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All payments were carried out by checks, calculation process on clearing would occur
In more rigid image. Unlike the banknotes, almost all checks could
To be immediately accepted to the account, and any bank spending monetary expansion,
Which does not become covered by demand for its deposits, at once would be punished, and
The passive balance of calculations on clearing would constrain its expansion.
The coexistence of banknotes and banker's checks undermines and detains an order
Clearing calculations. Not all banknotes quickly come back to the emitters
For repayment. Certainly, banknotes only partially break a procedure of payments. In
To economy with the free bank activity functioning differently, than
Now, the most part of money would be presented by a check abacus. Retail
Dealers still would bring the monetary gain in the form of check receipts
The clients on bills of the banks, each of which would have stimulus
To send banknotes of other banks to system of clearing calculations.
One of the basic questions of monetary circulation - a question about monetary
The standard. It with evidence is traced in job Smith, and last years
Became the important starting moment of renewal of interest to free bank
Many questions are quite natural: how the monetary unit should be defined?
Whether should have dollar the gold maintenance, when all other kinds of the monetary
Monetary unit to act the dollar which is the governmental paper
The money of the government which have been not provided with gold, while the monetary
The weight is supervised by the central bank which is responsible for a stable price level?
Similarly, what should be the basic or prevailing means of payment -
Money in which are denominated and on which urgently exchange all
Other kinds of money? (In the USA such role is played today by banknotes Federal
Reserve system.) whether any base money resource is necessary in general and
Any central bank which is responsible for it release and management by it?
The Nobel winner F.A.Hayek (1976, 1978, 1984) has suggested to resolve issue
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