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Identical reserves of gold. We will assume that one of banks begins activelyTo expand the credits and issue of banknotes. We will assume further that public
Starts to show demand for gold (for example, demanding it in export payment After expansion of fiduciary weight and the subsequent inflation
Has made scarce the balance of payments). Thus it appears that demand growth on
Gold it will be addressed both banks, and not just the bank guilty of surplus
Fiduciary weight. As a result of a gold reserve of bank, which not
Increased quantity of the banknotes in circulation, will decrease in comparison with
This quantity. If this bank with a moderate policy of monetary expansion Will want to restore former norm of a reserve covering, it should
To reduce volume of the business operations that, however, will give the chance it
To the competitor to spend and further active monetary expansion. The first bank can
In general to burst, if with a view of self-defence also will not begin the expanded issue.
Generally: the country having some or many banks, letting out
Banknotes, will suffer from alternation of recessions and liftings of business activity,
The high and low prices. To bank monetary expansion mainly will be favourable in
The period of strengthening of business activity, and at occurrence of a panic it will be quickly
To curtail scope of the business operations. Hardly probable it is possible to think up system
More pernicious for the country. Smith considers this argument in the final chapter; probably, here It is necessary to result some explanations. According to Smith one of lacks Arguments of Longfilda consists that it has not considered that a constant
Monetary expansion of one group of banks and reduction of monetary weight another
Group will lead to increase in outflow of gold and will mention reserves Banks-ekspansionistov which will be settled before banks from the moderated Monetary expansion leaves business. Rather less significant lack of argument of Longfilda consisted in it
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