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The issue supervised by the state [in the same place, it would be the best system. I,
With. 123]. However in really developed conditions much best approach to
To ideal model followed expect from system of free banks, which,
Submitting to own interests, would be aimed at full performance of the
So categorical treatment of the monetary doctrine has found one more
The adherent in person Telkampfa. In a youth he travelled across America, and,
Possibly cases of bank abusings noticed by it there have resulted
It to a conclusion that the quantity of a paper active money should be
It is rigidly adhered to weight deposited instead of a metallic currency, and issue
Should be in hands of the one and only bank. Though it has published the
Sights in America in 1842 [in published by Hunt (Hunt) "Merchants'
Magazine and Commercial Review ", Vol. IV, c. 70.], at that time Telkampfu not
It was possible to pay to itself some essential attention. It in
Germany, Telkampf became the professor of political economy in Breslau (Breslau)
Also was, besides, it is selected by a member of the Prussian senate, having headed there discussions on
To occasion of the bank legislation. In the first book ["Uber die Neuere
Entwicklung des Bankwesens in Deutschland mit Hinweis aufdessen Vorbilder in
England, Schottland and Nord-Amerika and auf die franzosische Societe Generate
du Credit Mobilier ", 1836] Telkampf has concentrated on struggle with still
Belief occurring in some sections of society that bank business
Possessed possibility of unlimited expansion of real riches. [In
Particulars, Telkampf criticised sights Gerstner's background.] speaking about freedom,
- spent accurate differentiation between issue and depositary spheres
Bank business. He considered inadmissible to allow any private person
To be engaged in issue of banknotes without legislative restrictions everyone on that. It
Did an exception of this rule at observance of two conditions. First,
Emitters should bear unlimited responsibility. Limited
Responsibility, according to Telkampfa, is not the right, on which in a name
Freedom could apply banks, and the privilege, granting which, the state
Undermined the natural principle of responsibility underlying the free
Trade. Secondly, emitters should be completely released from
Obligations to finance the government.
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