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It is to some extent limited by existence of considerable number of the other
The institutes which are carrying out in narrower limits a number of similar functions.
We can schematically divide all sequence of events and political
Changes on a course of evolution of banks of issue up to 1875 on four
Phases. The first of them was a preliminary stage, on which extent
Banks have only started to arise, thus, theoretically possessing freedom at
Education, at least only because for the time being they it is simple not
Were evident legislature. At a following stage already dominated
Monopoly, either absolute, or to some extent limited. For
The third phase there was characteristic a pluralism and amplifying, though and in no way
Not become full, freedom. At last, in the fourth phase return is observed to
To restrictions and the exclusive power or in its absolute form, or in frameworks
The mixed system, with control centralisation.
Such sequence of events, with distinctions in terms, in this or that
To degree approaches for the description of England, France and Prussia. Scotland and America
Drop out of an overall picture.
Now we will address to more detailed statement of those facts of development bank
Business which concern our subject. We will begin with England, bank
Which system became subsequently model for many other countries.
The banking origin in its modern understanding can be
It is dated approximately by the middle of XVII century when dealers have started to store the free
The rests of money belonging to them and precious metals in gold workshops.
Masters, in turn, began to offer dealers percent on such
Contributions as they had an opportunity to give them to growth on even more
To the high rate. The receipts of masters confirming acceptance of the contribution on storage,
Began to circulate as money. It has generated in due course set
Small private concerns, each of which possessed the equal rights and
Was engaged in release of bills in unlimited scales and out of the state
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