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See also: V.it. Smith, Rationale of Central Banking, P. S. King, London, 1936,

The river 91>. The idea, certainly, consisted that inevitable abusing

The right of emission, that is release of such quantity of banknotes, which banks not

Could redeem at the expense of own reserves, would lead to their failure.

The definitive victory of supporters of centralisation of national issue was,

However, it is in practice softened by one concession to those who has been interested, before

Everything, in the cheap bank credit. It consisted in a duty recognition Exclusive bank of issue to supply commercial banks with any Quantity of banknotes which is required to them at repayment of deposits to The claimings which importance quickly grew. This decision or, more likely,

The practice recognition in which the central banks were involved, has called to a life

The extremely unsuccessful hybrid system, in which responsibility for maintenance

The general monetary weight by fatal image has been divided so that nobody could

Effectively to supervise it. Current bills are similar to banknotes and checks This adverse current of events has arisen because long time very few people Understood that check deposits played in many respects the same role, as

Banknotes, also could be created by commercial banks in precisely the same way.

The subsequent blasting state as still believed, monopolies for a currency issue

Has led to that the control over all monetary circulation has been divided between

The central bank and set of commercial banks, on the credit policy

Which the central bank could influence only indirectly. Only have begun much later

To understand that "instability, it is immanent to the credit"<"inherent

instability of credit "- the expression for the first time used by R.Dzh. It> was

Inevitable result of such system; what is steel means To be given basically by the organisations, which should To support the liquidity expressed in other monetary form, so they Have been compelled to reduce the not paid obligations then, when All the others also started to aspire to it liquidities. By then The similar system has taken roots so strongly that, despite "the deformed Elasticity of the offer of the credit " which it has caused, at it began to look, how on something

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Database Icon Set Database Icon Set delivers you lots of bright and colorful icons for database software development. The images are provided in all the typical icon sizes and file formats include PNG, ICO, BMP and GIF.

Basic Toolbar Icons If you are in need of a great-looking set of menu icons for your recenlty created or redesigned application, make sure to see Basic Toolbar Icons! This pack includes images for Schedule, Update, New, Folder etc.

Large Weather Icons Large Weather Icons represent different weather conditions typical in software, weather portals, and mobile gadgets. The icons arprovided in all resolutions standard to Windows, Mac OS, and mobile platforms. The largest versions are huge 512x512 pixel icons with vector sources in Adobe Illustrator (.ai) format easily affordable and ready to be printed or used in presentations in highest quality.

Medical Icon Set SibCode Medical Icon Library is a fantastic set of images that fulfills most of the typical medicine-related software needs. The choice of professionals at a reasonable price!

Standard Business Icons Standard Business Icons is a library of great-looking royalty-free icons to be used in software and on websites. Images are presented in such categories as Finances, Transport, Money, Business and Reports.