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To practice the Bank of England adhered. Palmer's lampoon apropos politicians of Bank
England during the period preceding crisis 1836 - 1837, on which we
Referred in the previous chapter, has been translated into German under the name
"Die Ursachen und Folgen der Wirksamkeit der Bank von England in dem Zeitraume
vom 10 October 1833 bis 27 Dezember, 1836 "(1837).] the Bank has saved privileges,
Which it possessed in stay by Royal Bank, and its banknotes were
Are declared by a lawful instrument of payment at realisation of transactions. An important point
The decree about bank establishment, characteristic for the relation of that time to the bank
To business, there was article which especially defined as a bank problem
Prevention some considerable growth of the rate of percent. And
Really, in pawn business it was forbidden to lift the rate above 6 %.
But expansions of issue activity and growth of credit power of Prussian Bank
It has appeared to suppress insufficiently propaganda for the big freedom.
1847 has been marked extremely by a great demand on the credit. It was
Especially correctly concerning the West of the country, bottom Rejnlanda and Westphalia, where
Industrial development occurred fast rates, and establishment process
Branches of the Prussian Bank, provided in its constitution, occurred
Extremely slowly. Support of private banks of issue considerably
Has amplified, and their supporters have begun carrying out of the organised discussions on
To the given problem [see, for example, Erste Vereinigte Landtag in 1847].
Excitements of 1848 have brought sharp turn of a course of events. The government recognised
Behind Bank Breslau (Bank of Breslau) and Hemnitser Shtadtbank (Chemnitzer
Stadtbank) the right to issue activity; besides, it has founded
The state credit banks connected with Prussian Bank; and at last,
The government has dared at much more radical step - to give out concession
On education of private banks of issue. However all it was only small
Concession to supporters of freedom in bank business; concessions stood out for
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