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To start up in business free real savings. Such course of events, in opinion - , gave the chance to avoid release of poor bills.
After crisis of 1857 during which time the Bank of England operated in quality
The creditor in an ultimate authority, even in Germany changes began to be felt in
Arguments of supporters of centralisation in bank sphere. Adherents of the strong
The central bank have ceased to support the centralised system
Only on the ground that it, in their opinion, was in the unique way
To keep bill issue in necessary limits, and have started to accent
Attention to financing at the time of a panic. Such point of view was precisely
It is formulated by professor Nasse (Nasse) in a lampoon which was issued in the beginning
1866 1866, die Ausdehnbung thres Geschaftskreises in
Deutschland " and "Die Preussische Bank. While small emitters at the time of crises lost
Any trust of public, the bill of the central bank continued to serve needs
Internal monetary circulation. Thus, liquidating necessity
Struggle against internal leak of gold, besides acceptance of measures against its outflow for
The boundary, the central bank reduced weight of crisis. Owing to these reasons of Nasse
Supported idea of transformation of Prussian Bank in the central bank. Besides,
It criticised the Law a Saw, depriving central bank of possibility to fill
The tears of credit system formed during crisis. This criticism was
It is directed against the bill just presented on court of the Prussian
At first sight can seem strange that the similar bill has received
Support from Mihaelisa always supporting the uttermost freedom of the issue
Banks and the minimum legislative intervention in bank sphere. That not
Less, Mihaelis operated completely in the tideway of the main views. There, where
There is a set of banks, their issue is subject to the automatic control. In
Case of exclusive monopoly such mechanism is absent, owing to
That it is necessary to enter the external terminator ["Volkswirtschaftliche Schriften,"
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