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On whose name it is written originally out. Any check which has been written out addressed to the person,
Not entering into a circle of clients of the given bank, it will be paid any by another
Bank which will get, thus, the right to demand payment of this sum
At the first bank. If only such requirement does not appear counterbalanced
The similar passer, the first bank will pass a part of the cash
To the second.
Recognising, thus, existence of some distinctions between checks and
Banknotes (the last can circulate longer in circulation till the moment
Repayments), and also that fact that distinction it remains at that time
The unique a little essential basis for border carrying out
Between them, Mihaelis nevertheless did not see the sufficient reasons of a non-admission of freedom in
To issue sphere while in depositary business freedom would be
It is resolved. In either case the rigid control would be carried out
Banks, under condition of their enough. Monopoly in both cases
Extended a cycle time and delayed solvency check.
- believed that within the limits of system of a great number of banks exists
The automatic mechanism, called to supervise occurrence of tendencies in
The party of expansion of bill issue. This mechanism, considered Mihaelis,
Functions until exist a little or at least one bank, not
Expanding the issue it is published by Mihaelisom in it
"Volkswirtschaftliche Schriften", it. II, article "Banken, with. 130 - 131 in
"Viertelijahrschrift" Fauhera; besides, Depositen" and 1873. Thus, it regarded
It it is not simple as a control device behind each of banks separately, if
That suddenly "has walked without cadence" with the others: to this mechanism it was under control
All system as a whole as it is improbable that on an expansion way all banks
Without an exception rise simultaneously. Certainly, objections of Longfilda, if
Only they are correct, well applicable as the answer to these reasonings. They,
However, by then were still little-known to German public.
The same who stood up for issue uniformity, considering, it is what is it capable
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