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Voices about necessity of compulsion to the fast were periodically distributed
To renewal of payments, establishments of system of punishments depending on
Durations of suspensions and, at last, liquidation of banks after the lapse of
More or less long time after the beginning of a suspension of payments. However, as
Rule, suspensions of payments for certain terms were considered as the phenomenon
Admissible and even the normal.
The special emphasis of Mihaelis, no less than the Congress as a whole, have made on importance
The depositary business which value until then usually neglected.
The congress recommended establishment of credit and depositary banks in the same place, with.
258. When the congress two years after again has returned to this subject
With. 206, it. II, 1865, Kukurgeschichte", further and "Viertelijahrschrift for Volkswirtschaft, Mihaelis has supported completely campaign branch for development
Bank business from struggle for freedom of issue activity, as to
To that time he has realised, however it hopes of freedom gain in
To issue sphere. It has made it, despite the full theoretical
Disagreement with the standard rigid differentiation of issue and depositary spheres
In article published in 1865 "Noten and Depositen" in
"Viertelijahrschrift" Fauhera (Faucher) Mihaelis has declared that with an establishment
Uniformity in issue of banknotes one of the major ways of the control has disappeared for
Monetary expansion. In the conditions of a great number of banks average time of the reference
Banknotes it was reduced, owing to what the probability of their return raised to
To the emitters for repayment. At depositary crediting, considered Mihaelis,
Expansion limits are even more rigid. Check of capacity of a bank to meet its liabilities
Occurs in this case very quickly. Seldom when the check some times will change
The owners, each of which puts on him a transfer list. More likely
Everything, the check will be immediately shown for payment in bank to directly those,
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