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Monetary reserve, possessed the sufficient power and has been obliged to supervise

Actions of ordinary banks while the Bank board of directors persisted in The unwillingness to take up such responsibility. Lloyd and it Followers simultaneously with it considered that were in Bank hands England indirect levers for the such control was insufficiently, as

Ordinary emitters were late with reaction to restrictive actions of Bank cit.

It "Remarks on the management of the circulation, the Country Issuers during the year 1839. " and on the conduct of the Bank of England.

The most part of the subsequent discussions was focused on problems similar to these

Politicians of the central bank, on efficiency of its control over the cumulative

Monetary circulation, and also on necessity (or on absence that)

Restrictions of issue activity in the certain in advance stipulated limits. In

England this dispute of monetary and bank schools covered with itself the more general questions

Banking freedom. These two groups of problems, certainly, are not

Completely isolated from each other, and in the subsequent heads we will consider

Their interrelations. Everything that us while interests, it is the fact of a definitive victory

Monetary school in 1844 transferring us during a following, fourth period by ours

Chronology, and also accepted then, at least, in practice, the decision in Advantage of the centralised bank business with uniform reserve system. The Law of 1844 has proclaimed definitive monopolisation issue

Provided with gold) Bank issue should be limited to 14 million Pounds. All other banks of issue existing by then received

The right to continuation of the activity, however the maximum limit of issue

For each of them it was fixed on that average level, which on the threshold of

Adoptions of law has been reached the given concrete bank. The issue rights Banks were lost by them when they merged or absorbed Other banks, and also if they voluntary refused from such

The rights, and the Bank of England should get under the Law the rights of those in

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