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Consequences of distortion of price structure because of inflation (or deflations) that or

Other widely used competing currency. Advantages stable Currents of economic activities which as we will be convinced, can bring Use of stable currency, will be, therefore to be reached only in that

Case if the overwhelming majority of transactions begins to consist in the stable

Currencies. Such replacement of bad money by the good will come, I believe, Soon enough, but casual infringements of all price structure and, after

Her, the general economic activities it is impossible to exclude completely until then,

While public will not learn to reject temptations of cheap money quickly.

The chapter XVI. Free bank activity

Uniform national currency instead of several competing currencies Current bills are similar to banknotes and checks The new control over the currencies, new bank practice Opposition to new system of from outside existing banks... ... And from outside bank speculators Problem of "expensive" (stable) money

Some of problems which we face, were widely discussed in a course The well-known disputes on "free bank activity" in the middle of the past

Centuries, first of all - in France and Germany
It is possible to find in: V. It Smith, Rationale of Central Banking, P. S. King, London,


These disputes rotated round a question on the right of commercial banks to emit

The banknotes exchanged on existing then gold and silver National currency. Banknotes played then a much bigger role, than rather Poorly widespread check bills which have got the importance only After (and, perhaps, partly owing to), how at commercial banks, in

The end of the ends, the rights to let out a banknote have definitively been taken away. Result

These disputes there was a creation in each of the European countries one and only

Bank with the governmental privilege on issue of banknotes
Have followed to the European example only in 1914>. Uniform national currency instead of several competing currencies

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Standard Chess Icons develop chess games and Web pages faster with Standard Chess Icons! All white and black figures are provided as 2D and 3D icons, the graphics for timer and chess board are also there.

Small Toolbar Icons Small Toolbar Icons will breathe new life into your project's GUI and greatly improve your product or website. This icon pack includes all the images you need to finish your project's design.

12x12 Free Toolbar Icons 12x12 Free Toolbar Icons library contains all the images that are necessery for your web site or software toolbar.

Messenger Icons for Vista The Vista Messenger icon collection is a great pack of icons that will breathe new life into your digital communications! The set is Vista-ready with up to 256x256 sizes!

People Icons for Vista People Icons for Vista depict people of different jobs, groups and family status. They are created in Vista style and are available with or without shadows. Icons are delivered in various formats and sizes.