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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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