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The bases, as firms in any other sphere of business, in that measure, in what these
Banks meet the requirements of the general law on the companies. It is necessary to understand, arisen in the United States of America in the middle of the last century. As
It has been noted in the previous chapter,
That term use "free system of bank business" further on
To the text at all is not a semantic synonym for so-called "free
Systems ", the American system was characterised by a number
The lines doing with its rather unsuccessful example of real functioning
Free bank system in a more comprehensive sense. thus from founders
Reception from the state of any special permission is required at all on
Bank opening, and only ability to collect the sufficient capital, and also
Trust to new bank from outside publics which would allow it to achieve
Acceptances of the banknotes and to make the business profitable. At similar system
Banks were not simply it in the rights with the companies in other spheres
Business; simultaneously they would bear on the shoulders precisely same
Responsibility. In case of inability to carry out of the obligations bank
Would appear the bankrupt and it was liquidated, and its actives could be
Are used for satisfaction of claims of creditors. Thus shareholders
Such bank would lose the capital or its any part, and connected with
Bankruptcy penalties, or, at least, their big part, would become covered from
Pocket of those who really was responsible for a policy of bank. The banknotes emitted
At such system, would play a role "promises to pay", obligatory to
To execution under the first requirement, and in the form of a standard currency,
As which we will understand gold. Any of banks not would have the right
To address to the government or any other institute for the help in
Case of occurrence of need in that. Any of banks could not
In the compulsory image to form the banknotes of money by means of the simple
Announcements their lawful instrument of payment; it is the extremely doubtful also that
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