Merck's Warenlexikon für Handel, Industrie und Gewerbe

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Monograph

Identifikator:: 895603128

URN:: urn:nbn:de:zbw-retromon-10120

Document type:: Monograph

Author:: Merck, Klemens http://d-nb.info/gnd/1064962637

Title:: Merck's Warenlexikon für Handel, Industrie und Gewerbe

Edition:: Sechste, völlig neu bearbeitete Auflage

Place of publication:: Leipzig

Publisher:: G.A. Gloeckner, Verlag für Handelswissenschaft

Year of publication:: 1919

Scope:: 1 Online-Ressource (IV, 555 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: T

Collection:: Economics Books

142 BANKING THEORIES IN UNITED STATES were far more numerous than supporters. Carey, in 1848, and, at a later date, Carroll, criticized Peel’s Act on the ground that it made no attempt to regulate deposits, which are quite as variable in volume at the discretion of the banks, and which influence prices as much as do bank notes.! Amasa Walker thought that the act constituted a step in the right direction, but felt that it did not go far enough. ‘That any such exigency as that which existed in England in 1847 could have occurred,” he wrote, ‘if its bank had not promised to pay specie for fourteen millions of notes without the specie to pay with, we presume that neither Lord Overstone, nor Lord Monteagle, nor any other English- man — nobleman or commoner — will for a moment pretend.” ? Walker seems to have profited none at all from the contention of Carey, Carroll, and others, that deposits represent an equal source of danger. 2. SHOULD NOTES OF SMALL DENOMINATIONS BE PROHIBITED ? The desirability of permitting banks to issue small notes had been seriously questioned in England before we had our first ex- perience with modern banking. The relatively high denomina- tion below which the Bank of England could not issue notes was reduced to £1 during the Restriction Period, and the problem of small notes received a great deal of attention until the act of 1829 established a £5 minimum. The controversy in England had its counterpart in the United States. Smith had stated the principal objections to small notes in the Wealth of Nations. Such notes are received with less caution, and a person who does not enjoy a sufficient degree of credit to give had rejected the principle in 1849, on the ground that it presupposed the restriction of the power of issue to one, or a few, banks, which savored too much of monopo- listic privileges. South Carolina, Report of Special Committee, pp. 11-13. See also, Dwight, “The Progressing Expansion,” Hunt's Merchants’ Magazine (Aug., 1851), xxv, 151; W. G. Hunt, “Banking and Currency,” Bankers’ Magazine (July, 1858), viii. 2. 1 See supra, Chapter XI. 2 A. Walker, “Lord Overstone on Metallic and Paper Currency,” Hunt's Mer- chants’ Magazine (Feb., 1830), xi, 155.

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