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Fractions, from supporters of full freedom of release of banknotes for all without an exception
Banks to those who preferred absolute monopoly in issue sphere.
However, last point of view was absolutely unrealistic because of
Impossibility to prevent import of bills from abroad, and negotiations of Prussia
With other states, directed on development of a uniform policy, not
Have brought some considerable success. The regular all-round
Discussion of a bank question and development of the positive program were
Are undertaken by private association of fri-traders (supporters of free trade
-- Kongress deutscher Volkswirte) in which head there was Dr. Otto
- (Dr. Otto Michaelis). Party of supporters of the free bank
Business - Bankfrajhajt (Bankfreiheit) - has had time to alter by then
The states, it was not so popular any more, gradually turning to a problem,
Representing only academic interest. The congress criticised too big
Freedom of "wild banks" ("wilden Banken") on state borders, in the same
Time condemning and excessively scrupulous control the Specification-bedingungena.
Having refused by then last hopes of reception by private banks
Issue freedom and in every possible way underlining it that persistence, with which
People perceived issue activity as a basic element of the bank
Affairs, the Congress has concentrated on a gain of freedom for the joint-stock
Depositary bank business.
Tendencies in a direction of increase in freedom in issue sphere gradually
Came to naught. They have received actually last recognition in 1863,
When little changes abreast restrictions on activity have been brought
Private banks of issue. Now they were authorised to accept more considerable
The sums on percentage deposits as the size of the corresponding specification was
Term is increased from one bank to two paid share capitals, and
Actions of bank concessions has increased with 10 till 15 years. However, in Chamber
Deputies the set of critical voices in the address was still distributed
Prussian Bank, especially concerning its unlimited right to the issue
Activity, and Mihaelis suggested to pass the Law the Saw for Germany.
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