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The Belgian professor of political economy of Emil it has subjected Lavlej to criticism
1865, "Le Marche Monetaire et ses Crises depuis Cinquante Ans"
Regarding that freedom conducts to reference expansion, as a result should
To occur an exhaustion of bank reserves of precious metals, for which
Reduction of scales of the reference and, at last, crisis follows. Moreover, as
Underlined it Lavlej, in case of a great number of banks depth of crisis
It would appear much more considerably, than at existence of one
Exclusive bank. Last, possessing the unlimited public
Trust, in a similar situation would be to expand in a status the issue. With
Other party, considered it Lavlej, supporters of freedom are mistaken in the
Calculations on that the system protected by them is capable to provide more
Favorable credit conditions at the moment of cyclic lifting. On the contrary, it
Volume of reserves, thereby reducing reference scales. Itself it Lavlej
Agreed to recognise free system only under condition of unlimited
Responsibility of banks.
Just during this moment attack to banknotes in general has been undertaken. It was
Tsernuchchi is initiated. " 1865, "Contre le Billet de
Banque ", 1865; last from jobs is the certificate within the limits of Bank
Interrogation. and "Mecanique de 1'echange he has declared that a question on, whether issue should be resolved
To the big or limited number of banks, at all is not vital.
The present problem consists in, whether issue of banknotes should be resolved
In general. Issue of banknotes conducts to blasting of riches of owners metal
Money, depreciating their cost. If banknotes also have the right to circulation,
Poor issue, according to Tsernuchchi, should stop completely.
- , nevertheless, has attached the voice to requirements about freedom
Bank business as has been convinced that if all will be
It is authorised to let out the banknotes, any person will not want them to accept and soon
They simply will disappear by itself. The same relation to banknotes was and at
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