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 payment,
 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.