With regard to the long-running debate between Rothbardians and modern free bankers, most prominently Lawrence White and George Selgin, the question is less a matter of technical disagreements than one regarding fundamentally divergent conceptions of money, law, and the nature of banking itself. At stake is not merely the historical interpretation of Scottish or British banking, but the deeper question of whether fractional-reserve banking can ever be reconciled with a genuinely free and non-fraudulent market order. From the Rothbardian perspective, the appeal to historical episodes such as