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Disappearance of gold from the safes, also would be compelled, irrespective of

Volumes of issue and deposits, during the same moment to cut down crediting volumes, that

Those corresponded to quantity of the cash, at the disposal of banks."

with. 41, In the same place It would mean that in the conditions of free system banks were

Not in a status to avoid rigid following to rules of the gold standard and

To principles of the reference of paper money. Curiously, however, that the general sense of these

Statements contradicted the thesis of Gatri about an inaccuracy of a policy of Bank

England. This thesis was reduced to that instead of keeping the price Gold at the fixed level, to Bank of England followed allow this price To fluctuate according to supply and demand change, as it Occurs to the price of any other goods. According to Gatri, monopoly Bank of England served as the main reason of economic crises. The Poppy-leod Held the same opinion though and could not prove it convincingly

See it "Theory, Vol. I (c. 479 in the edition of 1902) and Practice of Banking".

One more line of scientific thought of continental Europe of that time,

Issues. At the head of group of the European critics there were Tsernuchchi and Modest in

France, and also Telkampf and Gajer - in Germany. In England these sights Propagandised Edmund Filipps (Edmund Philipps) the Bank of England Charter ", "A Plea for the Reform of

the British Currency and 1861. Chronologically

Its jobs have anticipated activity of its colleagues from continental Europe, for

Exception of Telkampfa. Thus, however, they have involved in themselves much less

Attention. It considered that while the Bank of England lets out more banknotes, than

Quantity of gold which is available at its order for their repayment, it

It will be sometimes compelled to withdraw suddenly a part of banknotes and to lift the registration

The rate. Arguing further, Filipps assumed that even if Bank of England not

Will agree to accept a condition of maintenance of convertibility in interpretation Filippsa,

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