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Repayments in the bank which was at the bottom of superfluous issue, equals to a dale,
Shown to all the rest. is equal to a share
Banknotes of this bank in the cumulative reference., It would be more logical to assume that
Proportion, in which banknotes will be returned in each of banks the last, thus,
Are compelled to bear on itself a part of burden of superissue, and, wish to keep they
The reserves at former level, they had to reduce scales of the own
Issues. As to bank-ekspansionista, it can and attempt further
On another's reserves. It is improbable that banks begin to be reconciled infinitely with loss
Spheres of the influence and waste of reserves, as, finished to the
Logic limit, this process, eventually, will end with their exhaustion and
Actual monopoly of bank-ekspansionista. Banks, thus, will be
Are simply compelled to follow to the politician of expansion with a view of self-defence. From here
Follows that if at least one bank dares at carrying out of a similar policy,
It becomes general. To find out gold leak at early stages of development
Events it will not be possible, and the arisen considerable scales of superissue, in the end
The ends, will lead extremely to a serious crisis.
The sense of the thesis the Poppy-kulloha consists that at all bank-ekspansionist
It is subordinated to the control from outside conservative banks; on the contrary, the last
Are supervised by the first. It is necessary to notice that the Poppy-kulloh thus speaks
Exclusively about a presentation the population of banknotes to repayment, that is about that
The mechanism which invariably is late. After all superissue is capable to change
Rates of exchange only after it will affect structure of the prices and
Manufactures, having sown thus crisis grains. The Poppy-kulloh, thus,
Completely ignored idea of Parnella about action of the mechanism of clearing.
The poppy-kulloh has put forward one more argument against freedom of employment to the issue
Business. It has been connected not so much with probable superissue in general, how much with
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