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The market it was used as argument against talent by it of the issue rights.

The same argument in a little more complicated kind has been resulted by Klemanom Zhjuglarom

(Clement Juglar) 1868, "Du Change et de la Uberte d'Emission", which Used it for a substantiation of certain type of centralisation. It Asserted that pluralism conditions did inconvenient from a practical point

Sight distribution of demand to gold from for a boundary. It has been connected with that,

That carrying out of commercial operations with the trade centres abroad, as The rule, concentrated in big cities. Accordingly demand for gold Had on banks functioning there. At the same time all other banks, not Being are subject to leak of reserves, had no stimulus to watch the Issue. Of this Zhjuglar did a conclusion that the best variant would be Free and competitive system with a large quantity distributed on all

To the country of banks but which at the same time would be supervised from the uniform centre

The bank of France operating as clearing chamber. An overall objective

The central bank, on Zhjuglaru, there was a simplification of clearing operations and,

Thereof, giving to the banks located far from the centres of trade, Sensitivity to those forces which lead to reduction of monetary weight.

However raises the doubts that introduction in bank system of an element like

Bank of France was a necessary condition of realisation of clearing. In absence

Any the artificial obstacles, possessing corresponding means Communications banks could incur realisation of clearing functions. Thus, if one group of banks (), located in Paris or

Near to ports, would be exposed to outflow of gold from the reserves abroad and was

Unlike other group (), it is compelled to reduce volumes of issue, In circulation would remain rather less banknotes of banks (). Clearing

The balance would appear displaced in favour of the last, and they could show

Claims for gold reserves of banks (). Banks () would be compelled to reduce

The sizes of the obligations, owing to what the general reduction of the reference

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