nerous, and rather than be bound by them will give up their
right of issuing notes. The object of the enactment is apparently to
protect the specie reserve of the Reichsbank, but it may be doubted
whether, considering the importance of the other banks of Germany--none of
which is bound by similar conditions--relatively to the note-issuing banks,
the restrictions put on the note-issuing banks will have any practical
effect.

Since 1870 banking has made immense progress in Germany, but it may be some
time before the habit of making payments by cheque instead of specie or
notes becomes general.

AUTHORITIES.--_Parliamentary Papers: Report, together with Minutes of
Evidence and Accounts, from the Select Committee on the High Price of Gold
Bullion_, House of Commons, 8th of June 1810; _Reports, Committee of
Secrecy on Bank of England Charter_, House of Commons, 1832; _Select
Committee on Banks of Issue_, House of Commons, 1840; _First and Second
Reports, Select Committee on Banks of Issue_, House of Commons, 1841;
_First and Second Reports, Secret Committee on Commercial Distress_, House
of Commons, 1848; _Report, Select Committee on Bank Acts_, House of
Commons, 1857; _Report, Select Committee on Bank Acts_, House of Commons,
1858; _Report, Select Committee on Banks of Issue_, House of Commons, 1875;
_Report from Secret Committee of the House of Lords on the Causes of the
Distress which has for some time prevailed among the Commercial Classes,
and how far it had been affected by the Laws for regulating the Issue of
Bank Notes payable on demand_, session 1847-1848; _Analysis of the Minutes
of Evidence taken before the Select Committee of the House of Commons on
Banks of Issue, 1875, with a selection from the evidence_, by R. H. Inglis
Palgrave, London, 1876 (printed for private circulation).

GENERAL INFORMATION.--Articles on banking, &c., _Dictionary of Political
Economy_, edited by R. H. Inglis Palgrave (Macmillan & Co., 1894-1906);
_Handwoerterbuch der Staatswissenschaften_, edited by Conrad, Elster, Lexis
and Loening, 1899; _Woerterbuch der Volkswirthschaft_, 2 vols. (ed. Elster,
1898); _Dictionnaire des finances_, edited under the direction of Leon Say,
by L. Foyot and A. Lanjalley (1889); _Dictionnaire du commerce, de
l'industrie et de la banque_, edited by A. Raffalovich and Yves Guyot;
_Bankers' Magazine_, commenced 1844, to present time; _Journal of the
Institute of Bankers_, commenced 1879, to present time; _Banke