Uh, what? This is from a fiction book. It is sounding like there is a gap in my history knowledge that needs to be filled.
Discussion
I mean, I've read the book, so I know what you're talking about, but this is an actual banking system that e-chash mints might be able to use.
The only flaw with the banking system as applied to e-cash ments would be that the Suffolk Bank was a central clearing house for smaller banks. And they had regular redemption demands to this centralized bank.