Front Page Titles (by Subject) 5. Maximum Issue. - Money and the Mechanism of Exchange
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5. Maximum Issue. - William Stanley Jevons, Money and the Mechanism of Exchange 
Money and the Mechanism of Exchange (New York: D. Appleton and Co. 1876).
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5. Maximum Issue.
To allow a bank or banks to issue in the aggregate a certain fixed amount of promissory notes, and no more, appears to me quite consistent with the principles of political economy. It saves interest upon a certain portion of the circulating medium, and supplies a convenient and economical currency. At the same time, the notes issued cannot drive gold out of the country beyond a fixed amount. It is strongly urged by Mr. R. Inglis Palgrave and others, that the limitation is arbitrary, and that the people want more money; but it is always open to them to use metallic money instead. The limitation imposed is not upon money itself, but upon the representative part, and though we thereby forego the increased saving of interest upon enlarged issues, this loss may be balanced by the freedom from any risk of producing a fictitious abundance of gold. This system is sufficiently illustrated in the 170 banks of England which are still allowed to issue notes. Sir Robert Peel provided, in the Act of 1844, that they might continue to issue, without any condition as to reserve, the same quantity of notes as they had issued on the average of twelve weeks preceding a day named. If any bank exceeded the amount thus determined it was to be fined a sum of money equal to the average excess of the month; and sworn returns of their circulations were required from all issuing banks.