致，即私人货币的最优设计是由债务支持的债务。