AN ELASTIC CURRENCY 
PR Al 
af Jog 
75 
ume,” he added, in criticizing Peel’s bank act, “are [sic] opposed 
to the principles propounded as grounds for the act of 1844.71 
Though we have found, then, a few writers who gave heed to 
the need of modern business for flexibility in its media of pay- 
ment, these writers were the exception, and the literature of the 
preceding half-century indicates that, at the time of the passage 
of the National Bank Act, the concept of an elastic currency was 
but little understood. 
! Colwell, 0p. cit.,pp. 162, 163.