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The claimings, fixed in balances of some banks, as the compound
Parts of monetary weight of the United States. "with. 31., In the same place it is not necessary
To doubt that Gelletin not only clearly understood an essence of that role in
The cumulative reference which belonged to the checks which are written out on the flowing
To abacus, but also realised accurate similarity between delivery of new loans by
Crediting of current bills and release in the reference of banknotes. Possibly,
Between banknotes and deposits Gelletin considered as criterion of distinction their sphere
Recognitions (generality of acceptability). "Difference of checks from bank issue
Consists in that banknotes are accepted to payment exclusively on the basis
The general trust to banks, p. 13., " Suggestions on the Banks and
Currency of the Several United States, etc. ", 1841, while checks - on the basis of special type of
Trust to the person who has written out them. "See Gallatin
Among those who has read works of Gelletina, there was also a director of Bank of J. U.Norman
1833, "Remarks on Currency and Banking". It has rejected the thesis of Gelletina and
- about that the clearing mechanism can serve as an effective remedy
The control over the sizes of bank issue. After all if aspiration to expansion
Will grasp all or the majority of banks, it explained, frequent interbank exchanges
Banknotes will be useless from the point of view of the control over superissue,
As clearing in the conditions of synchronous expansion of banks will not lead
To change of interbank balances.
Norman held the opinion that those spheres of bank business, which it
Named "true and its lawful objects", can and should be
Are given a free competition with. 27, in the same place and with. 42; release
Banknotes, in its opinion, was one case from hundred, where monopoly existence
Should remain firm in the same place, with. 25 - 26. Therefore Norman
Adhered to idea of a complete liquidation of all issue of ordinary banks of the country [there
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