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To expand sphere of distribution of banknotes in comparison with a case separatedIssues, Mihaelis responded that the small sizes of territory, on which Banknotes of any bank address, actually represent Advantage as do returning of these banknotes for repayment more
The frequent. the interbank control in It appears to similar system rather effective., namely - the clearing mechanism between Banks operating in the same territory, a restriction principle
The territory served by each of banks, with. 132. Actually, rather than a competition. In more natural way The bank device there could be a system bank branch: in it Case the territory on which banknotes of each of banks addressed, has the result more likely Monopoly occurrence, branches of various banks could compete in same Country parts. If to assume that thus there is one more means The control, would be It is great, Aforementioned article and noted by Mihaelisom
Approximately simultaneously with it to the public there was a first publication with. 7, "Bankenand
Among the German public. It is a question of Filipe Joseph Gajere (Philip Joseph
Geyer). As well as Telkampf, it was the supporter of the monetary theory in it most
Rigid variant. It has begun with the thesis that quantity of an active money
Always should remain at invariable level while Its poor part introduces in action of the economic mechanism "The artificial" capital (kunstliches Kapital). If volume of the artificial The capital in circulation will exceed weight free real (naturliches)
The capital, in the same place. Everyone
Deviation from such order of prophetic Gajer considered as a consequence of release by banks
Poor gold of banknotes. It considered that only completely provided Issue represents "a real" business factor, there is an overproduction crisis [in the same place, further and with. 33. Being
The ardent opponent of freedom of bank issue, Gajer at the same time supported
Freedom of establishment of depositary banks which have been urged to accumulate and
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