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The gold reserves at the level corresponding with possible demand for metal in
The crisis period, in a situation of set of banks competing with each other
One of them would not want to incur burden of the general responsibility and
Would count upon efforts of others.
In that kind in which this thesis has been put forward the Poppy-kullohom, it was
It is unpersuasive a priori, without having at the same time and the sufficient practical
No doubt, being under impression of events of 1825, the Poppy-kulloh
Highly responded about possibilities of the institutes similar to Bank of England, capable
To assist during crises by issue and granting expansion
Almost unlimited credits to firms worrying hard times from the steady
Reputation. In opinion the Poppy-kulloha, at alternative system with several
Banks any of them would not be to generate in a status in others such
Confidence of own power and to convince all to accept the banknotes.
At the time of general mistrust all of them would be compelled to turn off, instead of
To expand the activity.
In the answer of Parnella based mainly on critical analysis politicians
Bank of England for previous half a century, did not contain any attempts
To argue with the main arguments the Poppy-kalloha against diffusion of the issue rights.
Events occurring approximately at the same time in America have forced
To formulate the position concerning problems of issue activity and
The American researchers. In the early thirties the considerable contribution in
Discussion has been brought by Elbertom Gelletinom "Considerations on the Currency and
Banking System of the United States ", 1831. At carrying out of the analysis of history
The American banking, it, undoubtedly, has been amazed by frequency, with
Which banks stopped the payments, and the most interesting
- search of the ways which have allowed to keep the bank became a subject
Issue in the limits taken away for it. For this purpose he recommended much more
Rigidly to limit both issue volume, and the sizes of all other obligations,
Resolved to bank the law. [As the concrete specification he has offered,
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