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The control over the superissue, lying in sphere of interbank interaction. In
To system of a great number of emitters, banknotes of each of banks constantly
Come to other banks and there are repaid. Than more shortly the period, on which
Credits stand out, that more often makes their return. Than more than credits
Come back every day, the more banknotes come back from the reference
Daily. If to assume that any one of banks resorts to
Expansion while others supports scales of the issue
Invariable, a stream of requirements of bank-ekspansionista to repayment of its banknotes
Gold by means of clearing will be function of duration of the period, on which
Credits stand out. How much this mechanism is effective in struggle with
Superissue, we will discuss in the same chapter, but a bit later see with. 237 and
The monetary school intended to force the cumulative reference to vary in
Dependences on inflow and gold outflow as though money existed only
In the metal form. Its adherents considered, can be what is it reached
That they ignored fundamental similarity between depositary credits and
Issue of banknotes. This error is not so critical, if it is a question about depositary
Networks of commercial banks. there is no standard term
Distinguishing all other banks from the central. Here we use the term
"Commercial" for a designation of any bank, except the central., Apparently until then,
While these banks in a status to keep a parity of the cash reserves and
At constant level, it is possible to achieve depositary obligations, that changes
In total amount of credits repeated dynamics of gold reserves (this volume will be
It is approximately equal to product of gold reserves on constant enough
Size). It is possible only provided that size of bank reserves
The gold reserve varies in the same direction, as. But after all to reach
England, and its quantity poor gold of banknotes and depositary
Obligations. In a reality the Bank of England could change volumes of the credit
Operations and to regulate a share of deposits of commercial banks in balance,
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